my husband quit his job

[Scallywag]

I suspect I will get a lot of similar responses if I do in fact decide to retire next year. I'll be walking away from a 250K/yr job at 57. Maybe I am nuts. Time will tell. But the one thing we can't save up is time. It's impossible to put a dollar value on that.

Look, I'm currently dealing with my cousin's estate. He retired at 55 and realized his dream of moving to Florida where he enjoyed nearly 10 years of living in paradise. He was diagnosed with cancer in 2016 but still did very well until just a few months ago when it finally caught up with him and ultimately led to his death earlier last month. We are so grateful that he didn't follow the normal path and work until 62 or 65. He got to enjoy life. He went to Italy. He took a European cruise. He toured California. He went to Reno and Vegas and numerous other places. He went to hundreds of car shows. He got to live life to the fullest not bogged down by a job all of those years.

It's a good example to follow.

Many people are afraid of FIRE-ing. I've even heard people claim that "longevity" runs in their genes and that they're going to work until 70 so they can get the largest SS they can which - per them - is longevity "insurance". Ha!

I think it's "easiest" to walk away if you ensur that there's at least one stable income stream still coming in - a job, rental income, dividends etc. It's also challenging to retire early when there's a disability of a loved one involved. It's hardest to FIRE when you start only in your 30s. My H & I have to deal with two of the three concerns / "gotchas" above.

I tell my daughter and nephews / nieces to start young and keep going, don't bank on an inheritance at all, pray you have healthy children, a likeminded and frugal spouse and make sure to get employable degrees, the ability to secure and work your tail off at a high income & stable job starting in your 20s, and avoid getting involved in litigation, divorce or other wealth destroying life situations.

Tall order I know, but many folks seem to underestimate the role of luck and the choice of a good spouse when it comes to targeting and ultimately FIRE-ing.

[Snicks]

I hear people say I will never retire. I will work till I drop dead on the job, etc. I mean that sounds very "dedicated" I guess but one has to look at reality. There are a lot of jobs that you cannot do into your later elderly years. And, sorry the reality is that work place works at a certain pace and speed and if you are starting to fail a bit , others do not want you around slowing them down. There are realities to aging. And, yes, there are many vigorous elderly people but some not much. And depends on your job. Answering phones , yeah you can do that in your later years. Nailing shingles on a roof, not so much. Depends what the job entails. I am 56 and my thoughts on retirement are I will retire whenever the time comes. That may be on my own terms. Or, that may due to other circumstances like my health, downsizing, etc. Who knows? I only know that I have been faithful in investing for the future so I will have whatever I have when it happens.

I have contemplated that the time to leave is sooner than later. I do not see myself working past 60. Or, if I do then i see myself just taking some part time basic job. Time will tell.

[disneysteve]

I hear people say I will never retire. I will work till I drop dead on the job, etc. I mean that sounds very "dedicated" I guess but one has to look at reality.

I had dinner last night with a lovely couple in the neighborhood who were friends of my cousin. The husband is 79 and owns his own company which is apparently quite successful. He joked that he might think about retiring when he's 90. He has had triple bypass surgery and had a leg amputated and who knows what other health issues. I don't know too much about the wife. He seemed quite proud of his business and the clients they have around the world (Apple, Google, etc.). They also spoke about their trip to Alaska and their Panama Canal cruise and shows they've seen (pre-COVID of course) and some other recent adventures so they seem to be living life despite him still working.

I guess if you enjoy that, good for you. Me? No thanks. I don't want to still be going to work every day when I'm 79, or 69, or 63. My plan has been to be out at 62 at the absolute latest, possibly cutting down to part time by 60, and now I'm seriously considering 58. If we will have enough money to do it, why keep working? There is tremendous benefit to retiring. There isn't really any benefit to continuing to work other than amassing even more money. I enjoy my job, but I can't say I get any great personal satisfaction from doing it. I'm much happier all around during the times when I am away from work. I want more of that.

[LivingAlmostLarge]

I had dinner last night with a lovely couple in the neighborhood who were friends of my cousin. The husband is 79 and owns his own company which is apparently quite successful. He joked that he might think about retiring when he's 90. He has had triple bypass surgery and had a leg amputated and who knows what other health issues. I don't know too much about the wife. He seemed quite proud of his business and the clients they have around the world (Apple, Google, etc.). They also spoke about their trip to Alaska and their Panama Canal cruise and shows they've seen (pre-COVID of course) and some other recent adventures so they seem to be living life despite him still working.

I guess if you enjoy that, good for you. Me? No thanks. I don't want to still be going to work every day when I'm 79, or 69, or 63. My plan has been to be out at 62 at the absolute latest, possibly cutting down to part time by 60, and now I'm seriously considering 58. If we will have enough money to do it, why keep working? There is tremendous benefit to retiring. There isn't really any benefit to continuing to work other than amassing even more money. I enjoy my job, but I can't say I get any great personal satisfaction from doing it. I'm much happier all around during the times when I am away from work. I want more of that.

Because for some people working is their identity. I can say that about my dad. His work has been and is his identity. I am fearful the end is near. To not have purpose or cause will drive him insane he told my mom. So now I'm not sure what happens.

[disneysteve]

Because for some people working is their identity. I can say that about my dad. His work has been and is his identity. I am fearful the end is near. To not have purpose or cause will drive him insane he told my mom. So now I'm not sure what happens.

Oh I totally understand and agree that work is life for some people. I am just NOT one of those people. Work is work. It's a necessary evil to earn money to live and the ultimate goal to me is to have enough money to live out my days without having to work anymore. As soon as I am as confident as I can be that we've hit that point, work is over.

[Nutria]

Because for some people working is their identity. I can say that about my dad. His work has been and is his identity. I am fearful the end is near. To not have purpose or cause will drive him insane he told my mom. So now I'm not sure what happens.

I think this is a personality trait. For example, my grandfather loved to go on multiple trips per year, but when at home was at the office at 7AM six days a week (he owned a small business) into his seventies, even though he would fall asleep in his chair an hour later. People left him sleeping while my uncle ran the company. (Undiagnosed metastasized cancer was eating him, but he ignored the pain as "old age".)

[Snicks]

Oh I totally understand and agree that work is life for some people. I am just NOT one of those people. Work is work. It's a necessary evil to earn money to live and the ultimate goal to me is to have enough money to live out my days without having to work anymore. As soon as I am as confident as I can be that we've hit that point, work is over.

How will you know what that point is? Do you have a set number in mind or will it just be a feeling that it's time?

[bjl584]

How will you know what that point is? Do you have a set number in mind or will it just be a feeling that it's time?

Personally, I will most likely be able to retire mathematically well before i am mentally confident to hang it up.

[disneysteve]

How will you know what that point is? Do you have a set number in mind or will it just be a feeling that it's time?

Personally, I will most likely be able to retire mathematically well before i am mentally confident to hang it up.

Snicks, that is the question pretty much everybody has - when can I retire?

I'm in the same boat as bjl584. I'm sure I can financially retire before I'll actually feel secure doing so. Knowing what I know today, I could probably quit now and we would be just fine.

How will I know? I've used a variety of calculators and formulas like FireCalc, the 4% "rule", etc. I've used healthsherpa.com to estimate our health care costs once I lose employer provided coverage. I've used the Social Security website to estimate what we'll collect in benefits based on age. I've scoured the budget to come up with a solid estimate of our annual expenses in retirement. Put that all together and I do have a number in mind which we will likely hit within the next few months. I'd like to pad it some and I'm hoping that by the end of 2022, we will have "the number" plus 20% and I'll be "ready" to retire.

[ua_guy]

Snydley - That is awesome. I think that is called "winning the game" - not beholden to a job or employer. Well done. I hope your husband enjoys his time off and finding out what (if anything!) is next.

[LivingAlmostLarge]

How will you know what that point is? Do you have a set number in mind or will it just be a feeling that it's time?

I had a set number in mind. That number and the "reach" number I told DH this weekend is gone. We're done I believe. He won't confirm it but I'm pretty certain and he won't tell me because I would nag him to quit and he refuses. He wants to refuse the offer so that he can work. I think sometimes mentally even if you can you don't. Sometimes there is this need to do what you want to do no matter what. There is pleasure not just in the job but in accomplishment. NOT everyone me? no way. I like not doing anything. But i don't have a clue when DH will be ready to hang it up.

[Snave]

Congrats! I just did the same at the beginning of the month with my corporate job. I had been thinking about it since pre-covid and my wife actually told me last Feb I needed to quit because we were so busy with our other small businesses we run. However, my corporate job had a product that was manufactured in China we were struggling to to produce and get over here because of Covid, so I told my wife in February I was going to stick around as I thought this Covid thing might be bigger than we anticipate as we were seeing the production challenges starting in December of 2019. Glad I did as my small business went to a standstill while everything was shut down, so I at least was taking home a regular paycheck from the corporate position. Now that everything is back, we are beyond crazy with our small businesses and it was time to step away. That paycheck every two weeks was nice, but we have busted our tails financially to be in the position we are in now and I know we will be in great shape moving forward.

[LivingAlmostLarge]

Congrats! I just did the same at the beginning of the month with my corporate job. I had been thinking about it since pre-covid and my wife actually told me last Feb I needed to quit because we were so busy with our other small businesses we run. However, my corporate job had a product that was manufactured in China we were struggling to to produce and get over here because of Covid, so I told my wife in February I was going to stick around as I thought this Covid thing might be bigger than we anticipate as we were seeing the production challenges starting in December of 2019. Glad I did as my small business went to a standstill while everything was shut down, so I at least was taking home a regular paycheck from the corporate position. Now that everything is back, we are beyond crazy with our small businesses and it was time to step away. That paycheck every two weeks was nice, but we have busted our tails financially to be in the position we are in now and I know we will be in great shape moving forward.

Congratulations on leaving the corporate world! Do you like it better? What is your plan for your business? Is there an exit plan?

[lisukovigor492]

Congratulations on leaving the corporate world! Do you like it better worktime? What is your plan for your business? Is there an exit plan?

Congrats! I just did the same at the beginning of the month with my corporate job. I had been thinking about it since pre-covid and my wife actually told me last Feb I needed to quit because we were so busy with our other small businesses we run.

[chariott]

I'll never forget quitting my job 8 years ago. I was making near $300K after bonuses, with 2 months of PTO, 401K, the whole nine yards.

I went across the street to my neighbor and told him I was thinking if quitting and he said "no, you don't do that. You're like a 2 percenter. You don't walk away from that deal."

Well I did, and as the old Robert Frost poem says "and that has made all the difference."

I did the exact thing, everybody was like NOO do not do that. But now after 3 years on making that i think it was the best thing i did in my life. I am now very happy from running away of that toxic enviromment.