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  • I found this illuminating, and reassuring, because my view 3.5 years ago, when retirement was still considerably down the road, was more sober and reasonable. I’m getting more anxious as I get closer, and this helped:

    Antares
    #112
    01-07-2017, 02:31 AM
    My version of what both Live Free and WCI are indicating, i.e. It's not just a number but about life:

    I become unhappy if I don't have decent work-life balance, and have always been that way. Taking call and little free time produced transient misery in med school and residency. So I have worked 4 days a week since I was 34, Wednesdays off, no weekends. I'm 58 now. On my days off, I do the other things I love: writing, reading, tennis, biking, cooking, friends, family. The result is that I'm not burned out, I am grateful for a happy life, I like my work enough to continue indefinitely, although I'd like more time for other pursuits, so I'd like to stop when it's financially reasonable to do so.

    For me, the "what number?" question, is more about what's going on in my life. My youngest child graduates high school in 2021, when I'll be 62. I live in NY, HCOL, but I'm not going to take her out of her school and relocate her at this point. Plus she's fierce and she might kill me. So at 62, I'll have about 3.5 million saved, and I'm free to relocate to a smaller cheaper place. But I have a practice that I can readily reduce to 2 days a week. If I do that, I can earn enough to pay for life without adding to savings. 5.5% earnings on the retirement accounts will bring that to 5 million by 70 when I'll take SS, which is the latest I can imagine working. But depending on how I feel at the time and what else happens financially, I'm free to stop anywhere during those last 8 years.”

    So I am 62 in 2 months. Everything I said then is true now except I was able to accumulate a little more than anticipated. The main difference is that I am more anxious now to cut back than I felt then. But I covered that possibility, and recently decided to essentially cut back to roughly 2 days per week in 2 years. And the pandemic has demonstrated the viability of my remote practice model, as I’ve been home for 6 months, income unchanged. I may not have been smarter in the past, but I was more composed.
    My Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg

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    • [QUOTE=Antares;n226456]I found this illuminating, and reassuring, because my view 3.5 years ago, when retirement was still considerably down the road, was more sober and reasonable. I’m getting more anxious as I get closer, and this helped:

      Antares
      #112
      01-07-2017, 02:31 AM
      My version of what both Live Free and WCI are indicating, i.e. It's not just a number but about life:

      I become unhappy if I don't have decent work-life balance, and have always been that way. Taking call and little free time produced transient misery in med school and residency. So I have worked 4 days a week since I was 34, Wednesdays off, no weekends. I'm 58 now. On my days off, I do the other things I love: writing, reading, tennis, biking, cooking, friends, family. The result is that I'm not burned out, I am grateful for a happy life, I like my work enough to continue indefinitely, although I'd like more time for other pursuits, so I'd like to stop when it's financially reasonable to do so.

      For me, the "what number?" question, is more about what's going on in my life. My youngest child graduates high school in 2021, when I'll be 62. I live in NY, HCOL, but I'm not going to take her out of her school and relocate her at this point. Plus she's fierce and she might kill me. So at 62, I'll have about 3.5 million saved, and I'm free to relocate to a smaller cheaper place. But I have a practice that I can readily reduce to 2 days a week. If I do that, I can earn enough to pay for life without adding to savings. 5.5% earnings on the retirement accounts will bring that to 5 million by 70 when I'll take SS, which is the latest I can imagine working. But depending on how I feel at the time and what else happens financially, I'm free to stop anywhere during those last 8 years.”

      So I am 62 in 2 months. Everything I said then is true now except I was able to accumulate a little more than anticipated. The main difference is that I am more anxious now to cut back than I felt then. But I covered that possibility, and recently decided to essentially cut back to roughly 2 days per week in 2 years. And the pandemic has demonstrated the viability of my remote practice model, as I’ve been home for 6 months, income unchanged. I may not have been smarter in the past, but I was more composed. [/QUOTE
      ]
      You are harder to forecast than the market. Both you and your spouse (in that zero interest car) will hit a trigger.
      Birthday? Daughter off to college? Daughter graduates from HS? Daughter graduates from college? Finish the zero interest loan?
      Stockpile the “remodel” for the house since you narrowed it down?
      I woke up one day and told the spouse it was my last.
      My spouse woke up later and said the same. Three years later she actually retired! You have a different responsibility. My suggestion is to simply pick the right time. The migration from NYC to Pa. will always be an option. If you are debating, wait.

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      • Originally posted by STATscans View Post
        4 years out. Anyone change their number??
        Four years out, for me the issue is less about the number and more about what to do with myself if I RE. My pandemic furlough, though under unusual circumstances, became pretty boring. I will need to find something(s) interesting and fulfilling to do in retirement, and now is not the time to explore.

        In the meantime, people still want me to work for them, and I do it largely on my terms (when I want to), so I am continuing to work.

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        • Originally posted by VagabondMD View Post

          In the meantime, people still want me to work for them, and I do it largely on my terms (when I want to), so I am continuing to work.
          That is kind of how I feel. I am working on my terms, having a good time doing it. I already have plenty of financial resources, but it cannot hurt to have more. Plus the government needs all of those taxes that I am sending them each year, now more than ever.

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          • I know I keep posting this but I am very happy in retirement. I feel very lucky. I am confident about the money. I have almost no stress now. I am making new friends. I am finding lots to do. I think I even found a new relationship after a divorce. Retired life is what you make it. After you spreadsheet your numbers for the 1001st time at some point it is time to retire gracefully with confidence and grab onto the last third.

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            • Originally posted by Hatton View Post
              I know I keep posting this but I am very happy in retirement. I feel very lucky. I am confident about the money. I have almost no stress now. I am making new friends. I am finding lots to do. I think I even found a new relationship after a divorce. Retired life is what you make it. After you spreadsheet your numbers for the 1001st time at some point it is time to retire gracefully with confidence and grab onto the last third.
              Word for word, probably the best 4-5 sentences on this forum in the past few weeks. Always a pleasure reading your posts Hatton.

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              • Can some of you send money my way so I can be FIRE? It can be done anonymously if you wish.

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                • Originally posted by formerly_cn View Post

                  Word for word, probably the best 4-5 sentences on this forum in the past few weeks. Always a pleasure reading your posts Hatton.
                  Thanks formerly CN

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                  • Thanks for revisting/bumping this thread, I enjoyed reading through it. I'll add myself, maybe it will be fun to look back again in couple years.

                    My FI/RE target is 3 years (mid 40s), keep license active for a few years. My current target number is 50x spending (probably overkill, but honestly won't change the 3yr timeframe either way), currently at 40x.

                    Unlike many here who plan to continue working in some capacity or new direction, for which I completely respect and find commendable, I plan to do "nothing" after FIRE. Where nothing means lake living in summer, travel in winter, excercise daily, gardening, woodworking, mission trips, annoying my kids before they leave home, etc... I'm not limiting myself to "nothing", but it will be my starting point.

                    Comment


                    • Originally posted by wfpbFI View Post
                      Thanks for revisting/bumping this thread, I enjoyed reading through it. I'll add myself, maybe it will be fun to look back again in couple years.

                      My FI/RE target is 3 years (mid 40s), keep license active for a few years. My current target number is 50x spending (probably overkill, but honestly won't change the 3yr timeframe either way), currently at 40x.

                      Unlike many here who plan to continue working in some capacity or new direction, for which I completely respect and find commendable, I plan to do "nothing" after FIRE. Where nothing means lake living in summer, travel in winter, excercise daily, gardening, woodworking, mission trips, annoying my kids before they leave home, etc... I'm not limiting myself to "nothing", but it will be my starting point.
                      wow. good for you. Mid 40s? Didn't realize dentistry was such well paid.

                      Comment


                      • Originally posted by STATscans View Post

                        wow. good for you. Mid 40s? Didn't realize dentistry was such well paid.
                        I was very fortunate to find and become a partner in a well run, busy practice. I was also very fortunate to fall for a cost conscious woman.

                        Comment


                        • Originally posted by wfpbFI View Post

                          I was very fortunate to find and become a partner in a well run, busy practice. I was also very fortunate to fall for a cost conscious woman.
                          Right, 40x or 50x depends on what you're multiplying with..
                          Still good work

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