Time to Retire?

Some unpleasant things are about to go down at work and it may be the time I’ve been looking forward to for so many years.  Time to retire.

I’m just thinking out loud here because it will help me get my thoughts together.  I see little value it continuing to work there.  It’s just a job.  There are many out there if I really wanted one but I don’t think I do.  At least not right away.

After selling my house in the city I will have about $282,000 liquid assets.  100K of that is freshly invested and could start paying off soon.  I have another 130k in a retirement account that I will have access to later.   I will probably buy an acre or two in the country and put a used mobile home on it.  Total cost around $60K leaving me $222K to live on.  I can even live out of my RV for a while if necessary.  Not including interest, investment and maybe a part-time job I can have a budget of $1156 per month.  I don’t spend that much now.  I estimate my simple life would cost me about $600-800 per month which would stretch out my time even longer.

I have 16 years until I can access my retirement which will possibly grow to at least 200K.  If Social Security still exists when I am 62 I can expect to get $800-1000 per month additionally.  Plenty more than I need.

I am a relatively healthy person and according to healthcare.gov I can get a nice plan for about $190 per month.  No problem.  Besides, If I get sick and die then also no problem.  If I get cancer or something then I will just let it happen.  No need to fight it.

The weirdest thing will be getting over the fact that my savings will be going down instead of up.  But then that is the nature of retirement.  My sister is dealing with that right now.  I may still work a dream job or something fun for a little cash when I get bored.

Also weird is that the time is actually upon me.  I have a resignation letter written and have a weekend to think it over before I have to decide.  One shouldn’t make such decisions hastily but I have also been mulling this over for decades.

It is scary but starting a fresh new life is a good thing.  People quit their jobs all the time and I don’t have to follow my plan.  I will be free to do as I please.  Having the savings, investments and retirement plans as my parachute will just make it all the more sweeter.

They say making money with a hobby is the best way to achieve happiness.  I have a number of hobbies that can make me some money.

I am 80% for quitting right now and I feel good and surprisingly calm about it.

The next day…
It’s Saturday. After a virtually sleepless night I put together a spreadsheet to crunch the numbers on my retirement finances.  It looks REALLY good.  I can live on my savings and investments for 16 years assuming even minimal portfolio growth and odd job income with tons of extra to spare.

If my retirement portfolio does decently I will suddenly be rich again when I’m 62. There is no reason I should be working anymore.  I am 100% for quitting right now with still another day to go.

 

 

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