# Done being an employee (by choice)



## peakbagger (Jan 1, 2022)

Well it took 47 years but as of today I am no longer an employee of anyone. I had planned to stop work the year I was 62 and with a few bumps in the last few years, I hit the goal. It might have happened 2 and 1/2 years ago when my former employer decided to shut down their consulting division. I had worked from home in a rural area for 12 years and it was not likely I could find a similar work at home position, and I really did not need to work. One thing I probably would be unable to do is go back to work in a "cube farm". I had done that for close to 20 years and I found that it was an invention to screw up my productivity.  I had a few projects I was working on with a firm we had partnered with and ended up working for them as an employee on a part time basis (by choice). One project may never end but the two others were interesting and were supposed to be up and running by December of 21 so I committed to hanging around until the end of last year as a part time employee.  Both are running late so I will continue to support them until both are running on a 1099 basis. I renewed my Professional Engineers license for 2 more years so at this point it is, "never say never", but one of the constants over my career was when I ended one job I really was not in rush to start a new one. They were not paid sabbaticals but having enough money in the bank and no debt meant when I did need to find a job I didnt have to take the first one that came along. I had a couple of extended "vacations" over my career by choice and in both cases I was financially ready for both of them.

One thing I found out over the years is I did not mind managing projects but had no interest in managing people on a day to day basis. When I went to college at UMaine there were two types of students, the "gearheads" and the future managers. Engineers were frequently recruited out of college by industrial plants (in Maine pulp and paper mills) to be the future supervisors and managers. I knew I was the hands on "gearhead" so I avoided the management track. Engineering skills grow "stale" if not used and by sticking with project type work, I kept my skills tuned up.  One employer recognized on a corporate level that they needed a few real engineers around and gave me a pay incentive to get a Professional Engineers license along the way which was further encouragement to keep my skills active. When the pulp and paper industry crashed and burned in the US, I could take my skills and switch industries while many of the folks who became managers and supervisors struggled to stay in pulp and paper by moving around and working for a progression of sleazier owners. 

My standard career advice is plan on having a couple of careers. No matter what the future looks like, things will change. I was in high school and college during the first oil embargo and the doom and gloom was in the air that the world would run out of oil in 20 years (remember the Hubbert curve and peak oil?).  Current thinking of the day was by the time I was ready to retire, Social Security would be long gone, Global Cooling at end of particularly long interglacial period would be kicking in and electricity would be too cheap to meter as fusion energy would long since be commercialized. Pulp and Paper in the US at the time was king, every chemical and most mechanical engineers who graduated at UMaine had a guaranteed job with a pulp and papermill and once we had 2 or 3 years of experience in a mill, head hunters would call us begging for us to move to a different company. When I went to work for my second pulp and paper mill they paid a headhunter 30% of my first years pay plus handed me very generous relocation benefits. Within 15 years, the big companies were dumping their mills on smaller owners who specialized in extracting what little profits they could make before going belly up.  The folks my age who went on the management track had a lot of lean years until they got back on track in another industry. 

The other advice that is universally ignored by many is do not try to keep up with the Joneses. The Joneses usually are propped up by debt to give the outside impression of their lives. The whole economy is pitched to buy now pay later. Start early to get off that bandwagon, the longest car loan I ever had was 9 months for my first car, every subsequent one was paid for in cash unless the dealer gave me an incentive to take a loan which I would then pay off at the first loan payment. The last loan was my house loan, I paid it off in less than 10 years by making additional payments against principal. If I had cash in the bank and no loan payments, I could be picky about what I did for work and I did not need to take the first job offered.  Employers like it when their employees are in debt as they know that when things get tough they can abuse on their employees as many just do not have the option of quitting.  If I could recommend two books that are both still valuable but somewhat dated are the _Millionaire Next Door_ and _Bogle on Mutual Funds: New Perspectives for the Intelligent Investor._ The Millionaire book shows why keeping up with the Joneses is a dumb idea and the Bogle book shows how to invest the money you will inevitably save by reading the first book. 

This broken ankle has put a damper on 2022 as I really am unsure how active I can be so I dont mind supporting projects this winter but expect it will get a bit more difficult as the weather warms up. Luckily by then I will only be dealing with one project, and it will be in final construction and startup which will a nice way to close out my working life. I still plan to use my engineering and project management skills but expect they will be on my own projects.


----------



## stoveliker (Jan 1, 2022)

Congrats! Happy New Year and a happy retirement. Keep busy!


----------



## NorMi (Jan 1, 2022)

peakbagger said:


> If I could recommend two books that are both still valuable but somewhat dated are the _Millionaire Next Door_ and _Bogle on Mutual Funds: New Perspectives for the Intelligent Investor._ The Millionaire book shows why keeping up with the Joneses is a dumb idea and the Bogle book shows how to invest the money you will inevitably save by reading the first book.


+1000!

Congrats and Enjoy It!  I always review our financials EOY so this is timely for me.  I have doubts at my age or younger we'll see it pan out like in the past and present, but I still hedge my bets against total societal collapse with this common sense saving advice, just in case we're lucky and not living in "The Road" by the time I retire!


----------



## brenndatomu (Jan 1, 2022)

peakbagger said:


> I knew I was the hands on "gearhead" so I avoided the management track.


Same here...they keep trying to get me to be a "superintendant"...no thanks...I don't like managing people...although I am a "crew leader" in my position...but when its big decision time, that buck doesn't stop with me   
Congrats on meeting your goals...a great feeling for sure...sounds like you have made many of the right decisions over the years.
Its been so long I've had a car payment that I don't even remember what vehicle that last one was on!
We were able to get debt free this last year (thanks to some extra motivation from the Ramsey show on the radio at work) and my wife just finished up her degree for her "second career", so looking forward to what life looks like with no debt and some extra income for once (and no college bills! Oh, and paying college tuition to go to work for someone else for free...grrr...I get it, but grrr)


----------



## clancey (Jan 1, 2022)

I have stories like yours as well but in very different fields as a city person but the same is all around and I had one employer that told me to walk the streets just like how I came in "walking the streets" this was in a country and low unemployment area and sometimes these people think they are Gods because they know that you really need the job--terrible..You have some smart thinking on how to run your finances and you will be just fine--broken ankle and all--this will heal in time---takes awhile ankles do--longer then regular breaks..but the bottom line is--when I retired after many many years I had a feeling of insecurity and was "worried" somewhat..-lol but glad too---but the very first year of my retirement I sat in my kitchen with a hot cup of coffee looking out the door at a picture like this---coming---and all I could say was: "Thank God I do not have to go to work today--for I am retired". You will find something better to get some extra money in for you have real talent in my opinion...clancey...


----------



## ABMax24 (Jan 1, 2022)

Congratulations, that's a big achievement. Hopefully in 30 years I'll be considering doing the same.


----------



## peakbagger (Jan 1, 2022)

NorMi said:


> +1000!
> 
> Congrats and Enjoy It!  I always review our financials EOY so this is timely for me.  I have doubts at my age or younger we'll see it pan out like in the past and present, but I still hedge my bets against total societal collapse with this common sense saving advice, just in case we're lucky and not living in "The Road" by the time I retire!


There are always reasons to think things are going to go in the ditch. I was in school right at the end of the "duck and cover" drills in schools. The media was sure the world would end in a nuclear war. During the oil embargos the doom sayers were claiming the collapse of the world economy due to running out of oil. Many folks planned on social security collapsing mid career. The big companies were already starting to have pension issues and the end of the pension era had started.

My dad was one of the first folks to do what was then called a deferred compensation plan (now a 401K) and at my first job where a 401K was offered, I started putting my money in 401Ks and eventually Roth 401Ks. These were portable, no need to hang around the same company and hope I got a pension. Most pension plans were back loaded in that if you left before retirement, the pay out was poor.  The vast majority of these  plans are gone or handed off the PBGC.

No doubt things will change, when SS first came out the odds were against anyone making it to 65. At some point SS was predicted to run out of funding and the full retirement age went up to 68. I think my FRA is 67 and 9 months.  (I do not plan to collect until 70). Many retirees live as long in retirement as long as they worked. This is not sustainable and I expect once the political battles end in Washington, the full retirement plan will increase.

My dad handed me the Millionaire Next Door book when I got out of college. It really turned my way of thinking as it goes contrary to everything you see on TV and in the media. I found out later its required reading for many investment advisors, they are told to avoid folks like those described in the book. Over the years I have met several folks who use the principles in the book. I also got a copy of Bogel's book early on and all my investments when I got control of them went into Vanguard Index funds.   I think Warren Buffet's observation, _'*never bet against America*' in letter trumpeting Berkshire's U.S.-based assets. “Despite some severe interruptions, our country's economic progress has been breathtaking. Our unwavering conclusion: Never bet against America_. is far more likely to last as long as I need it to. Sure there is the political theatre going on but in the background in the long run the economy seems to keep growing despite it.


----------



## brenndatomu (Jan 1, 2022)

peakbagger said:


> Millionaire Next Door


The millionaire next to us looks like he's about 1 day from being homeless...and even his house is a dump...but he owns a TON of property...as in paid for...local property prices are such that he is easily a millionaire...most people that know him would never guess.


----------



## begreen (Jan 1, 2022)

Congratulations and welcome to the next adventure. I totally agree with the good advice you have shared. I ended up with about 5 main careers in my working years and held around 32 different jobs since I was 13. Staying flexible and sharp keeps one adaptable to change. It worked out well for me. We subscribe to the same financial philosophy - only take on debt when it is specifically to your benefit. I was fortunate to read the book Your Money or Your Life by Joel Dominguez about 35 yrs ago and it reinforced my perspective on work and money. I was lucky in my last career to have great benefits that included sabbaticals and was able to fit in some great extended travel experiences with the family as a result. 

After retirement, the next steps may be a bit harder as you refocus and start spending more than earning. Look up Ikigai, it's a Japanese concept that has been helpful for me shifting gears.









						Ikigai: the Japanese answer to a life of purpose
					

Ikigai, the Japanese concept that points to the meaning of life, your life; your reason for being. Everyone has it. You only need to find yours. #ikigai #ReasonForLiving




					ikigai-living.com


----------



## rottiman (Jan 1, 2022)

Retired 7 years next month,  ain't no job like it !   Good luck and enjoy.


----------



## MTASH (Jan 3, 2022)

From a fellow P.E., great post and excellent advice!  I plan on retiring from Engineering by 55.


----------



## MTASH (Jan 3, 2022)

peakbagger said:


> When I went to college at UMaine there were two types of students, the "gearheads" and the future managers


I found this particularly funny as I think it's pretty universal...except in some industries you can substitute "manager" with those who end up in marketing.


----------



## peakbagger (Jan 3, 2022)

When we had lab courses, the management students would just sit there until the gearheads actually did the work, the "managers" would then sit there and write up neat notes. When I walked into the machine shop and started asking the teacher about getting access to the tools outside of class he looked at me and asked me if I had ever used any of them. I showed him I knew how to use South Bend metal lathe and Bridgeport milling machine. He waived the lab course right there.


----------



## stoveliker (Jan 3, 2022)

It's the same with experimental scientists: you have those who keep asking a machine shop person and those who arrange for some used lathes, welding, milling equipment to be, ahem, "stored" in the basement - hook them up and make their own parts.

Those were always the best after-hours. If unions did not discover... 

Of course for real complicated (or high-precision) stuff I went to the real professional. But I liked making my own parts.


----------



## Highbeam (Jan 8, 2022)

MTASH said:


> From a fellow P.E., great post and excellent advice!  I plan on retiring from Engineering by 55.


Me too, fellow PE but won’t make 55. That’s almost too long to not be in management. Seems the “doers” age out when their hourly rate goes too high compared to fresh grads.


----------



## Highbeam (Jan 8, 2022)

peakbagger said:


> Well it took 47 years but as of today I am no longer an employee of anyone. I had planned to stop work the year I was 62 and with a few bumps in the last few years, I hit the goal. It might have happened 2 and 1/2 years ago when my former employer decided to shut down their consulting division. I had worked from home in a rural area for 12 years and it was not likely I could find a similar work at home position, and I really did not need to work. One thing I probably would be unable to do is go back to work in a "cube farm". I had done that for close to 20 years and I found that it was an invention to screw up my productivity.  I had a few projects I was working on with a firm we had partnered with and ended up working for them as an employee on a part time basis (by choice). One project may never end but the two others were interesting and were supposed to be up and running by December of 21 so I committed to hanging around until the end of last year as a part time employee.  Both are running late so I will continue to support them until both are running on a 1099 basis. I renewed my Professional Engineers license for 2 more years so at this point it is, "never say never", but one of the constants over my career was when I ended one job I really was not in rush to start a new one. They were not paid sabbaticals but having enough money in the bank and no debt meant when I did need to find a job I didnt have to take the first one that came along. I had a couple of extended "vacations" over my career by choice and in both cases I was financially ready for both of them.
> 
> One thing I found out over the years is I did not mind managing projects but had no interest in managing people on a day to day basis. When I went to college at UMaine there were two types of students, the "gearheads" and the future managers. Engineers were frequently recruited out of college by industrial plants (in Maine pulp and paper mills) to be the future supervisors and managers. I knew I was the hands on "gearhead" so I avoided the management track. Engineering skills grow "stale" if not used and by sticking with project type work, I kept my skills tuned up.  One employer recognized on a corporate level that they needed a few real engineers around and gave me a pay incentive to get a Professional Engineers license along the way which was further encouragement to keep my skills active. When the pulp and paper industry crashed and burned in the US, I could take my skills and switch industries while many of the folks who became managers and supervisors struggled to stay in pulp and paper by moving around and working for a progression of sleazier owners.
> 
> ...


If you don’t mind me asking…. since you didn’t need to work anymore, why did you go this long? I’m facing a similar decision. Culture says to work until you’re dead but I’m not interested in that. 

Fellow boglehead here. 

Oh and at least in WA you can let your PE license lapse and at anytime in the future just reactivate it.


----------



## xman23 (Jan 8, 2022)

Peak. good read. I just started collecting SS at 70. and have been collecting a pension for a few years.  Still working. But went to 3 days a week. Actually have no reason to work. So lets see how long I feel like working.


----------



## peakbagger (Jan 9, 2022)

Highbeam said:


> If you don’t mind me asking…. since you didn’t need to work anymore, why did you go this long? I’m facing a similar decision. Culture says to work until you’re dead but I’m not interested in that.
> 
> Fellow boglehead here.
> 
> Oh and at least in WA you can let your PE license lapse and at anytime in the future just reactivate it


 For the majority of my career I spent other people's money designing, repairing, rebuilding and building things.  Some of the things were very large systems and pieces of equipment.  The reason I have hung around the last few years is the projects I am working on are interesting technology and I was involved with them since developing the early concept stage. Both of them looked dead but at the last minute came back to life. If they had stayed dead, I would have been completely retired by now.  It made sense to me to hang around and support them until they are up and running. The downside is the projects are not where I want to live and the window for incentives to do new similar projects has closed in Mass. No doubt I could find a niche supporting newer tech, but it might require relocating and developing a new professional network. I have done this for forty years so it makes sense to take a break. As I said never say never but time to go do other hobbies while I am still physically able to do them. The thing I have learned by working part time in the last few years is I really cannot work part time on a project that is full time so I need to make a clean break. I am not thrilled by these two projects stretching into 2022 but I made a commitment and will live up to it but if the opportunity comes up to cut it short, I will not mind. My lip is also getting sore from having to bite it from seeing clients and contractors making bad decisions with predictable results .

I cannot predict the future, but I feel I have done what I can to make sure that lack of resources will not be an issue. I know of many folks who do not have that choice, they think they need to "work until they are dead" or no longer of any use to any employer, some not by their choice but for others at least partially due to lack of planning on their parts, usually trying to maintain a lifestyle they could not afford. I had to reinvent myself professionally a couple of times in my career and plan to do the same in my retirement.  I consider retirement a change of careers and have been planning for it that way.  I am atypical, most of my friends I went to high school with have given up finding challenges to do themselves and started living vicariously through their kids and grandkids lives long ago, I dont have that option, so more power to them, but my guess is I will be attending their funerals. My dad who was physically active up until his late eighties and mentally active within days of his passing was a guarded optimist, he had a stock observation he would make in various AARP speeches he would make; there are "young" retirees and "old" retirees, and the "young" ones are not necessarily young (chronologically)  and the "old" ones are not necessarily old.  The "young" ones are the folks who have figured out if they dont use it, they lose it. The "old" ones have sat down on a couch and let it mold itself to them.  Give it a few years and they will not be able to get up out of it. 

Sure I have seen the various studies that show that working longer leads to a longer life and longer retention of mental faculties. I also think that I am not the typical retiree who has not really spent a lot of time planning for retirement. I have never smoked, rarely drink and up until my ankle issue stayed active year round. So compared to the average I hope my lifestyle shifted me to the good side of the curve. 

With respect to my NH PE, I can put it in "retired" status in two years at a lower cost but would need to keep doing 30 hours of continuing education units every 2 years if I want to make it active again. Not a lot of demand for a NH PE but it is what allowed me to get a Mass PE by comity via a NCEES record. If I didnt have the NCEES record, I do not think I would have been able to get through the Mass process.  The Mass PE board really sets high hurdles for anyone from outside the state to get a Mass license unless they come up through the traditional working through the consulting career route.  Ultimately, the hassle is liability insurance. I really cannot use my license except for personal use without it and the cost is pretty steep unless I want to do it full time.


----------



## xman23 (Jan 9, 2022)

Peak, thank you again for sharing your story. I don't know if your done. As a fellow, gear head engineer, I suggest, you might look to work at your terms. Are there vendors that don't have in house access to your expertise. My last 15 years has been doing just that. 

 So timely, as I just let my boss know I was 70 and it was time. I explained it will be 3 work days a week, at the same pay.  He knew, and said I could do anything and was happy I'm still here. Of course it's strictly a business decision for the company. It had to work for them and me. Until the next change either of us decide.

We all have different situations. When to retire?  For me. I'm in decent health, active, genetics are ok, both parents alive in there late 90's. The fear is not having enough money in retirement.  I think I'm prepared. The last few years, I've continued to work to max out social security (SS) at 70. You get 8% additional a year, for every year after your full retirement year. Mine was 66. I got my first SS check in December and now a 5.9% increase in January. I believe my SS is tax free. 

This whole thing is a moving target for me. Love to hear everyone's comments.


----------



## Rusty18 (Jan 9, 2022)

A few years ago I saw an interview warren buffet did.  He still lived in a 1800ish sqft  house he bought when he was starting out, driving an 18 year old crown Vic, and eating breakfast off the McDonald’s dollar menu.    (Been a few years since I saw interview so don’t hold me exactly on those numbers but they are close)

Congrats on (semi) retirement, I second what others have said...you’ll find another project on your terms.


----------



## peakbagger (Jan 9, 2022)

xman23 said:


> Peak, thank you again for sharing your story. I don't know if your done. As a fellow, gear head engineer, I suggest, you might look to work at your terms. Are there vendors that don't have in house access to your expertise. My last 15 years has been doing just that.
> 
> So timely, as I just let my boss know I was 70 and it was time. I explained it will be 3 work days a week, at the same pay.  He knew, and said I could do anything and was happy I'm still here. Of course it's strictly a business decision for the company. It had to work for them and me. Until the next change either of us decide.
> 
> ...


I had Vanguard run my Social Security numbers, the difference in what I would get at age 70 between working part time and not working until my FRA is minimal. SS adjusts every quarter of earnings for inflation and then picks the best 35 years of quarters. My guess is my part time work keeps my income low enough in the next few years so these are not in the best years. Part of my planning was to assume that SS would be gone or minimized by the time I was retired (still may happen ;( ). I do agree that I do not plan to file for it until 70, its the only retirement account that is adjusted for inflation so makes sense to maximize it. 

BTW to another poster, SS benefits can be taxed up until age 70 depending on your retirement or regular income. Folks depending on regular IRA  distributions could be in for a rude awakening between the taxes owed on the IRA distributions and some portion of SS income. Luckily Roth IRAs distributions do not count as income so its not an issue for folks with Roths. The trick is regular IRAs are subject to RMDs at age 72 (currently) so balancing the taxes owned early on in retirement versus post 72 have to be factored in. Plus for people with big IRA distributions they can accidently trip the Medicate surcharge if they do it at the wrong time.


----------



## gzecc (Jan 9, 2022)

peakbagger said:


> Well it took 47 years but as of today I am no longer an employee of anyone. I had planned to stop work the year I was 62 and with a few bumps in the last few years, I hit the goal. It might have happened 2 and 1/2 years ago when my former employer decided to shut down their consulting division. I had worked from home in a rural area for 12 years and it was not likely I could find a similar work at home position, and I really did not need to work. One thing I probably would be unable to do is go back to work in a "cube farm". I had done that for close to 20 years and I found that it was an invention to screw up my productivity.  I had a few projects I was working on with a firm we had partnered with and ended up working for them as an employee on a part time basis (by choice). One project may never end but the two others were interesting and were supposed to be up and running by December of 21 so I committed to hanging around until the end of last year as a part time employee.  Both are running late so I will continue to support them until both are running on a 1099 basis. I renewed my Professional Engineers license for 2 more years so at this point it is, "never say never", but one of the constants over my career was when I ended one job I really was not in rush to start a new one. They were not paid sabbaticals but having enough money in the bank and no debt meant when I did need to find a job I didnt have to take the first one that came along. I had a couple of extended "vacations" over my career by choice and in both cases I was financially ready for both of them.
> 
> One thing I found out over the years is I did not mind managing projects but had no interest in managing people on a day to day basis. When I went to college at UMaine there were two types of students, the "gearheads" and the future managers. Engineers were frequently recruited out of college by industrial plants (in Maine pulp and paper mills) to be the future supervisors and managers. I knew I was the hands on "gearhead" so I avoided the management track. Engineering skills grow "stale" if not used and by sticking with project type work, I kept my skills tuned up.  One employer recognized on a corporate level that they needed a few real engineers around and gave me a pay incentive to get a Professional Engineers license along the way which was further encouragement to keep my skills active. When the pulp and paper industry crashed and burned in the US, I could take my skills and switch industries while many of the folks who became managers and supervisors struggled to stay in pulp and paper by moving around and working for a progression of sleazier owners.
> 
> ...


Working for myself is gratifying although I make less money. Its still worth it.


----------



## xman23 (Jan 9, 2022)

Finance was something I never spent much time researching. Catching up now. I didn't know how SS  FRA payout was calculated. I thought it was weighted on many of your last years of income. But talking to the SS guy it seams to use all the years you paid in.  Can low income years at the end hurt the number, maybe. I waited to 70 and fortunately maxed it out. Got all there giving, and my wife gets another 1/2 of mine.  I believe early retirement before your FRA, you will pay tax on SS, or a part of it. And after FRA  SS is not taxed, so my tax guy explained.

 Now my quest is to avoid taxes in semi retirement, it appears hard to do. As the Beatles would say, the taxman has been doing this a long time and they have it all figured out.  But........I'm open for any and all suggestions.


----------



## fire_man (Jan 11, 2022)

MTASH said:


> From a fellow P.E., great post and excellent advice!  I plan on retiring from Engineering by 55.


I second that, great post. 
I retired from Engineering at age 59.75.


----------



## stoveliker (Jan 11, 2022)

I think there are more digits to be had here...


----------



## MTASH (Jan 12, 2022)

Highbeam said:


> Me too, fellow PE but won’t make 55. That’s almost too long to not be in management. Seems the “doers” age out when their hourly rate goes too high compared to fresh grads.


I am in a unique position that does not involve consulting/billing rates any longer, so that helps.  However I did say 'by' 55, so it could be sooner as long as chit doesn't hit the fan. 😆

I'm probably considered a Boglehead/F.I.R.E. hybrid, although not a staunch follower of either movement. Started using similar tactics long before I heard of either.

Oh, and I don't plan to quit working, just find something else to do that's easier on the cranium.


----------



## peakbagger (Jan 12, 2022)

I am not an active Boglehead and too old for FIRE but I always lived below my means, I just learned a lot from my dad and decided to go the conservative route versus the gambling route. A gambler will always tell you about their winnings but rarely about their losses. I have some stocks that my dad convinced me to buy with paper route money. I think I bought the  GTE  (former phone company) shares for about the same price I bought a 10 speed Schwinn bike when I was 15. I still have both, the Schwinn isnt worth much but the Verizon shares are worth 20K. 

I must admit I do not mind Vanguard PFS managing my investments. The cost is cheap and the return is well above the cost. The market and the news goes up and down but I dont worry about it. My rule is anything under 10% decline is just "noise"


----------



## peakbagger (Dec 1, 2022)

Well it took longer than I expected, but I am now officially retired. The projects I was supporting as a contractor since January both ran long. One got running in early summer but its got a major component that was designed incorrectly, it took months to realize it and it will be sometime next year before its fixed. The other project just ran long. Its finally passed its performance tests in October but still has a lot of punch list times left. Both projects are way over budget, so they decided not to pay us to support them anymore. I really dont mind. 

No doubt if I wanted to continue working I could, but not in the mood and dont need the money. No major plans yet but lots of home projects that got delayed plus my broken ankle seems to be healed up so lots more chances to go play in the woods.


----------



## marty319 (Dec 1, 2022)

Well my work was making it so hard on us older employees that I took my commuted value of my pension and left at 56 years.i wanted to work till 63 but looking back I'm glad I left.company wanted all the long terms out as the replacements they hired were at half the wages with fewer benefits.


----------



## mikey (Dec 1, 2022)

Once you pay off your house and other debt it‘s amazing how a little money you need to live!

Enjoy


----------



## tebenhoh (Dec 1, 2022)

Congratulations… best news I’ve heard today! Enjoy!


----------



## begreen (Dec 1, 2022)

Good to hear that you are healing well. Now don't break anything else and enjoy retirement!


----------



## Ashful (Dec 12, 2022)

Great thread, peakbagger.  Congratulations on completion of one phase, and good luck on whatever the next brings.

I'm in a somewhat-similar situation to you, in more ways than I care to explain here, and it's been both exciting and a little daunting to figure out what's next.

I'll second all the financial advice you gave in subsequent posts.  We have always placed investment and zero debt above all else, and this has served us well, saving us enormously in the long run.  I'm a little surprised you were eligible to contribute to a Roth IRA, due to the low maximum allowable income limits, but perhaps you were re-converting from a new standard IRA each year.  I did that once, but didn't keep up with it, there were easier mechanisms available for my situation.

Young folks, if you're not maximizing your allowable 401k and IRA contributions, then stop buying new chit and get on it.  If you say you can't afford it, you are wrong, change your lifestyle accordingly.  I lived much poorer than my friends and associates thru my 20's and 30's, so that I could enjoy financial independence by my 40's, and I'm glad I did this.  Now they're all wondering how I can afford to walk away from full-time employment in my late 40's, while some of them will be slaving to save for retirement starting too late, or even worse... paying off debt they racked up while young.

If you're not at least maximizing any available company match on your 401k, you are throwing away free money... money which will grow faster than you can earn.


----------



## peakbagger (Dec 12, 2022)

Thanks, I was clearing the home office of 15 plus years of accumulated paper copies from projects that were incredibly handy to have when I needed them but now go to the sorted mixed office recycling bin and found the disbursement letter from the bank that was holding my "Payment Reserve Fund" which was their name for an IRA in August of 1987. The total lump sum distribution was $3,055.87. It got invested in a Rowe Price Capital Reserve fund, a very conservative mutual fund with a blend of stocks and bonds, its the same acount number and I have done nothing with it except let it sit there for 35 years. The same $3K is now worth $115K even with a down market. I think I paid around 14K for my long  gone Pontiac Fiero about that time.  so about 20% of what my car was worth. Use the same math and I would be looking into Ferrari territory 575K now . 

I think the greatest gift to a kid in college is give them a Roth IRA and then once they are working make them match it so they get in the habit. Do that for several years and the account is on autopilot, no worries about if SS will still be around as 35 or 40 years of growth will make it into a pretty darn good retirement. If they want to buy a house they can even raid the Roth principle for a down payment as what they put in it has no penalties or taxes for withdrawal. With ETFs the initial Roth investment can be real low. The same can be done with folks under 18 as long as they are earning the amount of the Roth contribution.  

I am conservative investor, except for some old phone company stock I bought with paper route profits and some Berkshire B, it is all in a relatively conservative collection of mutual funds and ETFs managed by Vanguard. Sure, I missed out on the big profits on high flyers but I also missed out on the big losses and hindsight is 20/20. If I play it right I will not even have to worry about RMD as much of my funds are in Roth's. 

I was right on the edge of Roth 401K contributions as a single person some years. I did a big Roth conversion one year where I could spread the taxes over two years (a one time thing) it was a very down market and I got close to the low to do the rollover and that one transaction made a big difference in my Roth balances. 

I have always tried to live for less than the paycheck, the only loans were for cars long ago and they got paid off early. I paid my mortgage off in less than half its term by making additional payments towards principal. Once the debts are paid off, its surprising how much can be invested. BTW, my dad in the 1950s was taking a financial course and did a presentation on how SS was unstainable in the long term. I grew up in the seventies and most financial folks on the news were telling us that SS would be gone and not to plan for it. I didnt and could live without it as I dont plan to file until 70. 

Now the tough part, becoming a spender instead of a saver now that I am retired.


----------



## Shank (Dec 12, 2022)

Ashful said:


> Great thread, peakbagger.  Congratulations on completion of one phase, and good luck on whatever the next brings.
> 
> I'm in a somewhat-similar situation to you, in more ways than I care to explain here, and it's been both exciting and a little daunting to figure out what's next.
> 
> ...


This is something I have thought about a fair amount.  Being in my 20's, $26,500 post tax (roth 401K and roth IRA) per person would be a quite tough to achieve between my wife and I, but I suppose it could be done with a fairly significant change....  Exceeding employer match is quite easy for both of us  and I have adopted a 1% per year contribution increase up to 20%, but that may go higher if I don't meet contribution cutoff first.  Perhaps I need to work out some numbers and make 2% work.  House renovations make this a little more tough.  Hopefully this doesn't put me too far behind.


----------



## stoveliker (Dec 12, 2022)

Just put all your raises to the retirement savings. It'll go quick. You are already used to the higher cost of living the month before you get your raise, so it's not a sudden belt tightening, but a gradual one over the year. You essentially live on equal money, and tighten the budget thru inflation, with all the additional income going to the savings.


----------



## mikey (Dec 12, 2022)

Work is overrated!


----------



## stoveliker (Dec 12, 2022)

I am of the opposite opinion. Work is underrated imo. The challenges it brings to my brain, the usefulness of what I do to others,  the social contacts, the being forced to prioritize how personal time is spent because of having less time to BS around, etc etc. It's good for me.


----------



## brenndatomu (Dec 12, 2022)

stoveliker said:


> I am of the opposite opinion. Work is underrated imo. The challenges it brings to my brain, the usefulness of what I do to others,  the social contacts, the being forced to prioritize how personal time is spent because of having less time to BS around, etc etc. It's good for me.


Agreed...humans need purpose...sitting around waiting on mail money doesn't cut it...


----------



## sloeffle (Dec 12, 2022)

I'm in my 40's also and I have friends that have zero saved for retirement. I've asked them what they plan on living on when they retire. The resounding answer is "I'll work until I'm dead".  Every time you turn around they are buying the latest and greatest gadget. They probably spend more money in gadgets on a monthly basis than what my mortgage payment is. And then you ask a few months later about XYZ gadget and they've moved onto something else. I understand the importance of having a hobbies but I don't get the unneeded consumerism of today. I did go a little overboard on my OWB project but I figured Uncle Joe is giving me 26% back, why not.

Without a spouse I couldn't retire in my 40's or 50's if I wanted to. Health care costs would just eat me alive. I'll probably have to wait until I'm in my 60's to give up working a full time job with benefits. I'll probably stick with my semi-part time job at my farm until I physically can't or don't want to do it. It's nice to get outside and get away from a computer. 



peakbagger said:


> I think the greatest gift to a kid in college is give them a Roth IRA and then once they are working make them match it so they get in the habit. Do that for several years and the account is on autopilot, no worries about if SS will still be around as 35 or 40 years of growth will make it into a pretty darn good retirement.


This is great idea. I'll have to look into this for my daughter. I'm a firm believer in set and forget it, or paying  a professional to actively manage the account.


----------



## Easy Livin’ 3000 (Dec 12, 2022)

peakbagger said:


> Thanks, I was clearing the home office of 15 plus years of accumulated paper copies from projects that were incredibly handy to have when I needed them but now go to the sorted mixed office recycling bin and found the disbursement letter from the bank that was holding my "Payment Reserve Fund" which was their name for an IRA in August of 1987. The total lump sum distribution was $3,055.87. It got invested in a Rowe Price Capital Reserve fund, a very conservative mutual fund with a blend of stocks and bonds, its the same acount number and I have done nothing with it except let it sit there for 35 years. The same $3K is now worth $115K even with a down market. I think I paid around 14K for my long  gone Pontiac Fiero about that time.  so about 20% of what my car was worth. Use the same math and I would be looking into Ferrari territory 575K now .
> 
> I think the greatest gift to a kid in college is give them a Roth IRA and then once they are working make them match it so they get in the habit. Do that for several years and the account is on autopilot, no worries about if SS will still be around as 35 or 40 years of growth will make it into a pretty darn good retirement. If they want to buy a house they can even raid the Roth principle for a down payment as what they put in it has no penalties or taxes for withdrawal. With ETFs the initial Roth investment can be real low. The same can be done with folks under 18 as long as they are earning the amount of the Roth contribution.
> 
> ...


PB, congrats on making it to retirement.  I literally followed your same playbook since I was about 15.  I read your two recommended books when I was in my mid 20's, and they resonated clearly with me at the time.

Two things,

Vanguard PAS is one of Vanguard's most profitable businesses.  I don't believe the actual PAS corporation  is operating at cost, as thier funds operate. It's a recurring fee that someone with an engineering background can easily avoid.  It also goes against Jack Bogle's teachings to pay for this (it way more than doubles the cost of using the funds alone).  The only real value they provide is performance reporting, and discipline, if you get jumpy during deep bear markets.

The second thing is SS. Start taking that as soon as you are eligible.  It's a mistake to wait until you are a miserable, invalid, geriatric, at great risk of dying and getting either nothing, or falling far short of the years it takes to break even, if you wait.  The government loves when people wait, and they play on folks fears and bias toward self preservation and ignorance of the actuarial tables.  Live and spend when you are young enough to enjoy it.  The end of life crap is totally miserable whether you are getting a little higher payout for a couple of years, or not. 

I used to do this stuff for a living, and these are the insights I gained over 20 yrs in the business.  Then I retired when I was 45.


----------



## Ashful (Dec 12, 2022)

Easy Livin’ 3000 said:


> Live and spend when you are young enough to enjoy it.  The end of life crap is totally miserable whether you are getting a little higher payout for a couple of years, or not.


As with all things, I think there's a balance.  My mother spent her 60's and 70's traveling the world, but could only do so by having NOT spent it all when she was young.  She has friends who couldn't afford to do anything in retirement, their loss.  Things are busy enough in younger life for most folks, building a career and a family, that at least for me, any lack of toys and travel is barely missed.

There's also always the concern of what you're leaving behind for your family in your absence, me coming from two generations of men who both passed very young (ages 26 and 48).  If the new sports car or power boat I skip today helps my kids afford college or other start in life down the road, whether I'm here to enjoy it or not, I'll consider it a good decision.  I'm not without toys or enjoyment, but I moderate them to a relatively small fraction of my income.


----------



## begreen (Dec 16, 2022)

brenndatomu said:


> Agreed...humans need purpose...sitting around waiting on mail money doesn't cut it...


Working your brain doesn't have to be for the man. There are plenty of challenges at the community and non-profit level that can use your talent.


----------



## brenndatomu (Dec 17, 2022)

begreen said:


> Working your brain doesn't have to be for the man. There are plenty of challenges at the community and non-profit level that can use your talent.


Absolutely


----------



## Wisdomoak159#19 (Dec 17, 2022)

Congrats on retirement peakbagger. Your advice on paying ahead on mortgage is spot on. The wife and I live alot more (poorly) than alot of or friends of same age. (Late 20s to late 30s) but we pay out cars in cash. And are on track to hopefully pay off mortgage in 10yrs. We hope to be able to start a homestead that is paid for by our 50s. Congrats again


----------



## Ashful (Dec 18, 2022)

Wisdomoak159#19 said:


> Congrats on retirement peakbagger. Your advice on paying ahead on mortgage is spot on. The wife and I live alot more (poorly) than alot of or friends of same age. (Late 20s to late 30s) but we pay out cars in cash. And are on track to hopefully pay off mortgage in 10yrs. We hope to be able to start a homestead that is paid for by our 50s. Congrats again


This is a good plan, and will give you a lot of flexibility in life, not having to worry about this.  I have paid off each of the houses I've owned in about 10 years, and believe that if everyone chose their home based on what they could afford to pay off in that time, our country would be in a much better place in many other respects.  It meant driving beater cars when friends were rushing out to take on payments on new vehicles, but it was a short-term pain for a long-term gain.  The difference in rates alone on a 15 vs. 30 year mortgage can save you enormously, even before stepping up the payment plan on your own, to finish in 10 years.


----------



## peakbagger (Dec 18, 2022)

BTW, I have brought it up before and will do so again, pick up the book "The Millionaire Next Door" and read it. Its getting a bit dated with some content, but the fundamentals are still right on.  Folks who live beyond their means are rarely going to get ahead in the long run. Live below your means starting out and get investments going, then let the power of compounding do its thing.  

The current FIRE movement has taken it to the extreme and is probably overhyped and overboard (like everything else on the internet) and unobtainable except for high earners and childless couples but look at some of the basics and it comes down to live dirt cheap when young and invest the rest, then let the investments get to the point where they can retire or do something they like with pay not being important. In most cases they include active real estate investments and that is something I did not do. I am not advocating that extreme approach, but it sure beats the party young and hope to die early before the bills catch up approach.


----------



## begreen (Dec 20, 2022)

peakbagger said:


> BTW, I have brought it up before and will do so again, pick up the book "The Millionaire Next Door" and read it. Its getting a bit dated with some content, but the fundamentals are still right on.  Folks who live beyond their means are rarely going to get ahead in the long run. Live below your means starting out and get investments going, then let the power of compounding do its thing.
> 
> The current FIRE movement has taken it to the extreme and is probably overhyped and overboard (like everything else on the internet) and unobtainable except for high earners and childless couples but look at some of the basics and it comes down to live dirt cheap when young and invest the rest, then let the investments get to the point where they can retire or do something they like with pay not being important. In most cases they include active real estate investments and that is something I did not do. I am not advocating that extreme approach, but it sure beats the party young and hope to die early before the bills catch up approach.


I would also recommend "Your Money or Your Life" by Joel Dominguez and Vicki Robin. It is about transforming your relationship with money. This should be essential for high school senior reading. Another good book is The Seven Laws of Money by Michael Phillips.


----------



## Ashful (Dec 21, 2022)

I wish that investing and making my money work for me was half as interesting as my profession, or even talking about wood stoves.  But for me, it's not.  Different strokes for different folks, I guess.

So, for the rest of you, find a good financial advisor.  I have three, with one managing more than half our total assets, and rely on them to make better decisions with my money than I ever will have the energy to do on my own.  Sure, they're costing me a little money, but not nearly as much as my performance might lag theirs in trying to DIY a portfolio of this size.  It also frees up time for me to fight the oil man by playing lumberjack evenings and weekends, and although I've not tallied that against their costs, I'm probably putting a good dent in their costs to me, at my rate of wood consumption.


----------



## Easy Livin’ 3000 (Dec 21, 2022)

Ashful said:


> I wish that investing and making my money work for me was half as interesting as my profession, or even talking about wood stoves.  But for me, it's not.  Different strokes for different folks, I guess.
> 
> So, for the rest of you, find a good financial advisor.  I have three, with one managing more than half our total assets, and rely on them to make better decisions with my money than I ever will have the energy to do on my own.  Sure, they're costing me a little money, but not nearly as much as my performance might lag theirs in trying to DIY a portfolio of this size.  It also frees up time for me to fight the oil man by playing lumberjack evenings and weekends, and although I've not tallied that against their costs, I'm probably putting a good dent in their costs to me, at my rate of wood consumption.


Compare your financial advisors performance, net of fees, to the closest asset allocation set forth in Vanguard's series of Life strategy funds (they all use index funds and rebalance using cash flows).  Better yet, ask them to do it and watch their reaction.  5 years isn't quite enough, 10 years is, in most environments, and at 20 years and longer, it's glaringly obvious.

 The chances that they are earning thier fees and adding value above that, is so low as to be statistically insignificant over most time periods, gets worse the longer you do it.  

 Jack Bogle called advisors "croupiers", and he rightly said that anything you pay them, goes against your returns, compounds, and collectively, thier returns will be that much less than the markets.  His quote "You get what you don't pay for" in the context of advisor fees, is exactly right, and indisputable.  All outperformance to an appropriately indexed benchmark, at an individual level , is temporary and transitory, and purely based on luck, rather than skill.

It doesn't require you to be in any way interested in investing.  It only requires a little research to confirm what I've said, and to make a decision that will add to your long term wealth in ways that are hard for folks to comprehend, over the length of time relevant to individuals.

Your humble bragging doesn't look good here, and your recommendation for people to follow in your costly miscalculation is doing no one any service.

Do yourself a favor, read a copy of Charles Ellis' "Winning the Losers Game".  When you get done with that, if you keep paying advisors so much of your hard earned money, well, you know what they say...


----------



## Ashful (Dec 21, 2022)

Easy Livin’ 3000 said:


> Compare your financial advisors performance, net of fees, to the closest asset allocation set forth in Vanguard's series of Life strategy funds (they all use index funds and rebalance using cash flows).  Better yet, ask them to do it and watch their reaction.


I was speaking specifically to those intimidated or uninterested in going their own way, it is better to invest than not, no matter the mechanism used to get there.  Personally (as of October), we have 45% of our liquid  assets, 28% of our retirement assets, and 76% of our trusts (from us to children) under one advisor.  There are two other advisors that have 13% of our retirement and 5%  of our liquid assets, respectively.  The rest we all DIY through 401k's, IRA's, cash, and Fidelity and Vanguard brokerage accounts... but even those 401k assets are mixed between managed and index funds.

And yes, I am well aware that many managed funds underperform after fees, in comparison to index funds, and specifically targeted retirement funds, and this can be most noticeable on smaller portfolios.  But I have made the comparison between the performance of our primary wealth management account and the Vanguard strategy funds, and found we are doing better where we are now, by very substantial margin over the last 20 years.  Moreover, by putting the majority of our assets with one manager, they assist us with tax positioning and management of several trusts that have been created to move money to our children, with minimal overall tax penalty.  There are several reasons to use a wealth management advisor, on the assumption they can at least break even with targeted index funds.


----------



## peakbagger (Dec 21, 2022)

For me Vanguard PFS is worth what I pay for it, 0.3% which is far less than a typical advisor (usually 1% and many are getting commissions on top of it). I have several different types of investment accounts, Roths, inherited Roths, IRAs, Equities and Rowe Price fund, HSA (Vanguard but held by third party) and a few others. They only manage the Vanguard funds in my accounts, but they factor in the outside funds and if I ask they make recommendations on the non Vanguard funds. so that the entire portfolio is balanced. I used to manage it myself but where I was lacking and what pays for PFS is optimizing for the most tax efficient and when I need cash offsetting the gains with the losses. The game for me now is to minimize taxes while using their various financial models to figure out when the make the withdrawals from what accounts. The other thing I see is the depth of diversification. It is not just stock based mutual funds and bond funds, its various term, domestic and international funds. There are zero commissions when the funds trade inside Vanguard. No front end or rear end load.  Folks can and do worse. 

I have always been a long term investor, I have known and worked with many folks who always let me know when they are up but they usually dont say much during a market slump. I have rode through several market slumps almost exclusively with Vanguard mutual funds and have always come out ahead in the long run. When I used to look for funds, I ignored the 1 and 5 year performance and looked at the ten. 

My assumption is that you probably havent talked to Vanguard PFS as it sounds like you think they are a conventional financial advisor. The vast majority of investments are Vanguard Index funds so I do not think it violates Bogel's basic tenants. They always have offered a few actively advised funds like Wellington and Primecap.  Not sure if it was you but someone made the statement that unlike Vanguard they are owned by someone, not sure how he got that impression, but my advisor is paid a salary, no commissions and he works for a separate entity but its owned by Vanguard which is a mutual company (no shareholders, account holder are the owners).  

My dad used to manage his own investments and founded several investment clubs. He was in Vanguard long before most people had heard of them and was a fan of Bogle long before the Bogelheads existed. That was his hobby and he was darn good at it. He was conservative but still managed to do quite well year to year decade to decade. I did manage his investments for a few years after he moved into assisted living but I just didnt have the time and the interest to do so after he and my mom passed so I made the right decision for me. I have several friends that should be in Vanguard, but they believe the crap their advisor with other firms tells them as the advisors are great salesman.  Look at a typical Edwards Jones advisor, they are hired on personality and salesmanship ability, financial background is optional as they are fed a script to feed to the customers. I see their columns in various papers with local advisors' photo and name but there is always a disclaimer that the article was written by Edwards Jones and supplied to the local advisor. 

My advisor at Vanguard is a fiduciary and he never tries to sell me anything, most of the discussion is what they are doing to the portfolio to rebalance it to the goals I set and then how to do it tax efficiently.


----------



## Ashful (Dec 21, 2022)

peakbagger said:


> My assumption is that you probably havent talked to Vanguard PFS as it sounds like you think they are a conventional financial advisor. The vast majority of investments are Vanguard Index funds so I do not think it violates Bogel's basic tenants. They always have offered a few actively advised funds like Wellington and Primecap.  Not sure if it was you but someone made the statement that unlike Vanguard they are owned by someone, not sure how he got that impression, but my advisor is paid a salary, no commissions and he works for a separate entity but its owned by Vanguard which is a mutual company (no shareholders, account holder are the owners).


To whom are you speaking, peakbagger?  I never said any of those things, as far as I recall.  I don't use Vanguard PFS, nor have I ever made any statements regarding them.

My primary accounts manager is also a fiduciary, and has also never tried to sell me anything.  I see his primary advantage to us being in tax avoidance, in addition to diversification and stability beyond what I'm doing on my own, with the fraction of our portfolio my wife and I (try to half-assed) manage on our own.


----------



## Ashful (Dec 21, 2022)

Easy Livin’ 3000 said:


> Your humble bragging doesn't look good here, and your recommendation for people to follow in your costly miscalculation is doing no one any service.


You sure have an unnecessarily confrontational way of making your point.  There was no mention of numbers or bragging in the post you had quoted from me.  Statements like this aren’t friendly, and aren’t useful to the discussion.


----------



## peakbagger (Dec 22, 2022)

Ashful said:


> To whom are you speaking, peakbagger?  I never said any of those things, as far as I recall.  I don't use Vanguard PFS, nor have I ever made any statements regarding them.
> 
> My primary accounts manager is also a fiduciary, and has also never tried to sell me anything.  I see his primary advantage to us being in tax avoidance, in addition to diversification and stability beyond what I'm doing on my own, with the fraction of our portfolio my wife and I (try to half-assed) manage on our own.


It was not directed at you, there was another poster that was throwing shade at Vanguard for what I thought were no valid points.


----------



## Easy Livin’ 3000 (Dec 22, 2022)

peakbagger said:


> It was not directed at you, there was another poster that was throwing shade at Vanguard for what I thought were no valid points.


Not throwing shade at Vanguard at all. Vanguard is the good guy here.  Thier pricing in that space has had a tremendous effect in the space, just as it did with mutual funds.

I am shading the additional fees charged by advisors, including Vanguard's advisory.  PAS is a strong money maker for them, I don't believe it's run at cost as thier funds are, I might be wrong.  If you are going to hire an advisor, Vanguard is one of your better options, mostly because of the lower cost, philosophy, the use of indexes, and they are honest about what to expect.  It's just not necessary to give them even .3%, year after year, to invest in 4 index funds (or thier munis for higher tax rate investors), a little tax advice regarding asset location, and semi- annual rebalancing to a static target allocation.   That said, I do believe Vanguard's advisory service will provide the best outcome among available advisors.  You just don't need the additional cost.


----------



## Easy Livin’ 3000 (Dec 22, 2022)

Ashful said:


> You sure have an unnecessarily confrontational way of making your point.  There was no mention of numbers or bragging in the post you had quoted from me.  Statements like this aren’t friendly, and aren’t useful to the discussion.


Come on now, numbers are not required to be bragging.   I've always assumed your self proclaimed largess was schtick, and amused by it, but maybe not?  If not, sorry bro, and happy holidays to ya!

And your point about your advisors outperforming the market, I believe it.  They almost always do during a bear market following a raging, EPS multiple expansion manic market like the the current situation.  Keep track on how they do following the next bull market.   

And hey, maybe you've found the holy grail in your advisors and they are worth every penny.  Keeping track of all those trusts and other accounts does sound unwieldy.

Take these comments for what they are worth.  Financial advice from a firewood chat room, fun


----------



## peakbagger (Jan 3, 2023)

BTW, One of the things I did this week was look at my social security payout for working for most of an extra year. The difference between retiring at 62 and near 63 at my full retirement age (66-10 months) is $4 a month.  Obviously, I have to self fund the years between now and when I officially retire but it is surprising how little the benefit changes.  Note it can make a big difference for someone who has not worked a full 35 years as SS just enters a zero in the years income for every year under 35 years they have worked so getting rid of those zeros by working a year longer might have a larger impact.


----------



## PaulOinMA (Jan 3, 2023)

Very pleased I kept my CL (Colgate-Palmolive) stock after I left in 1999.  Set it up to do quarterly dividend reinvestment.  CL is always mentioned in articles on buy-and-hold dividend stocks.  Pleased with how it's done.


----------



## BoiledOver (Jan 6, 2023)

Congrats on your decision @peakbagger 

This whole thread is awesome.


----------



## old greybeard (Thursday at 1:21 PM)

Congratulations Op, enjoy freedom. I quit work at 56, was burnt out, and hated the job. 40 years in TV broadcasting will do that. Low pay, 24/7 work, physically hard doing transmitter and vehicle repairs. But worse was the job was turning into 4 hours a day trying to keep computer systems going, my back couldn’t handle that much sitting. 2 years after I left we were attacked and ransomed by Russian hackers, happy I missed it. 
Now we do our many hobbies during the day, and relax in the evenings. Gardening, hiking, kayaking, hunting, 6 weeks a year at the beach, 5 months a year at our camp living off grid. 
Marriage to a like minded saver and worker was key. Wife retired at 56 as well. There is some down time, and it’s more of a mental adjustment, hard to drop the mindset that I must be busy after working since I was 12. Took two years to adjust. 
And with the world possibly falling apart the last 6 years doing what I want to do while healthy and fairly young has been priceless. 
Savings and paid off homes are a must. I have friends working into their 70’s still paying mortgages, even though they never had kids. New cars, clothes, stupid money practices, paying interest instead of earning it. So simple to be wealthily, time is  the tru wealth.


----------

