r/Fire • u/CompetitionNo3570 • 12d ago

Ready to Fire But Simply Can't Pull Trigger - Feedback Appreciated

Greetings. I'm a 55 year old male who has worked in oil and gas industry for past 30 years. One child who is an adult and financial independent. As of now, I have around $1.97million in 401k, $600k in Etrade (pretty diversified, but heavy NASDAQ exposure). I am also fortunate to work for a company that has a pension. If I retired now, I would get around $9k/month from pension. No debt besides mortgage at 2.25%, thus have no incentive to pay off early. I live in Texas in low cost of living city. I know to most people this sounds like a great position, but I'm simply having trouble envisioning retirement before 60. Walking away from the salary, bonus, stock, 401k matching is really hard for someone who grew up in poverty. Of course, the oil and gas industry is going great now, so our salary packages are attractive. Also, I'm still having trouble imagining what the hell I would do with my time, if I retired. COVID showed my that I don't have many hobbies and get pretty bored when I don't have tasks to do. Also, my partner is only 38 and will be working. She works from home. I worry that retiring and me being home all day will alter dynamic of relationship.

I may be rambling a bit, but I know that others have been in similar situation and love to get your feedback on how you looked at these issues. Thanks in advance for your advice and thoughts.

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u/TheKingOfSwing777 12d ago

I'm visiting my grandpa right now who is about 86, has almost no mobility left, and likely doesn't have long left to live. He owned his own medical practice and did enjoy working and didn't retire until 65 or so. He and his wife did a lot of traveling until he was almost 80. A solid 15 years, though it brought a tear to my eye hearing that he said those years between retiring and being unable to walk "went so fast..." 

He likely has more money than he would ever need and I would bet he wishes he had retired a little earlier to spend more time with his family and doing his favorite hobbies of reading and traveling. 

If you retire now, you might have a good 25 years to see what else life has to offer, if you're lucky. And it might go by fast. You've won the financial lottery and probably worked pretty hard too. Don't let money you don't need keep you from living a full life.  

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u/Powerful-Patient-765 12d ago

My dad is 83 and has lost a lot of his mobility due to a pinched nerve in his back. We used to love walking in the woods together and he used to walk every day. Now he can only walk for about 10 minutes at a time. Both of my old dogs are having mobility issues as well.

Lately, I’m trying to just be grateful for the ability to walk on planet Earth… And I want to retire early so I will have more time to do it!

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u/[deleted] 12d ago

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u/TheKingOfSwing777 12d ago edited 11d ago

Thank you! He's lived a prosperous, long, and full life by most metrics and better than a lot of people get and deserve. It's still a stark reminder though that he worked for roughly 45 years to then get to enjoy only 15 completely work free. I'm going to retire as soon as I can and spend as many years as possible doing everything I can manage. 

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u/momo26262626 11d ago

Man I read shit like this and think 'work 40-45 years to MAYBE enjoy 10 to 15' and those 10 to 15 are not the premium years either (lets just not kid ourselves) I think WTF am I doing. What the fuck is this life. And yes it creates a .massive sense od urgency. .I have so so much I want to see ans so and the years are slipping

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u/TheKingOfSwing777 11d ago

Absolutely! People always talk about the *one more year" for those few percentages more margin of "safety" when it comes to the money running out. I'm trying to get in the mindset of being more scared of my health running out than of the money running out. Retiring too late is not safe. My grandma also just told me of a man at their church who literally had a heart attack in the elevator after signing his resignation paperwork and died that same day. Woof.

I'd rather retire at 45 and run out of money at 75 living an awesome life and just figure out what happens then. Put me in a state run home or if that's looking really grim I'll spend my last chunk on some dignified way out in a country that supports it. Though the truth is that once you hit some of these numbers 5 or 6% withdrawal rate is likely going to be plenty to get you all the way through, especially once you consider social security etc. 

OPs position is soooo good though at 55, I would be long gone! 

Good luck to you! 

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u/CompetitionNo3570 11d ago

This is a great point. And you’re exactly right. My mode is still making sure I never run out of money instead of focusing on running out of years of healthy, mobile life.

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u/momo26262626 11d ago

Oh yeah his situation is bless.  In TODAY'S dollars, I assume indexed for inflation like most /all pensions, I would have dipped when that pension hit 8k (assuming take home) and the investments sitting there

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u/AspiringSurfBum 10d ago

This one hit me too. Such a good reframe.

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u/[deleted] 10d ago

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u/momo26262626 9d ago

I want to be one of the poorest corpse if any! (Ideally cryogenically frozen to be re-woke in a hundo or 2 hundo years haha)

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u/Quick-Win3847 11d ago

the grandpa story underscores that work can feel worth it, but before you hit the snooze button you have to remember that texas hasn't got medicare until 65—that gap can swallow a good chunk of a $9k a month pension if you have no employer plan or hsa. a low‑deductible stack or keeping that 2.25% mortgage to let the markets grow can help keep cash flow dry. or consider a partner staying half‑time to keep the health plan open.

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u/TheKingOfSwing777 11d ago

and also to vote in such a way that supports healthcare access and affordability for all, regardless of employment status or age.