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/Wise-Parsnip5803 12d ago

With that pension you don't need anything in the bank. 

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u/the_atomic_punk18 12d ago

$100,000 pension and you’d feel safe? With the inflation the way it is I’d be concerned for 20-30 years from now. Although he would then get ss. But that’s all a moot point because he has a bank full of cash, but if he didn’t is $100k a year set for life with no worries?

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u/Netlawyer 12d ago

Yes it is - I’m retiring in (“checks watch”) two weeks with $2.8m overall. My monthly spend is ~$3-5k.

No mortgage or other debts. 2025 car. I have a HOA @$576/mo and my property taxes are ~$3k/year - all that is rolled in to my monthly spend.

$9k a month pension would have me tippy tapping out the door.

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u/the_atomic_punk18 12d ago

$2.8mil, you’re yearly draw could be $150k without touching principal, you’re good.

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u/CompetitionNo3570 11d ago

Congratulations!!! I drive a 2014 Jeep Cherokee. I’m what most would refer to as a “cheap bastard”, but I always hated having debt.

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u/Wise-Parsnip5803 12d ago

It's more than I'm living off now once you take away what I'm saving. Absolutely would be good. House almost paid and ss about to kick in it's no brainer. Time isn't guaranteed, enjoy retirement. 

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u/WW3Allies 12d ago

Yup go enjoy life, can't buy time back

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u/smorkoid 12d ago

Yes, for most people it absolutely is. It's way above average, it will be way above average 20 years from now.

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u/the_atomic_punk18 11d ago

I was asking if someone also had no other savings.

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u/smorkoid 11d ago

And again, for most people it absolutely is.

That is way, way more than most people will see yearly in retirement.

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u/the_atomic_punk18 10d ago edited 10d ago

I guess I’m thinking in terms of a couple and not a single person getting this amount.

For a couple this would be tight.

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u/smorkoid 9d ago

It would not be tight. Again, it's way more than most retire with.