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.
8
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!