Only for those within 3 years of (early) retirement [FIRE]. Trying to compare notes about specific items. 1. What's your plan for health insurance? 2. Have you thought about LTC? 3. Staying at current location or moving? 4. What growth rate range estimate is your retirement earnings based on. 5. Whats the most drastic lifestyle change expected. I’m 8 months away.
The title of this post is grossly misleading
Not exactly. Note the case used for FIRE. It’s not my formulation. Edit: Changed title to question
I’m done in a month. . 1 Start with a sabbatical using unpaid leave to keep insurance during that time. COBRA for next 18 months. Then just have to see WTF happens to insurance. 2 Not thinking about long term care at this time. Too young. But I hav seen the value. 3 Staying, at least for now. Kids complicate this. 4 Right now I can survive fine on 1.5% of my existing investments. Started by planning on 4%, but didn’t quit then, and then crypto exploded and AMZN continued to rise. 5 no idea. More time to work out?
Awesome response. 1. This is actually a good idea. I turned in my notice 2 months ago but it takes effect on 9/3. I do get 18 months of COBRA from departure date too. Hopefully some clarity on this issue on then. 2. LTC Insurance cost rises exponentially with age. Would likely purchase a more comprehensive plan soon though.
So you are old. You see that’s the problem with today’s technology companies: we the young and bright have to deal and support the old and dumb and lazy.
BigNail, your post has to be one of the worst (and dumbest) I have seen in a long time. Use that argument on ScottGu or even BillG; let alone a couple of hundred other ‘old’ engineers who were in this business when you were still pooping in your diaper or getting your nose wiped at private school.
Hi Hamish, just ignore this guy BigNail. He is a well-known bully using the Blind app. He doesn’t add any value to any conversation, his main objective is to create controversy and annoy people. Just check his other comments. Ignore him. Back to the post, you should aim for a return of 200k per year to have a comfortable retirement.
OP here. Responding to the second part. I didn’t ask about a FI number because there isn’t a universal one (IMHO). We all have different needs and obligations. Instead my question was more about planning for FIRE. Specifically about the 5 listed items that I’ve considered.
Makes sense
Canada is my plan. No worries about health care. Social security totalization agreement. Can visit USA whenever you want but ensure to stay 6+ months in Canada to be considered Canadian resident. Should be fine for most months. Winter escape to either travel world or move to a warm low cost American city for a few months.
I noted this as an option above though a reluctant one. After decades in OH, moving further north is not appealing.
It’s only bad 4 months of the year. March to oct is fine
Have you thought about retirement in Portugal? Sunny, cheaper than the US, insurance for foreigners is still cheaper than the US's.
Portugal specifically, no I haven’t. I did consider Spain when it was offering basically an EU green card for the purchase of a home in the midst of the housing crisis. And Costa Rica too. Ultimately, I decided that language would be a barrier in non-English countries. And most (primarily) English speaking countries are roughly equivalent in cost.
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Health Insurance: I think ACA will likely fall. May have to establish residency in MA (if they keep their state program) at that time, or live half the year in Toronto (to get coverage). Both of which sucks. They are fine places for me but I'm 40, and I’d rather not live without health insurance. LTC: I have basic LTC insurance, haven't tackled this one much. Residence: Splitting time between OH and AZ. After 40 years in my frozen tundra could use some sun :) Growth range: I'm expecting 2-4% growth though my retirement doesn't rely on this. I have residual income that exceeds my annual maintenance costs Drastic change: Powering down my phone and DGAF. It sounds small but IT folks mostly understand this, especially if you manage a 'critical' system.