There were several simultaneous happenstance’s that made it possible for me to retire: 1. Paid Off Debt – We had gone to great effort over several years to get rid of all the debt we could. Car loans, credit cards, etc. The only thing we couldn’t touch was the house payment, but we had placed substantial down at purchase time and the monthly payment isn’t all that big.
2. Relatively New Toys and Accessories – Our vehicles are very low mileage, under extended warranty, and only a few of years old. Our electronic goodies are two years old or newer and all our major appliances have at least another 10/15 years left in them. We had replaced all the major household systems (HVAC, water heater, windows, etc.) right after moving in.
3. Minimal Optional or Recurring Expenses – We had completed all our traveling and going while we were both in the military and there just isn’t a bucket list of things waiting to be done. Month to month expenses for two people living in a mid-size house are relatively low.
4. Guaranteed Income – I have two federal pensions I collect and my spouse will do the same in a few years. We have enough income to be frivolous on occasion while maintaining a sizeable emergency fund.
5. I have always had a burning desire to play so much golf that my hands would bleed.
6. I suddenly realized that not only was I in a position where I could retire, I wanted to!
Although the decision to retire was made rather abruptly (as far as my wife was concerned – more about that later) the lead-up to that decision point had spanned multiple years and required substantial planning and discipline. The key factor in making that decision was the realization that it was time to do so.
I no longer looked forward to getting up and going to work and hadn’t for several years. The problem solving was no longer a challenge I looked forward to but a burden I increasingly dreaded. But I was conditioned by 40+ years of experience to continue the grind, meet and beat the enemy, be successful… I had to realize I was habituated. I was addicted to working just a surely as a smoker is addicted to cigarettes or a user to a drug. Once I became aware, making the choice to break the cycle was obvious, not easy, but obvious.
The crux was to really consider the goals I had set for myself so many years ago illuminated by my current condition. I had intended to live the good life while doing everything necessary to be able to retire at a reasonable age. Well, I had lived as good a life as most people get and we were executing (or had executed) all the things necessary to set up the possibility of retirement. The only thing left to do was overcome the fear of making the decision. Yes, the “fear”. Although on the brink of that which I had always worked toward there was the fear of changing the status quo and jumping into the unknown. Even the most well executed plan eventually requires one to have enough courage to make the final decision, so I did. Golf here I come. …03/12/11