A Little Scared and a Lot Excited

**forHISglory** · 10-22-2010, 04:44 AM

Hubby and I are older than many of you here at FV, so our situation is going to be different. But yesterday we took some very important steps. And these are steps that you will probably take and consider somewhere down the road.

First, we are retired school teachers who continue to teach part time at the local college. It's been a good arrangement, giving us some extra $$$, and keeping our skills sharp, and just enjoying the college scene. But we decided yesterday that this current semester is the last one for us. We officially resigned. Still have 4 weeks to go, and then.......

Next, we decided to take Social Security early. So Hubby's starts next month, and mine starts after the first of the year. Didn't do that yesterday, but we have it all set up.

Finally, we made plans to start withdrawing from our savings with a steady income stream. Up to this point, the savings have been sacred. It was a little breathtaking to go from contributing to taking. So we arranged this yesterday, and the regular payouts will begin in December.

It's been a long time coming, folks. In the midst of career, raising a family, struggling with the budget, buying/building a home, paying the taxes and insurance........ I somehow didn't thnk this day would actually come. And now, here it is.

There's a safety, though. The college has already said that if we change our minds, we can come back and teach. But right now: we are taking a deep breath, holding hands, and jumping in!!!!

**mamamia** · 10-22-2010, 05:43 AM

Wow! Now that really is exciting and scary, isn't it? That sure is a GIANT step for you and your husband, but it sure sounds like you've got yourselves a great plan, and even better...a great back-up plan, should things go down a different path.

I hope you'll take advantage of this wonderful time in your lives. Because you're right...it's always a long time coming, and it's time again for the both of you to be a little more care-free, and to once again be enjoying it all without the daily struggles you've put up with over the years. I hope every moment will be a memorable one. I think it's wonderful!

Congratulations!

Theresa

**forHISglory** · 10-22-2010, 05:50 AM

Thanks for your kind words, Mamamia. I think that we have reached the point that so many of us here on FV are striving for. I just wanted to give encouragement that it's coming and don't give up!!! Why else are FV readers struggling to get the mortgage paid, adjust the food budget, learn to make do....... We have our eye on the prize.

**Russ** · 10-22-2010, 07:15 AM

Very Inspiring. Way to go! I hope you truly enjoy your retirement with your husband. Do you have plans? Travel?

I hope you share some of your retirement adventures with us!

**khaski** · 10-22-2010, 07:55 AM

Thanks for sharing- while some of us aren't there yet, we do appreciate you sharing as it helps remind us that getting 'our ducks in a row' NOW will allow us to do as you are down the road...how exciting for you guys, congrats!

**Ceashels** · 10-22-2010, 08:18 AM

I hope that Greebo and I can be where you are at now. What a thrill to know you have reached a goal you've been working toward for so long.

Congratulations on such a fine success!

**frugal is fun** · 10-22-2010, 08:49 AM

Congratulations! How wonderful! Enjoy your retirement!

**frugalfriend** · 10-22-2010, 11:01 AM

That's wonderful news! All your planning and persevering has finally paid off ~ and I'm sure it's so worth it!! You guys are great role models for all of us striving to prepare and plan well for the future. You are truly inspiring! Wishing you all the best on this next journey and please let us know where the adventure takes you!

**mamachop** · 10-22-2010, 11:16 AM

Best of luck to both of you, God Bless!!!

**Nishu** · 10-22-2010, 11:33 AM

Congratulations!!

**forHISglory** · 10-22-2010, 11:47 AM

Hey! Thanks, you all! Your remarks are making this even more exciting!

We had been reading about how one needs to plan on living on about 70% of your salary in retirement. In other words, if one made $100,000, then plan on living on $70,000 in retirement. (Don't get all excited; we were a long way from that figure.... I'm just a math illiterate who has to use easy numbers...).

Anyway, that's mostly how we arrived at this point. By adding up the pension from teaching, the early Social Security, and the monthly payout from our savings, we are achieving roughly 70% of what we used to make. Once upon a time, I wondered how one could live on 70%. But I think it is an accurate figure, since we dont have work related expenses anymore. And the really good news is that with the monthly income stream from savings, we aren't touching the principal, at least for now. Just the interest!!! Whoo Hoo! I LOVE it when a plan comes together.

I'll update ever so often on how it goes. And as far as plans, we do plan to travel a bit, but not excessively. Also plan to do much more gardening at home, more yard saling, more craft work..... fun stuff like that!

**HappyMama** · 10-22-2010, 11:48 AM

Wow! That is fantastic news, but in all honesty I can see how you would be a little scared with a new time in your life. But you have planned so well, been so fiscally responsible , and achieved so many goals this is now your time to reap the benefits . I am so happy for you both and wish you much joy on your new path together. You have always been an inspiring poster for many reasons and have inspired me to continue to keep my eye on the prize. Continue to be happy, make new memories and enjoy every moment of your new freedom. You deserve it. Keep us updated of all the things you both will continue to plan and do. You are both so goal and life oriented it will be so fun to see things through your eyes.

Hugs and Blessings to you,