I will be retiring early

Thanks for the ride. Last 10 years of my 24 pharma years have been awful but I've been socking it away. Started at Pfizer, then went to Abbott, got laid off from both. I have now about 1,310,000. Yes I'm only 49 and a rep, but I'm pretty sure I'm ripe for a layoff. This is my 3rd drug company in last 5 years and I'm about over it. I'll work for 3 more years until I have 1.7 million hoping the market does ok. My house is almost paid off and worth a little under 500,000. Vanguard seems to say I can stop at 52. I will work part time after that. I will buy health care on the Obama site (no need for politics here. I don't particularly care for either party). I don't eat out a lot nor shop at malls. The industry used to be great and I've made some great friends, but I'm just over it. It's not fun anymore.

 

Hey - good for you! You are in good shape but that amount is not enough to retire on so early. Hang with it for a few more years. You will be in better shape long term.

 

how did you do it? win the lottery?

 

This is a recurring theme. I hear ya, pal. I hear ya.

 

how much do you think a single person needs?

 

I retired last year. Best thing I ever did for myself. Before making the leap however, I did a cross check between the big investment house that we have been with for many decades as well as with our tax CPA about such a big move. Both gave a thumbs up, my spouse was in agreement and away I went. Not only do I NOT miss any of the whole pharma thing, I am at the most peace that I have ever been in my life. It was a wild ride and I'm thankful for what I had and was able to put together. But honestly, it just wasn't fun anymore. Consider "timing" the filing for your retirement late in the year - like November- with a departure early the following year. Why? Because most of their layoffs seem to occur then. Hey, if you can at least get in on the potential of any severance and you are leaving anyway, maybe you can make it a bit sweeter. Once filing with HR, I "babysat" the heck out of them -like phone calling my same contacts there on a VERY regular basis. They are administrators and you don't want any of your details lost in the shuffle. Ask TONS of questions of them, after all it's your BIG move. Oh, one more thing...never underestimate maximum-saving your rear-end off in your IRA's.401k. Never could have gotten here without that strategy.

 

how old were you when you retired?

 

I think you can live on 25,000 or much much more. People always seem to get by

 

Is the purpose in life to just get by? If so that's sad. Work for 30 years for a company that doesn't give a damn about you so you can just by..

 

Excellent. Young 20 somethings please take note. You should be saving 15% to 20% of your income each year. Do not let ego run your finances like the Drs we call on. They will work 10-15 yrs more just to pay for the new cars. boats, and planes they think they have to have. If you do not understand the market, learn it, you should spend as much time following the DOW, as the NFL. Besides the NFL will not let you play, you are always more than welcome to participate in the DOW.

 

Old enough and with enough service time to have met company requirements for retirement. BTW, no need to base your retirement decision on company retirement benefits -there really aren't any. Their health care insurance can really be replaced by ACA-Obamacare. The only real benefit for retirees is if you or your spouse need any BMS brand(s) of pharmaceuticals, you both get these at no charge. But...it has to be the BMS brand, no generic of course. Just saying...hope this is useful.

 

i just laughed until i farted. i only have 56,000 saved for retirement

 

Sad but true story. I left several years ago, me and many of my friends made a lot of money for BMS, and now are doing it for other companies. The management at BMS went on a downward spiral, which has never gotten out of. Why stay and give your talents to such people, where I work now respects people, treats you well and still makes more profit than BMS.