+1 well said. basically my experience as well. Retired Oct 2020 at 58
+1 well said. basically my experience as well. Retired Oct 2020 at 58
anonymous
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anonymous
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good for you
I'm close to that and all leave in next 3 to 6 months!
I'm close to that and all leave in next 3 to 6 months!
anonymous
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anonymous
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I retired 2 years ago at 56 and have over $2.5M net worth, and that was with my wife only working for about 1/2 that time, extensive travel with my wife & kids, private schools & fully funded college savings plans, and dining out 3-4 nights a week. You can spend money AND save for retirement, it doesn’t have to be an “either/or”. And I only made over $200k the last few years I worked at PFE, while living in a fairly high cost area.
Do what works for you. I could probably have scrimped and lived more frugally, but if I die tomorrow, I’ve had a pretty full life. By all means save for retirement, but don’t forget to live in the moment. It’s the journey, not merely the destination, and lord knows there are a lot of things I’ve done earlier in life that I couldn’t physically do now as I’m approaching 60 (and even in reasonably good health). And my career at Pfizer enabled me to have both the time and resources to live a full life and retire with financial security. I was fortunate to meet a lot of wonderful people along the way, and for that, I’m grateful.
Good luck.
Do you count your home in your net worth? I calculate my net worth as all of my assets, including the home.
anonymous
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anonymous
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Good for you!
Those who think you can't do it on a rep's salary are sadly mistaken. I don't have kids, but my husband made less than I did and I never made 200K even with bonus-close but not 200K. To have. 5 million makes it easy for me to retire. I've saved but not everything.
sure, not having kids helped out financially for sure. Anyway, looking forward to getting out while still healthy (knock on wood).
Hope the current PREZ doesn't take all my hard earned money with even more taxes.
Kids are expensive.
I’m in my early 50s, in sales, with 1 mil saved for retirement. Wife chose to stay home and raise the kids.
On track to $1.8 mil saved with compounded annual growth rate of 4% over 10 years. 4% may just keep up with inflation. My historical returns have been better than that but I chose a conservative growth rate. I also kept my contributions at a static 10% of my current contributions.
This doesn’t include real estate so I can see myself downsizing to add to my retirement portfolio.
All I need to do is to stay employed for another 10 years.
anonymous
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anonymous
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congrats! I do not include home in net worth model. All these successful posts are inspiring
anonymous
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anonymous
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congrats! I do not include home in net worth model. All these successful posts are inspiring
This is the most helpful thread I’ve seen by reps helping other reps who are trying to hang in there until it’s time to get out which looks to be sooner than I would’ve preferred.
We've never paid a financial advisor because of the cost. Was just wondering anybody’s perspective on that and if they feel like having a financial advisor is worth it. We have about 7-9 more years of working left before we want to hang it up. Not a ton in 401k unfortunately (1.2+), decent stock portfolio, and no mortgages, car payments or anything else revolving either, just utilities, gas, food, fun spend, etc.
I was told that any equity in real estate would count towards net worth. Also of course any liquid. Would love to see this thread continue with helpful information and thank you to the original poster for starting this. I don’t see it as bragging by them at all.
anonymous
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anonymous
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Hit my 90pts last summer. Decided to take the lump sum in Oct 2020. Was always a rep. Never wanted the headache of management. I was a very conservative investor (too conservative). Retired with $1.7 mil in 401k. My lump sum was just over $1.5mil. I know the pension has been frozen and may not be that large for some, and younger reps may not get a pension at all.
I wish I would have put more in Roth.
I should have maintained a consistent stock allocation.
The best thing I did do was take an in-service withdrawal and moved my Pfizer match out of Pfizer stock over the years.
It's an easy process. It allows you to invest more broadly.
I wish I would have put more in Roth.
I should have maintained a consistent stock allocation.
The best thing I did do was take an in-service withdrawal and moved my Pfizer match out of Pfizer stock over the years.
It's an easy process. It allows you to invest more broadly.
anonymous
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anonymous
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Kids are expensive.
I’m in my early 50s, in sales, with 1 mil saved for retirement. Wife chose to stay home and raise the kids.
On track to $1.8 mil saved with compounded annual growth rate of 4% over 10 years. 4% may just keep up with inflation. My historical returns have been better than that but I chose a conservative growth rate. I also kept my contributions at a static 10% of my current contributions.
This doesn’t include real estate so I can see myself downsizing to add to my retirement portfolio.
All I need to do is to stay employed for another 10 years.
you are so right. Kids are expensive. We have saved close to 5 million as we have no children and I'm 60.
I have considered a financial planner but I'm too cheap to pay their fees. I probably would have made more money had I not. I am retiring at the end of the year. If we can't make it on 5 million, something is wrong. I don't think I could have saved more than 3 had we had children so my hat is off to those of you who have saved, can retire early and have children.
let's keep this going. I agree. Seem like no one on here is being rude or a butthead.
anonymous
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anonymous
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Highly recommend an advisor, just be sure you are paying a % of portfolio so they are incentivized as if portfolio goes up in value, they make more. Don’t pay 1%. Can negotiate 1/2 or 3/4. Also make sure they are not constantly churning stocks for commissions and shouldn’t be making commissions. You want them totally incentivized by value of folio. My advisor talked me off the ledge of selling everything when covid hit and folio cut in half. We reallocated into other stocks instead of selling and now I have more than pre covid. Saved me hundreds of thousands. Get a recommendation from someone you trust.This is the most helpful thread I’ve seen by reps helping other reps who are trying to hang in there until it’s time to get out which looks to be sooner than I would’ve preferred.
We've never paid a financial advisor because of the cost. Was just wondering anybody’s perspective on that and if they feel like having a financial advisor is worth it. We have about 7-9 more years of working left before we want to hang it up. Not a ton in 401k unfortunately (1.2+), decent stock portfolio, and no mortgages, car payments or anything else revolving either, just utilities, gas, food, fun spend, etc.
I was told that any equity in real estate would count towards net worth. Also of course any liquid. Would love to see this thread continue with helpful information and thank you to the original poster for starting this. I don’t see it as bragging by them at all.
anonymous
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anonymous
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Highly recommend an advisor, just be sure you are paying a % of portfolio so they are incentivized as if portfolio goes up in value, they make more. Don’t pay 1%. Can negotiate 1/2 or 3/4. Also make sure they are not constantly churning stocks for commissions and shouldn’t be making commissions. You want them totally incentivized by value of folio. My advisor talked me off the ledge of selling everything when covid hit and folio cut in half. We reallocated into other stocks instead of selling and now I have more than pre covid. Saved me hundreds of thousands. Get a recommendation from someone you trust.
Totally agree. You can get an advisor for free from Fidelity via Pfizer benefits. Your account is totally self directed, but you have someone to bounce ideas off of. You only pay if you roll over and sign an investment agreement.
anonymous
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anonymous
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I got 19 years of the pension before it froze.
I like what was said earlier about taking the cash out. I usually forget it’s even there and rarely factor it in my calculations.
I feel way more secure in my retirement now which is still some years away.
My goal is to reach the rule of 90. After that, I’m happy to stay and work because I approve of our mission and have friends here. I’d also happily move on to another company or full time retirement knowing that PFE was as good for me and my family as I was for PFE.
I like what was said earlier about taking the cash out. I usually forget it’s even there and rarely factor it in my calculations.
I feel way more secure in my retirement now which is still some years away.
My goal is to reach the rule of 90. After that, I’m happy to stay and work because I approve of our mission and have friends here. I’d also happily move on to another company or full time retirement knowing that PFE was as good for me and my family as I was for PFE.
anonymous
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anonymous
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Fidelity advice is worth exactly what you pay for it…nothing. Buffoons indeed. You don’t need to be a financial wizard to navigate this. Keep 4-5 years living expenses in cash or cash equivalents, the remainder goes into VTI, Vanguards total market return ETF. DO NOT PUT ANYTHING INTO BONDS! Rates really can only go one way and that’s up. DO NOTpull out of VTI when the market tanks… you can also write covered calls on VTI for some extra dime.Totally agree. You can get an advisor for free from Fidelity via Pfizer benefits. Your account is totally self directed, but you have someone to bounce ideas off of. You only pay if you roll over and sign an investment agreement.
anonymous
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anonymous
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Fidelity advice is worth exactly what you pay for it…nothing. Buffoons indeed. You don’t need to be a financial wizard to navigate this. Keep 4-5 years living expenses in cash or cash equivalents, the remainder goes into VTI, Vanguards total market return ETF. DO NOT PUT ANYTHING INTO BONDS! Rates really can only go one way and that’s up. DO NOTpull out of VTI when the market tanks… you can also write covered calls on VTI for some extra dime.
Your advice is simplistic. So many variations of this. Fidelity advice is free. So is Bogelheads, Firecal, Vanguard, Schwab. There is no “one-way” or “easy way”. For some, 4-5 years cash is way too much, if inflation is a concern. For others it’s doesn’t matter. Go to portfolio visualizer to model, along with other sites. Bottom line, listening to any/all advice doesn’t mean you act on it, unless You are actually the Buffoon
anonymous
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anonymous
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Spend $1000 and take your financial records to an Independant financial advisor for review. Let him see everything. Including insurance, long term care, etc. He should not make a commission on your investment.
This is the only way that you will get a valid professional review of your financials.
This is the only way that you will get a valid professional review of your financials.
anonymous
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anonymous
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OMG to the poster who has 0 in bonds and everything in VTI. Good luck if 2009 happens again. You'll never recover. A 100% stock allocation is foolish. Bond values have declined but won't be lost entirely and there will always be yields paid out
anonymous
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anonymous
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Nice to see some rational comments on this thread, such as using a fee-only financial advisor. That sort of post counters the goofier advice such as having nothing in bonds
anonymous
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anonymous
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Not quite sure of having no bonds. I need to keep some of my money in bonds. I have about 3 years worth of living expenses in cash and will keep it that way.
Like some of the financial investor ideas such as paying 1000 to have someone look at it. The guy at Wells Fargo said he couldn't take a fee though to just look at what I had. He has to make his money if I invest with them. Maybe they are not all like that. I appreciate the advice on this thread.
Like some of the financial investor ideas such as paying 1000 to have someone look at it. The guy at Wells Fargo said he couldn't take a fee though to just look at what I had. He has to make his money if I invest with them. Maybe they are not all like that. I appreciate the advice on this thread.
anonymous
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anonymous
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Your CPA may know of someone in your areaNot quite sure of having no bonds. I need to keep some of my money in bonds. I have about 3 years worth of living expenses in cash and will keep it that way.
Like some of the financial investor ideas such as paying 1000 to have someone look at it. The guy at Wells Fargo said he couldn't take a fee though to just look at what I had. He has to make his money if I invest with them. Maybe they are not all like that. I appreciate the advice on this thread.
anonymous
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anonymous
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Wow. You are really something.
I'm also a Pfizer retiree - I check this site every now and then to see why my stock is doing so poorly. I acquired several rental properties during my years at Pfizer, as well. It wasn't to take advantage of anyone. And I'm only discussing it because of your insulting manner.
But, if you are earning the income of most drug reps, with all of the paid expenses and benefits - then find a way to invest in a side venture that will provide for you when Big Blue cuts ties. The rental properties paid for themselves during the time that I was working, because I reinvested the rental proceeds back into the business. Now, I have something else to fall back on besides my financial investments. ( I had my lump sum pension rolled into an IRA and got out of the Net Benefits selection of mutual funds).
It can be done.
You’re talking to idiots. Annuities are for suckers. Insurance companies love these fools.
I’m doing same with rental properties. Section8 investment is particularly lucrative right now with all the parasites flooding in and the Dems turning the US into a welfare state for the world to prey on.
I’m 52, living the good life, have investments totaling 4.7 mil, and real estate valued at 5mil.
Not retiring until Big Blue gives me a fat severance.
anonymous
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anonymous
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OMG to the poster who has 0 in bonds and everything in VTI. Good luck if 2009 happens again. You'll never recover. A 100% stock allocation is foolish. Bond values have declined but won't be lost entirely and there will always be yields paid out
Bonds with returns of less than 2%?
Better to go to Vegas.