Retire early or keep working

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
7eight9
Posts: 2406
Joined: Fri May 17, 2019 7:11 pm

Re: Retire early or keep working

Post by 7eight9 »

My job ended 1Q19 (company sold - stayed for the severance package). My wife wanted to work until the end of 2019 so she would have 40 quarters of earnings. I figured I would find a similar job for a while. Then we would move abroad. Fast forward to today. Due to the panademic we are persona non grata. I've given up looking for a job. My wife is still working until the travel restrictions are lifted. Would I rather be working? Yes. Moving abroad would give us the opportunity to explore a new city (Bangkok, Saigon, etc.) or relax at the beach (Khao Lak, Da Nang, etc.) Sitting here in Las Vegas? Bored to tears. The highlight of my day is when I can go back to sleep.
I guess it all could be much worse. | They could be warming up my hearse.
User avatar
Will do good
Posts: 1138
Joined: Fri Feb 24, 2012 7:23 pm

Re: Retire early or keep working

Post by Will do good »

I would spend time with the family and start up another business that I would enjoy. Since now the pressure is off if you don't make a profit for the first couple of years.

FWIW, I enjoy running my own business and very profitable too. :sharebeer
User avatar
sf_tech_saver
Posts: 448
Joined: Sat Sep 08, 2018 9:03 pm

Re: Retire early or keep working

Post by sf_tech_saver »

Emptykeg wrote: Thu Nov 26, 2020 6:40 pm First time poster. I am a partner in a group where I am losing my autonomy. Not sure if I should stay the course, work part time, or retire early. My concern is will I get bored with all of the free time. I have a 10.6 mm net worth, in my late 40’s, married, and have a young daughter. 80% of the money is in a taxable account and the rest in in retirement (401k). Wife is still working part time. Expenses are around 150k per year. I know this is a personal situation and I have left out a lot of details, but what would you do?
I would keep working--but I'd be very strict about finding an opportunity you would enjoy.

I'm 42, $5.5M net worth and many of my co-workers are worth far more than that and still going. There are jobs out there that keep people motivated well past $10M or $50M net worths because the rewards of success and productivity go well beyond money.
VTI is a modern marvel
wander
Posts: 4424
Joined: Sat Oct 04, 2008 9:10 am

Re: Retire early or keep working

Post by wander »

Get all your health plan for retirement in order and retire immediately.
User avatar
David Jay
Posts: 14587
Joined: Mon Mar 30, 2015 5:54 am
Location: Michigan

Re: Retire early or keep working

Post by David Jay »

geerhardusvos wrote: Fri Nov 27, 2020 12:06 pmI have three or four lifetimes worth of work to do outside of my side hustle and outside of my megacorp full-time employee position. My biggest dilemma is figuring out how to prioritize so that I can accomplish and write the things that I need to before I die.
This!
It's not an engineering problem - Hersh Shefrin | To get the "risk premium", you really do have to take the risk - nisiprius
JBTX
Posts: 11228
Joined: Wed Jul 26, 2017 12:46 pm

Re: Retire early or keep working

Post by JBTX »

The choice with most flexibility is to go part time or consulting. Gives you more freedom, but still involved, and as a part time or consultant your attitude about autonomy and other issues may decrease.

Having some autonomy, and then losing it is tough to stomach. It was ultimately the heart of the issue that lead to most recent job separation. If I work again, I much prefer part time/consulting.
Count of Notre Dame
Posts: 448
Joined: Fri Oct 11, 2013 1:08 pm

Re: Retire early or keep working

Post by Count of Notre Dame »

Yooper wrote: Fri Nov 27, 2020 5:46 am
Emptykeg wrote: Thu Nov 26, 2020 9:33 pm I’d love to hear from others who have made the move to retirement at 50 and never looked back.
It's unsettling how your energy levels and body begin to slow down after 50 (speaking ONLY for myself). Been there, done that (above) but I honestly don't know if I'd have the drive/ambition/strength to accomplish what I did between 50 and now - - if I'd waited until now to retire. I agree with everyone else, it's a personal decision, but you have the enviable luxury of being able to make that decision with no downside. And if retirement doesn't agree with you? You'd still be young enough and financially secure enough to find something to do that you find challenging and get a little money for doing it if you so desire. But really, you can't put a price on time for yourself and your family.
I feel this way at age 37! During covid WFH, where I am working about 50% hours of the pre-covid level and working out every day, once I'm showered and have lunch I'm kind of spent for the rest of the day. I think spending a lot of time on your health, including researching healthy foods and how to prepare them to your liking should eat up a big part of your time.
Topic Author
Emptykeg
Posts: 98
Joined: Thu Nov 26, 2020 6:18 pm

Re: Retire early or keep working

Post by Emptykeg »

Great posts! Thanks.
User avatar
beernutz
Posts: 978
Joined: Sun May 31, 2015 12:50 pm

Re: Retire early or keep working

Post by beernutz »

sf_tech_saver wrote: Fri Nov 27, 2020 2:52 pm
Emptykeg wrote: Thu Nov 26, 2020 6:40 pm First time poster. I am a partner in a group where I am losing my autonomy. Not sure if I should stay the course, work part time, or retire early. My concern is will I get bored with all of the free time. I have a 10.6 mm net worth, in my late 40’s, married, and have a young daughter. 80% of the money is in a taxable account and the rest in in retirement (401k). Wife is still working part time. Expenses are around 150k per year. I know this is a personal situation and I have left out a lot of details, but what would you do?
I would keep working--but I'd be very strict about finding an opportunity you would enjoy.

I'm 42, $5.5M net worth and many of my co-workers are worth far more than that and still going. There are jobs out there that keep people motivated well past $10M or $50M net worths because the rewards of success and productivity go well beyond money.
According to https://dqydj.com/net-worth-by-age-calc ... ed-states/ you are in the 98% percentile for your age group.
AA: 40/41/19 - equities/positive return-zero volatility/bonds
User avatar
sf_tech_saver
Posts: 448
Joined: Sat Sep 08, 2018 9:03 pm

Re: Retire early or keep working

Post by sf_tech_saver »

beernutz wrote: Sun Nov 29, 2020 10:35 am
sf_tech_saver wrote: Fri Nov 27, 2020 2:52 pm
Emptykeg wrote: Thu Nov 26, 2020 6:40 pm First time poster. I am a partner in a group where I am losing my autonomy. Not sure if I should stay the course, work part time, or retire early. My concern is will I get bored with all of the free time. I have a 10.6 mm net worth, in my late 40’s, married, and have a young daughter. 80% of the money is in a taxable account and the rest in in retirement (401k). Wife is still working part time. Expenses are around 150k per year. I know this is a personal situation and I have left out a lot of details, but what would you do?
I would keep working--but I'd be very strict about finding an opportunity you would enjoy.

I'm 42, $5.5M net worth and many of my co-workers are worth far more than that and still going. There are jobs out there that keep people motivated well past $10M or $50M net worths because the rewards of success and productivity go well beyond money.
According to https://dqydj.com/net-worth-by-age-calc ... ed-states/ you are in the 98% percentile for your age group.
Right, but those are national not regional numbers. I live in the Bay Area....trust me I don't feel rich.
VTI is a modern marvel
MathIsMyWayr
Posts: 2775
Joined: Mon Mar 27, 2017 10:47 pm
Location: CA

Re: Retire early or keep working

Post by MathIsMyWayr »

sf_tech_saver wrote: Thu Dec 03, 2020 8:06 pm
beernutz wrote: Sun Nov 29, 2020 10:35 am
sf_tech_saver wrote: Fri Nov 27, 2020 2:52 pm
Emptykeg wrote: Thu Nov 26, 2020 6:40 pm First time poster. I am a partner in a group where I am losing my autonomy. Not sure if I should stay the course, work part time, or retire early. My concern is will I get bored with all of the free time. I have a 10.6 mm net worth, in my late 40’s, married, and have a young daughter. 80% of the money is in a taxable account and the rest in in retirement (401k). Wife is still working part time. Expenses are around 150k per year. I know this is a personal situation and I have left out a lot of details, but what would you do?
I would keep working--but I'd be very strict about finding an opportunity you would enjoy.

I'm 42, $5.5M net worth and many of my co-workers are worth far more than that and still going. There are jobs out there that keep people motivated well past $10M or $50M net worths because the rewards of success and productivity go well beyond money.
According to https://dqydj.com/net-worth-by-age-calc ... ed-states/ you are in the 98% percentile for your age group.
Right, but those are national not regional numbers. I live in the Bay Area....trust me I don't feel rich.
In plain language, the Bay Area keeps the whole country afloat. :wink: A national 98% percentile is probably close to 89% percentile in the Bay Area.
ThankYouJack
Posts: 5704
Joined: Wed Oct 08, 2014 7:27 pm

Re: Retire early or keep working

Post by ThankYouJack »

Bobby206 wrote: Thu Nov 26, 2020 8:57 pm
Emptykeg wrote: Thu Nov 26, 2020 6:40 pm First time poster. I am a partner in a group where I am losing my autonomy. Not sure if I should stay the course, work part time, or retire early. My concern is will I get bored with all of the free time. I have a 10.6 mm net worth, in my late 40’s, married, and have a young daughter. 80% of the money is in a taxable account and the rest in in retirement (401k). Wife is still working part time. Expenses are around 150k per year. I know this is a personal situation and I have left out a lot of details, but what would you do?
I am in a very similar overall situation but we spend a lot more. However, very similar. I have changed my partnership setup by making it clear I want things my way or I walk. I provide a valuable and needed piece to the partnership. The longer I work is good for padding the finances since we do spend too much. However, I now work less, don't go to the office, and am actually moving to a new state in a few months. You too are in charge of your situation!
I'm not a partner and make/ have a lot less, but did something similar. Once I got closer to financial freedom, I negotiated down to flex part-time hours with a lot more perks so I could have more time with my family and hobbies. I work less, don't go to the office, got out of all pointless meetings. Now that I really enjoy my work, I'm considering going back full-time :oops:

So OP, what did/do you love about your job? Could you dip your toes in the water by switching to part-time and just do the things that you really enjoy?
saagar_is_cool
Posts: 401
Joined: Thu Jan 30, 2014 1:21 pm

Re: Retire early or keep working

Post by saagar_is_cool »

7eight9 wrote: Fri Nov 27, 2020 2:44 pm My job ended 1Q19 (company sold - stayed for the severance package). My wife wanted to work until the end of 2019 so she would have 40 quarters of earnings. I figured I would find a similar job for a while. Then we would move abroad. Fast forward to today. Due to the panademic we are persona non grata. I've given up looking for a job. My wife is still working until the travel restrictions are lifted. Would I rather be working? Yes. Moving abroad would give us the opportunity to explore a new city (Bangkok, Saigon, etc.) or relax at the beach (Khao Lak, Da Nang, etc.) Sitting here in Las Vegas? Bored to tears. The highlight of my day is when I can go back to sleep.
What was your field of work if you don’t mind. Why would you need to find work if you don’t “have to”. You could write a blog about your area of work, read on how to build a user base for it or teach yourself to code and build a website or mobile app etc. There are a ton of things to satisfy your intellectual curiosity and maybe make it profitable if you don’t need the money
ThankYouJack
Posts: 5704
Joined: Wed Oct 08, 2014 7:27 pm

Re: Retire early or keep working

Post by ThankYouJack »

rob wrote: Thu Nov 26, 2020 7:18 pm Why exactly would you consider working again?

Sorry for the direct questions but.... So you could not spent time with family? So you could build more cash to die with? Get a hobby...
I'm not sure what the OP does but plenty of people make a big impact with their work. In terms of family there's still plenty of time outside of working hours and quality of time is more important than quantity (especially if the OP goes part-time). And maybe the OP is planning to donate the majority of his fortune to charity when he dies?

People live life for different reasons. I remember reading one poster on here who wanted to retire super early to sleep in and do his hobby (play video games all day). It's not my goal, but who am I to judge. I have a relative who worked a ton his whole life as a physician and had a huge impact on people's lives (including his own family). Working / not working is a personal decision, not a one size fits all type of thing.
Firemenot
Posts: 1497
Joined: Wed Apr 01, 2020 8:48 pm

Re: Retire early or keep working

Post by Firemenot »

Will do good wrote: Fri Nov 27, 2020 2:49 pm I would spend time with the family and start up another business that I would enjoy. Since now the pressure is off if you don't make a profit for the first couple of years.

FWIW, I enjoy running my own business and very profitable too. :sharebeer

What area/type is your business in?
7eight9
Posts: 2406
Joined: Fri May 17, 2019 7:11 pm

Re: Retire early or keep working

Post by 7eight9 »

saagar_is_cool wrote: Thu Dec 03, 2020 11:01 pm
7eight9 wrote: Fri Nov 27, 2020 2:44 pm My job ended 1Q19 (company sold - stayed for the severance package). My wife wanted to work until the end of 2019 so she would have 40 quarters of earnings. I figured I would find a similar job for a while. Then we would move abroad. Fast forward to today. Due to the panademic we are persona non grata. I've given up looking for a job. My wife is still working until the travel restrictions are lifted. Would I rather be working? Yes. Moving abroad would give us the opportunity to explore a new city (Bangkok, Saigon, etc.) or relax at the beach (Khao Lak, Da Nang, etc.) Sitting here in Las Vegas? Bored to tears. The highlight of my day is when I can go back to sleep.
What was your field of work if you don’t mind. Why would you need to find work if you don’t “have to”. You could write a blog about your area of work, read on how to build a user base for it or teach yourself to code and build a website or mobile app etc. There are a ton of things to satisfy your intellectual curiosity and maybe make it profitable if you don’t need the money
Corporate Finance in the gaming industry.

My interest in blogging/vlogging is zero. Which is about my same interest in learning coding. I guess I'm just not intellectually curious. I would rather go to the office.
I guess it all could be much worse. | They could be warming up my hearse.
bltn
Posts: 1844
Joined: Mon Feb 20, 2017 8:32 pm

Re: Retire early or keep working

Post by bltn »

MathIsMyWayr wrote: Fri Nov 27, 2020 2:11 pm
TomatoTomahto wrote: Fri Nov 27, 2020 1:48 pm
TravelforFun wrote: Thu Nov 26, 2020 10:05 pm When I ask people who have enough why they're still working and invariably, their answers would be: I would be too bored sitting at home, I love my job too much, I get along so well with my coworkers, etc. Then I would ask them whether they would work for free and of course, the answer would be 'no'. Yes it's all about the money.
I am not entirely disagreeing, but ...

I know a psychotherapist who has more money than God, but still charges patients a reasonable rate. I asked why, and was told that the patients wouldn’t sufficiently value free therapy.

Another example: I used to watch cash poker on TV. Good show, except when Guy Laliberté (billionaire) played. He would never fold, because he wanted to know what the opponent held, and the money was rounding error. Poker is only meaningful and interesting when the bets are meaningful.
"I would ask them whether they would work for free and of course, the answer would be 'no'. Yes it's all about the money." - This is an exemplary case of a shallow logic leading to a wrong conclusion - a circular logic(?). On the surface, it appears correct.
1. Proposition: A(work) > B(paid).
2. Contrapositive: not_B(no pay) > not_A(no work)
3. Conclusion: Work is only for getting paid.

The moral of the story: it is dangerous to rely on logic.
Correct.
Bronko
Posts: 224
Joined: Mon Dec 03, 2018 3:17 pm
Location: No matter where you go, there you are.....

Re: Retire early or keep working

Post by Bronko »

Would you ever regret spending time with your children while they were young? The "18 summers" ad I saw for family travel rang true. We only have so much time, non guaranteed, that we get with kids.

That is true about life in general. Life is more than work and paying bills. It's about passion and experience as well. I wish you the best in your decision. If it was me I'd be gone with no regrets.
Never let a little bit of money get in the way of a real good time.
saagar_is_cool
Posts: 401
Joined: Thu Jan 30, 2014 1:21 pm

Re: Retire early or keep working

Post by saagar_is_cool »

7eight9 wrote: Fri Dec 04, 2020 8:59 am
saagar_is_cool wrote: Thu Dec 03, 2020 11:01 pm
7eight9 wrote: Fri Nov 27, 2020 2:44 pm My job ended 1Q19 (company sold - stayed for the severance package). My wife wanted to work until the end of 2019 so she would have 40 quarters of earnings. I figured I would find a similar job for a while. Then we would move abroad. Fast forward to today. Due to the panademic we are persona non grata. I've given up looking for a job. My wife is still working until the travel restrictions are lifted. Would I rather be working? Yes. Moving abroad would give us the opportunity to explore a new city (Bangkok, Saigon, etc.) or relax at the beach (Khao Lak, Da Nang, etc.) Sitting here in Las Vegas? Bored to tears. The highlight of my day is when I can go back to sleep.
What was your field of work if you don’t mind. Why would you need to find work if you don’t “have to”. You could write a blog about your area of work, read on how to build a user base for it or teach yourself to code and build a website or mobile app etc. There are a ton of things to satisfy your intellectual curiosity and maybe make it profitable if you don’t need the money
Corporate Finance in the gaming industry.

My interest in blogging/vlogging is zero. Which is about my same interest in learning coding. I guess I'm just not intellectually curious. I would rather go to the office.
Sounds good. I replied based on your comment that you are bored to tears. If going to an office is the best option for you, then good luck with your job search during covid times. For Corp finance, I can think of you writing posts on LinkedIn on any optimizations, automations, best practices with tools (like SAP etc.) if you used them, that could bring in people to your profile and get you a job through network. Again, only if it piques your interest. You are in an envious place where you don't need to work and Congratulations on the achievement :sharebeer
MathIsMyWayr
Posts: 2775
Joined: Mon Mar 27, 2017 10:47 pm
Location: CA

Re: Retire early or keep working

Post by MathIsMyWayr »

Bronko wrote: Fri Dec 04, 2020 11:41 am Would you ever regret spending time with your children while they were young? The "18 summers" ad I saw for family travel rang true. We only have so much time, non guaranteed, that we get with kids.

That is true about life in general. Life is more than work and paying bills. It's about passion and experience as well. I wish you the best in your decision. If it was me I'd be gone with no regrets.
Why do you think life is zero sum? Are you implying that long-term unemployed have most meaningful life? They have all the time in the world to spend with their kids. I encourage you to go to certain inner cities and experience for yourself.
Bronko
Posts: 224
Joined: Mon Dec 03, 2018 3:17 pm
Location: No matter where you go, there you are.....

Re: Retire early or keep working

Post by Bronko »

MathIsMyWayr wrote: Fri Dec 04, 2020 3:52 pm
Bronko wrote: Fri Dec 04, 2020 11:41 am Would you ever regret spending time with your children while they were young? The "18 summers" ad I saw for family travel rang true. We only have so much time, non guaranteed, that we get with kids.

That is true about life in general. Life is more than work and paying bills. It's about passion and experience as well. I wish you the best in your decision. If it was me I'd be gone with no regrets.
Why do you think life is zero sum? Are you implying that long-term unemployed have most meaningful life? They have all the time in the world to spend with their kids. I encourage you to go to certain inner cities and experience for yourself.
I’m tempted to take the time and answer you as if you cared to hear it. But instead I’ll go quick.

I don’t think it is.

I’m not implying they do.

I’ve spent much time in those places and much worse.

OP asked and I answered. It’s an OPINION.

I’ll add one thought. I notice you routinely sharp shoot and act very passive aggressive in postings. Somewhat “keyboard warrior” style. I’d suggest you relax a bit and let people speak without adding the confrontational comments.

Take care now.
Never let a little bit of money get in the way of a real good time.
jarjarM
Posts: 2511
Joined: Mon Jul 16, 2018 1:21 pm

Re: Retire early or keep working

Post by jarjarM »

sf_tech_saver wrote: Thu Dec 03, 2020 8:06 pm
beernutz wrote: Sun Nov 29, 2020 10:35 am
sf_tech_saver wrote: Fri Nov 27, 2020 2:52 pm

I would keep working--but I'd be very strict about finding an opportunity you would enjoy.

I'm 42, $5.5M net worth and many of my co-workers are worth far more than that and still going. There are jobs out there that keep people motivated well past $10M or $50M net worths because the rewards of success and productivity go well beyond money.
According to https://dqydj.com/net-worth-by-age-calc ... ed-states/ you are in the 98% percentile for your age group.
Right, but those are national not regional numbers. I live in the Bay Area....trust me I don't feel rich.
Also, that's so 2019. QQQ went up >50% since the survey was done. :twisted:

In a serious and slightly off topic note, the bay area is really showing the K recovery, tech workers are enjoying a banner year of 50+% increase in RSU comps when the small business owners are living on the edge of financial ruin. It's quite depressing.
jarjarM
Posts: 2511
Joined: Mon Jul 16, 2018 1:21 pm

Re: Retire early or keep working

Post by jarjarM »

As for the OP, I think if you have something to retire to, then take a leap, otherwise you can keep chucking away for a while longer. DW is taking the leap next year since she has many hobbies that she wants to try out. I'm staying on for the health insurance and showing some work ethics for kid (that's debatable) :beer
User avatar
sf_tech_saver
Posts: 448
Joined: Sat Sep 08, 2018 9:03 pm

Re: Retire early or keep working

Post by sf_tech_saver »

jarjarM wrote: Fri Dec 04, 2020 6:33 pm
sf_tech_saver wrote: Thu Dec 03, 2020 8:06 pm
beernutz wrote: Sun Nov 29, 2020 10:35 am
sf_tech_saver wrote: Fri Nov 27, 2020 2:52 pm

I would keep working--but I'd be very strict about finding an opportunity you would enjoy.

I'm 42, $5.5M net worth and many of my co-workers are worth far more than that and still going. There are jobs out there that keep people motivated well past $10M or $50M net worths because the rewards of success and productivity go well beyond money.
According to https://dqydj.com/net-worth-by-age-calc ... ed-states/ you are in the 98% percentile for your age group.
Right, but those are national not regional numbers. I live in the Bay Area....trust me I don't feel rich.
Also, that's so 2019. QQQ went up >50% since the survey was done. :twisted:

In a serious and slightly off topic note, the bay area is really showing the K recovery, tech workers are enjoying a banner year of 50+% increase in RSU comps when the small business owners are living on the edge of financial ruin. It's quite depressing.
You are right, it's a very strange feeling to do 'well' financially this year. If it's any consolidation my condo lost $150k in value as everyone fled SF propper.

More to the point of the original topic though -- I don't see a lot of punch out retirements from folks in the bay area, more like everyone is trying to make 20+ before they even consider it as the work is its own game.
VTI is a modern marvel
User avatar
Will do good
Posts: 1138
Joined: Fri Feb 24, 2012 7:23 pm

Re: Retire early or keep working

Post by Will do good »

Firemenot wrote: Fri Dec 04, 2020 8:54 am
Will do good wrote: Fri Nov 27, 2020 2:49 pm I would spend time with the family and start up another business that I would enjoy. Since now the pressure is off if you don't make a profit for the first couple of years.

FWIW, I enjoy running my own business and very profitable too. :sharebeer

What area/type is your business in?
Advertising/marketing
User avatar
TheTimeLord
Posts: 12130
Joined: Fri Jul 26, 2013 2:05 pm

Re: Retire early or keep working

Post by TheTimeLord »

Emptykeg wrote: Thu Nov 26, 2020 6:40 pm First time poster. I am a partner in a group where I am losing my autonomy. Not sure if I should stay the course, work part time, or retire early. My concern is will I get bored with all of the free time. I have a 10.6 mm net worth, in my late 40’s, married, and have a young daughter. 80% of the money is in a taxable account and the rest in in retirement (401k). Wife is still working part time. Expenses are around 150k per year. I know this is a personal situation and I have left out a lot of details, but what would you do?
Have you considered going out on your own or with a group of people you really enjoy and admire and starting a new group?
IMHO, Investing should be about living the life you want, not avoiding the life you fear. | Run, You Clever Boy! [9085]
Topic Author
Emptykeg
Posts: 98
Joined: Thu Nov 26, 2020 6:18 pm

Re: Retire early or keep working

Post by Emptykeg »

TheTimeLord wrote: Mon Apr 19, 2021 7:37 am
Emptykeg wrote: Thu Nov 26, 2020 6:40 pm First time poster. I am a partner in a group where I am losing my autonomy. Not sure if I should stay the course, work part time, or retire early. My concern is will I get bored with all of the free time. I have a 10.6 mm net worth, in my late 40’s, married, and have a young daughter. 80% of the money is in a taxable account and the rest in in retirement (401k). Wife is still working part time. Expenses are around 150k per year. I know this is a personal situation and I have left out a lot of details, but what would you do?
Have you considered going out on your own or with a group of people you really enjoy and admire and starting a new group?
Thanks for your reply and advice. It would be a lot of work to go out on my own. It took years to become a partner in my group. Things have changed since this initial post and I have settled into the new situation. I am planning on going part time starting next month and see how it goes. Regards!
Post Reply