So..... I have been visiting for some time and thank everyone for sharing all of their experiences and expertise. I have been struggling for some time with the decision to call it a day on my career. I love what I do but it is very stressful and leaves me completely drained. Dealing with the bureaucracy and process changes is slowly wearing me down.
I know in my heart that we have enough for me to throw in the towel. We have lived below our means for years. I am 52 and my DH is 58. We have 4 children ages 17, 18, 20, 22 who are still in high school and university but whom we have set enough aside to fund at least 1 degree for each. They seem to be pretty well grounded and we are hopeful that they will all be gainfully employable. We are couch potatoes with Vanguard funds mainly and have 1.5 million in tax-deferred accounts and another 1.5 million in taxable accounts. We own our home and a recreational property. We have no debt of any kind. We have health care coverage. My DH loves his job and plans to work for another 5 or 6 years making about 100k per year pre-tax. We have no pensions other than government benefits.
My difficulty is probably mainly due to the fact that I feel that I will be letting people down if I stop. I have always had a strong work ethic and haven't missed more than 5 days of work in 30+ years. Thanks to my parents no doubt. So maybe letting myself down. Also, letting the kids down a bit, they will likely be the beneficiaries of all of my toils but obviously less so if I pack it in now. I met with my accountant a few weeks ago to go over last year's numbers and went over our retirement readiness. He actually 'jokingly' asked whether I felt like I was letting those that I looked after down. Also, he made the comment that 'it's pretty hard to walk away from that', indicating the numbers. As far as those I look after (yes I'm an MD), I do love it and it is very gratifying and I still think that I can make a difference but the truth is that there are others who can pick up the mantle and would likely be thankful to do so.
I don't think I will have too much trouble adjusting to not doing what I currently do and I have lots of things planned including teaching which I love but which pays a relative pittance.
Wondering what sage wisdom folks might have to share. Thanks for listening. Nuff.
I know in my heart that we have enough for me to throw in the towel. We have lived below our means for years. I am 52 and my DH is 58. We have 4 children ages 17, 18, 20, 22 who are still in high school and university but whom we have set enough aside to fund at least 1 degree for each. They seem to be pretty well grounded and we are hopeful that they will all be gainfully employable. We are couch potatoes with Vanguard funds mainly and have 1.5 million in tax-deferred accounts and another 1.5 million in taxable accounts. We own our home and a recreational property. We have no debt of any kind. We have health care coverage. My DH loves his job and plans to work for another 5 or 6 years making about 100k per year pre-tax. We have no pensions other than government benefits.
My difficulty is probably mainly due to the fact that I feel that I will be letting people down if I stop. I have always had a strong work ethic and haven't missed more than 5 days of work in 30+ years. Thanks to my parents no doubt. So maybe letting myself down. Also, letting the kids down a bit, they will likely be the beneficiaries of all of my toils but obviously less so if I pack it in now. I met with my accountant a few weeks ago to go over last year's numbers and went over our retirement readiness. He actually 'jokingly' asked whether I felt like I was letting those that I looked after down. Also, he made the comment that 'it's pretty hard to walk away from that', indicating the numbers. As far as those I look after (yes I'm an MD), I do love it and it is very gratifying and I still think that I can make a difference but the truth is that there are others who can pick up the mantle and would likely be thankful to do so.
I don't think I will have too much trouble adjusting to not doing what I currently do and I have lots of things planned including teaching which I love but which pays a relative pittance.
Wondering what sage wisdom folks might have to share. Thanks for listening. Nuff.