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Please talk me out of continuing to work!
Old 07-06-2006, 05:50 PM   #1
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Please talk me out of continuing to work!

Several months ago, I posted an introduction about DH and my intentions to retire. He ER'd a couple of weeks ago.
I gave my resignation today. My supervisor is tryinng to talk me into staying on as an independent contractor. Supposedly I would have lots of freedom (wouldn't have to go to stupid staff meetings for team building), could decide how much I wanted to work, etc. The pay would be $500 per evaluation I completed (I do psychological/vocational testing). So if I did ten a month, I would earn $5,000-
$60,000 a year (which sadly is more than I ever earned---am leaving at $47,000, but with benefits, and expected to do at least 13 a month and have done two and three times that many).

DH has been so relaxed in the two weeks he has stopped working. I envy him and want it for myself. I've been taking some leave time to use it up and now see how great it is to have that freedom. But then I wonder should I turn down $60,000 when this would be last hurrah and I almostd efinitely will never be working again.

There's nothing we would spend the $60,000 on. It wouldn't change our lifestyle in any way---just preserve our capital a little longer. (To refresh your memory, DH and I are 52, no kids, live a very frugal life, no debt, and have 4 million dollars, half in bonds and half in mutal funds. But we are buying our own health insurance, which will be about $12,000 the first year and will only go up from there while still not covering very much). The advantage of continuing to work would be some social interaction that I may not otherwise get (although it can be pretty shallow and limited) and some mental stimulation, as well as still continuing to bring in money. But it does seem like it would get pretty rough to work when DH isn't and when knowing deep down that we really do have enough money to swing
both our ERs.

I guess I'm looking for one final reassurance that it's okay to stop working once and for all.....
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Re: Please talk me out of continuing to work!
Old 07-06-2006, 05:59 PM   #2
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Re: Please talk me out of continuing to work!

Gosh, you make that job sound so freakin' attractive that I'm surprised you're not surrounded by eager-beaver contractors! Maybe they're holding out for weekend duty or midwatches...

If you want to hedge your bets, tell your bosses that you'll get back to them after three months. It won't take you that long to make up your mind, but it'll give your spouse plenty of time to show you what he's learned about ER...
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Re: Please talk me out of continuing to work!
Old 07-06-2006, 05:59 PM   #3
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Re: Please talk me out of continuing to work!

Cut it out and go home.
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Re: Please talk me out of continuing to work!
Old 07-06-2006, 06:44 PM   #4
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Re: Please talk me out of continuing to work!

Please for your own sake - GET the heck out of there now!!!!! RUN!!! do not walk to the exit. Let some other fool do those evaluations. You have all the money you need. Enjoy your self, you deserve it!
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Re: Please talk me out of continuing to work!
Old 07-06-2006, 06:47 PM   #5
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Re: Please talk me out of continuing to work!

4 million? There is nothing to think about. Get out. You can get social interaction through volunteer work, clubs, etc....
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Re: Please talk me out of continuing to work!
Old 07-06-2006, 06:59 PM   #6
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Re: Please talk me out of continuing to work!

I FIRED on May 21. Love it. I got the offer to stick around and do pool.( I retired from nursing.) Not. A. Chance. Of. That. Happening. I think that must be a standard responce from the powers that be when you anounce that you are ER. Stick around as a consultant. I agree with the others. Start the new phase of your life and do not look back.
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Re: Please talk me out of continuing to work!
Old 07-06-2006, 07:00 PM   #7
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Re: Please talk me out of continuing to work!

Go! *Out of 4 recent retirees in my office, one never came back, one died and two have come back as independent contractors only to say each day that they need to cut back on their schedule. *They won't be around long but it's like taking a bandage off................best done all at once.

It was fun to see them come back the first day or so but now they are just pains.
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Re: Please talk me out of continuing to work!
Old 07-06-2006, 07:34 PM   #8
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Re: Please talk me out of continuing to work!

Quote:
Originally Posted by tangomonster
So if I did ten a month, I would earn $5,000-
There's always some reason why it's financially better to stay on vs. FIRE. Always.

Whenever you retire you will have such an issue to address. So why not come to grips with it now, and retire like you really want to.

If not, why do you have to do 10 evals a month? Why not 5? Or 3? Or whatever else you want to make you feel less guilty about slamming the door in your ex-employer's face? You are in charge here.

Good luck - nice alternatives either way.
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Re: Please talk me out of continuing to work!
Old 07-06-2006, 08:33 PM   #9
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Re: Please talk me out of continuing to work!

Thanks so much for all your replies. It's just the encouragement and perspective I needed. I don't think it's guilt that has made me think twice (at least not guilt about leaving my employer---maybe regarding my parents that they had to work until they were 65+ and I don't----but they (as do most loving parents) wanted things to be better/easier for me, so I do think they would approve, if they were alive). I guess it's more fear of running out of money and shame if that were to happen---that I didn't do all I could to earn every possible dollar to ensure that I would be self-sufficient and comfortable.

But it's becoming more and more important to me to be comfortable with myself and the world, not just financially comfortable---and I can't have that level of comfort, peace, and serenity working in a toxic environment and continuing in the worker bee mode that really hasn't suited me since I began it 30+ years ago. And money has never been important to me in terms of its buying power for most things (just security so I won't be eating cat food in my seventies---not a happy thought for a vegetarian!).

In real life, I don't know anyone who is FIRED---or who is striving towards it (I'm not sure I know anyone who is aware of the possibility!). Please know that the existence of this board and your taking the time to post and reassure me has helped me immensely, and other people, I'm sure.
You have pointed me in the direction that will enhance my physical and emotional health. How nice to be able to "mix" with a group of people who care about what's important in life and not just conforming to the worker mode/worship of money that almost always requires some sacrifice of the soul!
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Re: Please talk me out of continuing to work!
Old 07-07-2006, 05:48 AM   #10
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Re: Please talk me out of continuing to work!

My parents planned a retirement where they would travel around the country in their Airstream...but my father was diagnosed with cancer and died at age 61. A fellow from my agency retired at 65 and a few months later was diagnosed with bone cancer, and is given only a few years to live. My father-in-law couldn't wait to retire and play golf every day. Just a few weeks after his retirement he was hit by a taxi and needed a walker from then until his death many years later...he never got to play golf again. Do you get my drift? If you can get out now, GO! I have only 356 days to go, and I'll be gone, too..at age 60. Later than most on this forum, but better than many I know!
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Re: Please talk me out of continuing to work!
Old 07-07-2006, 06:20 AM   #11
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Re: Please talk me out of continuing to work!

Quote:
Originally Posted by tangomonster
...I guess it's more fear of running out of money and shame if that were to happen---that I didn't do all I could to earn every possible dollar to ensure that I would be self-sufficient and comfortable.
$4 million and she's worried... Give me a break. You don't need encouragement, you need pychological help.

Get a life.
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Re: Please talk me out of continuing to work!
Old 07-07-2006, 06:42 AM   #12
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Re: Please talk me out of continuing to work!

Hmmm

Death in the family, divorce, retirement - that's what I remember reading somewhere - don't underestimate the mental adjustment!

BTY - 'It's a good thing'* Martha Stewart?

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Re: Please talk me out of continuing to work!
Old 07-07-2006, 06:45 AM   #13
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Re: Please talk me out of continuing to work!

Yes tango, it is the mental adjustment. You have enough. Enjoy.
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Re: Please talk me out of continuing to work!
Old 07-07-2006, 07:23 AM   #14
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Re: Please talk me out of continuing to work!

$4,000,000.00
Nice Round number from which to generate a very nice income stream of $160,000 per year at a SWR of 4%. No debt, no kids and good health are major pluses.

Not knowing your current and expected income needs, one would expect that $160k/year would be a pretty decent income stream.

It would appear that you do not HAVE to work. It would be a choice and not a requirement. You could always give it a shot and w*rk for a few months and see how it goes as you transition into ER. Or, you could jump all at once. Either way you appear to have the $$$ to do just about anything you would want to do.

Like UncleMick says...don't underestimate the adjustment into retirement for both of you after working for 30+ years. Be sure to give each other some space during the day. Too much togetherness can be worse than too little sometimes. Balance in all things...
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Re: Please talk me out of continuing to work!
Old 07-07-2006, 09:13 AM   #15
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Re: Please talk me out of continuing to work!

I agree with Nords - tell them you will get back to them in 3 months-and have fun with your husband...celebrate! If I had 4 mil, I would be dancing in the street--not considering to continue the grind! You got it done, now go home.
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Re: Please talk me out of continuing to work!
Old 07-07-2006, 09:46 AM   #16
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Re: Please talk me out of continuing to work!

Tango
If you have fun, enjoy it and want to, then do the consulting. But do it for those reasons, not for the money.
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Re: Please talk me out of continuing to work!
Old 07-07-2006, 10:52 AM   #17
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Re: Please talk me out of continuing to work!

Going from full time to part time may help ease the transition to retirement. Some folks like that. I did.

Just remember the self-employment tax (Laurence just had a thread about that). It could eat up a larger than expected part of your additional salary.
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Re: Please talk me out of continuing to work!
Old 07-07-2006, 11:33 AM   #18
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Re: Please talk me out of continuing to work!

Quote:
Originally Posted by snowbird
$4 million and she's worried... Give me a break. You don't need encouragement, you need pychological help.

Get a life.
And in what part of the hospitality industry did you work?

Ha
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Re: Please talk me out of continuing to work!
Old 07-07-2006, 11:47 AM   #19
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Re: Please talk me out of continuing to work!

Quote:
Originally Posted by HaHa
And in what part of the hospitality industry did you work?
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Re: Please talk me out of continuing to work!
Old 07-07-2006, 02:15 PM   #20
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Re: Please talk me out of continuing to work!

Yes, I'd say it wouldn't hurt to talk to a psychologist about this. Explain that you have an unreasonable fear of health insurance.

Even in a money market fund, your 4 million would give you $160,000 a year.
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