Hello,
This is a great forum. I've been lurking a few months now. I am thinking of going part-time now, and have to work longer (15-20 more yrs
) vs continuing full-time work (7-8 more yrs
) and retiring fully. I know only my family and I can know the right answer, and we have to figure it out, but I am interested in others' comments, wisdom, experiences, and advice.
I am 43, married to DW, children ages 12 and 10. We have saved 1.1 million in stocks/bonds/cash, have about 1.0 million in real estate equity, 400K in retirement plans, and about 500-600K in company equity, which would be paid to me over 10 years with interest when I leave the company. Our debt includes 170K on our primary home, 270K on a second home. We plan on paying these off in 4-5 years whether I go part-time or not. We also want to provide for our kids' educations, even private schools if that's where they choose to go.
I realize my family and I are very fortunate, so I hope I don't sound to whiney or spoiled. Like many folks, I love parts of my job, but hate more and more of it with time. I no longer like getting up and going to work. In fact, sometimes I just dread it. I lose a lot of sleep worrying about work. I work long, hard stressful days, but have reasonable weekend time and vacation to spend quality time with my family. I just want more of it. I've seen too many people in their 40's and 50's die of some terrible cancer or heart attack, while working their butts off for "someday it will pay off".
So the decision I have been struggling with is whether to work full-time for the next 7-8 yrs then retire completely, vs. going part-time now knowing I would probably need to work for 15-20 more years. My hope would be that working part-time, I would enjoy it more, and have to deal less with the aspects of work that are dreadful. Working part-time, I still would be able to pay for kids' educations, pay the mortgage down quickly, and maintain our current lifestyle. I just don't have the guts to make that move.
Thanks for listening.
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