How Long Would You Work To Double Your Nest Egg?

[goingoodsofar]

Only as long as it takes to handle the paperwork to be gone. Can't imagine being more pleased with my life as it is now. Only desire I have that I can't fulfill is owning my own jet and I've come to grips with that! Only goal now is learning how to spend more freely than my multiple decades of being money cautious has ingrained in my life habits. I tend to see the cost of everything in 1980 dollars. ( I know doesn't sound like a problem - but it is!)
BTW - if you have your own business perhaps you should consider selling it and enjoy the benefits.

 

[Andre1969]

I voted for 4 years. I'm actually fairly close to hitting my number, and my intent is to retire in about 2 1/2 years, if things are still looking good at the time. However, if I could double what I have right now, I think I'd be willing to stick it out for 4 years.


A lot of it is going to depend on your age, though. In my case, I'm 48, and turn 51 in April of 2021, and that's when I want to retire. So, sticking it out another year and a half isn't that big of a deal to me. I also have a fairly flexible work schedule, and a lot of leave, so that makes the w*rkplace a lot more bearable.


Now, if I was older, I'd probably have a different attitude. If I was 58, for example, and still had 2 1/2 years left, I don't think I'd be willing to sacrifice another year and a half. And if I was 68, I might re-evaluate whether I need to work that extra 2 1/2 years, even!

 

[Aerides]

Op, there's a HUGE difference between:

"would you work a little longer"
and
"would you go BACK to work"

Also, even on the first half of that question, how far away someone is from retiring is a big variable. Someone with less than a year to go, tacking on another 2-3 is a lot different than someone with 2 years to go anyway.

I would think those saying "not one more second" are already retired, or about to, and those saying "eh I'd give it another 1-2 years" are more likely those that have at least that long already to go.

And yes, then Age is another big difference. The same person, at 46 saying "eh ok another year", may be unlikely to say the same at 56 even if all else in their situation was the same.

 

[Ronstar]

Come on now. Poll shows that most wouldn't work a single day to double their nest egg. But just imagine how great it would be to go back to work knowing that your first day would be your last as well.

 

[audreyh1]

Come on now. Poll shows that most wouldn't work a single day to double their nest egg. But just imagine how great it would be to go back to work knowing that your first day would be your last as well.

Except that there is no way to work one day and double your nest egg. Who would pay you that much? So it’s a false premise.

 

[Crewer]

Late to the party here (as usual I think) but my thoughts are "are you still having fun?"

DH is getting much closer to giving it up but he's now doing things for ~free (takes jobs with paid travel expenses especially to interesting international destinations). He used to get paid for these things in addition to the travel expenses. It's all because he likes to do it so much. He's finding it more difficult to keep current since he's not doing as much of it so the end is in sight.

 

[kgtest]

I've done some income/earnings velocity calculations to understand this exact question.



The question I wanted to answer was slightly different "how long do we need to work to double our nest egg after my FIRE date at 50".


Rough estimates shows both DW and I would need to work 3-5 years on our current trajectory to accomplish this.



Of course if we were nearing retirement in a down market...I might consider it with the buy low mentality and kids college costs shooting through the roof.


But more often these day's I appreciate the idea that Time is Money, and you only get so much time.

 

[TwoByFour]

A lot of people here who hate their job or used to hate it. I am happy being retired but truthfully, it does not have the intellectual stimulation I had at work. My job was stressful which I used to complain about, but then when I went on vacation I discovered that I am a stress junkie and looked forward to getting back into the thick of things at work. I am largely over it now, but sometimes miss it.

 

[bongo2]

Op, there's a HUGE difference between:

"would you work a little longer"
and
"would you go BACK to work"

Yes! That's exactly why I wanted to get this perspective.

I also think that attitudes might be different if I were asking this question after a market crash rather than a nine year bull run.

 

[audreyh1]

Yes! That's exactly why I wanted to get this perspective.

I also think that attitudes might be different if I were asking this question after a market crash rather than a nine year bull run.

Going back to work gets a lot harder the longer you are retired.

 

[MarieIG]

At age 48 it would have been 5 years; now 2 more years (that is my plan in any event and it WON'T double my nest egg); at age 65 at which time Medicare will have kicked in - 0. Once I retire, I doubt I would go back barring extraordinary circumstances.

 

[kcowan]

Op, there's a HUGE difference between:

"would you work a little longer"
and
"would you go BACK to work"

Also, even on the first half of that question, how far away someone is from retiring is a big variable. Someone with less than a year to go, tacking on another 2-3 is a lot different than someone with 2 years to go anyway.

I would think those saying "not one more second" are already retired, or about to, and those saying "eh I'd give it another 1-2 years" are more likely those that have at least that long already to go.

And yes, then Age is another big difference. The same person, at 46 saying "eh ok another year", may be unlikely to say the same at 56 even if all else in their situation was the same.

Yes that is why I answered not a moment. But this is not an OMY question even though many answered it that way. We know that the OMY is much more prevalent.

 

[Gumby]

At this point, internal portfolio growth dwarfs any possible new contributions to the nest egg, so doubling it is just a matter of market performance. Starting next June, pension income alone will be sufficient to pay for our current living expenses, so that's when we're retiring. If the portfolio doubles after that, we'll be happy. If it doesn't, we'll still be happy.

 

[googily]

I have more than enough to ditch work now, at 52, but that's thanks to DH dying. We were ready to chuck it and go to part time or stop altogether in 2017, but that didn't happen.

Now I keep working because it's a good paycheck, there is very little stress, and it gets me out of the house and interacting with other humans. I know I need to retire TO something--I just haven't figured out what that will be. My previous bucket list was all the things DH and I would do.

But I'm comfortable enough that now I can plow almost my entire paycheck into 401k/after-tax/mega backdoor Roth'ing (and spend from my brokerage account). So at least I'm putting the time to good use!

 

[bada bing]

I am still working, although I crossed into the grey area of FI ~3 years ago. I am completing a ~4-5 year period of working to enhance my retirement, rather than secure it. I have a fairly expensive bucket list and I am gambling with the clock and the bank account. It is a good set of options to have, many people never get close to having the choices.

I answered 4 years because that is what I am in the process of doing.

I am frequently struck by the anti-work sentiments that are common here. Even at the end of my career, I very much enjoy my working lifestyle. I don't particularly enjoy the mundane tasks, the being away from home, and really don't like some of the work politics, but the overall lifestyle is very good. I expect retirement to be very, very different but I am not sure I expect it to be "better". Too many changes to balance out to have a clear picture. I hope I'll be posting not one more minute of work! in a few years.

 

[Doc0]

I don't think it's about a "number". it's about understanding risk and covering all the bases. "I'll figure something out" is not risk management, it's delusion. 4% x 25 is pretty much delusion also except in the best scenario, it's just going to take 20 years to realize it's delusion. Lemme see 48+20 that's 68. Bad age to figure you're delusional.

I suggest modeling your portfolio in the monte carlo module of portfolio visualizer. You can set up scenarios and SORR and WR and projected portfolio longevity and understand your risk of failure. Once you understand that you will have better insight into your risk.

 

[Jamie1101]

Going against the norm

It can be hard to go against the "experts" who are now preaching that people work till they are 70 and then collecting SSI benefits. Everyone is different. Speaking for myself I began my planning and saving for retirement 2 years into my 30 year run with General Motors as a production worker. I retired at 53 in 2005 with the "30 years and out" retirement plan. No amount of money could entice me back into that world again. A good friend is preparing to retire next spring at 56. He said I was his inspiration and said four of the wisest words I've heard in a long time, "Money can't buy time." I'm slowing down some now and am so thinkful to have experienced retirement in my 50's while still in peak health....

 

[exnavynuke]

I think there are three factors that would change my answer:
1. Health - if you're perfectly healthy and expect to remain that way (no family history of serious conditions) then I'd be more inclined to stay longer for extra money on the assumption that I'd still have a long healthy retirement ahead.
2. Job satisfaction - if in a job you love, staying is easy. If in a job you hate, getting out asap is obvious. If somewhere in-between, then things are a bit more murky.
3. Happiness with your personal status quo - If you already have enough so that in retirement you will already be able to afford all the things you desire to buy/do, then the extra money isn't likely to increase your happiness in retirement, so sticking around doesn't make sense. If your retirement is currently a compromise, such that you won't be doing what you'd like but you think you'll be "happy enough", then working longer to boost that nest egg would be important.

Personally, I have a chronic medical condition, I don't love my job and kinda can't stand my boss, but I don't yet have enough to fund my lifestyle, so the third thing keeps me working. While I "could" spend more than my planned number, once I reach it I'm pretty sure the other two factors will far outweigh the ability to "spend some more" if I worked longer.

 

[haha]

I know a lot of people here deal with "one more year" and "golden handcuffs". I'm in a situation where I've more or less hit my number, but my business is doing very well and for the next couple years I should be making 2-3 times what I made the last five. Enough that, with some luck, I can double my nest egg in just a few years. Is it worth it? If you've retired already but you could double your nest egg by working a couple more years would you?

Are you kidding? Sure it is worth it.

Ha

 

[YVRRocketSurgery]

Pretty situation dependent (as many others have mentioned): Age, health, how much buffer room your nest egg provides, job situation, etc.



For me, the answer is 5 years.



At age 45, I probably had a big enough nest egg to replicate my current take home pay (lots of deductions and savings at the source) which is enough to sustain my share of our current spend.



However, by working to age 50, I'm estimating to double my nest egg and the corresponding retirement income. This is to: allow for some lifestyle creep, provide a greater sense of security for my portfolio, and provide some buffer if the missus doesn't hit her numbers.

I suppose I can keel over as I type this but I'm hoping for the best as I have aunts, uncles, and grandparents live over 100.

 

[kgtest]

looked forward to getting back into the thick of things at work. I am largely over it now, but sometimes miss it.

You ever work on a small engine with a carburetor? That might cure the itch. Better yet, take my father's approach and seemingly accept anybody's inoperable machines in an attempt to fulfill that void.



I met a women once when I was vacationing in Hawaii as I lay poolside. She was sort of arguing with her husband about work emails...I overheard as I was in the chair right next to them. She tried to close her eyes, then she tried to read her kindle...finally I heard her husband say "Honey if its bothering you just run and check the email." She jumped right up and left him and her daughter at the pool...in HAWAII! And this was at the Westin, not exactly a cheap daily rate to be ignoring.



I was childless at the time, but I looked at Mrs and told my wife if I ever put work above family during our family vacations, punch me.

 

[mickeyd]

Some how my nest egg (stash) has doubled several times w/o me wo**ing a lick. I'm going to let it ride.