If you are in a very high-earning job, and will never again earn anywhere close to this much money, how long do you stay? Assume that you no longer enjoy your job but do not detest it, and that you already are FI. All thoughts welcome! Thanks.
If FI, would you keep working for $100k a month?
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W2R
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I suppose that I would if there was something I wanted to buy with that kind of money, and I wanted it more than the time. Work is always a trade-off between time and money.
So for me, the answer is no. I would not continue working beyond FI.
So for me, the answer is no. I would not continue working beyond FI.
growing_older
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To me there are degrees of FI. If I had only reached a minimal FI, I would sure be tempted to stay on at that outrageous income and build more safety and possibly a slightly higher standard of living into my FI plan. I strongly believe in make hay while the sun shines. But it's all relative. At some point the extra safety or marginally better SWR is no longer worth the time on the job, even at high high pay. I've never been in such a situation as you describe, but I think I'd be tempted to stay long enough to get SWR down to 3. I doubt I'd stay on after SWR was down to 2.
Texas Proud
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Let's see....
For $1.2 mill a year... yes, I would stay on....
It would get me a lot more freedom in the future... and would allow me to do some things that less money would not allow...
But there are some caveats... it would not affect my health, I am not already 'old' where it is really taking away some of my final years, and my net worth was already not so hight that the extra was 'pocket change'....
For $1.2 mill a year... yes, I would stay on....
It would get me a lot more freedom in the future... and would allow me to do some things that less money would not allow...
But there are some caveats... it would not affect my health, I am not already 'old' where it is really taking away some of my final years, and my net worth was already not so hight that the extra was 'pocket change'....
FinanceDude
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honobob
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Texas Proud
What do you consider "'old' where it is really taking away some of my final years"?
What do you consider "'old' where it is really taking away some of my final years"?
bbbamI
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If I am correct, you are 40. That's a great age. If I had made that kind of money, I would have stuck with my job a little longer. Yep, that's my story and I'm stickin' to it.
Never had to have this worry though.
Never had to have this worry though.
RunningBum
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Each person will probably have a different answer depending on how badly they want to retire early vs. what they'd like to do in retirement (especially with respect to what extra funds they'd need for what they'd like to do above what they need for FI) vs. age vs. family situation vs. stress vs. a dozen other factors probably.
Not really knowing all of the details, I'd probably want an extra million or so above FI to be able to relax more in ER and not have to worry about dips in the market and unexpected expenses, splurge now and then, etc. I'd trade a year or two of stress in a job to take away the stress of being on the low end of FI for the rest of my life.
I say this with no doubt because I feel like I'm already FI, but on the low end, so I'm still working to add a buffer. And I'm certainly not making an $100K/month.
Not really knowing all of the details, I'd probably want an extra million or so above FI to be able to relax more in ER and not have to worry about dips in the market and unexpected expenses, splurge now and then, etc. I'd trade a year or two of stress in a job to take away the stress of being on the low end of FI for the rest of my life.
I say this with no doubt because I feel like I'm already FI, but on the low end, so I'm still working to add a buffer. And I'm certainly not making an $100K/month.
Spanky
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It's hard to say when many details are missing, such as the nature of the job, the stress, the work environment, your financial situation, your health, your living style, your retirement plan, etc. Based on the limited info, stay a while if you do not hate the job, can handle the stress gracefully, have no clue what you really want to do after retirement, and feel that you have not achieved your financial goals.
UncleHoney
Full time employment: Posting here.
Lets see, for $100K/month there's bound to be some perks with it. I'm game with a few stipulations.
It would have to be a "position with a firm" not a "job with a company" and I'd want my own parking spot, an office with a view overlooking the city and a small space off my office, maybe 20 x 30 ft, with a fully equipped woodworking shop. I hope they wouldn't expect me to be doing much before about 10-10:30 and then I'd be off to lunch about 11. Back at 1, maybe 2 and then head home about 3:30 to avoid traffic.
I guess I could choke down a year or two. Sure hope they don't mind a little sawdust on the board room carpet.
It would have to be a "position with a firm" not a "job with a company" and I'd want my own parking spot, an office with a view overlooking the city and a small space off my office, maybe 20 x 30 ft, with a fully equipped woodworking shop. I hope they wouldn't expect me to be doing much before about 10-10:30 and then I'd be off to lunch about 11. Back at 1, maybe 2 and then head home about 3:30 to avoid traffic.
I guess I could choke down a year or two. Sure hope they don't mind a little sawdust on the board room carpet.
Spanky
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You have to identify what's more important to you - relationship or money.
Job is highly stressful, not very fulfilling; working conditions are fine; colleagues are fine. My health is fine; DH wants to keep working, at least for now; he is a doctor and will earn 200-300k per year. I could get a new job for 80-100K a year that may be a better fit for me. We have approx $4.5 million saved so far.
RunningBum
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I think there's a totally different question about why your DH wants to move across country, and apparently would even without you. It seems to me that the question is on him first, before it's on you to choose between the relationship and money.
But you asked what I would do. I know my situation. I don't know about yours, so I have no idea what to advise you. I just know the factors I'd think about for myself.
Spanky
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A 4% safe-withdrawal rate will provide $180K yearly expenses. Is that enough?
That is more than enough, but given my age, I am thinking a 2% SWR makes more sense. 90k probably would be enough, but when taxes are factored in, probably not. But we probably won't be withdrawing any money for at least a few more years, giving the money more time to grow.
growing_older
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What's so important about his career move that he wants you to move and give up a job earning 4x to 6x what his earns? Makes me wonder about other non-monetary issues. Maybe lengthy heart-to-heart conversations are in order. With 4.5 MM you are certainly some degree of FI. What are your (both of you) goals and what do you want to accomplish?
RunningBum
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OK, but before when you mentioned it you only listed the options to either live separately, or give up this income. You didn't say that one of the options was for your DH to stay with you even though he wants to live elsewhere. Hence, my comment.
Growing older,
Good questions. I am partly to blame for this situation, as we have both talked about moving to the West Coast and starting new lives. He went ahead and got a great job. I am now facing the reality of the situation, which will mean either that he gives up a terrific job in the place we ultimately want to live (and where I hopefully will find a decent position) or I give up a job that pays great but is otherwise not where I want to be. The only thing keeping me here is the money.
Good questions. I am partly to blame for this situation, as we have both talked about moving to the West Coast and starting new lives. He went ahead and got a great job. I am now facing the reality of the situation, which will mean either that he gives up a terrific job in the place we ultimately want to live (and where I hopefully will find a decent position) or I give up a job that pays great but is otherwise not where I want to be. The only thing keeping me here is the money.
Notmuchlonger
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Nah Id only go back to work for 200k a month..O0
Spanky
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If that's the case, stay and see what will happen. You may later decide that the pain of living apart is not worth it. Many couples maintains a good relationship at long distance. For example, our new VP moves here from Santa Barbara for career advancement, but his family stays behind. Their relationship remains strong according to him.
