Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Kink in the Old Retirement Plan
Old 04-27-2012, 01:42 PM   #1
Full time employment: Posting here.
 
Join Date: Mar 2008
Posts: 698
Kink in the Old Retirement Plan

Well, my plan was to retire in about 2 years. The first kink was my boss's boss is retiring next month. That in itself is not a big kink, other than adapting to someone new who'll likely have different priorities. The second kink is that my boss decided to retire in two months, a couple of years early.

Now I have a dilemma of putting in for my boss's job or taking the chance of getting a non-likable boss. I don't think I'd be a slam dunk because they'll likely leave the decision to the new boss. He may have someone in mind to fill the position.

Pros for the new position are more money now and in retirement. Cons are longer hours, headaches, more meetings, and I have to delay retiring at least 6 months to improve my retirement benefits.

In my mind, these are the possibilities open to me. The best scenario would be for them to bring in someone I can work with, they bump up my pay because of the perceived slight and I retire on schedule. The neutral scenario would be for me to get my boss's position and I retire at least 6 months past my planned date. I've done some contingency planning and the worst scenario, assuming a poor working situation, would have me quitting after a year and then retiring on schedule (unemployed for 5-6 months, living off accrued leave). My DB income would go down around $100, but we could absorb it with other sources.

So, which scenario would you prefer? After thinking about them, none seem all that bad to me.
__________________

__________________
akck is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-27-2012, 02:05 PM   #2
Thinks s/he gets paid by the post
 
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,121
This may indeed work out to your benefit. I would go for the job and more money, but I was a greedy sob. If you don't get the job they will try to be nicer to you. If they bring in a boss that wants you gone maybe you'll get a settlement? Do they know when you want to retire?
__________________

__________________
Danmar is offline   Reply With Quote
Old 04-27-2012, 02:20 PM   #3
Recycles dryer sheets
 
Join Date: May 2010
Posts: 254
Interesting dilemma - sounds like a no-lose situation really so the best thing to do is probably maximize expected happiness.

My wife and I went through a very similar thinking process just this week. An executive is leaving. If she wanted to be the replacement on an interim basis, likely about a year, she would likely be picked just for asking. With retirement only about 2 years out for her and a search likely to take a year, seeking the j on a permanent basis is out. The job would bump her retirement by a couple of hundred dollars a month. And taking the job would eliminate the uncertainty of getting a "bad" person in the role to deal with. But my wife decided the extra money was not worth the extra stress, endless meetings, long hours, and dress code so she decided against it, at least for now. I would not be surprised if she changed her mind at any time though.
__________________
DoingHomework is offline   Reply With Quote
Old 04-27-2012, 02:21 PM   #4
Full time employment: Posting here.
 
Join Date: Mar 2008
Posts: 698
Probably would not get a settlement (unless I sued for age discrimination), but they'd be stupid to fire me, at least until they got someone trained, so I figure I'd have at least 6 months before it came up. The current bosses have an idea of when I want to retire, but no firm date ever given, and I've always eluded that it will be 6+ months longer than what it really is. I have no idea if they'll pass that information along to the new boss.
__________________
akck is offline   Reply With Quote
Old 04-27-2012, 02:25 PM   #5
Recycles dryer sheets
 
Join Date: Dec 2009
Location: Cleveland
Posts: 343
Quote:
Originally Posted by akck View Post
Probably would not get a settlement (unless I sued for age discrimination), but they'd be stupid to fire me, at least until they got someone trained, so I figure I'd have at least 6 months before it came up. The current bosses have an idea of when I want to retire, but no firm date ever given, and I've always eluded that it will be 6+ months longer than what it really is. I have no idea if they'll pass that information along to the new boss.
Maybe you should hope to be "let go" or fired by the new guy and then you could supplement your retirement with unemployent and/or a settlement?
__________________
skyvue is offline   Reply With Quote
Old 04-27-2012, 02:32 PM   #6
Full time employment: Posting here.
 
Join Date: Mar 2008
Posts: 698
Quote:
Originally Posted by DoingHomework View Post
Interesting dilemma - sounds like a no-lose situation really so the best thing to do is probably maximize expected happiness.

My wife and I went through a very similar thinking process just this week. An executive is leaving. If she wanted to be the replacement on an interim basis, likely about a year, she would likely be picked just for asking. With retirement only about 2 years out for her and a search likely to take a year, seeking the j on a permanent basis is out. The job would bump her retirement by a couple of hundred dollars a month. And taking the job would eliminate the uncertainty of getting a "bad" person in the role to deal with. But my wife decided the extra money was not worth the extra stress, endless meetings, long hours, and dress code so she decided against it, at least for now. I would not be surprised if she changed her mind at any time though.
Your wife's situation sounds exactly like mine. I'm weighing the same things, "bad" person vs. the stress, hours, meetings, etc. Right now, I'm leaning with your wife and hope they get a "good" person. It becomes a choice between having an neutral to good last two years of working or being burnt out when you retire. I don't think the latter will do much good on your health.

Let's hope your wife and I get a "good" person for a boss should it go that way.
__________________
akck is offline   Reply With Quote
Old 04-27-2012, 02:38 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,963
It's an individual decision, but I can't imagine not throwing my hat in the ring for the promotion. With two new bosses, I'd think you might have an advantage in already being there so you know exactly what you're getting into, and they should know if you can handle it or not. Anyone else might be more of an unknown. If you get it and it's only two years, they aren't taking much of a risk on you, they have a chance to try again (replacing the position) in only two years.

And even if you find you don't like the stress etc., I'd think you could handle it for two years, that time should fly by with all the new challenges. And I'd hate to pass and risk wondering years down the road 'what if?' for several reasons (stepped up to a promotion, more money, etc.).

If you don't get it, see what the new boss is like, who knows it might be a good fit for both of you. Think positive...

If you don't like the new boss, what have you lost by trying the first two options?

YMMV
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is online now   Reply With Quote
Old 04-27-2012, 02:54 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Oct 2008
Location: Naples
Posts: 2,161
Quote:
Originally Posted by Midpack View Post
It's an individual decision, but I can't imagine not throwing my hat in the ring for the promotion. With two new bosses, I'd think you might have an advantage in already being there so you know exactly what you're getting into, and they should know if you can handle it or not. Anyone else might be more of an unknown. If you get it and it's only two years, they aren't taking much of a risk on you, they have a chance to try again (replacing the position) in only two years.

And even if you find you don't like the stress etc., I'd think you could handle it for two years, that time should fly by with all the new challenges. And I'd hate to pass and risk wondering years down the road 'what if?' for several reasons (stepped up to a promotion, more money, etc.).

If you don't get it, see what the new boss is like, who knows it might be a good fit for both of you. Think positive...

If you don't like the new boss, what have you lost by trying the first two options?

YMMV
+1. And I'll bet this is the option you take. The "what if" senario is important. As long as the option to get out is still there down the road, why not go for the bosses job. Could add quite a bit to your retirement package.
__________________
JOHNNIE36 is offline   Reply With Quote
Old 04-27-2012, 04:56 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,403
Best scenario seems unlikely. Worst scenario could apply if you stay put or seek your boss' job.

Neutral scenario seems worthwhile if you think you would like a change of pace and challenges a promotion would provide.

While a somewhat different scenario, I had a friend who changed jobs at age 57 because he felt like he was in a rut. He probably could have retired at 57 but he is a bit of a nervous nelly about whether he was in position to retire. He loves his new job so much that he has decided to put off retiring - he is FI but has a new found enjoyment of working. Good for him I say!
__________________
pb4uski is online now   Reply With Quote
Old 04-27-2012, 05:05 PM   #10
Full time employment: Posting here.
 
Join Date: Mar 2008
Posts: 698
Quote:
Originally Posted by Midpack View Post
It's an individual decision, but I can't imagine not throwing my hat in the ring for the promotion. With two new bosses, I'd think you might have an advantage in already being there so you know exactly what you're getting into, and they should know if you can handle it or not. Anyone else might be more of an unknown. If you get it and it's only two years, they aren't taking much of a risk on you, they have a chance to try again (replacing the position) in only two years.

And even if you find you don't like the stress etc., I'd think you could handle it for two years, that time should fly by with all the new challenges. And I'd hate to pass and risk wondering years down the road 'what if?' for several reasons (stepped up to a promotion, more money, etc.).

If you don't get it, see what the new boss is like, who knows it might be a good fit for both of you. Think positive...

If you don't like the new boss, what have you lost by trying the first two options?

YMMV
At this point, all options are being considered. Money is not a factor, since according to my retirement plan, we already have enough for me to retire. The only hold back is retirement medical benefits, which won't kick in until age 60 (two years), and accruing more time toward my benefit calculation. All more funds mean is we leave a bigger inheritance.

One thing to remember is that with a new boss coming in, he may have someone he wants to bring in with him and this would be a perfect opportunity for him to do so. Yes, it would disrupt, but it won't stop any critical work from being completed.

As to thinking positive, I will say that running numbers through the different scenarios certainly helped with that. We can survive all of them, except maybe being fired immediately (< 1% chance). I do need to check on my options if that happens though. So, the worst case, I "retire" 6 months early, is not a bad thing.
__________________
akck is offline   Reply With Quote
Old 04-27-2012, 05:16 PM   #11
Full time employment: Posting here.
 
Join Date: Mar 2008
Posts: 698
Quote:
Originally Posted by pb4uski View Post
Best scenario seems unlikely. Worst scenario could apply if you stay put or seek your boss' job.

Neutral scenario seems worthwhile if you think you would like a change of pace and challenges a promotion would provide.

While a somewhat different scenario, I had a friend who changed jobs at age 57 because he felt like he was in a rut. He probably could have retired at 57 but he is a bit of a nervous nelly about whether he was in position to retire. He loves his new job so much that he has decided to put off retiring - he is FI but has a new found enjoyment of working. Good for him I say!
While I wouldn't mind a change in pace, my boss's job wouldn't be it. It would just mean more duties, more hours, more meetings, etc. Knowing what I know, things could become less happy around here as funding becomes more of a problem and layoffs become a possibility.
__________________
akck is offline   Reply With Quote
Old 04-27-2012, 06:23 PM   #12
Full time employment: Posting here.
NYEXPAT's Avatar
 
Join Date: Jul 2009
Location: Miraflores,Peru
Posts: 862
Quote:
Originally Posted by akck View Post
I'm leaning with your wife
Does DoingHomework know about it?
__________________
NYEXPAT is offline   Reply With Quote
Old 04-27-2012, 06:25 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,403
Quote:
Originally Posted by akck View Post
While I wouldn't mind a change in pace, my boss's job wouldn't be it. It would just mean more duties, more hours, more meetings, etc. Knowing what I know, things could become less happy around here as funding becomes more of a problem and layoffs become a possibility.
Then I guess you have your answer.
__________________
pb4uski is online now   Reply With Quote
Old 04-27-2012, 06:50 PM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,016
If you don't really want you boss's job, why not just sit tight and wait? They might ask you to apply, in which case you would be in a good negotiating position.
__________________
Meadbh is offline   Reply With Quote
Old 04-27-2012, 07:40 PM   #15
Recycles dryer sheets
 
Join Date: May 2010
Posts: 254
Quote:
Originally Posted by NYEXPAT View Post
Does DoingHomework know about it?
Lol...Lol...Ha ha
__________________
DoingHomework is offline   Reply With Quote
Old 04-29-2012, 05:15 PM   #16
Full time employment: Posting here.
Redbugdave's Avatar
 
Join Date: Apr 2006
Location: Columbia, SC
Posts: 959
I think I would throw my name in the pot and see what happens. A change of pace may be good, even though you may not think so now. It would be a chance to make some needed changes that the present boss had not agreed with. And the extra money you get out of it will be there the rest of your life...
__________________
"I either want less corruption, or more chance to participate in it." Ashleigh Brilliant
Redbugdave is offline   Reply With Quote
Old 04-29-2012, 06:28 PM   #17
Full time employment: Posting here.
 
Join Date: Mar 2008
Posts: 637
If you had 36 months to live, which would you choose? From my perspective, if you have a plan, and are comfortable that it is properly funded, I would not trade more time on the job for more money. One never knows how long one has.....
__________________
bizlady is offline   Reply With Quote
Old 04-30-2012, 01:18 AM   #18
Full time employment: Posting here.
 
Join Date: Mar 2008
Posts: 698
So everyone knows, all options are still on the table. However, I have been in a position where decisions had been made before they announced the opening and interviews were just a formality. I have no idea what will happen in this case, but I'm prepared for anything. It does ease the mind knowing that what I would consider the worst case, is something we can survive and it includes a perk of retiring 5-6 months earlier than planned at not too hefty of a cost.
__________________
akck is offline   Reply With Quote
Old 04-30-2012, 08:13 AM   #19
Recycles dryer sheets
Backpacker's Avatar
 
Join Date: Feb 2011
Location: On a dirt road
Posts: 189
I have considered this possibility - if my boss leaves I would NOT apply for his position. (I am the EVP he is the CEO) Much to his amazement I told him I would not want his job. He thinks he has the greatest job in the world but I see mine as the greatest job in the world. I too worry about if a "bad" boss gets hired but figure I am in a pretty good position financially (totally debt free) so worst case I'd get a package on the way out. Planning on 2020 at the latest. I would be willing to act as interim CEO, and have a very good raport' with the board of directors that would make the hiring descision so hope I could have some input as the type of candidate that would fit in our organization.
__________________
"Up sluggard and waste not the day, in the grave will be sleeping enough." Benjamin Franklin
Backpacker is offline   Reply With Quote
Old 04-30-2012, 12:04 PM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,963
Quote:
Originally Posted by bizlady View Post
If you had 36 months to live, which would you choose? From my perspective, if you have a plan, and are comfortable that it is properly funded, I would not trade more time on the job for more money. One never knows how long one has.....
Why would "if you had 36 months to live" be more important than 'if you had 36 years to live' given the latter is far, far more likely? Unfortunately a few of us will go poof early/unexpectedly but since that's unlikely, makes more sense to plan on living a long time no? If I really thought I had 36 months to live, I'd up my WR to 30-40%...
__________________

__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 03:05 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.