Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Resignation counter offer
Old 03-07-2013, 02:22 PM   #1
Dryer sheet aficionado
 
Join Date: Feb 2013
Location: Small town in flyover country
Posts: 27
Resignation counter offer

DW and I consider ourselves FI and Firecalc gives us 100% success with a budget 45% higher than we are planning. Nevertheless, our plan was to keep padding our buffer and officially pull the plug next year.

However, some recent management changes and related BS (I'll give more details in another post -- it's better than most Dilbert situations!) finally pushed me over the edge and I tendered my resignation on Monday with DW's full support. Early retirement! Finally!

Then my boss just had to propose a counter offer that I couldn't refuse. I'm currently signed up to work another 3 months with an option to continue after that indefinitely. I'll only be working 4 days a week and my net will still be significantly higher than my previous salary. I also won't need to deal with some personnel issues that had been giving me headaches.

I am sure that many of you have also had to deal with golden handcuffs. Do you have any advice on how to approach this or suggestions on how to avoid pitfalls? I was very VERY clear that I would hold standard office hours and not work nights, weekends, or days that I am officially off work. What could possibly go wrong? DW and I are looking at this as a 3 month extension and then we'll definitely call it quits. Probably.

Thoughts?
__________________

__________________
Spirit of FIRE
Fean 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 03-07-2013, 02:30 PM   #2
Moderator Emeritus
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 33,705
You are the only one who can answer the question of whether the additional money is worth shortening the non-working time prior to your death delaying retirement by three months.
__________________

__________________
Numbers is hard...



REWahoo is offline   Reply With Quote
Old 03-07-2013, 02:35 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 8,525
Quote:
Originally Posted by Fean View Post
What could possibly go wrong?
What could go wrong? Easy. Later, when you're older and finally fully retired and free to do what you want to do with your time, you may look back and wish you had started retirement now.

Only you can determine how to best maximize the enjoyment of your own time here on earth. If working 4 days a week under improved conditions and more pay makes you happier than fully retiring (which you say you can easily handle financially), then work. If you'd be happier fully retired, then retire. You have to walk that path yourself. Just don't underestimate the value of time while you're noodling it over.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 03-07-2013, 02:45 PM   #4
Dryer sheet aficionado
 
Join Date: Feb 2013
Location: Small town in flyover country
Posts: 27
Quote:
Originally Posted by REWahoo View Post
You are the only one who can answer the question of whether the additional money is worth shortening the non-working time prior to your death delaying retirement by three months.
I agree wholeheartedly. Sorry for the confusion. I didn't mean to ask whether or not I should work the extra 3 months -- that's already decided and I'll honor my agreement with my boss. DW and I both believe that the money is worth it for 3 months.

I'm looking for feedback from someone who has been in a similar situation and encountered unexpected pitfalls. For example, I can imagine an ugly scenario where my co-workers find out about the sweet deal I got from management. I can take steps to handle that. Are there any non-obvious obstacles that I should keep an eye on during the next 3 months?

Thanks!
-Fean
__________________
Spirit of FIRE
Fean is offline   Reply With Quote
Old 03-07-2013, 02:54 PM   #5
Moderator Emeritus
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 33,705
Quote:
Originally Posted by Fean View Post
Are there any non-obvious obstacles that I should keep an eye on during the next 3 months?
Other than the very real possibility of contracting an acute case of anal glaucoma*, no.

*Losing the ability to see your @ss at work.
__________________
Numbers is hard...



REWahoo is offline   Reply With Quote
Old 03-07-2013, 03:10 PM   #6
Thinks s/he gets paid by the post
sengsational's Avatar
 
Join Date: Oct 2010
Posts: 1,202
Getting paid more for doing less work? I personally think that such an awesome "win" will allow you to live a longer an healthier life! I base that on the fact that those who have "won" (Nobel prize winners) tend to live longer than those who don't (Nobel prize candidates that didn't win).
__________________
sengsational is offline   Reply With Quote
Old 03-07-2013, 03:18 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 5,905
It makes no sense to me, but it is your life.
__________________
Feral Engineer - Idle Dandy
travelover is online now   Reply With Quote
Old 03-07-2013, 03:18 PM   #8
Thinks s/he gets paid by the post
Mulligan's Avatar
 
Join Date: May 2009
Posts: 3,709
Congratulations on your nice retirement stash! I will play master of the obvious. Most people wouldn't know how to answer this question, because they long retired before they had a 100% success rate while only needing 45% of it. With only a 3 month obligation, I wouldn't feel compelled to worry how others felt. Good luck in weaning yourself of money you don't need, but like to get. It has finally taken me 3 years, but I will be forever cured in 2 more months.
__________________
Mulligan is offline   Reply With Quote
Old 03-07-2013, 03:30 PM   #9
Dryer sheet aficionado
 
Join Date: Feb 2013
Location: Small town in flyover country
Posts: 27
Quote:
Originally Posted by Mulligan View Post
Good luck in weaning yourself of money you don't need, but like to get.
Wow, thanks Mulligan. I think that captured the heart of the matter. This thread was worth it just for me to see this quote.

Why couldn't you have written this to me a year ago?
__________________
Spirit of FIRE
Fean is offline   Reply With Quote
Old 03-07-2013, 04:45 PM   #10
Thinks s/he gets paid by the post
Bikerdude's Avatar
 
Join Date: Jul 2006
Posts: 1,690
Quote:
Originally Posted by Fean View Post
What could possibly go wrong?
Attached Images
File Type: gif Time $.gif (60.0 KB, 379 views)
__________________
“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
Bikerdude is offline   Reply With Quote
Old 03-07-2013, 04:51 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Posts: 7,249
Quote:
Originally Posted by Fean View Post
our plan was to keep padding our buffer and officially pull the plug next year...

However,

Then my boss just had to propose a counter offer...

I am sure that many of you have also had to deal with golden handcuffs.
Thoughts?
Take the money for now, it fits with your original plans and sounds like it ameliorates the negatives that pushed you to change your mind. If it turns out to be a PITA you can always say bye, bye.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 03-07-2013, 05:19 PM   #12
gone traveling
 
Join Date: Jul 2007
Posts: 333
Quote:
Originally Posted by Fean View Post
I'm looking for feedback from someone who has been in a similar situation and encountered unexpected pitfalls. For example, I can imagine an ugly scenario where my co-workers find out about the sweet deal I got from management.
I was in a similar situation the last two years I worked. I had already reached FI but I was given a much better position, more money, flexibility, etc, so I decided to stay on for "OMY" (which became almost two more years). Looking back, overall I'm glad I did it but I do regret the loss of the two more years working that I could have been enjoying in retirement. So I guess the unexpected pitfall for me was that I fell into the OMY trap (twice)
__________________
HighRoller is offline   Reply With Quote
Old 03-07-2013, 06:39 PM   #13
Thinks s/he gets paid by the post
 
Join Date: Feb 2011
Posts: 1,387
Quote:
Originally Posted by Mulligan View Post
Good luck in weaning yourself of money you don't need, but like to get........
Just another way to phrase the OMY Syndrome.
(Hey- I resemble that remark )
__________________
ERhoosier is offline   Reply With Quote
Old 03-07-2013, 06:53 PM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Meadbh's Avatar
 
Join Date: Jul 2006
Posts: 7,437
Congratulations. Three months is a short sentence time.

A couple of years ago I was persuaded to delay my departure date by a couple of months (for the good of the organization). As it happened, the extra time meant that I benefited from a raise. However, I was moving house, and this accommodation delayed my house sale until the market was saturated. I probably lost more on the house sale than I gained by working the extra time. YMMV.
__________________
For more about me, see my profile.
Meadbh is offline   Reply With Quote
Old 03-07-2013, 07:00 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 20,345
Quote:
Originally Posted by Fean View Post
Are there any non-obvious obstacles that I should keep an eye on during the next 3 months?

Thanks!
-Fean
I suppose the asteroid problem will be there, but you already know that.

Ha
__________________
Insanity in individuals is something rare-but in groups, parties, nations and epochs, it is the rule-Friederich Nietzsche
haha is offline   Reply With Quote
Old 03-07-2013, 07:25 PM   #16
Moderator
Ronstar's Avatar
 
Join Date: Aug 2007
Location: Somewhere between Chicago and Phoenix
Posts: 3,614
After reading the original post, I don't see much problem with the 3 month gig. But it sounds like the boss has his/her sights on a longer extension "option to continue after that indefinitely". I'd be prepared for mounting pressure from the boss to continue past the 3 months.
__________________
Ronstar is offline   Reply With Quote
Old 03-07-2013, 07:27 PM   #17
Thinks s/he gets paid by the post
 
Join Date: Jun 2007
Posts: 1,958
I wonder if a key part of this is the 4 day schedule. Since you can be very clear with everyone that you work part-time now, people generally are more respectful of the time and hour limits. Not sure why this works, but when I move to a 4 day a week schedule, it was not a 20% reduction in work hours but a 50% reduction as people were much less likely to make requests for extra work that had to be done overnights and weekends.

If for any reason they don't cooperate, you have no downside. Do the 4 days (no later nights) you agreed to, or stop coming into the office and retire. You were going to do that anyway. Use the boss as a gatekeeper if it come to that. But it probably won't.
__________________
growing_older is online now   Reply With Quote
Old 03-07-2013, 07:40 PM   #18
Thinks s/he gets paid by the post
Live And Learn's Avatar
 
Join Date: Feb 2012
Location: Tampa Bay Area
Posts: 1,129
I moved to a 3 day schedule for a period. I got 60% of my salary for 72% of my hours (ie: I went from 50 hours to 36 hours). Getting 100+% for 4 days with no O/T is fantastic. I'd do the 3 months also.

I agree with the other posters - your boss will probably pressure you into staying longer. If they need the position "indefinitely" I would suggest that you help them write the ad for your replacement so that they know that, not only are you serious, but you are ABSOLUTELY serious.
__________________
Original ER date set at Aug, 2013 (age 50). Succumbed to OTMY syndrome. New target of March 2015 (age 52).
No sense retiring if you can't sleep at night worrying if you have enough "cushion" in your numbers.
23 Mondays to go - assuming I don't chicken out again !
Live And Learn is offline   Reply With Quote
Old 03-07-2013, 07:42 PM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 6,356
I went to half-time about 5 years ago. I went to work every day, but folks had to re-arrange any meeting times since I got to work late and left early compared to everyone else. I also spend about 10% of my paid time out of the office altogether. I also dumped my hassle bucket at the same time and promoted my underling into my full-time position.

The danger is clearly that you end up working more hours than you originally had planned. Another danger is that people get pissed off at you because you can just blow everybody off. However, I must admit that it is quite empowering to blow everyone off.

If you do end up working more hours, can you get paid for those hours, too? As it was, my kids got older and left for college, so I found myself hanging around at work more, so I asked for more pay and got it.

Colleagues will be generally envious of you because they will not have the freedoms that you have. So as long as you are sensitive to that, you will do just fine. I found one way of being sensitive was to take folks to lunch often and just listen to them. I always pay for lunch.
__________________
LOL! is offline   Reply With Quote
Old 03-07-2013, 07:53 PM   #20
Dryer sheet aficionado
 
Join Date: Feb 2013
Location: Small town in flyover country
Posts: 27
Quote:
Originally Posted by Ronstar View Post
After reading the original post, I don't see much problem with the 3 month gig. But it sounds like the boss has his/her sights on a longer extension "option to continue after that indefinitely". I'd be prepared for mounting pressure from the boss to continue past the 3 months.
Thanks for the advice. I fully expect the mounting pressure. The good news is that I no longer care I think that a big part of why my boss offered such a good deal was that he knew I was completely willing and able to walk away at any time. That's a nice position to be in when you are negotiating a deal.
__________________

__________________
Spirit of FIRE
Fean is offline   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 07:54 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2014, vBulletin Solutions, Inc.

Early Retirement News right to your Email!

Stay up-to-date with all the latest news to your inbox!

unsusbcribe at anytime with one click

Close [X]