Three Months from My Retirement and......

[erkevin]

my wife was notified yesterday that her position is being eliminated at the end of May. She had planned on working several more years and her salary, etc. was figured into our 30 year plan. And, of course, those numbers allowed me to RE.
She was told that they would find her another position but no guarantee of salary.
Not a good Friday

 

[Big_Hitter]

that stinks!


hope you get it figured out

 

[Calico]

my wife was notified yesterday that her position is being eliminated at the end of May. She had planned on working several more years and her salary, etc. was figured into our 30 year plan. And, of course, those numbers allowed me to RE.
She was told that they would find her another position but no guarantee of salary.
Not a good Friday

What a punch in the gut - I am so sorry to hear this.

Having said that, was your employer already aware of your plans to leave - had you already given notice? If not, can you reevaluate your plan and stick it out a bit longer at your j#b, at least until you see how things shake out with your wife's new salary?

Best of luck to you as you go forward.

 

[ProspectiveBum]

What a punch in the gut - I am so sorry to hear this.



Having said that, was your employer already aware of your plans to leave - had you already given notice? If not, can you reevaluate your plan and stick it out a bit longer at your j#b, at least until you see how things shake out with your wife's new salary?



Best of luck to you as you go forward.

Agreed, what a bummer! I agree with Calico, depending on your status with your employer, the timing of this might be fortuitous, since it could allow you to flex your plans based on what happens with your wife's position/salary. Certainly better than happening the day after you retire.

Good luck.

 

[travelover]

Ouch. Sorry to hear this.

 

[Senator]

Definitely a bad deal.

That is why a contingency plan needs to be in effect, no matter when you retire. Your wife losing her job was always a possibility, and if you really need her income you are not really retired. You are a stay at home dad, or similar.

Factor a retirement plan that you can both work, and both leave at the same time. If you still want to work, that is a lot different than if you have to work.

 

[2017ish]

What a punch in the gut - I am so sorry to hear this.

Having said that, was your employer already aware of your plans to leave - had you already given notice? If not, can you reevaluate your plan and stick it out a bit longer at your j#b, at least until you see how things shake out with your wife's new salary?

Best of luck to you as you go forward.

OP gave his notice 1/20 or thereabouts to set pension start date, per another post: http://www.early-retirement.org/forums/f29/class-of-2016-a-56133-3.html#post1685638 Sounded like a fairly large/paper-driven workplace, but with some possibility of flexibility for him.

Agree with all of the above OP, bummer, good luck, and hopefully you have some flexibility...

 

[Options]

That's just bad luck, and yet one more story that proves my point relying on any employer is a mistake.

Wade Pfau does an excellent job of analyzing retirement risks below. Your wife's job loss is an example of such risk:

Breaking down retirement risks - MarketWatch

for households relying on part-time work in retirement, this human capital is part of the assets on the household balance sheet. But there is a risk of losing one's job involuntarily before the planned retirement date, or being unable to maintain desired part-time employment in retirement. Such unexpected job loss could be further compounded if it becomes necessary to sell assets at depressed prices to meet expense needs.

Substitute "part-time" with "wife's job" and you have your situation exactly. It's a lesson to all to regularly assess retirement risks before and after retirement.

See this for a better breakdown of Pfua's analysis:

Retirement Risks - Longevity and Taxonomy

 

[Calico]

OP gave his notice 1/20 or thereabouts to set pension start date, per another post: http://www.early-retirement.org/forums/f29/class-of-2016-a-56133-3.html#post1685638 Sounded like a fairly large/paper-driven workplace, but with some possibility of flexibility for him.

Agree with all of the above OP, bummer, good luck, and hopefully you have some flexibility...

Oh dear - that's unfortunate. Here's hoping the OP's wife's new salary will allow them to stick to the original plan, and if not, then perhaps his employer will work with him.

 

[erkevin]

Update-
My wife was offered a contract for about 7% less in salary. Not life or death, She is not thrilled about the position as it is a position she had 25 years ago, but will make it work.
My FIRE is still on for June......yeah!

 

[Calico]

Congrats on moving ahead with your plan to retire. Perhaps if you have dinner on the table every night when your wife gets home, that will take the sting out of the 7% drop!

 

[Philliefan33]

Congrats on moving ahead with your plan to retire. Perhaps if you have dinner on the table every night when your wife gets home, that will take the sting out of the 7% drop!

A bit OT from the OP's post, but I'll second this idea. It doesn't have to be dinner, but if you take over any of the household chores it will be appreciated by your DW. I speak from experience-- DH retired before me, and (without prompting from me) took over the vacuuming and dusting. It sure was nice to come home to a clean house!

 

[2017ish]

Update-
My wife was offered a contract for about 7% less in salary. Not life or death, She is not thrilled about the position as it is a position she had 25 years ago, but will make it work.
My FIRE is still on for June......yeah!

Well, once you remove your salary, maybe the marginal rate decrease will make up for it? (Depending upon relative size of your pension.)

Agree with others--dinner on table, clean house, etc. (Many years as Stay at Home Parent--I learned what DW liked!)

 

[mystang52]

One more reiteration, here, about having the house neat when DW gets home. My DW was fully supportive of my ER,but nevertheless I didn't want to "flaunt it."
In my first week or so I made it a point to not be home when she was scheduled to get home from w*rk - I just didn't want her to see a blatant reminder of my ER as she comes home and maybe seeing me in front of the TV.
But more importantly, I made sure the dishes were in the dishwasher, or clean ones unloaded from the dishwasher, no clutter, etc.

 

[erkevin]

OK- great suggestions, but I already do pretty much all of the housework. I have done all of the cooking and grocery shopping for the past 26 years. I also do the laundry and the general house cleaning.
My wife is referred to as "Princess"!

Believe it or not, I enjoy taking care of the household so that part of retirement, I am really looking forward to.

 

[FI by 2024]

OK- great suggestions, but I already do pretty much all of the housework. I have done all of the cooking and grocery shopping for the past 26 years. I also do the laundry and the general house cleaning.
My wife is referred to as "Princess"!

Believe it or not, I enjoy taking care of the household so that part of retirement, I am really looking forward to.

Another off topic comment, but if you ever decide to start consulting might I suggest you coach other husbands??

 

[tps7742]

Definitely a bad deal.

That is why a contingency plan needs to be in effect, no matter when you retire. Your wife losing her job was always a possibility, and if you really need her income you are not really retired. You are a stay at home dad, or similar.

Factor a retirement plan that you can both work, and both leave at the same time. If you still want to work, that is a lot different than if you have to work.

Straight forward and directly to the point. Your points are very valid and real world for sure!!

Congratulations to the OP for his plan on retiring. Hold it down on how you spoil your wife it may get out to our wives. Lol

 

[tps7742]

Another off topic comment, but if you ever decide to start consulting might I suggest you coach other husbands??

Uh oh see what I mean it's catching on already.

 

[ivinsfan]

Update-
My wife was offered a contract for about 7% less in salary. Not life or death, She is not thrilled about the position as it is a position she had 25 years ago, but will make it work.
My FIRE is still on for June......yeah!

A little bit of a red flag, in your wife's mind she had been moved downward, which always stings. After over 25 with the company it probably really stings.Be prepared for her to decide she wants to join you in ER. I get your yeah!!! but your DW is probably not very happy right now.

 

[erkevin]

A little bit of a red flag, in your wife's mind she had been moved downward, which always stings. After over 25 with the company it probably really stings.Be prepared for her to decide she wants to join you in ER. I get your yeah!!! but your DW is probably not very happy right now.

Very true. I should temper my enthusiasm around her. She said she does not want to retire now because being with me full-time might result in my death!

 

[Calico]

OK- great suggestions, but I already do pretty much all of the housework. I have done all of the cooking and grocery shopping for the past 26 years. I also do the laundry and the general house cleaning.
My wife is referred to as "Princess"!

Believe it or not, I enjoy taking care of the household so that part of retirement, I am really looking forward to.

Do you have any brothers?

 

[Sarah in SC]

Do you have any brothers?

No kidding! I must be doing something wrong!

 

[erkevin]

I am nothing special. I grew up without parents (both alcoholics, it killed my mother when I was 12), so i have fended for myself since I was fairly young. Cooking, cleaning, laundry is what i had always done, so I continued to do it. My wife was/is smart enough to not argue about it!

 

[Calico]

I am nothing special. I grew up without parents (both alcoholics, it killed my mother when I was 12), so i have fended for myself since I was fairly young. Cooking, cleaning, laundry is what i had always done, so I continued to do it. My wife was/is smart enough to not argue about it!

Sounds like we had almost identical upbringings.

I am glad that you get to enjoy retirement now on your own terms. You've paid your dues in more ways than one, that's for sure. Enjoy the h#ll out of your retirement!