Ugh! How do I survive 3 more years?

[Floridatennisplayer]

I'm fried, burned out in my position. High pressure medical device sales. Just turned 62, 3 more years till Medicare, SS, and annuity. This will cover all my expenses. No touching my money! Now I'm thinking, sticking it out 2 years, taking a year off and paying for my own healthcare. Just don't think I can do 3 years without snapping and you reading about me in the paper...lol.

Any helpful hints?

 

[jimbee]

I'd be inclined to quit now, but I don't know your financial situation. Something to consider is working until you're 63.5, take COBRA for 18 months, then start Medicare.

 

[brucethebroker]

I'd be inclined to quit now, but I don't know your financial situation. Something to consider is working until you're 63.5, take COBRA for 18 months, then start Medicare.

I agree. When my career crashed and burned at age 57, I wish I would have just known to hang in there and survive to age 62 for early SS. Sure would have taken the pressure off!

Why not look into something different/fun to do for 2-3 years? If you made some money, even if less than you now make, that could make a huge difference in your finances long term.

I have a "hobby job", and am fulfilled and happy working PT. And the money is OK for the effort expended. Reconsider early SS-it can be a pretty good deal.

 

[gamboolman]

I understand your angst partner as I am in a similar spot.
I have 2 yrs & 8 months to go.....
For us, the additional discretionary monies we will gain by working to the target date is substantial.
I do believe that once we hit the 2 year mark that time will at least for me in my job - start to go by pretty fast......until then
Hang tuff

 

[travelover]

I'd reconsider the no touching my money thought. Money is there to ease the pain for what life throws at us. Can you pay your own way for a few years, then rely on SS, annuity and Medicare?

 

[IMATERP]

Quality of Life is more important than money. I've got about 11 months to go.

I've made the decision to retire at 57 1/2. I'm planning to pay for healthcare via my wife's job. She works at a hospital and it would cost me $300 a month to go on her plan. Our house is paid off and my spending is very low - hence it will not cost much to get me to age 60.

Age 60 = State Pension (w/blended SS,) Free State Healthcare, & thanks to you guys, I'm planning to transfer $200K from my IRA to the Vanguard Managed payout fund. This will equate to approximately $3,350 per month. Way more than I spend in a typical month.

If inflation rears its ugly head or I encounter some unknown affect, then I'll do something part time to earn a few extra dollars.

Regarding Ugly, Stressful Jobs, - I think about the Rock Star, Meatloafs words - in one of his songs when he sings "But I won't do that!"

Life is supposed to be fun! God did not put us here to be miserable.

Michael

 

[Mdlerth]

My megacorp goes through restructurings routinely with every new executive. It's the only page in their playbook. Could you proactively volunteer to "take one for the team"? You might walk with a severance package that could help bridge your gap, and you'd be preserving a job for someone who really needs it. Win-win!

 

[2017ish]

I'd reconsider the no touching my money thought. Money is there to ease the pain for what life throws at us. Can you pay your own way for a few years, then rely on SS, annuity and Medicare?

Agree with this. Why have money if you aren't going to touch it--especially if your job is that bad? If, for example, you have saved only 3X your annual spending level, including health stuff (but the annuity & SS cover all your spending after 65), just cash out everything, put it in savings account/CDs and quit today.

If you have considerably more than 3X your spending, it would be even sadder to keep working in the situation you describe. Usually, the only guarantee is that you won't have as many good retirement years in your horizon if you work to 65 rather than stopping today. Here, you have the additional guarantee of being miserable for those three years. Seems like an easy call.

 

[fosterscik]

thanks to you guys, I'm planning to transfer $200K from my IRA to the Vanguard Managed payout fund. This will equate to approximately $3,350 per month. Way more than I spend in a typical month.

Michael

Double check your math on this one. The fund targets a 4% payout:
200k*0.04/12 = $667 per month.

 

[Aiming_4_55]

Sorry to read about the stressful situation.

It sounds like you have savings, but don't go into any details why you would not spend any of it. I would review the budget and see how you can fund the next 3 years, since expenses are covered once you hit 65.

If you are thinking you really need to work, take as much time off as possible (paid and unpaid), i.e. paid vacations, paid and unpaid leave of absence, etc.

Any internal transfer opportunities for less stress and pay?

If you are in high pressure sales, what happens when you miss several quarterly targets? Is it worth getting laid off? Unemployment provides some $$. Cobra will help bridge the gap for 18 months of healthcare with a cost.

 

[exnavynuke]

Double check your math on this one. The fund targets a 4% payout:
200k*0.04/12 = $667 per month.

I think that was the total between the payout for the fund plus the state pension amount.

 

[IMATERP]

Double check your math on this one. The fund targets a 4% payout:
200k*0.04/12 = $667 per month.

Got it - my Pension is expected to be around $2,700 a month. This, in addition to the $667 puts me at around $3,367 a month with a paid off house AND a very simple life..

M

 

[Floridatennisplayer]

Hey guys..thanks for the replies. I really appreciate your thoughts.

As far as current financials...I am in very good shape. House and condo in Florida are paid for. I have a friend who rents my condo for 3 months each winter which actually covers all my condo fees and RE taxes. No debt. Expenses and I mean everything Fidelity could find are at 67k per year and that includes me paying for the condo fees and taxes. Have in the neighborhood 1.5 mill in 401k and savings combined.

Yes, my crazy issue is giving up a substantial income, at least for me (165k salary, bonuses and also get a car allowance) for a few years vs. dealing with it. I could take a low stress job, but hate the thought of giving us money for my, the kids, grandkids future.
Some of my buddies say..why let it bother you? I guess I shouldn't, but for me it's hard not to. I'm sure others would be glad to trade places with me. Wish I had that care free worry free attitude.

Perfect example, got an email last night from my hyper type A manager. Here's the quote. "Rod, I'm going to come into town next Wednesday afternoon and spend the day with you Thursday. Let's get some people out to dinner Wednesday night. I look forward to a productive few days." Ugh, thanks for the short notice, and a few days before Easter. Why don't we just make calls on Easter morning!

Thanks for listening. Verbalizing on here has actually helped ...kind of like therapy I guess.

 

[2017ish]

...

Yes, my crazy issue is giving up a substantial income, at least for me (165k salary, bonuses and also get a car allowance) for a few years vs. dealing with it. I could take a low stress job, but hate the thought of giving [up] money for my, the kids, grandkids future.
....

A theme/temptation experienced by many on this forum.

For us, we really weren't tempted by continuing to save more each year than we plan to spend in retirement. Retiring while still relatively fit/able to do adventure travel was more important than stacking up more $$ just to add another digit to the left hand side of the decimal point. BUT, that was our call and may not be yours. Good luck!

 

[kgtest]

I'm fried, burned out in my position. High pressure medical device sales. Just turned 62, 3 more years till Medicare, SS, and annuity. This will cover all my expenses. No touching my money! Now I'm thinking, sticking it out 2 years, taking a year off and paying for my own healthcare. Just don't think I can do 3 years without snapping and you reading about me in the paper...lol.

Any helpful hints?

dive into a hobby you plan on doing in retirement early...doing this hobby 2x a week to take the mind off how bad work is. try to reconnect or build stronger bonds with those you love in the next couple years...start planning retirement trips to visit interesting places and old friends. You can do it.

 

[Spanky]

dive into a hobby you plan on doing in retirement early...doing this hobby 2x a week to take the mind off how bad work is. try to reconnect or build stronger bonds with those you love in the next couple years...start planning retirement trips to visit interesting places and old friends. You can do it.

Sounds like a good advice. Focus on living to the fullest extent as opposed to acquiring wealth.

 

[bobandsherry]

I am, or rather was in same situation as you, including your salary and type of manager. The difference is I was several years younger, only 54. Finally had enough, gave my notice and just completed my first year of retirement. Haven't had any regrets and doing well financially. Life is wayyyyyy​ to short, enjoy it!

 

[Carpediem]

Perfect example, got an email last night from my hyper type A manager. Here's the quote. "Rod, I'm going to come into town next Wednesday afternoon and spend the day with you Thursday. Let's get some people out to dinner Wednesday night. I look forward to a productive few days." Ugh, thanks for the short notice, and a few days before Easter. Why don't we just make calls on Easter morning!

That email (and attitude) make my skin crawl. I've been in a similar life-sucking situation and I still get angry when I think about it. Fortunately, my wonderful megacorp decided to "cut" my job and set me free. It was at that point I made the decision to give up the 6-figure salary and return to individual contributor role. I took a $25k+ cut in pay but I was so much happier. And because I was happier I did a great job for my new employer and returned to 6-figures within 3-4 years.

As others have stated, life is way too short to put up with that B.S. no matter what the salary is. You can't take it with you so start enjoying your new life as soon as possible. (Just make sure you are prepared for healthcare costs.)

 

[travelover]

Here is a dash of cold water - actuarial life expectancy at age 62 is just under 20 years. The days of having seemingly infinite years ahead to do the things you've been putting off are gone and now you have maybe 10 good, healthy years left. After that, travel and strenuous activities will be much harder. Do you really want to suffer through the 3 youngest years you have left so you can leave a little more to your kids or enjoy the status of a high salary and a car?

I know it is a paradigm shift after a life of working hard and saving, but it is the stark reality - time is finite and money is useless when you are dead.

 

[Red Badger]

Here is a dash of cold water - actuarial life expectancy at age 62 is just under 20 years. The days of having seemingly infinite years ahead to do the things you've been putting off are gone and now you have maybe 10 good, healthy years left. After that, travel and strenuous activities will be much harder. Do you really want to suffer through the 3 youngest years you have left so you can leave a little more to your kids or enjoy the status of a high salary and a car?

I know it is a paradigm shift after a life of working hard and saving, but it is the stark reality - time is finite and money is useless when you are dead.

This is EXACTLY why I am pulling the plug in ~3 months at 60 YO. I decided that my DW and I needed to spend our remaining healthy years doing what we love. We'll burn through perhaps 12-15% of our portfolio until both start SS in 2 years. After that, our burn rate will drop below 4%. Also some pension $$ to assist. I would like to leave something behind, but it is not a huge priority.

 

[iloveyoga]

Life is too short to be miserable. You might be surprised at what other opportunities could come your way.

 

[iloveyoga]

PS, it is hard to give up the large paycheck but you get used to it. If I had known what it was like to be free, I would have left sooner.

 

[joeea]

I'm fried, burned out in my position. High pressure medical device sales. Just turned 62, 3 more years till Medicare, SS, and annuity. This will cover all my expenses. No touching my money! Now I'm thinking, sticking it out 2 years, taking a year off and paying for my own healthcare. Just don't think I can do 3 years without snapping and you reading about me in the paper...lol.

Any helpful hints?

Once the end is in sight, and you have planned well, it's amazing how quickly the remaining time speeds by - at least in my experience.

 

[simple girl]

Yes, my crazy issue is giving up a substantial income, at least for me (165k salary, bonuses and also get a car allowance) for a few years vs. dealing with it. I could take a low stress job, but hate the thought of giving us money for my, the kids, grandkids future.

So your primary goal is to leave money to your kids/grandkids and also have more money for yourself?

Is anything else important to you? Are you able to spend enough time with your family? Or does work get in the way? Is there anything else you wish you had more time for?

What I'm getting at is you need to define what is most important to you - money, or more time to do things you enjoy?

I think that will help you make your decision. Everyone has different priorities.

 

[travelover]

......... it's amazing how quickly the remaining time speeds by - at least in my experience.

Yea, but you are speeding to your death - the end point is the same. It is not like you get to tack on 3 more years to the end.