What a Wuss!

[dex]

Take your time. If you're hesitating, there is some reason. Give yourself time to figure it out.

Midpack, I know you have been thinking about ER for awhile. The above was my gut reaction when I read your post.
You have a plan and have been working the plan
All physicals done - check
Money in order - check
Plans laid out - check
Etc.

I gave my boss hints I was leaving and then firmed them up as I got closer to my date so they could find a replacement and I could train that person. Then I gave my written notice at a scheduled meeting. When that big day came it wasn't that much of a big day and none of my work or my manager's work would stop what was put in motion.

In short I had a mental schedule of dates to meet. I don't get that impression from your post.

Take your time and decide if ER is what you really want to do.
Good luck.

 

[Rambler]

Two lines of thinking, either you really aren't mentally ready, or you need a kick in the shorts. If you aren't ready, that's fine. Keep up the good work, and you'll be ready when you are ready.

If it is a kick in the shorts you need, here goes:

Whaddya gonna do, wuss out on telling your boss until its too late to retire before summer comes? Gonna wait until Autumn, just before the snow starts falling in Windy, and gonna be stuck inside all winter? That doesn't sound like the perfect way to kick off retirement to me...

R

PS: Full disclosure = Ya'll know I have a couple and a half years left. So long as the plug is not pulled for me, I will most likely be pulling the plug in December 2012, moving back home in January and buying the RV, picking it up late Feb to early March, prepping to go in March, and will then probably cruise for a month or so, be back by late May, and will likely go again a couple times over the summer. If December won't work for whatever reason, the absolute latest will be March 2013. I'll be darned if I'm gonna let my 52nd summer slip by with me stuck in an office somewhere.

 

[laurence]

One of the managers at work took a job somewhere else, they told another manager he would be taking on her work. The next morning an email came out from the Director stating the second manager had "announced his retirement". He's got 90 days until he's officially free but you can't wipe the grin off his face. He was just hanging around until as he put it, "wasn't having fun anymore". I think the director is drinking in the morning now, though!

Can you pick a date way off in the future? Or will they want you gone once they know you aren't really a company man anymore?

 

[Midpack]

"Look boss... I have been thinking of cutting back some on work... maybe work two or three days a week" (this is according to your commute.. longer means less days.. really short means less hours per day).... "Whadda ya think?"....

A scenario I've been playing with is a little trial retirment. My employer has an established policy for leave of absence or sabaticals.

I run the entire plant operation, almost 80 employees. Part time is not going to be an option. My boss is a VP at Corp HQ about 550 miles away.

It's a momentous decision and it would be amazing if you didn't want to sleep on it. When you proposed to DW, did you have the same hesitation? Or did DW propose to you?

DW is "behind me 100%." She has been very supportive.

Can't you get them to lay you off with a sweet severance package? Then you don't have to make the decision and you get to collect unemployment for, I think these days, about 17 years.

I assume you're jk. I would not want to go that way, my location is/has been the top performing location throughout my tenure. My reviews are glowing (blush) so I would have to very deliberately and conspicuously mess up - I could never do that even for a day.

Take your time. If you're hesitating, there is some reason. Give yourself time to figure it out.

It doesn't sound like your work is unbearable.

Actually work has become pretty tough in this economy, and the outlook for the next few years IMO is pretty grim. Not because of the company, but due to this economy.

Can you pick a date way off in the future? Or will they want you gone once they know you aren't really a company man anymore?

I wouldn't want anything too far off in the future because a) it will be difficult to be fully committed to my job once I announce, so a long period would be even more difficult for me, b) I know that some of my peers would realize that 'all we have to do is wait him out' which would reduce my effectiveness. In addition, there are 4 viable internal candidates to take my place so I would not be leaving them high and dry. And the Dept Mgrs I have in place are the most talented and cohesive group I've ever had.

Thanks to all of you for your funny and/or serious comments, I've enjoyed it more than you know. Again, just passing on up to 9 years of income (I am fortunate to be paid a great deal) just seems irresponsible, especially after working hard for decades to earn the job.

We'll see...

 

[Homebrew]

Sounds like you are in the same boat as my father-in-law. He's been thinking of retiring for 2 or 3 years now. But he told me that he's been doing his job so long that it's second nature, and working now was "like taking free money". FWIW, I say if there's no stress, just keep taking the free money.

 

[cj]

I understand - there's nothing like those paychecks coming in on a regular basis. I "retired" in 2006, played around with a little part-time job for a while then my ex-boss cajoled me to come back 3 days/week. (Caveat - it's a good company, good people, interesting work, good pay.) It's a sweet deal; I go to the office 2 days and work from home the 3rd day. So I've been back for 3 years now, and it's getting old again. I'm "ready" to leave again, but being a nice guy, promised to work through the busy season again, which is in October. And if I stay until Oct., I might as well stay until December (bonus time). So I've given notice that I'll be leaving the first of 2011. They still won't be ready to do without me then. We are FI (I've run the numbers so many times...) but DH is still scared of it all. He can't seem to stomach the idea of not getting the paycheck, so he keeps working. We'll see what happens next year.

So yes, it can be hard (for some of us, anyway) to pull the plug on w*rk!! I hear you!

CJ

 

[donheff]

One of the managers at work took a job somewhere else, they told another manager he would be taking on her work. The next morning an email came out from the Director stating the second manager had "announced his retirement".

Back in the 80s I worked for a guy who viewed me as the best candidate to replace him. He was a bit of a curmudgeon and wanted to retire with virtually no notice. Higher level management announced they were going to reassign me to a supervisory position in another division as part of reorganization. The next day my boss quietly told the Director that he was pulling the plug and my reassignment never took place.

 

[cardude]

If all the numbers line up financially (and it sounds like they do), and if you have definite plans for what you and your significant other (if there is one) are going to DO in retirement, then my advice would be to take the plunge and do it now.

However, if you just hate your job and don't have any definite plans for what do do in ER, then I would wait a year or two, make some more money, and come up with a good post-retirement plan.

The reason I give this advice:

I pulled the plug a little over a year ago because my car business was going down hill and I couldn't seem to stop it, and I didn't think the future looked like it would be much better either, and because I had enough money. I never had a real plan for what I would DO after retirement however, so I feel a little lost and not sure what do do with myself at times. I'll get it figured out, but I'm just saying that it would have been smarter (duh) to have a good post-retirement plan other than "do stuff around the house", "manage the money" (which doesn't need much managing really but don't tell DW that) and take care of the few rental properties we have. DW is still working for the next couple of years and we are attempting to come up with a good plan for when we are both not working. We are both young BTW-- in our mid 40's, and have kids 10 and 12 so we can't do anything totally crazy until they are out of school.

 

[DivinDave]

However, if you just hate your job and don't have any definite plans for what do do in ER, then I would wait a year or two, make some more money, and come up with a good post-retirement plan.
.

Likely a stupid question, but what do "definite plans for what to do in ER" include?

In my case I do dislike my position and I am financially able. I do care about the work I do, but there has been a high turnover and my dept has been understaffed for months. What I'm finding is that my position (whether fully staffed or not) robs me of the simple joys in life. I no long look forward to things (holidays and vacations, spring, summer, cottage, time with GF and family). I just sort of let these things happen and pass by like a sign on the roadside. Is this burnout and I don't recognise it?


I see my retirement including:

• exersize - I used to lap swim twice a week and would love to get back to it (and lose some weight). I also use to row (the long skinny racing shells), but don't see returning to that, but do own a rowing training machine for fitness (great shape hasn't been used in years)
• pray /meditate - I need to find me and the simple joys in life again
• spend quality time with my Mom and GF
• house repairs / home projects - have the time to get to simple things that nag like a stone in your shoe
• volunteer - I know there is alaways good work to be done somewhere. I can lend some assistance somewhere.

 

[Katsmeow]

Again, just passing on up to 9 years of income (I am fortunate to be paid a great deal) just seems irresponsible, especially after working hard for decades to earn the job.

Irresponsible to who? Irresponsible in what way? Is there no responsibility except to earn money?

I am also very well paid and by retiring (in my case possibly with a very light part time option continuing) at the end of this month I am giving up 9 years of income as well (versus retiring at 65). We even have kids in high school/college so could give them more if I worked 9 more years. And, yet...money isn't my only responsibility. There are responsibilities to people and to myself that aren't monetary in nature.

 

[Midpack]

Irresponsible to who? Irresponsible in what way? Is there no responsibility except to earn money?

I am also very well paid and by retiring (in my case possibly with a very light part time option continuing) at the end of this month I am giving up 9 years of income as well (versus retiring at 65). We even have kids in high school/college so could give them more if I worked 9 more years. And, yet...money isn't my only responsibility. There are responsibilities to people and to myself that aren't monetary in nature.

Thanks for your perspective and I understand what you're saying, I'm really on the fence about it. On paper, we're comfortably FI (2.6% WR at age 56), but there's no denying building an even larger nest egg (and continuing MegaCorp healthcare for a while longer) will make us even more secure. When I retire, there will be no pension and no private healthcare of any kind FWIW...

I'm thinking I need retire and plan on another job/career. Wrestling with:
a) retiring with no plan since we can afford to never work again, decompressing and then looking for work
VS
b) deciding what I would rather do and then retiring and moving directly from this career to the next with essentially no break.

Again, thanks to all of you for your comments.

 

[Rambler]

But, if you plan on another career even though you don't need to, and are not terribly dis-satisfied where you are, why hang up the stirrups? Or is it a bit of boredom? Too much stress? I think if I wasn't bored or overstressed or didn't have something else I really wanted to do, I'd just stick it out a while longer...

R

 

[Tadpole]

Angry/frustration is a great activator

Who knows what will happen tomorrow, hopefully someone will really make me angry for no reason.

That's the way it happened to me about a month ago. I was talking to my supervisor who had his own orthogonal fantasy swimming in his head. After half an hour of talking and not being able to focus his attention on the matter at hand, I realized I no longer had to endure such frustration. My retirement plans were blurted out in short order. I had been procrastinating for quite awhile but, after the fact, when I was asked to reconsider if I really "wanted" to leave, I could only say - yes.

So here is my question - If you had announced that you were going to retire already and were given a chance to change your mind - would you change your mind and continue to work or would you continue with your retirement?

 

[donheff]

I'm thinking I need retire and plan on another job/career. Wrestling with:
a) retiring with no plan since we can afford to never work again, decompressing and then looking for work
VS
b) deciding what I would rather do and then retiring and moving directly from this career to the next with essentially no break.

It sounds like you are already committed to working for some future period. I hope you have also already concluded that you don't like your current job or else why quit at all? (I can't remember enough of the thread to remember if you already answered that question - please ignore if you have.)

 

[dex]

Thanks for your perspective and I understand what you're saying, I'm really on the fence about it. On paper, we're comfortably FI (2.6% WR at age 56), but there's no denying building an even larger nest egg (and continuing MegaCorp healthcare for a while longer) will make us even more secure. When I retire, there will be no pension and no private healthcare of any kind FWIW...

I'm thinking I need retire and plan on another job/career. Wrestling with:
a) retiring with no plan since we can afford to never work again, decompressing and then looking for work
VS
b) deciding what I would rather do and then retiring and moving directly from this career to the next with essentially no break.

Again, thanks to all of you for your comments.

I agree with donoff and and would add that you have been on this board for 2+ years. You've had the opportunity to make posts and read the posts of others who were/are wrestling with the issues/questions about ER. Your concerns sound like those of a person's first post. You should have read similar concerns by others and the replies in the past. Considering that, I'm surprised at the concerns.

The items you are wrestling with can be addressed while working and would be wiser considering the state of the economy.

I think you were wise not to tell your boss you were quitting. You are not under any time pressure for your decision. I would suggest you wait.

Aside from looking at money; what other aspects of ER planning have you done?
Health
Location to live
Plans for after leaving work
Support to follow through on your plans
etc?

 

[tryan]

Reminds of a manager in megacorp who "quit" out of fustration with his boss; only to beg for his job back. He was demoted and worked for several years for promoted underling.

Some have no pride.

 

[Gotadimple]

Midpack:

You are at burn out. You have several choices:

Quit
Quit, and look for a different career
Suck it up, and continue working, so you feel more comfortable about your nest egg

If you can't make a decision among those, then, you need to stay where you are and find a way around those things that bother you the most about work. If you can't see your way around those emotional obstacles, you have two other choices:

Seek counseling
Quit

How would you like to spend the rest of your life? In 40 years you won't be saying, I should have stayed on to help the others who I left behind at work. Guaranteed.

Been there, done that. Retired now.

 

[audreyh1]

I'm thinking I need retire and plan on another job/career. Wrestling with:
a) retiring with no plan since we can afford to never work again, decompressing and then looking for work
VS
b) deciding what I would rather do and then retiring and moving directly from this career to the next with essentially no break.

I think whatever you do, a break is in order. Decompressing (which takes at least 6 months) really helps refresh everything so you can see your life with new eyes and be open to far more possibilities than you can be while bogged down at work. You can catch up with a lot of personal stuff in the meantime, thus clearing the decks for any future move.

Think of it as a sabbatical.

Personally, I think it's OK to retire, take a break, and then try to figure out what is that next career and start seeking the work.

It just seems really hard to do that while working. However, it's not impossible if you can at least extricate yourself from the 100% demands of the current job. But if the current job is NOT taking all your creative energy, then maybe you can figure this out while still working - if it is important to you to do it that way.

Audrey

 

[ziggy29]

Personally, I think it's OK to retire, take a break, and then try to figure out what is that next career and start seeking the work.

I would agree with this. Normally I'd caution that it's not really a good time to be leaving a j*b if you may have to work again at some point, since this isn't the best of times to be a job seeker. But since it was disclosed that he can "afford to never work again," that becomes less of a concern.

 

[audreyh1]

Well - any further thoughts on your situation?

Audrey

 

[Midpack]

Well - any further thoughts on your situation?

Audrey

Nothing, still a deer in the headlights. It all comes down to how much is enough FI security? All the numbers makes sense, but I can't get past the 'never too much' mindset. Thanks for asking, who knows maybe I'll be braver tomorrow...

 

[W2R]

It's a lot easier to pull the plug when you have more than you need, like I did.

(You can imagine footage of me gleefully jumping out of an airplane and laughing maniacally while pulling that ripcord with a loud "RIPPPP!!" sound, and not a care in the world.)

The only thing is that the time can never be regained. If the difference was ten seconds, I would wait and I wouldn't care. If it was 20 years, I would care. Somewhere between ten seconds and 20 years lies the "sweet spot" representing what that sense of financial security is worth to me. For me it was either wait a couple of years, or not, and I guess I am glad I waited. But if I had had to wait much longer I would really regret it.

 

[smjsl]

In "worst case scenario" can you make it on 50% of your planned WR? If so, I'd pull the plug. If not, then no advice from me - might still be good to pull it or maybe not - I just don't know... I think when the time comes for me to decide, I'd like to plan for twice the bare-minimum amount to give me that balance...

 

[NW-Bound]

Midpack, I read your post about possibly going back to work but doing something else. So, are you really ready to retire, or just burned out at the current job? If your financial condition is like you describe, then perhaps you are afraid of the question "What are you gonna do all day"!

I would say it is safest for you to continue your work for a little while, while pondering to see what you really want to do.

 

[Spanky]

Obviously, Midpack is not completely ready to pull the plug as he's having some doubts and reservations.