MuirWannabe
Thinks s/he gets paid by the post
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Yikes. My first thought on someone who fits this description exactly. Jerry Jones. Sure hoping he quits his job!
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What income did you give up?
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Yikes. My first thought on someone who fits this description exactly. Jerry Jones. Sure hoping he quits his job!
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travelover
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I think Buffett is only paid $100,000 a year with considerable expenses and everyone knows you can't live off BRK dividends. I think the poor guy has to work.
Danmar
Thinks s/he gets paid by the post
You will have to explain who Jerry Jones is. Never heard of him.
Corporateburnout
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Are you kidding? If not he is the owner of the most valued NFL franchise the Dallas Cowboys....
NW-Bound
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Yes, he should have diversified out of BRK and bought some divvy stocks. It's too bad he does not frequent this forum to join in the frequent threads about cap gain vs. dividend investing.
I also had to look him up. And I live in the US, not Canada.
GSMAN
Recycles dryer sheets
We are giving up around $260k when I retire next year at 57. We can live comfortably on 75k a year. Can't wait to be unemployed!!
Reading this thread I've come to the following conclusions.
1) I made a WHOLE lot less than most of the folks here - but still managed to retire at age 52... does that make me a winner (for retiring so young) or a loser (for making sub 100k... by choice since I was 80% part time AND stayed off the management track by choice.)
2) Shawn sounds like a really nice, compassionate person. And the folks who are critical do not sound as nice.
1) I made a WHOLE lot less than most of the folks here - but still managed to retire at age 52... does that make me a winner (for retiring so young) or a loser (for making sub 100k... by choice since I was 80% part time AND stayed off the management track by choice.)
2) Shawn sounds like a really nice, compassionate person. And the folks who are critical do not sound as nice.
Spanky
Thinks s/he gets paid by the post
You have done well. Comparison to others is a loser's game. Enjoy your retirement.
Ronstar
Moderator Emeritus
Great thread. Folks "give up" a lot of $ when they retire. But I suspect that the "give up" numbers are not even close to the numbers it would take for happy retirees to go back to work.
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NW-Bound
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Very true. I could have continued the part-time consulting work for an increase to 1.5x, or perhaps even less. But at this point, I would want more to go back to work, perhaps about 2x my previous rate. And as the sky must be falling if they would pay me that much, my retirement status is very safe.
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I semi-retired from circumstances very similar, at 57 earlier this year. I am still working about 1/3 time for 30%, which made the transition considerably easier. I've been skiing 2-3 times a week in the mornings and hiking a couple times a week for the last three months, with no discernible effect on life style. DW is younger and will continue to work for a few years, but she also took a 55-60% hit to salary by moving.
You can't get back your time, though, so if you have enough, you have enough--save for time.
I qualified two years earlier but continued to work, just to be sure. Don't regret the change.
You can't get back your time, though, so if you have enough, you have enough--save for time.
I qualified two years earlier but continued to work, just to be sure. Don't regret the change.
I just received my review, bonuses and raise this week. Annual salary and bonuses are right at $122,500. (4 weeks vacation, 4% 401K match, etc.) Not much different than past years. When I look at that number, I wonder if I am a fool to give it up. (I am giving it up, that thought just runs through my head a bit.)
Of course, even if I worked until I was 70, I would have the same issue. People would line up around the block for a job that paid that amount, but most would be unqualified.
If you got laid off and decided to FIRE, it’s not really a decision you made. If you requested severance and got it, that would be a decision you made. If you gave up a job and got a big pension, you only gave up a partial amount.
When you finally declared FIRE, what was your number that you gave up?
Yes. If you are happy/happier working than retired, then you go, man. One has to retire to something, not just from.
My mother has been a caretaker all her life, first for my brother, then her mother, then my father, which is what she does. I'm glad she can now rest a bit, at 82.
My mother has been a caretaker all her life, first for my brother, then her mother, then my father, which is what she does. I'm glad she can now rest a bit, at 82.
Out in 8 weeks. Salary $150k, bonus $30k - $70k. Car allowance, gas card, large expense account. Deferred comp program.
Went to part time making half that but just cannot keep doing it. Too burnt out. Taking the plunge.
Went to part time making half that but just cannot keep doing it. Too burnt out. Taking the plunge.
MuirWannabe
Thinks s/he gets paid by the post
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Yes, sorry about that Danmar. Jerry Jones owns the Dallas Cowboys. As owner he also amazingly places himself in the general manager role. An important role involving personnel decisions, strategy, and direction. It's his right if he wants. He owns the team. But for fans of the franchise it gets harder to swallow every year. Let's just say he is not a steady hand at the wheel and results on the football field have suffered. Along with fans. Hoping he'll give it all up and retire was just a passing fancy as I read your comment.
I'm sure I've sidetracked this thread enough. Sorry for the confusion. But I am jealous you've never heard of Jerry Jones. Wish I could say the same.
Muir
photoguy
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If you are happy then you are a winner. Nothing worse than trying to live according to other people's expectations.
Amethyst
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Some of us are compensated more than others - in terms of money. But nobody gets more than 24 hours in a day.
So from that perspective, those who capture more of those hours for their own lives, are the rich ones.
Amethyst
So from that perspective, those who capture more of those hours for their own lives, are the rich ones.
Amethyst
Danmar
Thinks s/he gets paid by the post
Thanks. I know the NFL is really big in the US. But most of the rest of the world doesn't even know what NFL stands for or where Dallas is.
MRG
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Some things aren't worth knowing. JJ is one human I wish I heard a lot less about.
You're a winner in my book. It's not all about the money. Work-life balance is also important. I see some in our management dealing with a bunch of political crap and suffering from burnout so I've got no desire or ambition to go higher.
I only started saving for retirement last year so I'm still working full time but I definitely plan on going on voluntary furlough (or maybe even a sabbatical) once the portfolio is bigger even if that means retiring a year or two later. I doubt the extra year or so in retirement would be very noticeable but having the extra time now would be precious.
EastWest Gal
Thinks s/he gets paid by the post
+1.
I only left money behind. (10 years X $150+K.) But I feel like I left myself behind in 1988 when I finished my residency and started practice. I'm still looking for me. Starting to find myself bit by bit.
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How much you gave up seems to be pointless because at some point in your life, if you plan on retiring, you have to give up dollars. Presumably, the longer your career, the more dollars you would give up.
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EastWest Gal
Thinks s/he gets paid by the post
And also the more years you give to that career.
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OP
OP
Senator
Thinks s/he gets paid by the post
Very true. But it is a lot different walking away at 56, with no SS or pension, than walking away at 65+. Or getting laid off and deciding to quit looking for work
True but there's a huge advantage, in my view, to retiring earlier, if you can, when you consider that life is finite. This assumes that someone would rather do something else with their life besides work. To hold on just for the money when you have a burning desire to live life on your own terms seems silly to me. I would say if you've won the game, walk away with all your winnings.
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