Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
What income did you give up?
Old 01-27-2016, 06:33 PM   #1
Thinks s/he gets paid by the post
Senator's Avatar
 
Join Date: Feb 2014
Location: Eagan, MN
Posts: 3,070
What income did you give up?

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?
__________________

__________________
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
Senator is online now   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 01-27-2016, 06:37 PM   #2
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 8,817
I wasn't offered severance, nor laid off. So I walked away from about $100k (inclusive of bonus and 401k match, gross pay).

I could have made more - but I had negotiated a 4 day/32 hour week years earlier. I'd also firmly/forcefully stepped OFF the management track.

Sure, the money was nice - but so is the time.

Senator - you have assets/income coming out of your ears... why are you worried about it?
__________________

__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
rodi is offline   Reply With Quote
Old 01-27-2016, 06:42 PM   #3
Thinks s/he gets paid by the post
Senator's Avatar
 
Join Date: Feb 2014
Location: Eagan, MN
Posts: 3,070
Quote:
Originally Posted by rodi View Post
Senator - you have assets/income coming out of your ears... why are you worried about it?
I know, it's still difficult. I hate leaving money on the table, I guess it's my entrepreneurial nature. I have planned a few trips already, and have taken a couple too.

I even just bought another rental that will bring in another $6K a year and is worth about 2x what I paid. (3x according to Zillow.)
__________________
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
Senator is online now   Reply With Quote
Old 01-27-2016, 06:43 PM   #4
Thinks s/he gets paid by the post
Big_Hitter's Avatar
 
Join Date: May 2013
Location: In the fairway
Posts: 4,099
you need to add in the cost of benefits too...sorry to make it seem worse
__________________
Swing hard, look up
Big_Hitter is offline   Reply With Quote
Old 01-27-2016, 06:44 PM   #5
Recycles dryer sheets
jfn111's Avatar
 
Join Date: Jan 2014
Location: Bloomington, MN
Posts: 205
I walked at 55 from around $110,000 + company car and that magic gas card. (The wife had a car but I hadn't had a personal vehicle in 28 years since I sold my 1970 corvette.)
The hardest was the 15% company 401K contribution
__________________
jfn111 is offline   Reply With Quote
Old 01-27-2016, 06:46 PM   #6
Thinks s/he gets paid by the post
MasterBlaster's Avatar
 
Join Date: Jun 2005
Posts: 4,359
Financially, it's almost always best to keep working.

But you only live once, how many good years do you have before being housebound ?

Ask yourself, do you want more time in retirement or more money in retirement ?

Cant' help you with a forsaken number, I'm still working - So what do I know !
__________________
MasterBlaster is offline   Reply With Quote
Old 01-27-2016, 06:48 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 5,460
My heart bleeds for you all. Think the last time I worked for someone as an employee I was pulling down about $15k... per year. Working for yourself does make it tougher to figure out if you are retired though.
__________________
calmloki is offline   Reply With Quote
Old 01-27-2016, 06:54 PM   #8
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,579
Quote:
Originally Posted by Senator View Post
When you finally declared FIRE, what was your number that you gave up?
Many hundreds of thousands of $. Not from my old job, but by moving away from the DC area and not staying and working for a "beltway bandit" AKA federal govt. contracting company. At the time I was at the top of my game in a niche field, computer forensics. Essentially it is data recovery combined with a detailed knowledge of applicable search and seizure law regarding data on electronic devices. Lots of little "gotchas" if you don't know what you're doing.

Then, when starting with one of those companies discussion began at six figures. I walked away from it at age 52. One of the guys I used to work with is now VP of something-or-other at General Dynamics, another was earning six and a half figures ten years ago. Six months before I retired a guy at Lockheed Martin all but begged me to call him when I retired but we'd already signed the contract on the house in WV and I never called.

I'm fine with it. It was never a goal for me to make gobs of money - no one goes into law enforcement for the money. Six months after we moved my sister said "You two look more relaxed than I've seen you in years". Money won't buy that.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
What income did you give up?
Old 01-27-2016, 06:56 PM   #9
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 3,008
What income did you give up?

I left because I was sick of toxic politics. Salary plus bonus a little over $100k/year. If I'd stayed till age 65, 4 more years, under some pretty reasonable assumptions I'd have had another million in investments, but chances are it would just end up going to DS someday and he says he doesn't want my money, bless him.

I have to admit I do get jealous when former coworkers post on FB from London, Zurich and Bangalore, where they're traveling on the company dime. I love those places.
__________________
athena53 is offline   Reply With Quote
Old 01-27-2016, 07:00 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Oct 2012
Location: Colorado Mountains
Posts: 2,147
Somewhere around $70k. Our area was busy cutting pay and benefits, so its hard to tell exactly. That number is after pension and a small SS both of which I started at retirement. Would have done it earlier, but had kids in college.
__________________
Hermit is offline   Reply With Quote
Old 01-27-2016, 07:01 PM   #11
Thinks s/he gets paid by the post
Souschef's Avatar
 
Join Date: Dec 2015
Location: Santa Paula
Posts: 1,200
I walked away from 90+ K. I got a new boss, and he started bringing his own people in, plus I did not get a raise in 2 years. I knew it was time.
I do not regret it one bit.
__________________
Retired Jan 2009 Have not looked back.
AA 50/45/5 considering SS and pensions a SP annuity
WR 2% SI 2SS & 2 Pensions
Souschef is offline   Reply With Quote
Old 01-27-2016, 07:01 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,983
IMHO it would be crass to be specific, but I walked away from a lot. The concept of "enough" took hold sometime after I reached 50 years old. After 4 years, no regrets...
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 01-27-2016, 07:04 PM   #13
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,949
I have more than enough money to live comfortably in retirement. I would probably still live about the same way if I had more money. So, in a sense, I didn't lose a penny. Besides, there's this to consider:

__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 01-27-2016, 07:06 PM   #14
Thinks s/he gets paid by the post
 
Join Date: Oct 2012
Location: Colorado Mountains
Posts: 2,147
Quote:
Originally Posted by Walt34 View Post
Many hundreds of thousands of $. Not from my old job, but by moving away from the DC area and not staying and working for a "beltway bandit" AKA federal govt. contracting company. At the time I was at the top of my game in a niche field, computer forensics. Essentially it is data recovery combined with a detailed knowledge of applicable search and seizure law regarding data on electronic devices. Lots of little "gotchas" if you don't know what you're doing.

Then, when starting with one of those companies discussion began at six figures. I walked away from it at age 52. One of the guys I used to work with is now VP of something-or-other at General Dynamics, another was earning six and a half figures ten years ago. Six months before I retired a guy at Lockheed Martin all but begged me to call him when I retired but we'd already signed the contract on the house in WV and I never called.

I'm fine with it. It was never a goal for me to make gobs of money - no one goes into law enforcement for the money. Six months after we moved my sister said "You two look more relaxed than I've seen you in years". Money won't buy that.
I hear you on the DC grind. I got shipped there for a proposal for the government that lasted two years. Took me a couple of years to wind down after I got back to Denver. I don't think there was enough money around to get me to do that again.
__________________
Hermit is offline   Reply With Quote
Old 01-27-2016, 07:11 PM   #15
Moderator Emeritus
 
Join Date: May 2007
Posts: 11,044
We walked away from a lot...
__________________
FIREd is offline   Reply With Quote
Old 01-27-2016, 07:15 PM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Apr 2013
Posts: 5,604
I walked away from 120k salary, 10% bonus, 3% 401k match, 4% profit sharing, a lousy 6 weeks vacation, 10 holidays and 1 week of pto for sick time.

I'm so much happier, now it wasn't worth staying. I couldn't afford to stay w*rking there anymore.

ETA: In fairness let's add what else I left. Twenty four by 7*365 support. Calls anytime, honestly up to 600 pages a night.

The exception was that you owned a severe problem and worked it till done that day or two. Too many all nighters.
I won't go into the folks I w*rked with but they were a little unique.
__________________
MRG is offline   Reply With Quote
Old 01-27-2016, 07:16 PM   #17
Full time employment: Posting here.
 
Join Date: Sep 2013
Posts: 512
Straight gross salary was about 6% of NW. Add in benefits (in particular incremental increase in pension) and it was almost 8%. This observation was the root of several painful OMYs.

But then this year, pensions were frozen,
and I qualified for retiree medical,
and I got laid off with a decent severance package,

and the decision was somewhat easier...
__________________
stepford is offline   Reply With Quote
Old 01-27-2016, 07:18 PM   #18
Recycles dryer sheets
 
Join Date: Jan 2014
Location: Austin
Posts: 496
$145K plus 6% company 401K contribution.

I honestly don't miss it.
__________________
ER'd 6/1/2014 @ age 53. AA=70/30, WR=3%
Looking4Ward is offline   Reply With Quote
Old 01-27-2016, 07:30 PM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,449
I worked part-time doing consulting work for about 9 years before I quit for real. The work was good and interesting, and as my work was project-oriented, there were always some new problems to solve. But there were always some politics and conflicts, and that was one of the factors that wore me out.

The work was sporadic, and so was my income. I usually got a low 6-figure doing mostly what I liked and often worked at home too, using my own equipment, computer, and software. I usually did a bit more than 1,000 hours a year.

Giving up the money is indeed difficult, particularly as I also enjoyed my work, which left plenty of time for leisure travel in between projects. But at some point, the stupid megacorp bureaucracy got on my nerves. And my portfolio has dropped or gained that much in a matter of a week or two. So, they would have to pay more to make it worthwhile for me.

Six months after full retirement, I almost lost my life due to an illness. So, my stopping work was quite timely.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is offline   Reply With Quote
Old 01-27-2016, 08:55 PM   #20
Full time employment: Posting here.
friar1610's Avatar
 
Join Date: Jun 2002
Posts: 824
I walked away from about $100K/yr when I retired 12 years ago. But that was a "second career" in which I was working after having retired from the Navy. So I had my Navy pension to fall back on. And, since Early Retirement had been my goal anyway, I saved a very high percentage of my earnings from my that job.

That job was, BTW, a "beltway bandit" job in the DC area. I noted from a couple of posts above that there are others who apparently didn't like beltway banditry any more than I did.
__________________

__________________
friar1610
friar1610 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


Similar Threads
Thread Thread Starter Forum Replies Last Post
How much notice did you (should I) give? ER Eddie Life after FIRE 83 05-28-2013 11:35 AM
Did ya know: If you disenroll from Medicare, you give up your SS? samclem FIRE Related Public Policy 48 04-09-2011 07:01 PM
What did you give thanks for today? freebird5825 Other topics 34 12-01-2008 06:39 PM
He Was Ordered to Give Half of Everything to His Divorcing Wife; He Did haha Other topics 16 04-03-2008 08:49 PM
How much notice did you give to ER? cj Hi, I am... 24 07-26-2005 04:07 PM

 

 
All times are GMT -6. The time now is 07:10 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.