Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
FIRE at 55 or earn the extra $$$$$$
Old 04-29-2017, 12:11 AM   #1
Recycles dryer sheets
lwp2017's Avatar
 
Join Date: Feb 2014
Posts: 51
FIRE at 55 or earn the extra $$$$$$

I told my company's leadership in January that I was retiring at 55 this summer. So they could plan for my succession.

They asked me to delay retiring and negotiated with me. Delaying would result in over $250,000 increase into retirement assets if I keep working until Feb 2018.

I wish my depression-era dad was still alive to talk it through, He retired at 61. He balanced money and quality of life rather well.

So I'm asking this forum for your advice.
I've read the stickies, posts, and other links.

After 30+ years of working hard being my family's sole provider it's very hard to walk away from that much money. We don't really need it though. I tell myself only nine more months, we could gift to the grandkids 529s, donate to our church building fund, start Roth IRAs for our kids, etc, etc.

My job is high stress, high pressure, often 6 days a week, well compensated at mid 6 figures. Quality of life is very poor. I work at a 7/24/365 business -for the past 30 years.

I would much rather be retired working on the small farm we live on. Finally spend time enjoying life which kinda feels selfish.

Also wanted quality time to rebuild my health and lose 40 pounds. No other health issues other than being too fat.

We have a frugal lifestyle, DW's favorite meal is still home cooked pinto beans, LOL.
No debt for over 20 years. If we want something expensive, we plan and save for it. Did a complete remodel on home, along with new roof, and all new fences on farm in past 2 years prior to retirement so no major expenses on the 20 year horizon other than autos and appliances.

Retirement in May would be over $11,000 per month from a defined benefit pension, before taxes. Also will receive $1200/month health care purchase supplement. We have saved $2.5M in 401K & brokerage investments.

So we have been blessed, money should be okay, I don't plan on cutting dryer sheets in half.

Both kids are launched, with jobs and also live modestly, debt free, in their own small homes.

DW taught school for about 10 years total but was mostly a stay at home mom. She truly loves her community volunteer work and is encouraging me to retire.

I do appreciate insight from any of of you that had a similar situation.
Just writing this question is somewhat cathartic.

Thanks!
__________________

__________________
lwp2017 is offline   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!

i stayed 5 years too long
Old 04-29-2017, 12:22 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Mar 2017
Location: New York City
Posts: 2,838
i stayed 5 years too long

i was the "i might not have enough" guy. guess what i got enough for 2 life times, 11k a month pension before taxes, sir you aint ever going to hit ur savings, im at 8592.75 a month , if i live to a 110 im not hitting my savings, let alone worry about a safe withdrawal rate. my dad died at 57, yours at 61, leave now, buy ur own gold watch, live long, enjoy the grand kids. ps i saw u consulted the bride, she gave you her blessing, go now while ur healthy
__________________

__________________
Blue Collar Guy is offline   Reply With Quote
Old 04-29-2017, 12:25 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Apr 2013
Posts: 5,483
time-is-greater-than-money-1.png

People smarter than me showed me this.
__________________
MRG is offline   Reply With Quote
Old 04-29-2017, 01:22 AM   #4
Recycles dryer sheets
 
Join Date: Dec 2016
Location: Encinitas
Posts: 131
Only you can decide, but...

There are no guarantees. Would you work 6 more months if you only had 5 years left? It may not be a certainty, but it is certainly a possibility.

(Full disclosure: I had a heart attack I never expected, and wasn't supposed to survive, 2 years after FIREing at 53. It happens; and heart attacks did take three of my younger friends in recent years.)

With an $11K monthly pension + healthcare +..., what does $250K more allow you to do that you can't already do? How much extra time can you buy for $250K?

If I were you, I'd run like heck. It sounds like you have a blessed situation; enjoy it as much as you can. You've clearly earned it. Happy retirement either way!
__________________
Starsky is offline   Reply With Quote
Old 04-29-2017, 07:08 AM   #5
Recycles dryer sheets
 
Join Date: Oct 2011
Location: Upstate Ruralia
Posts: 279
lwp..there are only so many springs and summers.....

Springtime now....take a walk on your farm today and think to yourself how WONDERFUL it would be to get up early each day, take your mug of coffee and just listen to birds or wind in the trees. Even rain.

Forget traffic, stress, endless mindnumbing meetings, corporate buzzwords, the awful feeling of how 40 extra pounds makes you feel......

Just do it. In Feb 2018 you'll just find another excuse.
__________________
Lcountz is offline   Reply With Quote
Old 04-29-2017, 07:17 AM   #6
Recycles dryer sheets
BeachOrCity's Avatar
 
Join Date: Jun 2016
Posts: 96
You already won.....why keep playing?
__________________
BeachOrCity is offline   Reply With Quote
Old 04-29-2017, 07:19 AM   #7
Thinks s/he gets paid by the post
ivinsfan's Avatar
 
Join Date: Feb 2007
Posts: 2,181
I don't know if it matters, but why are they asking you to delay? Did they start looking immediately for your replacement...are they just asking you so they can kick the can(you)a little farther down the road.

Do they want the exact same work schedule as now, or do they want you to mentor your replacement? It that's the case you should be able to cut your stress and hours as the new person gets up to speed.You don't need the money so think about why you might be considering do this "favor" for your company.
__________________
ivinsfan is offline   Reply With Quote
Old 04-29-2017, 07:25 AM   #8
Thinks s/he gets paid by the post
euro's Avatar
 
Join Date: Oct 2015
Posts: 1,099
You have obviously come to a somewhat biased place here, but yes, I agree with the others: don't trade time for more money. Go now
__________________
euro is offline   Reply With Quote
Old 04-29-2017, 07:41 AM   #9
Thinks s/he gets paid by the post
mpeirce's Avatar
 
Join Date: Feb 2012
Location: Columbus area
Posts: 1,567
Quote:
Originally Posted by lwp2017 View Post
I told my company's leadership in January that I was retiring at 55 this summer. So they could plan for my succession.

They asked me to delay retiring and negotiated with me. Delaying would result in over $250,000 increase into retirement assets if I keep working until Feb 2018.
I'd consider waiting the extra six(+/-) months - it's not really that long. You said you let them know so they could plan your succession, so you seem to want to take into account the companies needs to some extent.

When I left my old job, I did something a little similar. I was planning my exit and about six month before I was planning to go there was a reorganization. I decided to let my boss know my plans at that point so they wouldn't end up depending on my long term. We decided on the following January as a good exit date for both of us.

What I did was take the extra options and restricted stock that would vest for me and set them aside in a special fund. I didn't really need them as retirement funds, but they've provided a special family vacation, a car, and a kitchen remodel. This made it more "worth it" to me and the extra six months went by quickly.

For me, I look back and am glad things happened that way - of course I'm healthy and still around to enjoy FIRE!

Just my experience.
__________________
mpeirce is online now   Reply With Quote
Old 04-29-2017, 07:44 AM   #10
Recycles dryer sheets
iloveyoga's Avatar
 
Join Date: Jan 2017
Location: Des Moines
Posts: 260
Quote:
Originally Posted by euro View Post
You have obviously come to a somewhat biased place here, but yes, I agree with the others: don't trade time for more money. Go now
+1 go now, you won't be sorry. Congrats on the great job you have done!
__________________
Retired in 2013 and we are living the dream!
iloveyoga is online now   Reply With Quote
Old 04-29-2017, 07:48 AM   #11
Dryer sheet aficionado
 
Join Date: May 2015
Location: El Dorado
Posts: 35
I retired at sixty from a similar job with similar pay. Now I work at several side gigs averaging two or three days a week work and make low six figures versus my previous mid. I enjoy it like you expect to enjoy your farm. After one year lie could not be better. And though I enjoyed my old job, or thought I did, I feel lighter than air with that 24x7x365 job lifted from my shoulders. Not one single day have I missed it. Mondays are awesome! Do it!
__________________
steveark is offline   Reply With Quote
Old 04-29-2017, 07:49 AM   #12
Thinks s/he gets paid by the post
 
Join Date: Apr 2011
Posts: 1,493
Well, a 10% increase in next egg for 9 months is nothing to sneeze at - you're quite young.

Net, I'd require strict limits on my time such at 9-10 hours 5 days/week, no weekend calls/work. If they agree & then violate it, just ignore them till they understand you mean it or ask you to leave anyway. Also, they'd know you're serious about leaving & not likely to approach you again before Feb for another time extension. I'd also require a couple of 2 week vacations before Christmas arrives so they can't put you off. JMO
__________________
gerntz is offline   Reply With Quote
Old 04-29-2017, 07:58 AM   #13
Recycles dryer sheets
Mo Money's Avatar
 
Join Date: Mar 2014
Location: .
Posts: 267
Run! My career was high-stress. For every year I would have stayed (law) my net worth would have gone up roughly $200K-$250K. But the career that paid so well also had some significant negative effects on my health, which I am still treating (and will treat for the rest of my life). The cartoon that MRG posted is the gist of it. You will not regret bolting at 55. (I bolted at 53 and am 55 now; I have had a great two years....)
__________________
“We always may be what we might have been.” -- Adelaide Anne Procter
Mo Money is offline   Reply With Quote
Old 04-29-2017, 08:23 AM   #14
Full time employment: Posting here.
 
Join Date: Apr 2014
Location: Houston
Posts: 633
Delaying retirement gets you 250,000 little green pieces of paper we call dollar bills. Unless you have something you need / strongly want to do with it, that's all it is, just paper. Sounds like you have no need for it. If you can't come up with a great reason to collect that paper, it's time to work on your health and happiness.

Many of us went through the same thought processes you are having to go through now. In my case, I retired 3 yrs earlier than my plan. Working to the plan would have added 25-40% (depending on bonuses and stock market returns) more to my retirement savings. I jumped anyway and never regreted it. Good luck and good health to you.
__________________
Whisper66 is offline   Reply With Quote
Old 04-29-2017, 08:41 AM   #15
Dryer sheet aficionado
 
Join Date: Jan 2017
Location: Chattanooga
Posts: 39
Little different reason to quit...
You say you want to lose 40 pounds. I'm assuming you are overweight by at least that much.
Do your loved ones a favor and make your new job a passion to change your lifestyle and lose the weight. Don't go for the lose it quick quackery. Make a commitment to truly change your lifestyle. It might mean instead of driving to the office 6 days a week, you drive to the gym. Or, you drive to the park and ride your bike. Or you drive to the park and walk.

Forget that job, you are financially sound. Focus on your health. Spend some money on a nutritionist. And don't lose it too fast or it will come back faster than the consumption of a bucket of fried chicken in front of Oprah. (The symbol for seesaw weight loss/gain.) Set a goal of losing about a pound a week until you hit your target and then maintain.
__________________
tn3sport is offline   Reply With Quote
Old 04-29-2017, 08:59 AM   #16
Full time employment: Posting here.
Aerides's Avatar
 
Join Date: Nov 2015
Posts: 669
You have a pension of $11k per month, and an egg that supports a conservative 3% swr of $75k per year.

You don't mention expenses, but I'm going to guess it's less than either of those alone. Combined? You've won.

Were I you, I would go back to my boss on Monday, and say "I've reconsidered, please accept my 2 weeks notice!"

ETA: In January you gave them a generous 6 months notice. They've already squandered 3 months of it. (or they wouldn't be asking you to stay). There are a lot of threads about people who did the same as you, and got down to their last month or week realizing their Company still hadn't replaced them or planned properly. They are not asking you to stay to do you any favors, only to cover their lack of action. If you stay, I guarantee you won't see your replacement walk in the door until 2018. Clearly they didn't even consider your position. If they were serious about your value they would have negotiated flexibility, less hours, balance...but doesn't sound like it.
__________________
Aerides is online now   Reply With Quote
Old 04-29-2017, 09:00 AM   #17
Recycles dryer sheets
 
Join Date: Dec 2015
Posts: 68
Holy cow - you get $11K a month in pension PLUS $1,200 toward HC and are even THINKING about not RE? Really?!! WHY?

Run for the hills. Seriously. If I had that kind of cash flow to count on, I'd be gone yesterday.

I'm really envious of all the people here that have pensions. Seems to be a surprisingly high percentage. Maybe that's because most people that can RE can do so BECAUSE they have pensions (neither wife or I do). I don't know a single person in my social circle with a pension, but then again I'm 53 and in high tech vs .GOV, teaching or other union gig.
__________________
RetireSoon is offline   Reply With Quote
Old 04-29-2017, 09:06 AM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Amethyst's Avatar
 
Join Date: Dec 2008
Posts: 5,789
I retired, then came back part-time because the work was easy and something I liked to do. I would never have come back for something that was high-stress.

OTOH, just to fan your fears, we ran into a period of unexpectedly high expenses just around the time I retired (we are still in it, in fact). So the extra earnings have been handy. Nevertheless: I still would not continue working, if high stress were involved. I'd rather dip into principal than endure work stress.
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Amethyst is offline   Reply With Quote
Old 04-29-2017, 09:08 AM   #19
Thinks s/he gets paid by the post
 
Join Date: Jan 2011
Posts: 1,198
Quote:
Originally Posted by euro View Post
You have obviously come to a somewhat biased place here, but yes, I agree with the others: don't trade time for more money. Go now
Yes, you won't get too many votes to continue w*rking. After the first few sentences of your post I was leaning to you toughing it out to February, a mere 1/2 year or so after the summer. But then you described the intensity of your job, and your assets/pension.
So, I too vote that you stick with your original ER date. Keep in mind that regardless of one's income level, continuing to w*rk always results in more money than ER. But the point is to accumulate enough that you can afford your lifestyle ER. You're already there, so no need to stay 'til February.
__________________
mystang52 is offline   Reply With Quote
Old 04-29-2017, 09:15 AM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 10,941
This was a red flag for me.

"My job is high stress, high pressure, often 6 days a week, well compensated at mid 6 figures. Quality of life is very poor. I work at a 7/24/365 business -for the past 30 years."

Your job may be killing you. You have plenty of money to retire. What are you waiting for?
__________________

__________________
Meadbh 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
Survivor Benefit Plan-to take or not to take? aknowhow78 FIRE and Money 38 03-18-2017 12:20 AM
Fire! Fire!---Not FIRE mickeyd Other topics 16 11-18-2008 05:19 PM
What do working stiffs do for extra income? maddythebeagle Young Dreamers 39 05-11-2006 09:04 PM
Hey Boomers have you saved an extra grand? mickeyd FIRE and Money 15 03-11-2006 04:59 PM
Somebody's had extra time on their hands... cute fuzzy bunny Forum Admin 11 06-02-2005 03:59 PM

 

 
All times are GMT -6. The time now is 08:08 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.