Why am I still working?

[djr59]

If we apply the why do I work to any person there would be a lot more retired people. A movie star can make $5 mil in one film and work well into their 80's. They enjoy what they do. My theory is you work until you are tired of working. After 35 years I feel my life would be better stopping. If I was in your shoes I would stop. If the stress and pressure hurts to a point where you dread it then you stop. If you look forward to going to work the. You work!

 

[CaliforniaMan]

...
I recall that when I was working asking my recently retired Dad how things were going and as part of his response he said "I'm so busy I'm not sure how I ever found time to work". At the time, I thought it was the lamest thing I had ever heard, but now I fully understand.
...
I was pleasantly surprised that not near as much of my "identity" was tied to my title/stature/job as I thought there might be.
...

+1

Exactly how I feel after a little over two and a half years in retirement.

(Bolding mine)

 

[Zorba]

medved,

I have had many of the same questions as you. Answer this question. What is the opportunity cost of continuing to work, compared to going PT or going full RE? When I asked myself this question the "Why" became "Why Not".

 

[Aiming_4_55]

• Fear of the unknown?
• Some personal relationships within my organization (and nationally in the industry) that I like, and would probably lose after retirement

I realize that, in the end, I just need to decide how much longer to work. And I am intensely aware that life is short. But for those of you who have struggled with some of the same issues and considerations, I am interested in your ideas. Thanks.

Can you test the waters with an extended break and take time to decide what you like most about your profession. If you can find a part-time paying opportunity doing what you like most, you may become more personally rewarded. Otherwise, you can voluteer in that area also. By doing a limited subset, you may be able to maintain some of the important professional & personal relationships that appear important to you.

Sometimes we forget to have fun, and it's important to search for that while you can. Life is beyond $$

 

[medved]

From the OP: Many thanks to all of you who took the time to respond. You have provided some very useful insights. Clearly, the retirement decision -- at least for me -- involves much more than a few runs through Firecalc.

 

[lucky penny]

<<The answer is obvious.
You are still working because you want to work.
When you don't want to work anymore you will know it.>>

OP's question & the thoughtful responses, especially this one, certainly resonate with me. You are not alone! Stressful w**k that pretty much dictates my schedule, check. Financially secure through any reasonable foreseeable contingency, check. And by any calculation I passed "normal retirement age" some time ago. So why am I w**king? Status, yeah, a little. (When I describe what I do, people do perk up -- but I do recognize that never lasts for more than 5 minutes.) I hate the stress, deadlines, planning my life around meetings. BUT here's the thing: it's intellectually challenging & exhilarating & I'm good at it - & sometimes it is really, really exciting & I'd probably pay them to let me do it. Very lucky to have that & I'm finding it's not easy to give that up for good.

A year ago I announced this would be my last year, but I still haven't pulled the plug. I raised the subject again last week & said I'm ready to go because I don't want to keep going 24/7 any more & haven't been able to figure out how to cut back. My bosses said we'll have some discussions over the next month & they'll support WHATEVER I WANT to keep me. So I'll have to think about what that might be. For starters: focus on the important stuff & let other stuff fall by the wayside or to others; w**k at home a few days a week (which no one does at my agency); more time off & a couple of great vacations in the next few months, to see if my bosses are really willing to adjust to my schedule. (I didn't take enough time off last year, which is probably why I'm so stressed.)

Thanks to everyone who posted on this subject.

 

[Senator]

I went through much of the same thought. In the end, I quit when I could. I didn't realize I could have left sooner, until I was well past my FI date.

I would encourage you to keep working, the rest of our social security depends on people like you. Of course, if you want to enjoy your hard earned fruits of your labor, and join us in our adventures, JUMP NOW.

 

[ivinsfan]

I actually believe the answer is in your first paragraph. You mention 5 things that are negative and one thing that is positive---the money.

So you deal with massive stress and don't really like your job, but you have convinced yourself the money is the prize and what made it worthwhile. Turning your back on the money might lead you to question all of your assumptions and your life's work.In fact the money was a means to an end and now maybe the end is here. Also, dealing with lots of stressors all the time makes it very difficult to turn off your mind and listen to your heart. All the other items are just noise...IMO

 

[daylatedollarshort]

Maya Angelou is attributed with saying - "I've learned that making a 'living' is not the same thing as making a 'life'." You've made a good living, have you made a good life? If not, what would make a good life for you? More of what you are doing now? If the answer is no, then what would it be? If you have been an over achiever all your life, then you probably need more of a plan than just not having to work at your current job in order to make retirement, downshifting or a job change more appealing than your status quo.

 

[ponyboy]

On your death bed I bet you wont say "im glad I worked so much." As of now time is something money cannot buy. Good luck.

 

[HadEnuff]

Former Washington Redskins head coach Joe Gibbs, when he was working 20 hours a day, 7 days a week said something along the lines of "it's only work if you'd rather be doing something else."

Maybe there's nothing else you'd rather be doing?

 

[HadEnuff]

I was fortunate in the sense that I found out, early on, that for me achieving some balance in life between work, play, and family allowed me to work without an undue burden of angst.
I was in a field, self employed, that allowed me much freedom to dictate the terms of my job. Not everyone is.
I didn't make as much as I could have, but I was able to stick with it longer than I might have otherwise, and had much enjoyment along the way.
Maybe you've achieved enough balance in your life that you don't find the time you spend working too onerous.

 

[bloom2708]

Without your annual spending, we can't help that much. If you are spending $500k/year, then $15 million isn't that much. If you are spending $150k, be done tomorrow.

Life really is too short. What if you fail and decide to return to work in 1 year? Even part time, it isn't much of a failure.

Visit Bogleheads.org and make managing your investments your hobby. Your business is yourself. Are you using low cost index funds? Are you using a financial advisor who is skimming 1.0% or more off your investments? What are the expense ratios on your funds? Are you 70-30, 60-40 stocks to bonds ratios?

Just tossing out some ideas. You will likely stumble into many things you enjoy more than work. Good luck!

 

[rdy2go]

I used to ask friends that had already retired how I would know when it was time for me to retire. They answered "you'll know". I took several weeks off last Christmas and that feeling came over me that the time had come. I sent my retirement notice and checked out mid-year. They were right, I knew when the time had come.

 

[edsahara]

I was involuntarily retired at 55. Now, at 63, I see that it was the best thing that could have happened to me. If not booted out, I'd have worked another 5 years at least. Working a high stress job isn't worth it. If you'd said you were cruising along with good life balance, and in need of the money, I'd say stay.

Today, when I meet people retiring in their mid 60's and later, I see how old they are and feel that they've missed so many good years of early retirement.

The day will come - sooner than you think - when you will be retired. And you'll realize that no one cares that you worked those extra years - for money that you don't even need.

 

[lucky penny]

Wow - thanks, Ed & others. These comments really resonate with me. I love this forum.

Change is: hard/good/scary/thrilling/inevitable/all of the above.

I'm sooooooo close. Some days I do think it's time, but then I get cold feet & think of the parts of this job I really like.

Need to figure out how to make the transition. I wish I could take a 6-month sabbatical, but I'm pretty sure I wouldn't come back.

 

[pb4uski]

... I wish I could take a 6-month sabbatical, but I'm pretty sure I wouldn't come back.

and the problem with that is?.....

 

[Starsky]

You never mentioned your health. Are you able to take care of yourself, or does your job force you to sacrifice doctor's appointments, exercise, diet, etc.? It doesn't matter if you have $5 or $15 million dollars if you're not around to spend it. I'm sure your family would prefer to have you around rather than have a few more bucks in the bank at this point.

And how much money do you really need? I don't know your lifestyle, and only you can decide how much the extra savings each year is worth. Your lifestyle and overhead could be more costly than I can imagine. I also would suggest that the professional achievement and status are a lot more important and influential on your decision than you realize. How do you really feel about why you are still working? I had bosses that loved Mondays. Towards the end, I hated them and would much rather be somewhere else.

I retired at 53 because I had four good [younger] friends pass away within 18 months, along with my Dad and mother-in-law. The rumor at my Fortune 50 company was that management retirees lived for an average of less than five years after they retired. I felt that I wanted to be able to enjoy my life on my terms for awhile, not work for someone else until my last breath. Who knew that I would have a heart attack at 55 and survive only by pure luck? I had a lot of people ask me how I would walk away from a six-figure job, I can only imagine walking away from one with seven figures, but none of us live forever [and I would have been really disappointed if I died in my office].

If I said that the worst day of retirement is better than the best day at work, I'd be lying. There were parts of my career that were really special and I got to meet interesting people and see a lot of the world on someone else's dime. I understand how fulfilling work can be. Retirement is a totally different, and equally life-changing, phase of life.

At the end of the day it comes down to what you want and need. This is such a personal decision for you and your family, there is no 100% right or wrong answer. You will have to follow your heart and your head, which are unique to you and not always on the same page. I wish you all the best.

 

[medved]

Thanks Starsky. My health is OK, and I certainly don't work so hard that I cannot make time for doctors' appointments. Having said that, the stress cannot possibly be good for my health. And I don't get much exercise. If I were retired, I think my stress level would be lower and I would have more time, and more energy, for exercise. I might also move to a place with better weather and be able to do more outdoors.

Some things at my work are not going very well now, and that might cause me to leap sooner than I might otherwise. But it is hard to walk away from a 7-figure income, even if I already have enough.

In terms of spending, hard to tell what we would spend in retirement. But I doubt, even if we lived very nicely, it would be more than $20k per month.

 

[Enuff2Eat]

I posted some of this buried in another thread, but I thought by starting my own thread I might get some useful feedback from people who have struggled with the same issues I am.

I am 52 years old. I have worked hard, devoted too much of my life to work, and lived with too way much stress. I rose to a pretty high level in my occupation, though I never really enjoyed it. My job has high, and continuously increasing, expectations and in some ways is 24/7. (Obviously, I am not actually working 24/7, but I am always "on call" and connected, even during vacations). The money is good -- seven figures a year. But of course they don't pay that sort of money and not get their pound of flesh in return. There's a lot of internal politics, which I dislike. I have lived below my means, though not as frugally as many on this board who seem to be skilled at maintaining a high quality of life on relatively little money. Still, I have managed to build an investment portfolio of around $15 million, plus a house that is fully paid for.

I am trying to figure out why I am still working. In psychoanalyzing myself, this is what I have come up with:

• Habit/inertia (easiest to just keep doing what I have done for many years)
• Everyone else I know is working, and nearly nobody in my business retires early?
• An ingrained belief that a guy gets up in the morning and goes to an office?
• A fear that if things go really, really badly, we might not have enough money to live the lifestyle we want (even though Firecalc consistently shows no such scenarios)?
• Not wanting to retire while we still live in the suburbs and have a kid at home (a few more years) because I am not sure what I would spend my time doing?
• Some part of my identity is tied up in professional stature and achievement? (I would really like to think that is not the case, but I am trying to be honest with myself)
• Fear of the unknown?
• Some personal relationships within my organization (and nationally in the industry) that I like, and would probably lose after retirement
• At my current income, each additional year has significant economic value (but of course non-economic costs).

I realize that, in the end, I just need to decide how much longer to work. And I am intensely aware that life is short. But for those of you who have struggled with some of the same issues and considerations, I am interested in your ideas. Thanks.

it's difficult to quit when you make so much money. That's the biggest reason why doctors tend to retire late in life but I think "time is the most valuable asset of man kind". Not even Steve Jobs can buy more time.

So if you value time then consider ER but if identity and money are important than nothing wrong with continuing working.

I wish I have your problem. It's an easy fix for me. Good luck.

 

[Starsky]

It seems like you have a good dilemma. You have much more money than you need to leave anytime you want. I'm sure you'll know when you've had enough of work.

For me it wasn't a difficult choice. I had established my number for retirement at $3M+; and once it became a grind, work was simply a means to an end. I had also started to focus more on "living in the moment" and I think that had something to do with it as well philosophically-speaking.

By the time we exceeded our goal, I was ready to go. I got a lot of questions and strange looks from my co-workers, but it's far from the first time in life I've gone way against expectations for reasons I know are correct for me. I had been working since the day I left High School, worked my own way through college and grad school, and felt like I had worked hard enough for my success to start enjoying the "fruits of my labor" guilt-free. There's a lot to be learned from the 'crabs in a bucket' analogy.