Would you pull the plug (on work)...

[Walt34]

Taking a page from What Color is Your Parachute? I stayed in my old job four years longer than I had planned on because I was enjoying the work so much.

The page was about persuading your current employer to create the job you want, and then you fill it. It took two years for that to happen in my then-government job. Obviously that won't work for everyone but it turned out very well for me.

 

[ikubak]

I appreciate all the input from the forum. I really value the wisdom and advice from this group because I know so many of you have been here and done this or are in similar situations trying to make these tough decisions.

Now for the good news!

I checked with the agency that handles the pension, and my vesting date is 5 months sooner than I thought it was. They told me April 1, 2015 is the vesting date. I assumed it was some sadistic, futuristic April fools joke, so I called back and spoke with another representative and they confirmed the date. I think I can make it 2 years and six weeks. FI waiting on RE!

 

[MikeTN]

I would at least try to transfer to a job that creates less stress. If it doesn't work you will know if a few months.

 

[In-control]

I am 50 and I could have RE'ed a while ago. I decided that until my kids graduate college my wife and I need/want to be around for/with them. I, like you, had a stressful job and decided that I wanted something that I enjoyed and had more control over. I found another position, State job vs corp., and am much happier.

I RE'd for 3 months 5 years ago and got bored. Mostly because we were not free to travel and move.

Now If I wait 9 years I can get a state pension and health plan. I do not plan on waiting that long. Primarily because we can afford to buy into the state health plan in MA, which is less then what I pay as an employee. Also we plan on being very physically active and want to have the energy to do all the fun things that we have on out bucket list.

I would suggest considering a long vacation first, then look for another position. That way all the decisions that you make will be made in the best frame of mind and under your control.

Cheers and good luck

 

[RunningBum]

You say you spend about $40K/yr now. Would that actually be your budget in retirement? With more free time are you likely to take on activities that cost money, or go on longer vacations or weekend trips? Does it include irregular expenses? Eventually you will have things like roof repair, furnace replacement, car repairs and replacement, and so on. If you've been deferring those, they will eventually catch up. My budget includes significant amounts for home maintenance, car repairs, capital expenses, vacations, and medical expenses up to my deductible, plus the premiums.

Some people are stating that with $3K/month coming in a few years, you'll have nearly the $40K covered, but by then inflation will push that $40K up.

Not knowing all the information I can't say for sure what I'd do, but I tend to be cautious. You WILL be more secure with the extra pension. Firecalc cannot guarantee that you will have everything covered, with or without that extra pension, but the extra pension does give you more buffer for the unknowns. If I didn't feel I had much buffer today I'd stay the extra 2+ years for more buffer. If I felt I had enough buffer, and it's up to you to decide what a safe buffer is, I'd pull the plug.

 

[ikubak]

Just as an update... I appreciate all the ideas and insightful advice from this forum. After talking it over w DW, we decided the best option was to move to another department now and complete the vesting (less than 2 yrs). DW has been semi-retired (works 2 days a week) for almost 3 months and loves it. She said once you stop working 60 hrs a week, it's hard to believe you ever did it in the first place. So rather than take some time off and then come back, I accepted a job in another department and will work with them at least until vested. Think I'll start my count-down now...

 

[heeyy_joe]

You can always still change your mind and ER. Feel the POWER!

 

[ikubak]

I'll be 52 in two years...I think that still qualifies for ER.

And as far as "feeling the power"....I'll feel that when my pension starts doing their monthly deposits into my account once I turn 60.

I do envy you guys that are ER now though. I look forward to joining you in 2015.

 

[HighRoller]

take a year off and then decide?

If taking a year off before deciding is a real (viable) option then I'd take it.

 

[Spanky]

I'll be 52 in two years...I think that still qualifies for ER.

And as far as "feeling the power"....I'll feel that when my pension starts doing their monthly deposits into my account once I turn 60.

I do envy you guys that are ER now though. I look forward to joining you in 2015.

2015 is coming fast.

 

[Spanky]

.. So rather than take some time off and then come back, I accepted a job in another department and will work with them at least until vested. Think I'll start my count-down now...

It's great to have options such as this. In today's economies/job market, it's very difficult to get a transfer to another department or division within a company. Many companies continue to reduce workforce and farm out jobs.

Congrats on the count-down.

 

[ikubak]

If taking a year off before deciding is a real (viable) option then I'd take it.

I totally understand. I would take it too if I thought I would come back and complete the vesting. I just think once I taste ER, there won't be any turning back. I'll try the job transfer 1st.

 

[timo2]

For me, the vesting would be important also. That will make things easier later. It's a trade, gamble, whatever, but in the meantime, you still get your salary. And it's not that long of time.

 

[ikubak]

Just to offer up a conclusion, I start working in a new department in June. I'm looking forward to the change, and by my calculation, I will work at least 396 days in that department (not including weekends or holidays). Let the countdown begin!!

 

[readytofire]

good luck! keep us updated

 

[Lcountz]

Like some others said....use ALL your vacation time, and if you get "sick" use that time too....

And if the "stress" makes you too ill to work, take some more SICK time off..Get a note from a doctor ....

Your leave date will be here before you know it!!!! And, if you CAN stick it out til you're eligible for the extra 1000.00 a month, you will be grateful....and the first day you are retired ALL the stress will be in the rearview mirror before you know it...

And YES I know it is very hard for people who do not milk the system for sick time to do so late in thier careers, but when I look back at those in my Megacorp job that did-they had NO guilt at all, and they retired same as me. But I probably got to do much more work to make up for it. And I didn't get a prize for doing so. But that's life!!!!

But I AM retired at 57 and I love it, and you will too!!!!!!

 

[Donzo]

I left mega pharma (as a RM) 5 years before getting full pension and bennies. I don't know how burned out you are - me, I was crispy. The thought of another year was painful let alone 2 1/2 or 5 more
Jumping was the right/healthy thing for me to do - YMMV....

 

[Live And Learn]

I am very happy for you ! Reduced stress plus a larger pension with less than 400 'get up for w*rk' days sounds pretty darned great ! Congratulations