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Old 03-07-2013, 12:13 PM   #41
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Heh, I am in the south burbs of Denver. I always wanted to live out here and DW grew up here. Have been plotting a way to get back here since 2004, but it did not gel until 2011 when I got lucky with a transfer. Since this is where I always wanted to retire, I am happy to already be in place.
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Old 03-07-2013, 01:11 PM   #42
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Given that you have unique and irreplaceable expertise, you hold the whip hand in any negotiations. To make the next year easier to endure, why not demand that they now provide you with the flexibility and "upside" you currently crave?
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Old 03-07-2013, 05:33 PM   #43
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Congrats on the decision! A year will fly by faster than you can imagine now.

Get started on an aged beer that you can uncork on ER day!
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Old 03-07-2013, 05:52 PM   #44
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Congrats Brewer. I took the plunge almost 2 years ago and haven't looked back. Couldn't stand the last job I had and figured I didn't need another one. Also live in the south (east) burbs of Denver. We love the weather about 9 months a year - if only we could have the year round temp and humidity without the snow!
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Old 03-07-2013, 06:30 PM   #45
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Good for you. I think I would rather live in a van by the river before I'd go back to a cube now that I've tasted freedom. Sitting at a desk all day just isn't healthy for me.

If our business stopped making money, we means tested out of SS and and our retirement plan fell apart, I think I'd go back to school for some job where I at least got to move around, like a physical therapy assistant or a locksmith, even if it paid a lot less than what I could get at a corporate position.
Try teaching. I'm doing my student teaching (8th grade intensive math) and I'm spending 8 hours a day on my feet. The most physically (and mentally) demanding job I've EVER done. And you'll be paid a lot less than you are worth!
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Old 03-07-2013, 06:58 PM   #46
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Brewer could teach his craft at the college level.

My SIL is tired of HS teaching, he wrangled a college dinner time class because no one else wanted it. He is now negotiating another class and plans to transition completely to college level teaching in the fall.

If that type of activity in any way interests you start building professional networks in the B schools nearby. The first class is a lot of work because you need to create your lesson plans but after that ....

One issue you could confront is insular academia, some schools are credential focused to their detriment. Your experience these last years could be material for a PhD thesis.
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Old 03-08-2013, 08:53 PM   #47
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Indeed. When I am ready to break the news to my superiors I plan to offer to be a contractor for them. I have unique expertise they cannot replace so I will pitch them on having access to my skills and a third to a half the cost of me as a full time employee.
Congrats on your decision.

Is there a reason why you decided on contracting vs going part-time? Some mega-corps have programs for going part-time to meet "work-life" balance needs.

Also is your contracting rate going to be higher than your current hourly equivalent? I would expect to pay a contractor a higher rate than salaried employee.
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Old 03-08-2013, 10:21 PM   #48
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Congrats on your decision.

Is there a reason why you decided on contracting vs going part-time? Some mega-corps have programs for going part-time to meet "work-life" balance needs.

Also is your contracting rate going to be higher than your current hourly equivalent? I would expect to pay a contractor a higher rate than salaried employee.
The organization I work for is not a for-profit private employer. The management culture is stuck in decades past. Part time is not even a possibility. I know they use contractors from time to time, so that is at least familiar to the powers that be. I'd guess my chances of being a contractor are at most 50/50, and only that high because they will probably crap their pants when I tell them I am leaving.

My goal for a contracting rate is to make them not abuse access to my precious time. They are extremely cost conscious, so the pitch I will make to them is that they can retain access to me for the critical stuff they would have a tough time doing without me while not requiring me to show up every day and twiddle my thumbs waiting for the next firedrill. Part of the pitch will be that instead of covering salary, bonus, benefits, etc. they just pay for the time they actually use. The hourly rate will be higher, but the total tab at the end of the year would be lower.

Realistically, I am dealing with a Neolithic culture, so none of this may fly. That would be fine with me, as I never wanted to take this route in my career in the first place and I wouln't be crushed to be done with it after I quit. Maybe in a few years I will be comfy publicly stating what I have been doing the last several years.
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Old 03-08-2013, 10:40 PM   #49
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Keep a good diary.. it will be a great resource.

You could do at least as well as Michael Lewis.
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Old 03-09-2013, 12:35 PM   #50
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Realistically, I am dealing with a Neolithic culture, so none of this may fly. That would be fine with me, as I never wanted to take this route in my career in the first place and I wouln't be crushed to be done with it after I quit. Maybe in a few years I will be comfy publicly stating what I have been doing the last several years.
There is something very appealing about having a clean break (at least for me). Even though financially it may be better to contract, when I am done with something I want to move on.
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Old 03-09-2013, 01:38 PM   #51
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Congratulations Brewer. Like you, I'm carrying a mortgage into retirement. Do you have a life insurance policy to cover the mortgage payment/pay off the home if something should happen to you? I found that a term policy helped me sleep better at night knowing that if I passed my wife would be secure and not have to worry about the house payment.
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Old 03-09-2013, 02:37 PM   #52
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Congratulations. CO is awesome. We vacationed there a few years ago. I loved the mountains but the altitude kicked my butt. I'm destined to be a flat-lander.
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Old 03-09-2013, 04:13 PM   #53
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Congratulations Brewer. Like you, I'm carrying a mortgage into retirement. Do you have a life insurance policy to cover the mortgage payment/pay off the home if something should happen to you? I found that a term policy helped me sleep better at night knowing that if I passed my wife would be secure and not have to worry about the house payment.

I think that an insurance policy to cover the mortgage is a great idea. Did you get that in conjunction with the mortgage would and could make perfect economic sense. It might be even better if tied to both you and your wife.
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Old 03-09-2013, 05:02 PM   #54
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Congratulations Brewer. Like you, I'm carrying a mortgage into retirement. Do you have a life insurance policy to cover the mortgage payment/pay off the home if something should happen to you? I found that a term policy helped me sleep better at night knowing that if I passed my wife would be secure and not have to worry about the house payment.
We currently have $1MM term on me and $500K term on DW. This will be up for reconsideration when I bail, since these were bought in 2003 when we did not have a large enough asset base. I may reduce the face amount to save on cost, or I might get rid of the policies entirely based on a review of SS survivor coverage.
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Old 03-09-2013, 07:35 PM   #55
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SS survivor coverage is a pittance.
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Old 03-09-2013, 10:57 PM   #56
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SS survivor coverage is a pittance.
Not if you have kids under 18 in the house.

I have 9 to 12 months to figure out how to mitigate this risk. Worse comes to worse, I just keep the policies we have now in place. Its about $800 a year to do so.
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Old 03-10-2013, 03:46 AM   #57
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The only time I was in denver was changing planes at the airport , but I would think several micro-breweries are in town. Maybe no market to support another one, but maybe an existing one would hire you .

I know it would ruin the hobby part if you started working in the industry, but some have made this type of transition. Crap wages ? most likely. Doing something you enjoy, working with your hands and mind...priceless.

Just my 2 cents worth.
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Old 03-10-2013, 05:05 AM   #58
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I think that an insurance policy to cover the mortgage is a great idea. Did you get that in conjunction with the mortgage would and could make perfect economic sense. It might be even better if tied to both you and your wife.

My policy is separate from the mortgage, although I did receive solicitation for a policy specifically associated with the mortgage. The policy is only on me because my DW was stay-at-home throughout my career, and my pension is tied to me. The survivor benefit only provides 55% of my pension to DW, so I needed the extra insurance to cover the mortgage, and a little more to offset pension reduction.

My income would not change if something were to happen to DW. If I were dependent on her income, we would definitely have insured both of us.
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Old 03-10-2013, 06:29 AM   #59
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Brewer, depending on your desire to do bookkeeping in your new role as a Contractor/Independent consultant, there are companies that will provide "backshop" support for you (legal, contracts, accounting, etc) for ~5-6% of your hourly rate. They also help in figuring out what you should charge to cover expenses and have a reasonable take home pay. It may be worth your while during your prep period to talk to one or more of these orgs.

When I was thinking seriously about Independent Consulting (didn't pull the trigger, retired lifestyle was just too good), I had some very informative discussions with one of these companies...MBO Partners. I got a good appreciation for the issues and costs involved and learned lots of stuff that helped me with my decision.

Anyway, just a thought as you build your plan. Congrats.
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Old 03-10-2013, 08:00 AM   #60
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I think that an insurance policy to cover the mortgage is a great idea. Did you get that in conjunction with the mortgage would and could make perfect economic sense. It might be even better if tied to both you and your wife.
A regular life insurance policy that covers the balance of the mortgage would probably provide more flexibility for the surviving spouse. Surviving spouse may want to dump the house ASAP and travel the world on the insurance proceeds!
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