lucky penny
Full time employment: Posting here.
- Joined
- Jan 23, 2010
- Messages
- 734
I discovered this wonderful forum years ago when I was starting to think about retirement, have been reading here regularly and want to thank everyone for the information, inspiration and insights. (w2r, you are my inspiration!) At first I zeroed in on the “FIRE and Money” section because that was the focus of my calculations, but eventually I realized that for me, the financial considerations are the easy part. I’ve read many of the books recommended here – hey, I think I could now write a book on the subject. But “dithering” has been my middle name, and posts on this subject always resonate with me.
So here’s who I am: late 60’s and still working (I know, I know!). My long-time employer is a government agency, so there’s a good pension waiting (along with SS at 70) and I’ll be in good shape financially, even in a high COL area. In fact, I’m actually w**king for peanuts since my after-tax pension income will be almost what I’m making now. I’ve always practiced LBYM so there’s a nest egg too. Bottom line: probably much more than I will ever spend.
I’ve w**ked really hard for a long time, went to law school at night and have accomplished a lot professionally – really, nothing left to prove in that area. I’ve been fortunate to have a professional niche that suits me and was interesting and satisfying. The first 25 years or so were blissful – lucky to w**k with brilliant people with high standards who challenged and made me better. Then, with new regimes things became, well, let’s just say different. I have influence and can keep some bad things from happening, but it’s like holding my finger in the dike. It’s harder every day to get myself to the office.
So I know it’s time.
I know everyone is yelling: Go!!!
And I’m lucky that I can do that when I want, on my terms.
What’s held me back: (1) relationships with a few smart, good people who appreciate what I do; and (2) fear. Who will I be when I’m not identified by my job? How will I adjust to the loss of status and structure? I have vague ideas of what the future might be like, but it’s hard to envision it when my mind is on w**k 24/7. I’ve been working on this though.
And here’s the good news: I took a big first step last week: I announced that I believe I will retire next year and that when I figure out the date, I’ll give ample notice to allow for a good transition. That was it – I decided to do it in 2 steps since the R-bomb was huge. But I think each step will be much easier now. The results were very positive. No one is going to push me out, and I can do it on my terms, and nothing will happen till I give a date (“you might change your mind,” they said). There was some talk about “what can we do to make you stay?” but I don’t even want to go there. With some changes, maybe I could eke out a few more months, but I want to make clear this is not a negotiation.
Incidentally, I do not think that cutting back to part-time status is a feasible transition – not financially feasible for my employer, who has to pay my replacement, and probably not desirable for me either. When I go, I want to cut the cord and not look back.
Because of the nature of the w**k, it’ll be several weeks till I can meet with the group again, so that may be a time to announce a date. No reason, really, to drag it out further. Training my successor will take a while and I have vacation time to use, but I’m determined to make this happen and be retired next year.
I know there are no magic words that will make the transition easier and at my age I shouldn’t need a cheering section, but I welcome your thoughts and advice.
So here’s who I am: late 60’s and still working (I know, I know!). My long-time employer is a government agency, so there’s a good pension waiting (along with SS at 70) and I’ll be in good shape financially, even in a high COL area. In fact, I’m actually w**king for peanuts since my after-tax pension income will be almost what I’m making now. I’ve always practiced LBYM so there’s a nest egg too. Bottom line: probably much more than I will ever spend.
I’ve w**ked really hard for a long time, went to law school at night and have accomplished a lot professionally – really, nothing left to prove in that area. I’ve been fortunate to have a professional niche that suits me and was interesting and satisfying. The first 25 years or so were blissful – lucky to w**k with brilliant people with high standards who challenged and made me better. Then, with new regimes things became, well, let’s just say different. I have influence and can keep some bad things from happening, but it’s like holding my finger in the dike. It’s harder every day to get myself to the office.
So I know it’s time.
I know everyone is yelling: Go!!!
And I’m lucky that I can do that when I want, on my terms.
What’s held me back: (1) relationships with a few smart, good people who appreciate what I do; and (2) fear. Who will I be when I’m not identified by my job? How will I adjust to the loss of status and structure? I have vague ideas of what the future might be like, but it’s hard to envision it when my mind is on w**k 24/7. I’ve been working on this though.
And here’s the good news: I took a big first step last week: I announced that I believe I will retire next year and that when I figure out the date, I’ll give ample notice to allow for a good transition. That was it – I decided to do it in 2 steps since the R-bomb was huge. But I think each step will be much easier now. The results were very positive. No one is going to push me out, and I can do it on my terms, and nothing will happen till I give a date (“you might change your mind,” they said). There was some talk about “what can we do to make you stay?” but I don’t even want to go there. With some changes, maybe I could eke out a few more months, but I want to make clear this is not a negotiation.
Incidentally, I do not think that cutting back to part-time status is a feasible transition – not financially feasible for my employer, who has to pay my replacement, and probably not desirable for me either. When I go, I want to cut the cord and not look back.
Because of the nature of the w**k, it’ll be several weeks till I can meet with the group again, so that may be a time to announce a date. No reason, really, to drag it out further. Training my successor will take a while and I have vacation time to use, but I’m determined to make this happen and be retired next year.
I know there are no magic words that will make the transition easier and at my age I shouldn’t need a cheering section, but I welcome your thoughts and advice.