FIRE at 55 or earn the extra $$$$$$

[Out of Steam]

Originally Posted by Amethyst
A little editing, with your indulgence:

Quote:
Originally Posted by lwp2017

4) We [-]have become so accustomed[/-] are so disinterested in luxuries, an attitude that enabled us to LBYM, that even though we have plenty of money we can't bring ourselves to spend it.

Had that thought recently. Saw a Mercedes belonging to a local athlete, and a passerby noted that it cost over $200K. My first thought was: "Is that really worth 10X as much as my nearly new mid-size sedan?"

 

[Walt34]

My wife and I retired when I was 52 and moved from the Washington, D.C. area where one has to plan life around the traffic and moved to WV. Like many we left a lot of money on the table in doing so. And for a while afterward we often talked about whether that was a wise thing to do.

Six months after retirement we visited my younger sister, then about an hour away. The first thing she said was "You two look more relaxed than I've seen you in years!"

We had the answer to our question.

 

[googily]

Hate to start earning a rep around here as The Prophet of Doom, but DH and I could have retired at 53/48 two years ago, but decided to set Jan. 2017 as our trigger date, to earn a little more and also to not do it so soon that people would think we were crazy.

He was subsequently diagnosed with cancer in June 2016, and died at 55, not long after what would have been the beginning of our ER.

You have more than enough money. Go. Now. You Never Know.

 

[Jerry1]

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.

Any depression-era dad I've ever talked to (including my own) would tell you to take the deal.

I did something similar, but I realize now that they're not going to replace me or deal with my leaving until I actually leave. So my advice is to take the deal with very specific terms that you want during that time frame. I was hoping for part time work while mentoring my successor. I got the part time work (They aren't all that bad to me ) but they didn't hire anyone. Point is, get your terms or leave now.

 

[Red Badger]

Hate to start earning a rep around here as The Prophet of Doom, but DH and I could have retired at 53/48 two years ago, but decided to set Jan. 2017 as our trigger date, to earn a little more and also to not do it so soon that people would think we were crazy.

He was subsequently diagnosed with cancer in June 2016, and died at 55, not long after what would have been the beginning of our ER.

You have more than enough money. Go. Now. You Never Know.

She's right. I had a heart attack in my 40's and DW has health issues. We are both fine at the moment.

You can buy anything you desire, but not time. Let that sink in. GO!

 

[Blue Collar Guy]

sorry for your loss

Hate to start earning a rep around here as The Prophet of Doom, but DH and I could have retired at 53/48 two years ago, but decided to set Jan. 2017 as our trigger date, to earn a little more and also to not do it so soon that people would think we were crazy.

He was subsequently diagnosed with cancer in June 2016, and died at 55, not long after what would have been the beginning of our ER.

You have more than enough money. Go. Now. You Never Know.

if you scroll my old posts in various threads i echo this about dying without retiring, thank you for sharing this heartfelt post i hope many in here read it. you struck a cord with me, i stayed 5 years too long myself wasted 5 years of my prime.

 

[gerntz]

Betting that health will be bad seems against the odds & emotions based to me. Sure, it happens. But if you're healthy & have a reasonable health projection, why bet against living average/longer?

 

[googily]

Betting that health will be bad seems against the odds & emotions based to me. Sure, it happens. But if you're healthy & have a reasonable health projection, why bet against living average/longer?

How do "reasonable health projections" work against a car crash, or a plane crash, or dying on your jet ski on the first day of your retirement?

You. Never. Know.

And your spouse Never Knows either. It might not be you--it might be DH/DW.

(This is not a clarion call to ditch work no matter your financial situation--just a reminder that, if you are more than adequately funded, and are still waffling, to be a little careful about "reasonable projections" that you have another 20, 30, 40 years in front of you. Past performance is no indicator of future results.)

 

[Olbidness]

I would love to be able to tell the story. Yep, they put 250K on the table. See ya sez me.

 

[Elbata]

Got to rewire my brain it is okay to do something for me.

And by being good to you, you're being good to those you love.

Sounds to me like your job and life has been so high-stress for so many years, I'm concerned what it will be like going from that to viewing more Baltimore Orioles. Enjoy your life, you've more than earned it.

 

[Scuba]

I also had a fairly high pressure career that was adding six figures to our net worth each year and agonized over when to ER and whether to stay longer to help the company and add to our net worth, even though we felt we had sufficient funds to RE. DH & I ER'd 6 months ago at 56 & 57 and couldn't be happier. We don't have a large pension and we are paying for our own healthcare. I agree with others that you never know what will happen. When my boss begged me to extend my notice period from 30 days to 3-6 months, I asked myself what I would regret more - staying on the job longer and having an unexpected event happen (accident or bad medical diagnosis), or leaving on my schedule and having to do a bit of belt tightening if things didn't work out as well as planned financially. Once I looked at it that way, it was a no-brainer. I stuck to my original 30 days notice and haven't looked back. My direct reports were competent and have continued to cover well. By the way, my former position is still open so I'm sure if I had stayed I'd now be under pressure to further extend my time there.

 

[Al in Ohio]

I had a similar offer. Last year at 55 I announced and was asked by my regional vp (who is also a good friend) to consider staying another 6 months). We agreed I could work half time, all at home and I'd be eligible for full medical still and another years bonus. I agreed. Looking back it was a win win. There was zero pressure those last 6 months and the ball was always in my court. Now I have more cash cushion to travel to more exotic places than I planned. Of course, I also liked my job and my family history for longevity is pretty good. You have a high stress long hour job however. And your financial pension and savings should be more than enough. For you it may get be best to stick to your original inner voice telling you to go now.

 

[tps7742]

Congratulations on your accomplishments and now go enjoy your life/family. I retired two years ago, left quite a bit on the table from my pension but I have enjoyed life and family so much. Please don't take this as negative, but as many have stated on here and have experienced that the company will be just fine when you leave I am sure. Working as much as you have might take some time to decompress and ease back into the "average Joe".

 

[Teacher Terry]

I have had 3 close friends die in their 50's and early 60's. I have had a few others become very disabled so they can't do much. Stress can kill. Retire now and enjoy your life.

 

[6miths]

Honestly it doesn't seem like enough money over what you would have made from your usual compensation to justify staying but it is difficult to say based on the numbers you have given.

You certainly don't 'need' the money. I would consider it if the company had treated me and other employees well for many years and I 'enjoyed' my time there and felt that this was a way to 'give back' and I would also consider it if they flattered me enough but this 'flattery' would have to come in the form of some major additional dollars, benefits, perks...

Life can be turn out to be unexpectedly short or long... with a fabulous pension and great savings it seems like you have the long covered. Maybe time to think about the short end of things.

 

[Midpack]

Others may disagree, but I think everyone should work until they're FI - roughly 25X projected retirement spending (less SS, pensions, annuities) for a 65 year old or 33X for 55 and younger.

Once you reach FI, you should continue to work if you don't hate your job/career on balance and you're still physically able. Having extra $ may be helpful if sequence of returns or historically bad, or to give yourself the option to splurge a little if returns cooperate.

You should quit working when you really hate going to work most days or you're just no longer physically able, or there's so much more you want to do and time is running out - remember most of us will be retired for 30 years or so, that's a lot of time. And there are advantages and disadvantages to being retired, just as there are while working.

If you're happier at your job/career than anything else you could be doing until you're 80 years old, I've known a few, you're one of the few lucky ones.

 

[Blue Collar Guy]

most people dont have anything saved let alone 25 x

Others may disagree, but I think everyone should work until they're FI - roughly 25X projected retirement spending (less SS, pensions, annuities) for a 65 year old or 33X for 55 and younger.

Once you reach FI, you should continue to work if you don't hate your job/career on balance and you're still physically able. Having extra $ may be helpful if sequence of returns or historically bad, or to give yourself the option to splurge a little if returns cooperate.

You should quit working when you really hate going to work most days or you're just no longer physically able, or there's so much more you want to do and time is running out - remember most of us will be retired for 30 years or so, that's a lot of time. And there are advantages and disadvantages to being retired, just as there are while working.

If you're happier at your job/career than anything else you could be doing until you're 80 years old, I've known a few, you're one of the few lucky ones.

this applies to most people in here, but in the rest of the world most people are going check to check for their whole lives, either by choice or design, the scared types like me worked way too long and hoarded my money till i had excess,

 

[Midpack]

this applies to most people in here, but in the rest of the world most people are going check to check for their whole lives, either by choice or design, the scared types like me worked way too long and hoarded my money till i had excess,

That's why I posted here. And there are those/some/a few here who seem to think FI and RE go together. They should be independent IMO. There is nothing wrong with working past FI, just as there's nothing wrong with choosing ER.

 

[Music Lover]

Simply by definition, "early retirement" means that you will be leaving money on the table. I think that if you have enough to live on in the lifestyle that you're accustomed to, then staying longer has no benefit at all.

 

[Shanky]

Similar situation to you, high demand career, well paid, but consuming. My health was at risk & I Left at 55. You are not being offered nearly enough money. Unless you have a really expensive lifestyle I assume you are paid less than 500k a year including bonus. Banking 200k sounds like they are just asking you to OMY with no additional pay beyond your normal salary/bonus/ stock grant. Life is short. Unless you know you need the $$ for something you cannot afford now, leave now. Your tax situation will improve dramatically when you income steps down. I used to pay $150k a year in taxes, now we live on less then that, and I don't miss the $ or the career "status". Folks couldn't care less about what I used to.

 

[Midpack]

Simply by definition, "early retirement" means that you will be leaving money on the table. I think that if you have enough to live on in the lifestyle that you're accustomed to, then staying longer has no benefit at all.

"Enough" can never be a known quantity, but returning to work isn't an option for most retirees. And if you enjoy your job/career and/or don't have other activities you enjoy more, there is "no benefit at all" in staying?

 

[evilanne]

The only half hearted reason for delaying your retirement:

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.

Given your pension, wouldn't you be to do these things anyway? The only possible reason I could see for extending would be some sense of duty to the company. If this is the case, I would suggest negotiating different terms that also meet your needs--reduced hours, less stress, more time for family during any transition period beyond your planned retirements date.

 

[DrRoy]

View attachment 25842

+1. I haven't seen this before, but I sure like it.

 

[Bigdawg]

That's why I posted here. And there are those/some/a few here who seem to think FI and RE go together. They should be independent IMO. There is nothing wrong with working past FI, just as there's nothing wrong with choosing ER.

+1. I am FI but not RE. Why? Difficult to say this out loud but I sort of like my job. Pay is way too much. Boss doesn't know what micromanaging is. DW is only 45 and likes her job that pays her well. She rates a second pension in 5 years. I will probably punch in 2-3 years. When not working the 9-5 I also officiate a few sports pulling in an extra 10-15K/yr. To me the FI is so much more relevant than the RE.

 

[Music Lover]

"Enough" can never be a known quantity, but returning to work isn't an option for most retirees. And if you enjoy your job/career and/or don't have other activities you enjoy more, there is "no benefit at all" in staying?

Each person's definition of enough will be different. My "enough" would probably cause more than a few people here to lose sleep...

My point was that there is little or no financial benefit to staying at a job if the additional money earned will have no effect on one's lifestyle. For those people, there is no point continuing to work unless you enjoy it.