Coasting or powering into ER

[cardude]

I personally would stay in the current job because the financials make more sense. Maybe you can approach the CEO and figure out a way to make the next three years more interesting? The CEO seems worried that you might leave, so that might be the catalyst for him/her to do something about it.

 

[nun]

Another way of phrasing the question: would you still be "good to go" in three years whichever decision you reach?

If the answer is "yes", then the space project might give you the option of FIREing in three years as planned or carrying on if you are finding it sufficiently fulfilling.

I could ER now if I did 72t. Three more years will allow me to fund from 55 to early 60s from taxable savings and give me a nice cushion. My projections also include $450/month for healthcare as I like to use "worst case" numbers in my planning.

So I could take the space job and retire in 3 years and pay for a 4k/2k deductible health plan out of my own pocket. I sort of wish I was farther from ER and really needed the extra years of work, then the decision wouldn't be so tough. If I was 40 and looking at 15 years of work I think the work satisfaction would win out as the retirement benefits of my current job would be so far off.

You know, I'm a really spoiled basta*d complaining about a problems that are really opportunities and agonizing over my situation that 99% of people would be happy to be in.

 

[Lazarus]

Unless the space job involved actually going into space it wouldn't tempt me.

 

[Texas Proud]

You are pretty much right on. I was called by some old colleagues as they lost some key people recently. I'm pretty burned out in my current job; nice folks, but I arrive at 9:30 and leave at 4:30 and never have to take work home, I feel that I'm not using my full potential and the new job would stretch me and get me into a big engineering group as opposed to the tiny university group I work in now.

When I ER I have plans to do some serious bike riding and volunteer with a couple of charities. I won't be earning, but I'll be occupied.

I also looked into healthcare cost on the MA state website and a plan like I'd get at 55 from my current job for around $55 would cost me at least $700

I just don't understand.... you can come in late, leave early and still get a great salary I guess we have different goals for work.... I work to get a paycheck... sure, I would like to be more challenged, but when you boil it down to why do I go to work every day... a paycheck....

Why can you not do someon of what you want to do when you retire NOW IOW, you seem to have the time to ride your bike and volunteer... that to me would get you half way to where you want to be in being challenged....

Also, do not minimize that health care benefit.... my sister is on our state teacher's plan even though she has Medicare.... she was hospitalized for 6 months and it paid a LOT.... her out of pocket was a lot less than if she did not have it.... so, it is not just insurance until you get to Medicare, but might be there for the rest of your life...

 

[JoeWras]

You know, I'm a really spoiled basta*d complaining about a problems that are really opportunities and agonizing over my situation that 99% of people would be happy to be in.

Maybe. I feel that way too some days.

However, I also have to remind myself that I spent many years getting my shoes resoled, driving cars until they were junk, taking 1 drink instead of 10 at the bar, eating in a lot, vacations to my childhood hometown instead of exotic places, etc., etc. while I watched my contemporaries live high off the hog. And now they are b1tching at me for being "rich".

You probably have similar stories.

 

[nun]

I just don't understand.... you can come in late, leave early and still get a great salary I guess we have different goals for work.... I work to get a paycheck... sure, I would like to be more challenged, but when you boil it down to why do I go to work every day... a paycheck....

Sure the paycheck is good, but pride of work is also important. I have skills that I'm not using and the new job would use those, I'd also be helping out old colleagues and doing something very meaningful to a large community of scientists and engineers. Right now I go home without feeling really proud of what I did at work, that definitely wouldn't be the case in the new job, but is that worth giving up the medical benefits and all the hassle of relocation? That's the question I have to answer. Looking at the answers I received from the forum it seems pretty clear that I should stay put and if I do it will really crystallize my ER plan.

 

[growing_older]

I see your problem. I'm in a nice job and nearing FI if I coast. I'm thinking hard about looking for something more meaningful (space job would count) for the last few years, just because I want to think my work actually did something useful and interesting besides pay me. At these pay levels, a bit more or less in salary or benefits is not all that significant compared to time, so that's mostly a wash, or a slight plus for staying put.

Have you thought about your future self. What will you think in 10 years when you look back on either scenario? Does either one seem like a better choice in (imagined) retrospect?

 

[HFWR]

Truthfully, in our early 50s we are in many ways at the top of our game - lots of experience and wisdom but still energetic.

[-]Truthfully, in our early 50s megaconglomocorp started looking around for ways to shed salaries, pensions, and healthcare costs. It doesn't matter what skills or experience we have, they figure any dumbass could do it. Besides, much of the industry has moved offshore anyway. So, no one will hire you in a new field, because forty-one years in the workplace and six years of college does not make one "qualified", and jobs wherein you do have experience are few and far between, and require starting all over in terms of salary and benefits, assuming there are benefits at all.[/-]

Coaster here...

 

[SunsetSail]

Sure the paycheck is good, but pride of work is also important. I have skills that I'm not using and the new job would use those, I'd also be helping out old colleagues and doing something very meaningful to a large community of scientists and engineers. Right now I go home without feeling really proud of what I did at work, that definitely wouldn't be the case in the new job, but is that worth giving up the medical benefits and all the hassle of relocation? That's the question I have to answer. Looking at the answers I received from the forum it seems pretty clear that I should stay put and if I do it will really crystallize my ER plan.

I haven't been in your situation, but your dilemma strikes a cord with me. It is certainly a 'first world problem', but one that is important to your happiness so you shouldn't feel bad for agonizing over it. I think you are secure financially with either choice even with giving up some financial benefits of the status quo. The real question seems like it is whether the benefits of living in MA near friends and cultural activities you enjoy trump meaningful and stimulating work. Three years seems like it is right on the border - five years or more and the work would be more important, but two years orless probably not.

One thing to consider is the impact of finishing a meaningful project and entering retirement. For some it might be more difficult because the work was enjoyable and for others it might be a way to get pretty immediate closure to work life.

 

[Lazarus]

Pride of work? That will quickly be forgot about once you are off for a while. No one from work has called to ask my sage advice since I left. I did not expect them to. Once you are gone you are off the radar. No longer relevant.

Exactly the position I wanted to be in. Doing nothing except what I want.

 

[Texas Proud]

Sure the paycheck is good, but pride of work is also important. I have skills that I'm not using and the new job would use those, I'd also be helping out old colleagues and doing something very meaningful to a large community of scientists and engineers. Right now I go home without feeling really proud of what I did at work, that definitely wouldn't be the case in the new job, but is that worth giving up the medical benefits and all the hassle of relocation? That's the question I have to answer. Looking at the answers I received from the forum it seems pretty clear that I should stay put and if I do it will really crystallize my ER plan.

Since I am not one who remembers that much about other posters, I do not know what you do now except that you said you are at a university... I would think (if you do it) that teaching the future generation would give me pride in my work.... heck, that was one of the things I had thought about doing after I retired...



So, why can you not help out your colleagues without taking the job IOW, do consulting work for free.... or a reduced amount if you want to make some money doing it.... You might be able to free up some more time at your current job in order to do it... if you skills are badly needed, they will work with your limitations in order to get them.... then you get the best of both worlds....


If they are not willing to work with you, and insist that you work full time or else they will get someone else... then you are just another cog in the wheel, subject to layoffs, etc... nothing special... sure, you would be doing a job you were more proud of, but to me at a huge cost to you...

Again, I am only saying this because you say you want to retire in 3 years... if you took that statement out I would probably think differently... Also remember that when you retire, you will not be using these skills anymore.... so it is not like you need to keep them up to date...

 

[nun]

Since I am not one who remembers that much about other posters, I do not know what you do now except that you said you are at a university... I would think (if you do it) that teaching the future generation would give me pride in my work.... heck, that was one of the things I had thought about doing after I retired...

The people around here are not researching directly in my field. I build and maintain instruments for them to do their research. So I'm sort of like a technician on steroids, I'm critical to getting the work done, but they have no understanding of my experitize.

So, why can you not help out your colleagues without taking the job IOW, do consulting work for free.... or a reduced amount if you want to make some money doing it.... You might be able to free up some more time at your current job in order to do it... if you skills are badly needed, they will work with your limitations in order to get them.... then you get the best of both worlds....

It's a very hands on job and they need me to actually work on hardware so I can only do the job by actually being in MD. They have people around the world doing analysis and simulation, but need folks to makes sure the hardware is right.

 

[Retire2013]

This is a no-brainer. Stay in MA at your current job.

 

[nun]

OMG, life is strange. Here is an excellent example of the best laid plans being upended by powers outside your control. A big part of my ER plans and the difficulty in making my new employment choice was the retiree benefit in my current MA state job. I've always included $500/month to pay for health insurance in my plans as a "worst case scenario" even though the current MA benefits plan allows employees with over 10 years of service to retire at 55 and pay just 20% of their health premiums......which is $60/month for me. Well it looks like that's going to change and I'll need at least 20 years to qualify under proposed changes to MA state benefits. From todays Boston Globe and WBUR

http://www.wbur.org/2013/01/10/retiree-health-care-reforms

Patrick seeks higher health payments by retirees


Currently, most state and local workers pay 20 percent of their premiums if they have worked for 10 years on the job. Under the governor’s plan, they would have to pay 50 percent of their premiums if they retire after 20 years of service. Only after 30 years of service would the government pick up 80 percent of their premiums, leaving them with 20 percent of the cost.

A colleague of mine has 13 years of service and is 63 so he's currently vested in the health plan, but under the new rules as reported he'd have to work another 7 years to get benefits. He was going to retire at 66, but now he's going to retire immediately under the current rules so he can get the medial benefits (particularly the state approved and subsidized Medicare supplement plan) before the rules change.

 

[nun]

For me, $10k per annum would not be sufficient to get me to give up the benefits and location you have now. What would be sufficient for you? Clearly if $10k was enough, you would not be asking us. They obviously want your skills. If you were to explain that you don't want to move unless your benefits package is equal to the one you have now, would they balk? It seems you may have some negotiating power. The big question is: do you have the motivation and drive to deliver your best at this new job? Only you can tell.

Another opportunity has opened up for me in MA with a good salary and excellent benefits.....amazing how you can look around for a year and get nothing and then all those resumes you planted suddenly bear fruit at the same time. I've decided to ask the folks down in MD to essentially match that offer and help me out with housing, if they can't make the numbers work for me I'll take the MA position.

 

[martyp]

I did similar work as you at a university. I ER'd at 55, get all the benefits but there is nothing preventing me getting another job. I just can work for the university again.