First Post - and a w*rk transition

[JK7255407]

Hello - I have been lurking for a few months and this is my first post. I enjoy the civil nature of this forum and the willingness of people to share their experiences. Thank you all for that.

Me and DW are 59 and 60 years old. DW retired about a year ago from part-time w*rk. I w*rk at a megacorp and am trying to get separated with severance before the year is over.

We are debt free, own our home and have a NW of about $1.4M. Our expenses are $4.5-$5K month. My asset allocation is 45/55 Stocks/Bonds. I have run FIRECalc and get a 96% success rate if I were to retire at 59-60 and live on dividends and capital gains. We have some annuities that begin to pay at age 63 and 64. Unsure when we will start to collect SS, although I have run some scenarios. Medical will be one challenge and we intend to use the ACA.

Once I leave megacorp I intend to w*rk part-time or contract in a completely different industry. I am thinking grocery or some light industry. I want to do this to keep occupied, give DW some space and to help with the cashflow.

I'd like to hear from others who have made a w*rk transition like this, from up-tight megacorp to working in a local business, or a non-profit or some other radical change. How did you market yourself? Did you have any regrets? How did you handle the change in your w*rk environment and life? Thanks.

 

[Bir48die]

It wasn't some crazy transition from working to not working. When you don't want to work anymore, then you welcome not getting up at the same time every day with huge responsibilities.

My transition was to learn to clean the coffee pot after our morning time and how to properly make the bed to my wife's specifications. Sure, I did some part time work with my old company but just realized quickly that I didn't need some transitory time. My CEO and CFO thought I needed to keep a toe in the water. They were wrong.

 

[MBAustin]

Welcome, JK! Sounds like you and your DW are in good shape to retire! Glad you found us

With the strong labor market now, you probably won't have too much trouble finding part time w*rk of some kind, so you should focus on what you want to do, how much time you want to spend w*rking, and how much you want to earn. Personally, I thought I wanted to do serious consulting w*rk but found within a year or so that I was enjoying the rest of my life too much to spend time on it. YMMV.

 

[Clone]

I was starting to think about retiring, and the numbers were good, when an opportunity to teach college appeared. It was a perfect fit, and a great transition. The money was not near as good, but the stress dropped to near zero. It gave us an opportunity to transition many things from the old grind to something different.

It was also very rewarding. As I was retiring, one of the folks that handles the graduating students surveys relayed to me that 3 to 10 students each semester listed me as the professor that had the biggest impact on their college experience. To me, that is an accomplishment that puts almost everything that was done at mega-corp into the shadows.

 

[travelover]

After I retired, I volunteered for a while "to keep busy". Soon discovered that I'd rather not have a schedule and at 12 years, I've never looked back.

 

[Souschef]

I looked at PT work, but after they take out state and federal withholding, FICA, and SDI it just was not worth it.
I volunteer with a number of organizations that suit my interest. I saw no need to have a "toe in the water".

 

[Rianne]

Welcome, JK. Our situation was similar to yours. DH exited the megacorp at 58 yrs. old. He now has a consulting gig from home, brings in @ $42K/year. Trust me, it's RE for him because he makes his own schedule consulting, 99% less stress and he's 100% happier. This was 5 years ago, so our net worth has increased with the wonderful bull market. We are keeping our fingers crossed.

We maintain with cash we set aside to stay under the ACA cliff and spend approx. what you do. We have ZERO regrets. The main thing...we are both very healthy and are doing everything we can to stay that way. Diet, exercise, vacations, social life all important to keep involved in something you enjoy. DH actually enjoys his consulting, it keeps him involved in his field without the pressure.

We will take SS, mine at FRA and DH at 70. Pension kicks in at 65. There's much wisdom on this forum. Look forward to your posts.