Please talk me out of continuing to work!

[tangomonster]

Several months ago, I posted an introduction about DH and my intentions to retire. He ER'd a couple of weeks ago.
I gave my resignation today. My supervisor is tryinng to talk me into staying on as an independent contractor. Supposedly I would have lots of freedom (wouldn't have to go to stupid staff meetings for team building), could decide how much I wanted to work, etc. The pay would be $500 per evaluation I completed (I do psychological/vocational testing). So if I did ten a month, I would earn $5,000-
$60,000 a year (which sadly is more than I ever earned---am leaving at $47,000, but with benefits, and expected to do at least 13 a month and have done two and three times that many).

DH has been so relaxed in the two weeks he has stopped working. I envy him and want it for myself. I've been taking some leave time to use it up and now see how great it is to have that freedom. But then I wonder should I turn down $60,000 when this would be last hurrah and I almostd efinitely will never be working again.

There's nothing we would spend the $60,000 on. It wouldn't change our lifestyle in any way---just preserve our capital a little longer. (To refresh your memory, DH and I are 52, no kids, live a very frugal life, no debt, and have 4 million dollars, half in bonds and half in mutal funds. But we are buying our own health insurance, which will be about $12,000 the first year and will only go up from there while still not covering very much). The advantage of continuing to work would be some social interaction that I may not otherwise get (although it can be pretty shallow and limited) and some mental stimulation, as well as still continuing to bring in money. But it does seem like it would get pretty rough to work when DH isn't and when knowing deep down that we really do have enough money to swing
both our ERs.

I guess I'm looking for one final reassurance that it's okay to stop working once and for all.....

 

[Nords]

Gosh, you make that job sound so freakin' attractive that I'm surprised you're not surrounded by eager-beaver contractors! Maybe they're holding out for weekend duty or midwatches...

If you want to hedge your bets, tell your bosses that you'll get back to them after three months. It won't take you that long to make up your mind, but it'll give your spouse plenty of time to show you what he's learned about ER...

 

[cute fuzzy bunny]

Cut it out and go home.

 

[Alex]

Please for your own sake - GET the heck out of there now!!!!! RUN!!! do not walk to the exit. Let some other fool do those evaluations. You have all the money you need. Enjoy your self, you deserve it!

 

[Dawg52]

4 million? There is nothing to think about. Get out. You can get social interaction through volunteer work, clubs, etc....

 

[Cattusbabe]

I FIRED on May 21. Love it. I got the offer to stick around and do pool.( I retired from nursing.) Not. A. Chance. Of. That. Happening. I think that must be a standard responce from the powers that be when you anounce that you are ER. Stick around as a consultant. I agree with the others. Start the new phase of your life and do not look back.

 

[honobob]

Go!  Out of 4 recent retirees in my office, one never came back, one died and two have come back as independent contractors only to say each day that they need to cut back on their schedule.  They won't be around long but it's like taking a bandage off................best done all at once.

It was fun to see them come back the first day or so but now they are just pains.

 

[Rich_by_the_Bay]

So if I did ten a month, I would earn $5,000-

There's always some reason why it's financially better to stay on vs. FIRE. Always.

Whenever you retire you will have such an issue to address. So why not come to grips with it now, and retire like you really want to.

If not, why do you have to do 10 evals a month? Why not 5? Or 3? Or whatever else you want to make you feel less guilty about slamming the door in your ex-employer's face? You are in charge here.

Good luck - nice alternatives either way.

 

[tangomonster]

Thanks so much for all your replies. It's just the encouragement and perspective I needed. I don't think it's guilt that has made me think twice (at least not guilt about leaving my employer---maybe regarding my parents that they had to work until they were 65+ and I don't----but they (as do most loving parents) wanted things to be better/easier for me, so I do think they would approve, if they were alive). I guess it's more fear of running out of money and shame if that were to happen---that I didn't do all I could to earn every possible dollar to ensure that I would be self-sufficient and comfortable.

But it's becoming more and more important to me to be comfortable with myself and the world, not just financially comfortable---and I can't have that level of comfort, peace, and serenity working in a toxic environment and continuing in the worker bee mode that really hasn't suited me since I began it 30+ years ago. And money has never been important to me in terms of its buying power for most things (just security so I won't be eating cat food in my seventies---not a happy thought for a vegetarian!).

In real life, I don't know anyone who is FIRED---or who is striving towards it (I'm not sure I know anyone who is aware of the possibility!). Please know that the existence of this board and your taking the time to post and reassure me has helped me immensely, and other people, I'm sure.
You have pointed me in the direction that will enhance my physical and emotional health. How nice to be able to "mix" with a group of people who care about what's important in life and not just conforming to the worker mode/worship of money that almost always requires some sacrifice of the soul!

 

[linkerbink]

My parents planned a retirement where they would travel around the country in their Airstream...but my father was diagnosed with cancer and died at age 61. A fellow from my agency retired at 65 and a few months later was diagnosed with bone cancer, and is given only a few years to live. My father-in-law couldn't wait to retire and play golf every day. Just a few weeks after his retirement he was hit by a taxi and needed a walker from then until his death many years later...he never got to play golf again. Do you get my drift? If you can get out now, GO! I have only 356 days to go, and I'll be gone, too..at age 60. Later than most on this forum, but better than many I know!

 

[snowbird]

...I guess it's more fear of running out of money and shame if that were to happen---that I didn't do all I could to earn every possible dollar to ensure that I would be self-sufficient and comfortable.

$4 million and she's worried... Give me a break. You don't need encouragement, you need pychological help.

Get a life.

 

[unclemick]

Hmmm

Death in the family, divorce, retirement - that's what I remember reading somewhere - don't underestimate the mental adjustment!

BTY - 'It's a good thing'  Martha Stewart?

heh heh heh

 

[Martha]

Yes tango, it is the mental adjustment. You have enough. Enjoy.

 

[SteveR]

$4,000,000.00
Nice Round number from which to generate a very nice income stream of $160,000 per year at a SWR of 4%. No debt, no kids and good health are major pluses.

Not knowing your current and expected income needs, one would expect that $160k/year would be a pretty decent income stream.

It would appear that you do not HAVE to work. It would be a choice and not a requirement. You could always give it a shot and w*rk for a few months and see how it goes as you transition into ER. Or, you could jump all at once. Either way you appear to have the $$$ to do just about anything you would want to do.

Like UncleMick says...don't underestimate the adjustment into retirement for both of you after working for 30+ years. Be sure to give each other some space during the day. Too much togetherness can be worse than too little sometimes. Balance in all things...

 

[Donzo]

I agree with Nords - tell them you will get back to them in 3 months-and have fun with your husband...celebrate! If I had 4 mil, I would be dancing in the street--not considering to continue the grind! You got it done, now go home.

 

[uncledrz]

Tango
If you have fun, enjoy it and want to, then do the consulting. But do it for those reasons, not for the money.
Just MHO.
Uncledrz

 

[shiny]

Going from full time to part time may help ease the transition to retirement. Some folks like that. I did.

Just remember the self-employment tax (Laurence just had a thread about that). It could eat up a larger than expected part of your additional salary.

 

[haha]

$4 million and she's worried... Give me a break. You don't need encouragement, you need pychological help.

Get a life.

And in what part of the hospitality industry did you work?

Ha

 

[Rich_by_the_Bay]

And in what part of the hospitality industry did you work?

 

[TromboneAl]

Yes, I'd say it wouldn't hurt to talk to a psychologist about this. Explain that you have an unreasonable fear of health insurance.

Even in a money market fund, your 4 million would give you $160,000 a year.

 

[kcowan]

If you are anything like my wife, you may miss the buzz of daily work life. OTOH, continuing to work just for the buzz will lead you to be working when you die. So best to deal with the transition as soon as you can.

Fill the void of daily work by planning to take three trips each year. You can afford it. Stop outsourcing things you had no time for. Do the things you enjoy yourselves. And dip into that list of things you always wanted to do but never had the time for.

My Dad worked until 65 then spent three months comforting Mom until she died of breast cancer. He lived for 30 years - alone. Enjoy life while you still are young enough to press the limits.

I retired at 60. But I had less than half of what you have. So I became a DIY investor. We spend $120k per year (and declining) but so far have grown our capital base by 15% after living expenses. So we can live forever and still leave an estate with any luck.

Get at at! There is plenty to do...

 

[spideyrdpd]

You could be a mini Buffet and work and give it all to charity

I wonder how it works though . How long does it take to do one case? If its more than a day, can you start and then stop and come back when you want or are you on a deadline. If I could come in after rush hour and leave before rush hour and I didnt hate the work. I might work a day or two a month, but I wouldnt get caught up with getting a big month.

 

[tangomonster]

Thanks for all the replies. I will go through with this, but my employers are still trying to convince me to stay. Yet another talk on Monday to look forward to, to discuss all my "options." Sort of flattering---but it's not really me they want to keep---just all the revenue I was bringing in.

And yup, I know the SWR would give me $160,000---but is that just for a 30 year period? What if someone's lifespan goes to 90+? (I sometimes wonder and even wince when I read obits of the 100+ folks. Possibly they were able to survive through family help. We don't have any kids or other relatives to help---it's all up to us). Since we never earned more than $80,000 combined and saved a good chunk of that each year living below our means, it should be doable. But it's still scary---we're starting out at 52 paying health insurance premiums of $12,000 a year. If it goes up 15% a year, we'll be paying $60,000 a year and more---before Medicare kicks in!

Spidey, it takes ten to fifteen hours to complete an evaluation. The actual testing takes about three. But there can be an hour or so scheduling and getting the needed tests. Then three to five hours writing up the report and doing research. Then an hour to do the staffing weeks later (this is a one-hour meeting). Commuting can take an hour each way and I have to go to a location twice (once to test, once for the meeting). So even the $500 per eval would be more than I made as a salaried employee getting $47,000 to do as many evals as possible, it just breaks down to about $30 an hour---not that much considering no benefits, price of gas, and my time! In fact, writing this, I'm more convinced than ever I need to just stop!!!

Today I was allowed to take a day off to think about my resignation and whether I would be willing to stay on. (I can't wait until everyday is a day off and I don't have to ask for permission!). We got up at 7, read the paper, had breakfast at 9, went for a walk in the park, went to the library, went grocery shopping. Spent the afternoon reading, napping, playing on line. It was wonderful! I can see where living this way is so much more about enjoying life, not just enduring it.

I do admire all of you who RE making much higher salaries than we did. It's got to be harder to give it up. (For years, our investment income has exceeded our salaries). Guess this is one (actually, the only) advantage of a low salary.

Aside from the low salary, I've endured some not so appealing working conditions for almost 30 years----
getting up at 5 a.m., commuting an hour each way, working through lunch and multiple extra hours, dealing with the stress of a human service trying to help people with some pretty significant issues, and coping with all that goes with not very well run nonprofit agencies. Time to say goobye to all this!

And Snowbird, I do have a life (didn't the expression "get a life" go out of fashion several years ago, especially for those over 14 years old?). It may not be a life you'd want to live.
Admittedly many people would find it dull. But it's my life and just as valid as yours. And it's going to be a terrific life once I retire. But part of my life has been to think and worry about finances---if I hadn't been doing this for years, we would never have saved and invested to be able to do this at age 52 with no pensions and paying health care costs ourselves!

 

[73ss454]

Tango,

Run firecalc for more years and see what happens. I can't imagine that you guys would have to worry about running out of money.

We never know what the future brings but you seem to be in great shape. With no kids you don't have any future expenses like weddings or schooling.

I can only say that I wish I had your problem.

Good luck.

 

[Rich_by_the_Bay]

Tango,

A 4% SWR should last you forever. Besides, you surely can live on less than 160k per year even if the sky is falling.

Shed chicken little.