Readers responses to WaPo opinion piece

[Dtail]

Spent about 20% less in 2020, although our spending did return to normal last year.
Volunteered for a package at 57, but would have been forced out within 2 years if I didn't do so. Don't miss one thing about work and I did love my career.

 

[Andre1969]

On the flip side of people retiring earlier, because of large inheritances, realizing that they truly are ready to retire, etc, I wonder how many went the other way, and kept working because of COVID?

Back in early 2020, I was seriously thinking about retiring. I had hit my financial number, and my 50th birthday was looming on the horizon, so I was thinking that retiring would be a nice birthday present to myself.

And then, COVID hit. At first, seeing my invested assets lose about 35% of their value in just over a month was enough to get any aspirations of retirement out of my head, but even when I recovered from that, I started getting accustomed to working from home. It still gets annoying from time to time, and feels like I'm stuck in some sort of limbo where I'm not fully retired, but not fully working, but it feels like it's not a bad place to be. I know I'll get tired of it eventually, and quit work altogether, but for the time being it's easy money.

I wonder though, how many people are still working from home? Whenever I go out, I swear traffic is as bad as it ever was, and rush hour seems back to normal.

 

[Markola]

^^^^ I left my last j*b in the first summer of Covid, took 9 months off, got bored with sitting around, then accepted a couple of part time consulting opportunities that came up. For me, Covid provided an opportunistic dimmer switch.

 

[G8tr]

Read a few articles over the past year all with the same message - people now need to get back to the office. Companies have too much unoccupied real estate burning through profits, politicians need the tax revenue that commuting generates, and commercial real estate investment funds are losing their shirts. Sorry, not sorry. WFH home is fine by me until I retire, which as a mid Gen Xer will probably be another 10 years (young kids at home and the money is too good).

 

[CP Soon]

Wasn't pushed out the door. My employer continuously added to my responsibilities while cutting costs by eliminating other positions, which led me to exit. I was still working mainly to enjoy the fulfillment of using knowledge and experience gained over a long career, but the stress and hours became too much and impacted my health.

That was almost 4yrs ago.

Enjoying retirement, but would probably still be working if expectations remained reasonable.

I can relate with similar experience that helped me exit from Mega Corp. Original plan was to retire @ 55, but new exciting job was about to extend my retirement date. However, the Pandemic had other plans for me.

1) Accepted a new position in a newly created organization & product line within current Mega Corp. They came to me and begged me to join, May 2020 - very nice bump in pay. I was really excited in the new position and had much to provide to a new organization with my experience. Many new employees that needed mentoring, organization and leadership direction. Again, very excited that I was going to make a difference.
2) Within one month, the new position became total overload of new responsibilities with multiple team members in Japan, China, India, Europe, US - East and West Coasts.
3) Was basically tied to my computer starting 5 AM (APAC meetings) and often not ending until 8 PM (West Coast meetings) M-F with multiple meetings on weekends also. For months, Sr. Leadership refused to listen to me that I was overloaded and could not successfully execute to customer satisfaction with this state
4) While I was not a direct report, the Engineering Director for one of my teams was the biggest Dysfunctional A$$ Hat I have ever worked with in +25 years of employment - quick to blame me and others for his inability to lead a global team.
5) My DM's health was failing quickly, so I wanted to spend more time with her, etc.
6) Crushing amount of stress at work, DM with failing health and DS who was failing with remote learning in HS
7) Realized that I had enough $$ and the current work conditions made it impossible to ever be successful. I could not continue working in a no-win situation, so I pulled plug in Jan 2021@ 55. The function of FU money is amazing!

Ultimately, retirement was the best decision of my life! Stress has melted away, I am closer to DW & Kids, and I was able to spend some quality time with my DM prior to her passing away in April 2021. DW is now experiencing same situation and will be leaving her employer in May. I can't wait. Life is too short, and we have much to accomplish together from our Bucket Lists!

 

[Tuirc]

The above speaks volumes to me. How long do you keep playing? I’m now 57. But, my company has started thrown cash and titles at me. Nearly $300k per year in cash and prizes. Could I say FU? Sure. Even today, if it all went to hell, I have a diversified portfolio and I feel petty confide that I could walk away and I’d be more than fine. But, the world is going to ****. We have stupid levels of inflation. War. Etc. Should I just keep working? Or is that a fool’s game? My intention has been to keep working for at least one more year anyway, but the future looks fun, and the money is good. DW likes it. IDK. If I can do a little travel, make some $$$, and then retire… maybe that’s the ticket, but it sounds like excuses to keep working for the man when I don’t have to.

 

[Dtail]

The above speaks volumes to me. How long do you keep playing? I’m now 57. But, my company has started thrown cash and titles at me. Nearly $300k per year in cash and prizes. Could I say FU? Sure. Even today, if it all went to hell, I have a diversified portfolio and I feel petty confide that I could walk away and I’d be more than fine. But, the world is going to ****. We have stupid levels of inflation. War. Etc. Should I just keep working? Or is that a fool’s game? My intention has been to keep working for at least one more year anyway, but the future looks fun, and the money is good. DW likes it. IDK. If I can do a little travel, make some $$$, and then retire… maybe that’s the ticket, but it sounds like excuses to keep working for the man when I don’t have to.

Sounds like another example of OMY. You never know how many years are left.

 

[CRLLS]

The above speaks volumes to me. How long do you keep playing? I’m now 57. But, my company has started thrown cash and titles at me. Nearly $300k per year in cash and prizes. Could I say FU? Sure. Even today, if it all went to hell, I have a diversified portfolio and I feel petty confide that I could walk away and I’d be more than fine. But, the world is going to ****. We have stupid levels of inflation. War. Etc. Should I just keep working? Or is that a fool’s game? My intention has been to keep working for at least one more year anyway, but the future looks fun, and the money is good. DW likes it. IDK. If I can do a little travel, make some $$$, and then retire… maybe that’s the ticket, but it sounds like excuses to keep working for the man when I don’t have to.

I would suggest you answer this for yourself:

"Do I work to live? Or do I live to work?"

How you answer that will tell you if you should leave or stay.

 

[Amethyst]

One reason is that many, many people did not have full-scale office jobs. Other than during genuine shutdowns, they never stopped traveling back and forth to build things, fix things, sell things, and deliver things.

The rest are running errands and shopping. A large proportion of daytime, weekday drivers are Old people and women, including me. No jobs, just keeping the home fires burning.

I wonder though, how many people are still working from home? Whenever I go out, I swear traffic is as bad as it ever was, and rush hour seems back to normal.

 

[Montecfo]

I think one thing that has been forgotten is all the boomers who delayed retirement due to the Financial Crisis. Post that time the retirement age cohort participated in the workforce at a higher rate than previously.

Now they and their portfolios hace recovered and time or COVID became their catalyst to retire, though not necessarily early. These folks will not rejoin the workforce. They are just part of the largest demographic group continuing to have an outsized impact on everything.

Also, school lockdowns caused parents (usually mothers) to leave the workforce to supervise kids learning remotely. Jerry1 referred to this a few posts up. Some of these folks may have realized life is better with someone at home and the expenses that can be saved make loss of income doable.

This will probably turn around but over a number of years.

These two conditions I think explain much of the Great Resignation though there are many factors at work as others have stated.

 

[Lienlord]

When younger I worked for a well known Megacorp that 'rented cars at airports'.
It had a very top down oppressive management style, and most decrees came with the attitude,
"You're lucky to work here. If you don't like it, you're easily replaced."
Employees felt like spare parts, of which they had plenty more in storage.
Was laid off after 10 years, and immediately found a better job. I couldn't believe how much I'd put up with, and wished I'd left sooner.

 

[casole]

The above speaks volumes to me. How long do you keep playing? I’m now 57. But, my company has started thrown cash and titles at me. Nearly $300k per year in cash and prizes. Could I say FU? Sure. Even today, if it all went to hell, I have a diversified portfolio and I feel petty confide that I could walk away and I’d be more than fine. But, the world is going to ****. We have stupid levels of inflation. War. Etc. Should I just keep working? Or is that a fool’s game? My intention has been to keep working for at least one more year anyway, but the future looks fun, and the money is good. DW likes it. IDK. If I can do a little travel, make some $$$, and then retire… maybe that’s the ticket, but it sounds like excuses to keep working for the man when I don’t have to.

Tuirc, I can relate to your post. I'm 56, and while my cash and prizes aren't as large as yous in ratio they are more than enough. One the one hand it feels like $ left on the table. For me, (I just announced this week!!) the question was do I have time to do the things that fulfill my soul while working and the answer is no. The hours at work are getting in the way. Also seeing how quickly health can change on a dime. If someday another job comes along that meets my needs in this way (doubtful) that's fine.

There will always be something in the world falling apart. Heck if I run out of $ with 20% inflation I'll do a reverse mortgage. Or max equity. No legacy goals here.

I guess what I'm saying is only you can determine if it's a fools game working for "the man" , if it serves you and your needs whatever those may be it does not matter. It's your game, you decide when "game over" If one more year feels right go for it. My husband is of the "it's easy money" right now mindset. He doesn't mind working and the occasional vacation. For me it was good $ esp ER contributions but not worth the spiritual tradeoff.

So ready player one!

 

[sengsational]

Sounds like another example of OMY. You never know how many years are left.

If you have a few minutes to read and think about what you are reading, this is an oldie but goodie:https://waitbutwhy.com/2015/12/the-tail-end.html

It's an exploration of just how many experiences you might have left. Some of the numbers are surprisingly small.

 

[5Miler]

Yesterday was the 10 year anniversary of my retirement. Ten years! Unbelievable that 10 years have passed so quickly. Retired at 58 and now ready to turn 69 in a couple of months, time seems to pass so quickly. I kicked Mega Corp out of my life as the work demands were getting ridiculous and have never regretted my decision for even a moment. If I knew then what I know now, I would have done it years earlier.

Leaving this Saturday on a cruise out of Port Canaveral and leave on another the following Sunday out of New Orleans. Get three weeks at home and then leave for a four week dive vacation in Bonaire. I have friends in their 60s still working and at this point, I just could not, even part time. They complain about work and whether it makes me a poor friend or not, those conversations just exhaust me. There are better things to do.

 

[djsander]

I liked my job. My comp came in at around 200k/year and one year it was almost 300k living in a LCOL area. End of 2020 there was an offer of early retirement for most anybody 60 and over. I was 60 and DW and I were looking at 1-2 years out anyway. I accepted and walked out the door in February 2021 with a years worth of salary in severance and awarded bonuses. It’s been great. Some of the people I worked with didn’t accept it. The terms were a one time offer. The company was sold soon thereafter and many position were eliminated toward the end of 2021. Some of those people that didn’t accept the early retirement received a much smaller severance. I’m thankful I took it. We were ready, but didn’t quite feel comfortable until the package was offered. Now everydays a Saturday.

 

[Teacher Terry]

That chart with how much time you have left with people is eye opening.

 

[BubbaChris]

Another factor that I really haven't heard any discussion of is the fact that over 900,000 Americans have died of COVID. The vast majority of them were elderly. How much accumulated wealth has gotten passed down as a result? How many people in their 50s and early 60s received inheritances upon losing parents to the virus that suddenly made retirement achievable? Even getting a couple hundred thousand dollars, maybe inheriting the parent's house, could easily tip the scale and allow someone to leave work for good years earlier than planned.

My mom passed in early 2020, but not from Covid. She luckily missed out on lockdowns in her assisted living facility as those would have made her final months of hospice miserable for all of us.

My inheritance, plus having discovered ACA Premium Tax Credits allowed us to retire at 60. A reduction in pay due to a Covid shutdown of the resort I worked at was also a factor in my decision.

Having spent over a decade in Retail at the end of my career means our new time freedom is truly appreciated. I left the door open when leaving for seasonal PT work, but my former boss has been ghosting me for the last few weeks. That makes it easy say I’m done and moving on.

Best regards,
Chris

 

[HealthyFuture]

If you have a few minutes to read and think about what you are reading, this is an oldie but goodie:https://waitbutwhy.com/2015/12/the-tail-end.html

It's an exploration of just how many experiences you might have left. Some of the numbers are surprisingly small.

WOW. I had not previously seen this. Thanks for sharing.

 

[Koolau]

If you have a few minutes to read and think about what you are reading, this is an oldie but goodie:https://waitbutwhy.com/2015/12/the-tail-end.html

It's an exploration of just how many experiences you might have left. Some of the numbers are surprisingly small.

Good perspective. A good kick in the hind quarters. YMMV