Seeking Advice - for retiring at 52.5

[aaronc879]

Thanks, good to know. I haven't had a chance to research any of this 72t stuff yet, but good knowing it doesn't have to be an all or none type deal.

72t is a pain in the butt and rarely a good idea. In my opinion it should only even be considered for people who are retiring before 59.5 and have all or most of their money in tax deferred accounts. You have plenty of money to tap into outside of your 401k/IRA to get you thru to 59.5 so 72t makes no sense for your case IMO. Definitely do your own research and decide for yourself but I see no reason to deal with it. You should be all good to retire at the time you plan to without worry. Good luck.

 

[Exchme]

Hi – I’m new to this group. Looking forward to joining the many of you already retired. I’ve run my numbers through the fire calculator, and it shows I’m in good shape, but if you disagree, please let me know why. My reason for posting here is to see if there are any tips you can provide for the next several years. I’m particularly interested in how to handle the next 7 years with a deferred income payout coming in. More later on that. I’ll provide what I think are all of the pertinent details, but feel free to ask if I’m leaving anything out. I’ve invested on my own over the years and don’t use a financial advisor at this time – nor ever have, but not dead set against it either.
I’m 52, married (wife 50) & both are in good health & planning to enter early retirement at the end of Q1-2024. No retiree medical benefits or extended insurance of any kind other than my option to pay Cobra to extend.
Total net worth including house ($1MM) is $7MM.
My spending for past 3 years has increased from about 9K/month up to 10K/month. I’m thinking after retiring I’ll want $14K/month (168K/yr) to allow for health insurance and some additional travel & that will need to increase by rate of inflation at least while healthy enough to travel etc.
401K: $2.3MM, Brokerage Acct $2.1MM (about $270K of unrealized gains that I’ll owe taxes on when positions are closed which I plan to do since most of the unrealized gains are in two positions that are 100%+ returns (wanting to be more diversified and get out of these two stock positions) Other savings: $800K (short term <1yr savings/treasuries/CD’s). Unqualified deferred income ($700K) that will pay out over next 7 years with first check starting in 2025, so starting at 100K/yr, but increasing to 125K by year 7 with 5% market returns. Lastly, $200K Roth IRAs combined total for DW and me.
DW doesn’t work and has no pension & will take the social sec of half of mine when she starts drawing.
I have a frozen pension that doesn’t enjoy any COLA which will pay 36K/yr starting when I’m 65. I have $2.3MM in my 401K mostly regular 401K with small portion (5%) in Roth 401K. I have separate Roth accounts that total $175K. House is paid for and no debt of any kind. I will likely downsize houses in 3-4 years which should net about $400K. SS shows to be $96K combined (me +1/2me for wife). That’s using 1.5% COLA and starting it when I am 70.
Questions: 1) Can I or should I try to get my income down to get health subsidies? I’m thinking it just wouldn’t make sense, but I’m open to suggestions & if yes – what methods would you recommend deferring income out a few years while drawing down savings?
2) Should I be trying to reduce taxable income by opening HSA and funding that along with IRA contributions for the next 7 years with that deferred income still streaming in?
3) Where should I prioritize pulling money for expenses to supplement the deferred income over the next 7 years?
4) What %stock would you recommend I should maintain going forward. I’ve always been 90+% stocks guy, but have recently positioned to 75% fixed income – all short term 1-yr or so with about 5.3% current returns (mix of CD’s and treasuries – this 75% allocation is now same for 401K & for Brokerage/savings combined. I’m feeling like 25% is too low for stock positions, but also concerned markets may not return the historical 7-10% historical due to the national debt situation escalating, and I'm pretty sure I could make it with 5% returns, so why risk it?
5) For the fixed portion that I do maintain, what is the best way to get returns better than what treasuries/CD’s offer. I’m thinking corporate bonds but have never purchased one and could use advice as to what to look for there. I usually read bad things about any annuities, but am I missing something here? Should I consider any portion for annuities of any kind?

So there's no doubt you're OK.

1)As others mentioned, the ACA subsidy ship has sailed, you will pay full price.

2) Some ACA plans qualify for HSAs and those are useful in reducing taxes, they are particularly nice if you don't have a lot of medical expenses so don't spend the deductible.

3)The general principle is to shelter as many $ from annual tax drag as long as possible, so I doubt the posters telling you to spend from tax deferred and letting taxable and therefore tax drag grow are right. More likely, you should be doing Roth Conversions to the top of the base IRMAA tier to get money into Roth IRAs where it will be sheltered longer and paying taxes on the conversions from taxable to maximize the size of the Roth and minimize annual tax drag. The Roth Conversions will help assure you do not have large taxes when pensions, SS, and RMDs kick in.

4)Asset allocation and therefore risk is a personal decision, running some cases through FireCalc could give you a feel for how bonds lower returns but smooth the ride. For long retirements with substantial assets like your case, stock volatility has been a lower risk than inflation, so personally I think 25% stocks is too low, but you are the one that has to live with your decision when markets inevitably have a really bad stretch.

5) Most folks should not mess with individual corporate bonds. The big players are the sharks and you are the bait, you do not have research departments assessing corporate risk, call risk, default clauses, etc. If you want a simple fund, you can use something like Vanguard Total Bond, that has a duration of about 6.2 years and includes a broad cross section of issues, about 2/3 Treasuries. You can buy a ladder of Treasuries. You can buy a TIPS ladder and get 2.3% inflation protected returns - a nice tool to help you build the ladder is at Tipsladder.com.

The big takeaway from bond-o-geddon in 2022 was that if you are setting aside money for spending in the short term, it should not be in long term instruments. But between your dividends and deferred comp, you don't really have a short term need to spend down assets.

Other comments:
Check your SS benefit numbers. Note that your wife's SS benefit will not be half of what you get at age 70, it will be half of what you would have gotten at age 67, so 40.3% of what you get at age 70. Also note that the default entry at the SS site assumes you continue to work, so make sure you tell it your future salary will be zero.

You have enough assets and a complex enough situation that you might benefit from a one-time-fee-only financial planner (stay far, far away from the AUM advisors, you may as well put leeches on your body as hire those folks).

 

[Surewhitey]

So with this suggestion, are you suggesting rolling some of the 401K into an IRA and then converting it up to the top of that 22% bracket?

This is my thought. I haven't dug deep into it being possible, but it makes sense to be able to. I'm a couple years away, so I'm not in a hurry to get the skinny.

 

[Retiremeyes]

So there's no doubt you're OK.

1)As others mentioned, the ACA subsidy ship has sailed, you will pay full price.

2) Some ACA plans qualify for HSAs and those are useful in reducing taxes, they are particularly nice if you don't have a lot of medical expenses so don't spend the deductible.

3)The general principle is to shelter as many $ from annual tax drag as long as possible, so I doubt the posters telling you to spend from tax deferred and letting taxable and therefore tax drag grow are right. More likely, you should be doing Roth Conversions to the top of the base IRMAA tier to get money into Roth IRAs where it will be sheltered longer and paying taxes on the conversions from taxable to maximize the size of the Roth and minimize annual tax drag. The Roth Conversions will help assure you do not have large taxes when pensions, SS, and RMDs kick in.

4)Asset allocation and therefore risk is a personal decision, running some cases through FireCalc could give you a feel for how bonds lower returns but smooth the ride. For long retirements with substantial assets like your case, stock volatility has been a lower risk than inflation, so personally I think 25% stocks is too low, but you are the one that has to live with your decision when markets inevitably have a really bad stretch.

5) Most folks should not mess with individual corporate bonds. The big players are the sharks and you are the bait, you do not have research departments assessing corporate risk, call risk, default clauses, etc. If you want a simple fund, you can use something like Vanguard Total Bond, that has a duration of about 6.2 years and includes a broad cross section of issues, about 2/3 Treasuries. You can buy a ladder of Treasuries. You can buy a TIPS ladder and get 2.3% inflation protected returns - a nice tool to help you build the ladder is at Tipsladder.com.

The big takeaway from bond-o-geddon in 2022 was that if you are setting aside money for spending in the short term, it should not be in long term instruments. But between your dividends and deferred comp, you don't really have a short term need to spend down assets.

Other comments:
Check your SS benefit numbers. Note that your wife's SS benefit will not be half of what you get at age 70, it will be half of what you would have gotten at age 67, so 40.3% of what you get at age 70. Also note that the default entry at the SS site assumes you continue to work, so make sure you tell it your future salary will be zero.

You have enough assets and a complex enough situation that you might benefit from a one-time-fee-only financial planner (stay far, far away from the AUM advisors, you may as well put leeches on your body as hire those folks).

Thanks for the advice!
3) I was thinking the same as you as far allowing the 401k to grow untouched at least until 59.5 and spending out of untax protected accounts. I like the idea of moving more into Roth.
4) I agree 25% is too low and the fire calculator seemed to generate solid results when I went to 40-50% stocks & I think I could sleep there... at least until the market drops 50% and then I kick myself, but that's just the way that goes.
5) Thanks for the Bond advice.

Other: Thanks for this. I did plug in stopping work for my benefit in the SS calculator, but I was not aware that spouse benefit wouldn't be 50% of mine, I'll adjust my model to incorporate that change. Shouldn't be a game changer, but bad assumptions in place now & I'll fix.

It's very comforting joining this group just recently, getting advice from others who have been in this space for a while. I'm capable of researching anything but getting pointed in the right direction for what I should be researching is so valuable to me.

Thanks for your comments and advice.

 

[Retiremeyes]

After reading the responses and going back and checking my excel model. I realize that while I've calculated overall combined tax rates for each year which is helpful, I really should be focusing on incremental tax brackets and not the average. I was previously content that I was calculating taxes correctly, but now realizing I need to show separate columns showing the taxes paid in each bracket rather than lumping them all into a single column. I also am not sure I factored in the standard deduction. I'll have to go back and check to see if the tables I used already had that factored in or not. I suspect they didn't.

 

[LiveBelowMeans]

Thanks Surewhitey,
I'm now sold on the fact that I'll be paying for my own insurance without any assistance. Correct that the FICA was paid and while no SS was paid on it, I won't owe any on it. Reason it wasn't paid on it was that the deferred amount was always above the SS income caps, so yes just federal to worry about. My model shows I'll be paying around 19% for the starting in 2025 for about 7 years until the deferred stops paying, then it drops a bit.

So, currently I don't have any pre-taxed IRA's to back door over to Roth. I've done the back door for past few years, so familiar with that, but I've simply contributed and converted all in the same year to what my limits were. So with this suggestion, are you suggesting rolling some of the 401K into an IRA and then converting it up to the top of that 22% bracket? Or are you suggesting putting more into an IRA and continuing to back door Roth it? I'd previously thought I'd be able to do that with my deferred income stream, but another forum member just informed me that he wasn't able to do so.

Thanks

I wouldn't be too quick to assume you wont get a subsidy. The rule is that you don't have to pay more than 8.5% of MAGI on premium. My wife and I pay almost $30k for a $12k deductible bronze plan. In our case income below $350,000 gets some subsidy. You should definitely consider managing your income...

 

[NgineER]

You don't have quite enough money in your Roth IRA to do a Roth conversion ladder, otherwise that is much more flexible than a 72t for managing spend over the next 7 years.

 

[Surewhitey]

I wouldn't be too quick to assume you wont get a subsidy. The rule is that you don't have to pay more than 8.5% of MAGI on premium. My wife and I pay almost $30k for a $12k deductible bronze plan. In our case income below $350,000 gets some subsidy. You should definitely consider managing your income...

I didn't think about the 8.5% thingy. Meaningful subsidies, not much, unless you have substantial expenses for HC. Stinks to be successful.

 

[KingMota]

I would not dismiss Exchme's advice of a Financial Planner. Like you, I have always made my own investment decisions and enjoy doing the research and analysis. However, your situation is complex enough that proper planning could have a big impact on your final net worth. The good news is that it appears that based on your NW and projected spending along with expected income sources you easily have enough even if you choose a conservative investment portfolio and don't optimize your taxes.

If you are a worrier, then consider a version of the bucket method where you segregate (virtually) some number of years of expenses (maybe 5 in your case) into very safe investments (CD's and treasuries). You should then feel comfortable being more aggressive with the rest of your assets. 10% to 25% seems much too low for equities in your situation unless you literally have nothing you would ever buy with more money or any desire to leave a large estate.

I think you have the luxury of deciding what will make you and your wife the most happy. Where do you want to live? How will you spend your time? If your job is demanding, I promise you will be bored unless you find hobbies or other endeavors to keep you challenged and busy. Definitely make it a priority to get in good physical condition so you can enjoy what you worked so hard to build.

 

[Retiremeyes]

I would not dismiss Exchme's advice of a Financial Planner. Like you, I have always made my own investment decisions and enjoy doing the research and analysis. However, your situation is complex enough that proper planning could have a big impact on your final net worth. The good news is that it appears that based on your NW and projected spending along with expected income sources you easily have enough even if you choose a conservative investment portfolio and don't optimize your taxes.

If you are a worrier, then consider a version of the bucket method where you segregate (virtually) some number of years of expenses (maybe 5 in your case) into very safe investments (CD's and treasuries). You should then feel comfortable being more aggressive with the rest of your assets. 10% to 25% seems much too low for equities in your situation unless you literally have nothing you would ever buy with more money or any desire to leave a large estate.

I think you have the luxury of deciding what will make you and your wife the most happy. Where do you want to live? How will you spend your time? If your job is demanding, I promise you will be bored unless you find hobbies or other endeavors to keep you challenged and busy. Definitely make it a priority to get in good physical condition so you can enjoy what you worked so hard to build.

Thanks for the advice, I'm definitely considering Exchme's advice of getting a fee based planner to provide guidance. I wanted to study up as much as possible before hand so I could better understand my options and pros/cons of each before I walked in. I'm like most, in that I'd like to have more to spend or to leave to our children, thus part of my reasons for posting for advice here in this forum

 

[FedRetired50]

Congrats! As others have said, you are in golden shape.

Here's another excellent source for 72t/SEPP info, the guy that runs this site (including a SEPP calculator) wrote the "bible" on the subject. https://72tcalc.com/ Look for the yellow box on the right side, you need to supply an email address to receive the latest version, but it is worth it. That said, I found a few items lacking and when I emailed him to get clarity he basically didn't want to be told that he missed something (he presents lots of examples, but not the actual requirements in some cases, which would clarify what he was trying to get across; as a now-former programmer, if he were my requirements analyst I would have required that clarity).

I started SEPP this year and once you understand it, it isn't hard to implement. However as someone else mentioned, with your varied assets you shouldn't need it.

 

[Koolau]

With your significant assets, I think I would shop for a paid-by-the-hour financial planner (not a sales person) to help figure some of the ins and outs available to you. They are not easy to find and you have to spend a lot of time interviewing to get a good one who will meet your needs. BUT, the right professional can help you organize and plan for income, taxes, health care, estate planning, etc. It'll cost you a bit, but could be well worth it.



We love to "help" here, but remember: We are worth what you are paying us!

 

[LateToFIRE]

So there's no doubt you're OK.

1)As others mentioned, the ACA subsidy ship has sailed, you will pay full price.

2) Some ACA plans qualify for HSAs and those are useful in reducing taxes, they are particularly nice if you don't have a lot of medical expenses so don't spend the deductible.

3)The general principle is to shelter as many $ from annual tax drag as long as possible, so I doubt the posters telling you to spend from tax deferred and letting taxable and therefore tax drag grow are right. More likely, you should be doing Roth Conversions to the top of the base IRMAA tier to get money into Roth IRAs where it will be sheltered longer and paying taxes on the conversions from taxable to maximize the size of the Roth and minimize annual tax drag. The Roth Conversions will help assure you do not have large taxes when pensions, SS, and RMDs kick in.

4)Asset allocation and therefore risk is a personal decision, running some cases through FireCalc could give you a feel for how bonds lower returns but smooth the ride. For long retirements with substantial assets like your case, stock volatility has been a lower risk than inflation, so personally I think 25% stocks is too low, but you are the one that has to live with your decision when markets inevitably have a really bad stretch.

5) Most folks should not mess with individual corporate bonds. The big players are the sharks and you are the bait, you do not have research departments assessing corporate risk, call risk, default clauses, etc. If you want a simple fund, you can use something like Vanguard Total Bond, that has a duration of about 6.2 years and includes a broad cross section of issues, about 2/3 Treasuries. You can buy a ladder of Treasuries. You can buy a TIPS ladder and get 2.3% inflation protected returns - a nice tool to help you build the ladder is at Tipsladder.com.

The big takeaway from bond-o-geddon in 2022 was that if you are setting aside money for spending in the short term, it should not be in long term instruments. But between your dividends and deferred comp, you don't really have a short term need to spend down assets.

Other comments:
Check your SS benefit numbers. Note that your wife's SS benefit will not be half of what you get at age 70, it will be half of what you would have gotten at age 67, so 40.3% of what you get at age 70. Also note that the default entry at the SS site assumes you continue to work, so make sure you tell it your future salary will be zero.

You have enough assets and a complex enough situation that you might benefit from a one-time-fee-only financial planner (stay far, far away from the AUM advisors, you may as well put leeches on your body as hire those folks).

+1, I found a lot of this advice to be useful as well.

 

[stephenson]

RetireMeYes,

I would offer:

1 Great shape financially to punch out now
2 But, why? What are you going to do?

 

[Alex The Great]

The rule is that you don't have to pay more than 8.5% of MAGI on premium.

It is worth to mention that it is applicable to the cheapest plan on exchange which may not be accepted by your doctors and have really limited network.
As an example, I'm going to pay 24% of MAGI on ACA premium in 2024 in order to keep the same network and most doctors I used with employer's coverage.

 

[Retiremeyes]

RetireMeYes,

I would offer:

1 Great shape financially to punch out now
2 But, why? What are you going to do?

I'm assuming your #2) is related to my initial set of questions "Should I be trying to reduce my taxable income by opening HSA and funding along with IRA contributions for the next 7 years with that deferred income still streaming in?"

So my response to your #2 but why..: I'd initially assumed I could use the deferred income from a 409A plan to fund and HSA and fund IRA's that would be beneficial for overall tax savings, however, I've since learned that the income from the deferred comp plan, although it shows up as taxable income in box 1 on W2's, is not eligible for input to HSA's or IRA's. My initial plan was to invest as much of those dollars into tax free places (HSA / Roth IRA) & even 401K, but to my disappointment, those are not options. It does appear that I will be able to roll portions of 401K over to IRA each year and Roth conversion them. I will likely do that after the deferred income stops and my income tax rate will be low for a few years prior to social security and pension starting to flow in.

Hope that answers your question

 

[stephenson]

Smiling - actually, no.

I mean as in - why are you deciding to stop doing something you are probably good at, that likely provides a social context, as well as a professional intellectual challenge.

Further, then, what are you going to do? Do you really have enough interests to sustain you?

Another question to add - are you terminating this phase of your life because you can, or because you really want to?

 

[Retiremeyes]

Well I wasn't sure, so I picked the wrong path there.
So, to answer your question, That's been a struggle I've had. Priority-wise, planning to get into better physical shape & really don't have an abundance of hobbies that would keep me busy. Thinking this exercise investment will be up to 3 hours per day counting travel to the gym etc. I've done well in my career and enjoyed the work & enjoyed the social interactions associated with it & I will definitely miss that. I'm not necessarily against going back to work, but I feel that it is in my best interest to leave the company I'm with. I've likely contributed more money into the 409A deferred comp program than I should have over the past 10 or so years. You may already know, but I won't make assumptions here, but the 409A deferred comp plans are not secured, meaning that if my company were to become insolvent, I'd lose everything in my deferred comp plan. While I have 700K in there now, that's tracking market and without any additional inputs, could easily be around 1MM within 5 more years. While I'm not overly concerned about the viability of the company I work for today, I can't say that I have the same confidence level for the survival of the company 5+ years down the road. I'd hate to work another 5 years and have to give up $1MM and never receive that compensation, thus my desire to start those deferred income payments now which span 7 years. If the company were to become insolvent in 5-6 years down the road, my exposure would be much less with an exit this coming March than it would be if I were still employed. Also - the 409A doesn't allow for any deviation on the payout terms which were selected when the income was deferred & in my case, all were in for a 7 year payout. I wasn't planning to retire at 52, but decided the deferred comp was too risky to leave it where it is. I started looking at the amount I'd have to live on if I didn't go back to work elsewhere & it really looked like I wouldn't need to, so figured I'd give it a try, at least for a couple of years. The job is somewhat stressful at times with calls in the middle of the night & at least every other weekend calls with issues (I know all jobs can be stressful, so not asking for pity here ) If I don't like the early retirement, I'll likely consider reentering the work force doing something less stressful and perhaps part-time. I'm not interested in being an Uber driver, but I kind of like the idea of being able to turn on and off the job at a moment's notice. The job I've had has been one that stays on your mind all of the time & that's good and bad. The on/off job sounds appealing to me.

 

[Koolau]

Well I wasn't sure, so I picked the wrong path there.
So, to answer your question, That's been a struggle I've had. Priority-wise, planning to get into better physical shape & really don't have an abundance of hobbies that would keep me busy. Thinking this exercise investment will be up to 3 hours per day counting travel to the gym etc. I've done well in my career and enjoyed the work & enjoyed the social interactions associated with it & I will definitely miss that. I'm not necessarily against going back to work, but I feel that it is in my best interest to leave the company I'm with. I've likely contributed more money into the 409A deferred comp program than I should have over the past 10 or so years. You may already know, but I won't make assumptions here, but the 409A deferred comp plans are not secured, meaning that if my company were to become insolvent, I'd lose everything in my deferred comp plan. While I have 700K in there now, that's tracking market and without any additional inputs, could easily be around 1MM within 5 more years. While I'm not overly concerned about the viability of the company I work for today, I can't say that I have the same confidence level for the survival of the company 5+ years down the road. I'd hate to work another 5 years and have to give up $1MM and never receive that compensation, thus my desire to start those deferred income payments now which span 7 years. If the company were to become insolvent in 5-6 years down the road, my exposure would be much less with an exit this coming March than it would be if I were still employed. Also - the 409A doesn't allow for any deviation on the payout terms which were selected when the income was deferred & in my case, all were in for a 7 year payout. I wasn't planning to retire at 52, but decided the deferred comp was too risky to leave it where it is. I started looking at the amount I'd have to live on if I didn't go back to work elsewhere & it really looked like I wouldn't need to, so figured I'd give it a try, at least for a couple of years. The job is somewhat stressful at times with calls in the middle of the night & at least every other weekend calls with issues (I know all jobs can be stressful, so not asking for pity here ) If I don't like the early retirement, I'll likely consider reentering the work force doing something less stressful and perhaps part-time. I'm not interested in being an Uber driver, but I kind of like the idea of being able to turn on and off the job at a moment's notice. The job I've had has been one that stays on your mind all of the time & that's good and bad. The on/off job sounds appealing to me.

I'm guessing you'll love retirement. You've pretty well got the money figured out, so I'd say you are right to give it a try. If, as you indicate, you would be able to get back into the l@bor force if you so desire, what can you lose?


Keep us posted!

 

[LateToFIRE]

Well I wasn't sure, so I picked the wrong path there.
So, to answer your question, That's been a struggle I've had. Priority-wise, planning to get into better physical shape & really don't have an abundance of hobbies that would keep me busy. Thinking this exercise investment will be up to 3 hours per day counting travel to the gym etc. I've done well in my career and enjoyed the work & enjoyed the social interactions associated with it & I will definitely miss that. I'm not necessarily against going back to work, but I feel that it is in my best interest to leave the company I'm with. I've likely contributed more money into the 409A deferred comp program than I should have over the past 10 or so years. You may already know, but I won't make assumptions here, but the 409A deferred comp plans are not secured, meaning that if my company were to become insolvent, I'd lose everything in my deferred comp plan. While I have 700K in there now, that's tracking market and without any additional inputs, could easily be around 1MM within 5 more years. While I'm not overly concerned about the viability of the company I work for today, I can't say that I have the same confidence level for the survival of the company 5+ years down the road. I'd hate to work another 5 years and have to give up $1MM and never receive that compensation, thus my desire to start those deferred income payments now which span 7 years. If the company were to become insolvent in 5-6 years down the road, my exposure would be much less with an exit this coming March than it would be if I were still employed. Also - the 409A doesn't allow for any deviation on the payout terms which were selected when the income was deferred & in my case, all were in for a 7 year payout. I wasn't planning to retire at 52, but decided the deferred comp was too risky to leave it where it is. I started looking at the amount I'd have to live on if I didn't go back to work elsewhere & it really looked like I wouldn't need to, so figured I'd give it a try, at least for a couple of years. The job is somewhat stressful at times with calls in the middle of the night & at least every other weekend calls with issues (I know all jobs can be stressful, so not asking for pity here ) If I don't like the early retirement, I'll likely consider reentering the work force doing something less stressful and perhaps part-time. I'm not interested in being an Uber driver, but I kind of like the idea of being able to turn on and off the job at a moment's notice. The job I've had has been one that stays on your mind all of the time & that's good and bad. The on/off job sounds appealing to me.

Sounds a lot like my work. Back in my junior days, I was anchored to my desk at all kinds of crazy hours. Nowadays, technology (and a bit of seniority) allow me to effectively work from anywhere (aside from the hands on coaching/mentoring responsibilities that comes with seniority). Good news is that my resources can follow me where ever I go, bad news is that my work follows me too and it is ever present. When that day comes where I can turn it off, I wonder what I'll find in my head. Empty space I hope not!