So, would you?

[Ronstar]

l would retire in July. I can’t think of anything that I would want for $300k that would be worth working another 6 months for.

 

[snowboarder]

Man what kind of career pays $300K per year?? I'm in IT and don't make even half of that!!

 

[Slepp]

Man what kind of career pays $300K per year?? I'm in IT and don't make even half of that!![/QUOTE


I got one of those high stress can't get out of !

 

[Dash man]

Man what kind of career pays $300K per year?? I'm in IT and don't make even half of that!!

DW was high up the the HR food chain for a Fortune 100 company. She was in that range plus some with bonuses and stock options. But she put in the hours and had plenty of stress while she was there. She’s not missing it at all.

 

[Aerides]

Man what kind of career pays $300K per year?? I'm in IT and don't make even half of that!!

Your boss's boss does. Especially if he's been there for 25+ years.

 

[pb4uski]

Your boss's boss does. Especially if he's been there for 25+ years.

Heck, my boss's boss was well over a mil... my boss was probably about a mil... in both cases 2011 $.

 

[kgtest]

Heck, my boss's boss was well over a mil... my boss was probably about a mil... in both cases 2011 $.

My bosses boss is/was the CIO. Hired about a few months before me. Just fired him before xmas. CEO definitiely earning 1mil especially with options...thats my bosses bosses boss lol. Me...nowhere near 300k closer to half that. Man cant eait for that next ladder rung. Should be a huge raisem..or else I never climb.

 

[ocean view]

Man what kind of career pays $300K per year?? I'm in IT and don't make even half of that!!

My guess is VP of Internal Audit of a multinational corporation. Reporting directly to to Board is the give away.

 

[Dtail]

Man what kind of career pays $300K per year?? I'm in IT and don't make even half of that!!

Many Wall Street jobs pay that and much more.
When I worked for an international Bank in the early 90's, the lowest paid member of our group was at 78k with no college degree as another reference point.

 

[Retired Expat]

Negotiate the exit

I would take the money if I could get better terms. Reduced hours or a 4 day week, or be able to work remotely for July and August or get July and August off and stay until February. What ever might work better. Then take $25k of the 300 and go on a fabulous luxury cruise to pay yourself and your wife who put up with the change.

Also look for ways to avoid the tax on the lump sum payout. Get company to pay Car and Gas for next few years, health care or if airline miles aren’t taxed get them to put a million miles in each of your accounts, fixed consulting retainer for the next couple of years? Just spitballing ideas and have no idea if they are viable.

 

[Oakster]

Knowing you are all very good at this I'd love your thoughts - Annuity or Lump Sum?

I appreciate your comments. I have waffled both directions over the past few weeks.

Depending on what you want to leave as a legacy, I would think the lump sum may be the way to go if it allows you to meet your retirement needs with a withdrawal rate of 5% or less. Chances are good there will be money left over to leave to the kids or grandkids. Once you and your significant other pass with a pension, it is often times gone.

 

[kykejuga]

Part-time

One option to possibly explore is to see if they would allow you to work part-time, maybe as a consultant. I 'retired' from full-time work 5 years ago but began consulting 3-4 hours a day and working from home. This provides me with plenty of time for my many hobbies but also keeps my 'head in the game'. My gross income fell from $500K+ to a little more than $200K but that's enough for us to live on without touching our retirement savings. The part-time work was one of the best decisions that I've ever made.

 

[Canoesmith]

OP here.

The deal is done. I will retire on 12/20 (Last day of 2019 payroll), with a vac/sik lump sum cashout first day of 2020 for tax purposes

Between now and then I will telecommute 22 weeks, and be on the road to nice places for work, another 9 weeks for a total of 31 weeks - not in the office.

This will allow me a great deal of freedom to complete my career and earn a very nice financial boost by staying to the years end.

I can honestly say that the advice I received here, from all of you, helped me push my Board a bit to gain this result.

Thank you!

 

[Bongleur]

Not familiar w/ phrase Top Hat

 

[flybynight]

Yeah, I know. I’m designing a large garage and shop that has gotten a bit out of hand size and feature wise, and the “extra” money started to be appealing.

It’s hard to let go. Very hard. But it will happen. There will be a 19 departure!

I feel your pain. My self imposed announcement date is fast approaching and I'm getting a bit frazzled. Really a conflicting dilemma. I think it's mostly fear holding me back but who knows...

 

[Easy Rider]

I had the same circumstances - gave tentative notice for july 4 and they let me stay till end of the year - that was 7 years ago.

Those last 6 months were wonderful - i made up a list of extra items on my wish list - which I'm still fulfilling. I enjoyed working those last months.

Those extra months gave me also over $300k considering severance and full retirement benefits which i would not have received if i left earlier on July 4.

 

[WestUniversity]

I take it that you have planned accordingly to retire happily on July 5th ? There will always be $$ left on the table, and bosses that don't want to start the search process of replacing you.

++1

 

[Dash man]

OP here.

The deal is done. I will retire on 12/20 (Last day of 2019 payroll), with a vac/sik lump sum cashout first day of 2020 for tax purposes

Between now and then I will telecommute 22 weeks, and be on the road to nice places for work, another 9 weeks for a total of 31 weeks - not in the office.

This will allow me a great deal of freedom to complete my career and earn a very nice financial boost by staying to the years end.

I can honestly say that the advice I received here, from all of you, helped me push my Board a bit to gain this result.

Thank you!

Congratulations!! The year will go fast, and the following year even faster!

 

[flybynight]

Congratulations!! Awesome result!

 

[jldavid47]

OP here.

The deal is done. I will retire on 12/20 (Last day of 2019 payroll), with a vac/sik lump sum cashout first day of 2020 for tax purposes

Between now and then I will telecommute 22 weeks, and be on the road to nice places for work, another 9 weeks for a total of 31 weeks - not in the office.

This will allow me a great deal of freedom to complete my career and earn a very nice financial boost by staying to the years end.

Thank you!

Very nice! They must really like you.

 

[Canoesmith]

Win-win

Very nice! They must really like you.

It’s a win win. I work to the end of the year and enjoy it’s associated rewards, but from my happy place and the company gets a longer glide path towards the unknown with a proven commodity at the helm. I get to close out several ongoing efforts and put together the process to facilitate my replacement.

I’m sure there will be more than a few days after 7/5 that I will wonder why I did this . But for now, we have a plan, everyone is happy with the plan and 9 months and 4 days from now I’ll be retired.

 

[Aerides]

I was in the "go, now" camp, but the deal you struck with the summer out of town is a good enough prize. Grats!

 

[street]

Nice decision on taking the lump sum.

 

[Bir48die]

I’ve posted here before with all of my situation particulars.

I Have my July 5th retirement date set, but have only told my staff, not my Board of Directors whom I work for. I’m good to go July 5th. I have enough.

But.

My CFO walked into my office Friday and told me (and I knew this (mostly)) that by leaving July 5th, versus December 31st - wait for it...... that I’m leaving $300,000 gross on the table (salary, bonus and Top Hat).

But when does it end? Wait til Dec 31, why not wait til next July when my pension goes up another 2%.

So. I can stay six more months for $300k (which is a lot) but miss the summer mountain home (it’s hot in Scottsdale) again. When I’m dying - will the $ matter?

WW you do?

Sigh.

Our CFO came up to me and said "you'll never retire" as I decided to go to work P/T. Great package. Retired shortly after.

The person I hired that eventually took my spot has had several years of huge financial benefits on some projects I was working on prior to retiring. Last week I told my wife "if I had still worked we'd have another $250k in the bank". Then I told her that I am so happy to have retired and I don't care about what was left on the table.

 

[RenoJay]

For $300k I’d probably stay for six months if I somewhat enjoyed the folks surrounding me.