Walking away from the money
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Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Ah yes, Corp. speak. My least favorite expression became "stake-holders." YMMV
ugeauxgirl
Thinks s/he gets paid by the post
Well said!
CardsFan
Thinks s/he gets paid by the post
And, of course, we had to "reach out" to people, as opposed to, I don't know, CALLING THEM.
MC Rider
Thinks s/he gets paid by the post
Don't forget they "expectations" they have for your performance. 
I'm not retired yet, but glad to be self employed.
No meetings, and I can reject a job if I don't want it,
control the pace of work to some degree.
I've dialed the pace back and look forward to turning the dial to zero.
Getting there. OMY maybe.
I'm not retired yet, but glad to be self employed.
No meetings, and I can reject a job if I don't want it,
control the pace of work to some degree.
I've dialed the pace back and look forward to turning the dial to zero.
Getting there. OMY maybe.
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Don't forget they "expectations" they have for your performance.
I'm not retired yet, but glad to be self employed.
No meetings, and I can reject a job if I don't want it,
control the pace of work to some degree.
I've dialed the pace back and look forward to turning the dial to zero.
Getting there. OMY maybe.
It's good to be the boss!
ImThinkin2019
Recycles dryer sheets
I had a similar issue. New Management, boss who does not understand the market and is purely all about the numbers. Market I was in is cyclical, and our technology was becoming obsolote. So out I go and a new younger cheaper model comes in to replace me. He's now destroying the business.
Had the chance to go to a new company which would involve lots of travel, presentations, etc. Could build the business. But at what cost?
Chose instead to spend the time with my family, while we still have our health.
Would you mind explaining this part a bit further: "At a certain point, having much more money for me was less about gaining a nicer life than I already had, and more about dealing with the increasing inconvenience it would bring."?
What are some examples of "increasing inconvenience it would bring"?
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When I deposed people, I always enjoyed forcing them to explain all their jargon.
I was in the same boat and at same age as you. Walked away at 61 last Dec 03, and never looked back. The amount of relief you will feel is amazing
. Still miss some of the team and with inflation along with overseas war, things are even more scary. Just make sure you have that buffer factored in the monthly expenses. We were fortunate to have 6 guaranteed gov checks coming in so we are not touching investments until we need or even want to. Good luck in deciding, you know when it’s time, hell we all do lol!CyPlainsDrifter
Confused about dryer sheets
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I hear you. The struggle is real.
I am 58 and was thinking of going this May when my wife is retiring. We can easily pull $120+/year in retirement (and have no debt/bills) and I was mentally preparing for the end. Then my company approached me about a special assignment. Keep pay, bonuses, LTI stocks coming, a compensation package normally in the ~$300K range annually, AND I love the work. With the special assignment they are giving me another $120K to live in the new location for a couple years. It was too hard to pass up so we are doing it.
The one thing is, it is helping us downsize to move to a new place and live in an apartment for a couple years, so we will be more mobile when I do step away in another 18-24 months. Another benefit, the extra dough is going to go towards my long-time dream of buying a liveaboard with cash and doing the great loop at least once. Now I will be able to do that without touching the retirement funds. Just have to decide what the pros and cons are and pick a path.
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F.I.R.E User
Thinks s/he gets paid by the post
For a sec I thought you took a 50% drop in your portfolio due to market.
GlitterGirl
Confused about dryer sheets
I was in a similar situation as Tuirc when in 2016, I was about to turn 62 and in an RN job that I loved. Hubby had been retired for a number of years at that point and I didn’t need the money but I loved my work. Then…my sweet baby sister was diagnosed with a bad breast cancer (Triple Negative). I retired immediately so I could accompany her to chemotherapy and all medical appointments.
I am relieved to say she was one of the lucky ones and survived her ordeal and I never went back to work. It wasn’t always easy to stay retired and I still have an active nursing license “just in case”. My skills are so rusty now that I’d likely be a liability instead of an asset but if I did go back to work, it would be for the rewards of service type work and not for the money.
A long winded way to say that in my mind, the only reason to keep working when you have enough is that the work itself brings you joy. YMMV
brett
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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I have never understood this business about asking others if it is time for you to retire or if they agree that you should retire.
Who can peer into you soul and understand how you really feel? Certainly no one on this forum.
You know the answer to that question...whatever that answer is. No one else can answer it for you.
If you can afford to retire, and want to retire then make a decision. End of.
Who can peer into you soul and understand how you really feel? Certainly no one on this forum.
You know the answer to that question...whatever that answer is. No one else can answer it for you.
If you can afford to retire, and want to retire then make a decision. End of.
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The average lifespan is 78 years old. That’s your answer.
I retired at 52. The most expensive thing I've ever purchased is my time. Walking away from peak earnings was uncomfortable, but I could not think of one thing I wanted that I couldn't already afford. By virtue of retiring early, I will probably end up making my kids millionaires. You will not always have your health, so enjoy these precious years.
anothercog
Recycles dryer sheets
True but I certainly enjoy reading other people’s perspective on this to help me plan/time my own escape.
Yes, I have faced such choices and sometimes opted for time over money. Fairly early in my career my manager was talking to me about adding another project to my plate and I suggested that I would rather go part time and do the one than be working more than full time to do the two - and she let me do it. It was great, I had extra time with my older children when they were young. Some friends and family thought I was crazy but I didn't care. It only lasted a year before the one project outgrew part time and I had to go back to full time. I stuck with this job that I didn't like because it paid well and I got to work from home (when such jobs were pretty rare) - again more time with my family. When I was laid off I took 2 years off before even looking for work. When looking for a job I aimed in the middle between where I started my career and where I was when laid off, and landed such a job. It was so much less stress and the work was more enjoyable. It was well worth the 30% pay cut. With all my debts paid off I was still saving money. After a couple years at the job I asked to go part time, and again my boss agreed, this time because he was afraid I would retire otherwise. He figured he'd rather have my help 4 days a week than not at all. The extra day off and shorter work week is so nice, and for the time I put in the money was still pretty good.
I highly recommend scaling back work load and hours late in a career when you can more easily afford to do so. Still, a couple years part time was enough and last December I retired and still don't have enough time for everything. I can't understand all the people that seem to have no idea what to do with themselves once retired. You can do anything, or nothing, it's great!
I highly recommend scaling back work load and hours late in a career when you can more easily afford to do so. Still, a couple years part time was enough and last December I retired and still don't have enough time for everything. I can't understand all the people that seem to have no idea what to do with themselves once retired. You can do anything, or nothing, it's great!
Not the same situation as yours, but identified with the part you're grappling with. The idea of reducing exposure to work instead of a sudden stop, sounds pretty good.
In my case, said adios rather suddenly (within 2 weeks) and despite having a reasonably good parachute system in place, lots of anxiety over loss of active income stream for the first time....ever. Several sleepless nights around this time for sure.
Well, that was 10 years ago. Financial stress faded after a few months of spreadsheet hell, and it was jarring working with the passive income's 3 and 4 figures after a long time working with 5 and 6. LOL.
Got used to the new normal, enough to put the portfolio's secondary passive income safety blanket back on auto-reinvest mode, and just tap it for a few months before a long trip/vacation somewhere. Otherwise, primary retirement stream takes care of normal life and accruing for long-term obligations and contingencies.
What actually screwed me up was going from 100mph hair on fire for decades, to 0mph, boots up on the balcony railing, beer in hand, to a chorus of frogs croaking and crickets chirping - literally and figuratively. Started to mess with my brain bucket about year 3 or 4, but ok now. There mere thought of going back into the old rat race gives me the shivers.
Probably goes without saying for folks in their 60s who've been planning for it, but I'll say it anyway. Make sure you're truly "ready" to go and apart from the money, have an firm-ish idea what you gunna do to remain physically and mentally active once you fully unplug.
This is why I thought your idea about backing off work a bit before pulling the plug entirely, sounded like a good idea. Nice job getting yourself to the first finish line of life in good shape. Enjoy!
In my case, said adios rather suddenly (within 2 weeks) and despite having a reasonably good parachute system in place, lots of anxiety over loss of active income stream for the first time....ever. Several sleepless nights around this time for sure.
Well, that was 10 years ago. Financial stress faded after a few months of spreadsheet hell, and it was jarring working with the passive income's 3 and 4 figures after a long time working with 5 and 6. LOL.
Got used to the new normal, enough to put the portfolio's secondary passive income safety blanket back on auto-reinvest mode, and just tap it for a few months before a long trip/vacation somewhere. Otherwise, primary retirement stream takes care of normal life and accruing for long-term obligations and contingencies.
What actually screwed me up was going from 100mph hair on fire for decades, to 0mph, boots up on the balcony railing, beer in hand, to a chorus of frogs croaking and crickets chirping - literally and figuratively. Started to mess with my brain bucket about year 3 or 4, but ok now. There mere thought of going back into the old rat race gives me the shivers.
Probably goes without saying for folks in their 60s who've been planning for it, but I'll say it anyway. Make sure you're truly "ready" to go and apart from the money, have an firm-ish idea what you gunna do to remain physically and mentally active once you fully unplug.
This is why I thought your idea about backing off work a bit before pulling the plug entirely, sounded like a good idea. Nice job getting yourself to the first finish line of life in good shape. Enjoy!
Closet_Gamer
Thinks s/he gets paid by the post
I am on the cusp of this. Later this year I will return from my expat assignment and we're currently in discussions about what I will do.
Reality is that I could pull the plug the day I land back in the US.
I've started to develop a very transactional relationship with my work & income. Gone is the long arc of retirement planning. Now I have a much shorter term "do this, get that" arrangement.
A few years ago, I had some charitable goals.
Worked, funded the charity.
Then I had a goal of setting a bit aside of the family in case of emergencies.
Work, funded that.
I now have a goal of buying a beach house.
We just crossed the threshold, could buy tomorrow.
But right now, we're up the street from the ocean.
If I work another year, we're across the street from the beach.
If I can finesse an exit package or am willing to work 18 months beyond that, the house is on the beach.
So...wake up every day and look at the ocean in a 2-3 years...or wake up every day and look at the ocean through the gap between the two houses on the ocean starting at the end of this year.
Hmmmm....decisions....
Crabbyjerry
Dryer sheet aficionado
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brett
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Ditto. Our equity has more than doubled over the past 10 years despite lots of travel, doing what we want, buying what we want.
My parents did exactly the same.
You cannot buy good health. You cannot buy time. You cannot buy time with good health.
But...you have to be ready to make that decision and be at peace with it. Most things in life involve tradeoffs of some sort.
This is probably one of the most important we have made.
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anothercog
Recycles dryer sheets
My boss’ boss just gave notice he is retiring at 61 as soon as they find his replacement. He’ll stay on as a senior consultant and probably go from $2M to $300k. He recently bought a house in London and will split his time between there and CA. He’s done the time vs money equation and is ready to slow down and enjoy the fruits of his labor.
My initial plan was to retire at 60, but many factors kept me working. Money was not one of them, as I had tracked income and spending for the prior 8 years. I kept going because it was hard to walk away from the high salary and bonuses. I also wanted to finish house projects while I was employed. Finally at 62, it got to the point where I realized the stress level at work was severely impacting my health. I retired 3 years ago and never looked back.
