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Getting thru the last 6 months....
Old 09-27-2020, 04:19 PM   #1
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Getting thru the last 6 months....

DH and I are dual income, no kids. We have been blessed with high incomes, steady careers with Fortune 50 companies and willingness and ability to live well below our means for decades. That has put us in a position to retire early - DH is 57 and I am 53. We have gone thru the numbers with our advisor (I know not everyone agrees with using advisors. It has worked very well for us to this point) and we are ready financially. We have ~5 years in cash/equivalents, we have thought thru healthcare insurance (see below), we have paid off our primary home and are selling a vacation property (low mortgage and low interest rate). No other debt. DH plans to work to the end of 2021 when he will have 35 years of service and qualify for retiree health care (hopefully subsidized - he hasnít confirmed yet - I remind him to check at least once a month ). Iíve got the issue. I had planned to work to the end of 2022 when i would qualify to retire from my megacorp, vest in the remaining invested restricted stock. I would qualify for access to retiree healthcare but it would not be subsidized. Over the past several months the situation at my company has turned pretty bad - morale is horrible , good leaders leaving or forced out. While I have a good boss and I love my team, I decided that i would target a leave date of 6 months from now. I could capture a portion of the unvested RSAs, get a bonus, help my team thru a very difficult period of the companyís downsizing and generally get a plan together for the next phase of my life. But now I find myself incredibly frustrated with work and on the verge of quitting every Monday. I donít want to run away - I deserve to keep earning for my family and donít want my hand to be forced by the situation. But I have to figure out a way to manage my emotions and stop investing myself in what is essentially a temporary situation. I want to make decisions in our best interest vs. reacting to some jerks at work who are likely trying to deal with their emotions. How have others productively managed thru this type of situation?
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Old 09-27-2020, 04:48 PM   #2
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Two things:
1. Once you are FI, it is much easier to deal with work BS. Sounds like you are there from financial standpoint. Just change your attitude about work. Don't be a martyr for the company or coworkers. Be willing to say things and actions now that you are FI. Your BS bucket has more flexibility since it can be emptied without the previous concern .
2. Retire when have enough and when have had enough. Life is only so long, spend more time not working.
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Old 09-28-2020, 06:59 PM   #3
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Originally Posted by 38Chevy454 View Post
Two things:
1. Once you are FI, it is much easier to deal with work BS. Sounds like you are there from financial standpoint. Just change your attitude about work. Don't be a martyr for the company or coworkers. Be willing to say things and actions now that you are FI. Your BS bucket has more flexibility since it can be emptied without the previous concern .
2. Retire when have enough and when have had enough. Life is only so long, spend more time not working.
+1. After I called myself FI, and after I told my company I was planning to ER (a mistake), I made a bunch of decisions that let whether I stay on or not be up to them. The first was in January, when I asked for a month off to go to New Zealand. I figured they could always say no, and I'd give my 2 week's official notice. The second was last week, when I closed on a house. I didn't tell them I was moving until a week prior. All I got was a 'congratulations'. Guess there will be no severance package for me! laugh:

I do somewhat enjoy not feeling tied to the co., but am keeping at it until January to qualify for the "Rule of 55" and the 401(k) match one last time, and one last opportunity to sock away some tax-deferred income.
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Old 09-29-2020, 04:03 PM   #4
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Originally Posted by 38Chevy454 View Post
Two things:
1. Once you are FI, it is much easier to deal with work BS. Sounds like you are there from financial standpoint. Just change your attitude about work. Don't be a martyr for the company or coworkers. Be willing to say things and actions now that you are FI. Your BS bucket has more flexibility since it can be emptied without the previous concern .
2. Retire when have enough and when have had enough. Life is only so long, spend more time not working.


Brilliant - you hit the nail on the head: change my attitude. I work on it daily
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Old 09-29-2020, 04:05 PM   #5
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+1. After I called myself FI, and after I told my company I was planning to ER (a mistake), I made a bunch of decisions that let whether I stay on or not be up to them. The first was in January, when I asked for a month off to go to New Zealand. I figured they could always say no, and I'd give my 2 week's official notice. The second was last week, when I closed on a house. I didn't tell them I was moving until a week prior. All I got was a 'congratulations'. Guess there will be no severance package for me! laugh:



I do somewhat enjoy not feeling tied to the co., but am keeping at it until January to qualify for the "Rule of 55" and the 401(k) match one last time, and one last opportunity to sock away some tax-deferred income.

I have to ask: what happened when you told them about er?
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Old 09-29-2020, 04:30 PM   #6
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I resigned/retired early from a megacorp in 2008. I did not forecast my departure and instead gave 2 weeks notice. At the time, there was another major reorganization and downsizing to take place over the next 6 months.

There had been many of these events before and have been many since I left. I was asked to stay to manage this one, but by leaving on my terms, saved myself a lot of additional emotional anguish and stress.

Congrats on FIRE & best wishes.
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Old 09-29-2020, 04:40 PM   #7
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You know it's time to go when "When you have enough and had enough"!
I remember seeing an ad from a Financial firm with that exact quote and thought it brilliant and it made complete sense to me.

Regarding your unvested RSU and bonuses that you would be leaving behind: run Firecalc with and without these numbers and have a look at the result (projected end balance/success factors, etc.). For some people it might be very significant - for others the addition of these monies will not make a significant difference at all. In that case you have to ask yourself, is waiting 6 months more worth it ? Only you can answer that!

Goodluck
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Old 09-29-2020, 05:20 PM   #8
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I stayed in a toxic environment longer than I should have. I'd suggest taking care of yourself first.
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Old 09-29-2020, 05:34 PM   #9
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Since you have clear reasons to hang on, it is going to be all mental. So I'd suggest forgetting the date (6 months) and just going day by day.

Act like you don't care if they fire you. Now I don't mean be a jerk, but say what you mean, avoid the conflicts, let it roll off your back - you won't care about any of it two weeks after you leave, so find a way to get into that mindset now. Avoid the "emotional investment" because it will not yield any returns after you leave.
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Old 09-29-2020, 10:59 PM   #10
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If they are actively downsizing, why not hang on until they make the decision for you, including a few extra dollars to cushion your landing? I obviously don’t know which company this is, but if it is a bad as you make it sound, one round of downsizing will not be enough. I worked for a company that had an outplacement business. We had a customer that was perpetually downsizing. If you hang in there for a while longer, you may be able to negotiate an earlier than planned, but “still reach your goals” type of departure.
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Old 09-29-2020, 11:57 PM   #11
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Quote:
Originally Posted by HI Bill View Post
I do somewhat enjoy not feeling tied to the co., but am keeping at it until January to qualify for the "Rule of 55" and the 401(k) match one last time, and one last opportunity to sock away some tax-deferred income.
Read your 401K match carefully. The company I worked for had two rules;
1. 401K match takes place on January 1
2. 401k match is paid on the first pay period of June.

If you work for the company on January 1, you earned the matched 401K funds. If for any reason you don't get a paycheck in June, you forfeit the matching funds. Obviously if you retire soon after earning the matched funds you won't be getting a check in June.
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Old 09-30-2020, 06:27 AM   #12
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Originally Posted by skipro33 View Post
Read your 401K match carefully. The company I worked for had two rules;
1. 401K match takes place on January 1
2. 401k match is paid on the first pay period of June.

If you work for the company on January 1, you earned the matched 401K funds. If for any reason you don't get a paycheck in June, you forfeit the matching funds. Obviously if you retire soon after earning the matched funds you won't be getting a check in June.
These are good points to look for. While you are at it, see if your company waives these requirements for death, disability and retirement. My company does.
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Old 09-30-2020, 07:13 AM   #13
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Read your 401K match carefully. The company I worked for had two rules;
1. 401K match takes place on January 1
2. 401k match is paid on the first pay period of June.

If you work for the company on January 1, you earned the matched 401K funds. If for any reason you don't get a paycheck in June, you forfeit the matching funds. Obviously if you retire soon after earning the matched funds you won't be getting a check in June.
Mine was the same, only by quarter. Since 1Q is when we also paid bonus and profit share, and vested any of those RSA shares, it always made sense that I'd announce any retirement plans on or after 4/1.

Because I'd hate to announce on 3/16 giving two weeks notice, but then be shown the door that day (unlikely in my mc, totally reasonable in a lot of others - even where you feel "valued"). So my rule is never announce unless you are prepared to make that day your last day.
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