Geld ist Freiheit
Recycles dryer sheets
- Joined
- Oct 28, 2015
- Messages
- 91
Greetings, all!
Long time lurker, finally decided to jump in after seeing a post from my hometown.
I've enjoyed the insights and info here for some time and I'm getting the itch to pull the plug.
Firecalc says I'm close. I can muster 100% if I keep my spending in check.
W*rk brings me no pleasure other than a paycheck. The raises don't keep up with inflation and management has made it clear there will be no advancement for older workers. My net worth seems to have more to do with the whims of the stock market than whether I went to work that day.
The only thing keeping me here is retiree medical insurance which I can't access for another 7 years. I'm wondering if it's worth sticking around for that. The company claims to spend about $6k/yr on my behalf.
$6k x 10 years (from 55-65) = $60,000. If I was 54 it would make sense to stick it out for 1 more year.
Having to grind out 7 more years to land that benefit seems like scaling Everest. If I leave now, I'd be on the hook for medical insurance leaving me with $6k x 17 years = $102,000 of extra expense. At $500 / month, it seems like it might be manageable.
Given that rates are sure to rise, it seems risky. However, I suspect the retiree medical could go away at anytime so I could slog it out only to see it disappear as I near 55yo.
Since you've managed to follow my ramblings this far, some details are in order:
Male, 48, single, no kids
401k: 700,000
Roth: 200,000
Taxable: 300,000
Pension: 30-33,000 @ 65
House: paid off
Expenses: 40-45,000ish excl taxes & med ins.
If I leave, there's no going back. No one is going to pay me what I make today and I have no interest in the field anymore. After 20+ years, it's just a whole lot of "been there, done that". I'm not opposed to continuing to w*rk doing something I enjoy but i have no idea what that would be.
Thanks in advance for the insights and advice.
Long time lurker, finally decided to jump in after seeing a post from my hometown.
I've enjoyed the insights and info here for some time and I'm getting the itch to pull the plug.
Firecalc says I'm close. I can muster 100% if I keep my spending in check.
W*rk brings me no pleasure other than a paycheck. The raises don't keep up with inflation and management has made it clear there will be no advancement for older workers. My net worth seems to have more to do with the whims of the stock market than whether I went to work that day.
The only thing keeping me here is retiree medical insurance which I can't access for another 7 years. I'm wondering if it's worth sticking around for that. The company claims to spend about $6k/yr on my behalf.
$6k x 10 years (from 55-65) = $60,000. If I was 54 it would make sense to stick it out for 1 more year.
Having to grind out 7 more years to land that benefit seems like scaling Everest. If I leave now, I'd be on the hook for medical insurance leaving me with $6k x 17 years = $102,000 of extra expense. At $500 / month, it seems like it might be manageable.
Given that rates are sure to rise, it seems risky. However, I suspect the retiree medical could go away at anytime so I could slog it out only to see it disappear as I near 55yo.
Since you've managed to follow my ramblings this far, some details are in order:
Male, 48, single, no kids
401k: 700,000
Roth: 200,000
Taxable: 300,000
Pension: 30-33,000 @ 65
House: paid off
Expenses: 40-45,000ish excl taxes & med ins.
If I leave, there's no going back. No one is going to pay me what I make today and I have no interest in the field anymore. After 20+ years, it's just a whole lot of "been there, done that". I'm not opposed to continuing to w*rk doing something I enjoy but i have no idea what that would be.
Thanks in advance for the insights and advice.