Class of 2020

[Draggon]

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Originally Posted by ugeauxgirl I feel terrible about this as she quit a very lucrative job for this opportunity.

I'm sure she took the job contingent upon passing the exams. That's on her.

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Also, now I am back to square one. I have to find somebody else. Unless I find someone pretty quickly, my target date is going to be pushed back. AARGH.

Does.... not.... compute.... Is this a contractual thing or just feelings of obligation??

[ugeauxgirl]

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Originally Posted by Draggon I'm sure she took the job contingent upon passing the exams. That's on her. Does.... not.... compute.... Is this a contractual thing or just feelings of obligation??

The terms of the retirement "Package" are that I have to recruit and train my successor- plus some other stuff. The benefit of the retirement package is a nice severance pay plus benefits. Also, this is the way I want to leave for a number of reasons. However, I've accumulated more money than I thought I would, and could really just walk. Just quitting is looking more attractive from a stress perspective.

[gamboolman]

Moving back to Class of 2019 - barely....

Will retire at end of Dec 2019. First effective day of retirement will be 1-Jan-20.

[HI Bill]

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Originally Posted by gamboolman Moving back to Class of 2019 - barely.... Will retire at end of Dec 2019. First effective day of retirement will be 1-Jan-20.

Congrats!

[nobody]

Was lined up to sell my house in KC and buy a place in Colorado Springs. Was supposed to close on KC house June 28 and new house on July 5th. On June 26 after my movers had everything loaded on the truck, I got a call that the Buyer was having trouble with financing I kept getting the story one more week and we can close. To make a long story short last Friday buyer canceled the contract. This is 6 weeks after the original closing date. Buyer came back and wanted to live in my house for a month while he continued to try and get financing but was unwilling to pay any rent. I said no and he canceled the sale.

I was lined up to buy a place in Springs that would of been a really good place that meet my hard to find needs. Had to cancel on buying that house due to fail to sell mine in KC.


All of my stuff is now in storage in Springs, no foreseeable sale for my house in KC since the market has slowed way down.



Feels like everything I have worked for and tried to plan for is now falling apart. This has been the worst summer of my life.

[ugeauxgirl]

Ugh, what a mess. Hang in there. This too shall pass...

[COcheesehead]

That's horrible nobody. Did they have an earnest money down?

[MRG]

Quote:

Originally Posted by nobody Was lined up to sell my house in KC and buy a place in Colorado Springs. Was supposed to close on KC house June 28 and new house on July 5th. On June 26 after my movers had everything loaded on the truck, I got a call that the Buyer was having trouble with financing I kept getting the story one more week and we can close. To make a long story short last Friday buyer canceled the contract. This is 6 weeks after the original closing date. Buyer came back and wanted to live in my house for a month while he continued to try and get financing but was unwilling to pay any rent. I said no and he canceled the sale. I was lined up to buy a place in Springs that would of been a really good place that meet my hard to find needs. Had to cancel on buying that house due to fail to sell mine in KC. All of my stuff is now in storage in Springs, no foreseeable sale for my house in KC since the market has slowed way down. Feels like everything I have worked for and tried to plan for is now falling apart. This has been the worst summer of my life.

Sorry to hear that. Hang in there, we made a similar move from KC to SWCO 3 years ago. We were able to get a HELOC on our KC home moved to CO and 6 months later our home sold. Hopefully there is a better deal waiting for you.

[nobody]

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Originally Posted by COcheesehead That's horrible nobody. Did they have an earnest money down?

yes $1000, but evidently buyer gets his back since he couldn't get financing, but yet I lost mine on the place in Springs cause I lost my contingent deal. Seems I can't win.

[COcheesehead]

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Originally Posted by nobody yes $1000, but evidently buyer gets his back since he couldn't get financing, but yet I lost mine on the place in Springs cause I lost my contingent deal. Seems I can't win.

I am surprised the Colorado buyer took a contingency since the market is/was so hot here.

Though none of this is your fault. I wonder what your brokers guidance was through all of this. They should have been on top of any closing issues to at least guide you on actions to take to protect yourself.

[JDARNELL]

I took a contingency on my McMansion in the springs in May. Offers was above list price with no appraisal and another 10k increase if I got another offer. I accidentally met the buyers when they came back to view the house to show their older kids. They were vested in the community and had lost another house due to similar issues as yours. I only let the contingency run a month then I could cancel. No way was I gonna miss prime moving season. We are seeing slower housing and price decreases in the springs as compared
To early in the season. I know sellers who got greedy and missed the school moving window.

[Rianne]

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Originally Posted by nobody yes $1000, but evidently buyer gets his back since he couldn't get financing, but yet I lost mine on the place in Springs cause I lost my contingent deal. Seems I can't win.

So sorry. Hope this makes you feel better...in 2012 we sold our house in MI at a $60K loss. Plus had to update small stuff, faucets, lighting and a few other things (maybe another $5K) to sell. That hurt. But we took the hit and moved on. Those were scary times. Would you consider taking a loss at a lower sale price?

[Toocold]

I've been targeting 3/2020 for the past couple of years and I can now see a "glide" path. There has been a reorg and a new CEO for the business unit has taken over. My team has been reorged (without my agreement) and I can immediately see a diminishing role in the future. I have a call with the CEO to talk next week and we'll see how it goes. I'm thinking it's 60/40 of hitting that date. I'm also talking with his boss the following week -- got to love megacorp politics.

Financially, we're fine, well we're more than fine -- but it's always tough to leave a situation where I'm making very good money. Does anybody else look at compensation vs contribution to net worth as a factor? For example (not real numbers), if a person's net worth is 5M and the annual comp is 500k, that's a "10%" contributor. At what threshold should one stay and cruise? I have no risk of being let go, although that would make the decision easier.

[ugeauxgirl]

For me the money isn't much of a factor anymore. The question for me is how much longer am I willing to trade my time for money I will probably never spend.

My older brother's best friend died of a sudden heart attack two weeks ago. I have known him quite literally my whole life. He was 51- which is 4 years older than me. That clarified the issue for me.

Answer, not much longer. Less than 200 days on my countdown timer.

[Toocold]

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My older brother's best friend died of a sudden heart attack two weeks ago. I have known him quite literally my whole life. He was 51- which is 4 years older than me. That clarified the issue for me.

I know the feeling. Two of my colleagues passed away -- one from a freak accident and another from cancer. Starting at age 45, I'm noticing more of such incidents.

[COcheesehead]

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Originally Posted by ugeauxgirl For me the money isn't much of a factor anymore. The question for me is how much longer am I willing to trade my time for money I will probably never spend. My older brother's best friend died of a sudden heart attack two weeks ago. I have known him quite literally my whole life. He was 51- which is 4 years older than me. That clarified the issue for me. Answer, not much longer. Less than 200 days on my countdown timer.

That is the conclusion I came to as well. Almost anyone retiring early is going to go out at the top of the pay scale. Yes, you can add more to your NW, but if you can find a place to exchange dollars for time let me know. I haven’t found it yet, LOL.

I also want to do other things while I still can. Have the physical attributes to still travel, hike, bike is important to me. How much is that worth?

[Rianne]

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Originally Posted by COcheesehead That is the conclusion I came to as well. Almost anyone retiring early is going to go out at the top of the pay scale. Yes, you can add more to your NW, but if you can find a place to exchange dollars for time let me know. I haven’t found it yet, LOL. I also want to do other things while I still can. Have the physical attributes to still travel, hike, bike is important to me. How much is that worth?

+1

[Unpaintedhuffhines]

Quote:

Originally Posted by Toocold I've been targeting 3/2020 for the past couple of years and I can now see a "glide" path. There has been a reorg and a new CEO for the business unit has taken over. My team has been reorged (without my agreement) and I can immediately see a diminishing role in the future. I have a call with the CEO to talk next week and we'll see how it goes. I'm thinking it's 60/40 of hitting that date. I'm also talking with his boss the following week -- got to love megacorp politics. Financially, we're fine, well we're more than fine -- but it's always tough to leave a situation where I'm making very good money. Does anybody else look at compensation vs contribution to net worth as a factor? For example (not real numbers), if a person's net worth is 5M and the annual comp is 500k, that's a "10%" contributor. At what threshold should one stay and cruise? I have no risk of being let go, although that would make the decision easier.

I never thought of the contribution v compensation metric, but 100% agree with you that it's tough leaving a situation where one is making very good money. I know my FIL, who worked until he was 75 and is worth probably $15M-$20M, would look at me like I had lobsters crawling out of my ears if (when) I tell him that I'm leaving the job I'm in: "why would you leave that kind of money on the table?!?"

Bottom line: I don't think it matters. What matters is: are you mentally ready and can your investments support your lifestyle?

[Mountain skier]

Economic numbers are looking worse and worse. Prepare for equities downturn. This can effect retirement dates. Having 7-10 years cash could solve this problem. That much cash enables one to watch and wait for the next big equity recover without too much stress.

[COcheesehead]

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Originally Posted by Mountain skier Economic numbers are looking worse and worse. Prepare for equities downturn. This can effect retirement dates. Having 7-10 years cash could solve this problem. That much cash enables one to watch and wait for the next big equity recover without too much stress.

THIS. Has been top of mind for the last 2 years for me. Appropriate measures have been taken.