How Long Would You Work To Double Your Nest Egg?

[CardsFan]

I retired at 60.
After almost 3 years retired, I have concluded that I COULD have retired on about 1/2 of what we had at the end of 2015. That was actually my targeted amount. But that occurred around 2011. The great recession was too recent a memory to take that chance, and I was enjoying my job.

So, I guess my answer is, if I was still working and enjoying it, 4 more years.
But, now that I am retired, knowing I have twice as much as I need (actually more thanks to the continued run up since retirement), I just don't think I could go back. If I did, it would need to be an ironclad guarantee, and no more than a year, and no one would pay me that kind of money for a year.

But it would be nice to be able to use that money for charitable work.

As far as the OP, at your age I would continue to work 4-5 more years, as long as you like the work. You are still young, so you have a longer timeline and more unknowns.

[SumDay]

Almost 30 days into retirement, and my answer was "not a single day". Heck, not even a single minute. I got an email from my old boss last night and it made my hair stand on end. I had to remind myself I didn't need to stand at attention and answer immediately.

[TwoByFour]

I enjoyed my career immensely when I was 48 and I would stay working whether I doubled my net worth or not. But at age 60 I was burned out and would not have stayed longer unless the gain was 5x for 3 years more.

[Kwirk]

Our pensions and SS are such that we don't need a nest egg (barring both of us landing in long-term care facilities). But, we have a substantial and growing egg that we hope to pass on to our children and grandchildren. I'd grudgingly work full-time for a month or so to double it. I'm probably cavalier about this because nobody will offer to match my egg for less than ~8 years of work. OTOH, I'd consider a few hours weekly of remote consulting on my own schedule if paid very, very well.

[bongo2]

Thanks to everyone who replied. I thought that the "not one more day" answer would be the most popular, and it was, but there were a lot of people who are willing to work a little bit longer, and about 30% of people willing to work two or more years. This makes me feel a lot better about giving in to the one or two or three more years syndrome.

[street]

No, I wouldn't work a day longer. In the 30 month's I have been retired my portfolio has grown in gains alone close to 7 figure number.

[stepford]

If there was some universe in which I could receive the several $M it would take to double my NW in a few years I suppose I might feel compelled to try it, but in the real world where it would probably take a good decade I'll just say no.


It's worth noting that after several OMYs and retiring at 55 I really wish I'd forgone the extra 50% or so I added to my NW and had taken the extra years instead.

[cyber888]

Quote:

Originally Posted by bongo2 I know a lot of people here deal with "one more year" and "golden handcuffs". I'm in a situation where I've more or less hit my number, but my business is doing very well and for the next couple years I should be making 2-3 times what I made the last five. Enough that, with some luck, I can double my nest egg in just a few years. Is it worth it? If you've retired already but you could double your nest egg by working a couple more years would you?

No, if I hit my number .. Im definitely out. You cant take the extra cash with you when you’re dead in a few years.

[brucethebroker]

Quote:

Originally Posted by bongo2 I'm 48, but I'm interested to hear what everyone on the board would do in their personal situation today even if it doesn't directly apply to me. My current assets are probably enough to satisfy my needs, but wants . . . well, I'm sure I can come up with something!

You are edging closer to the answer, IMO. How much $ do you need? Do you enjoy your work and are you free to relax, travel on whim?

Answer those questions and you will find your answer.

Personally, the restrictions of working at something I don't want to do and having my freedom taken away would not be worth the trade for doubling the asset base.

Again, my opinion, but the working years are all about accumulation of wealth. Your retirement/semi-retirement (my situation) is all about income. Once you hit the income number needed, everything else is gravy (you have "won"-no reason to run up the score, as others have stated). Of course, you may enjoy raising your standard of living in retirement with the additional savings, but is it really worth the time and hassle? Good luck.

[48Fire]

Quote:

Originally Posted by bongo2 Enough that, with some luck, I can double my nest egg in just a few years. Is it worth it? If you've retired already but you could double your nest egg by working a couple more years would you?

I see in another post you said you are 48 years old. I was 46 when I decided to finalize my plans for early retirement. I set an aggressive goal of 48; hence, my name of 48fire.

In the subsequent years, I had two co-workers die suddenly. One was 48, and the other was 49. One died of a massive heart attack after he left night school class. The other died of an aggressive, acute leukemia. He left work not feeling well, and a downward spiral accelerated until his death two years later. Several others died suddenly in their 50's.

Attending these co-worker's funerals, seeing their daughters and wives, seared my memory, and made my plans clear.

I felt that I could always go back to work, earn a pile of money for a new car, bigger house, or international travel.

I also thought that immediate family issues would likely occur, and I wanted to be there as much as I could. Both good and bad. And they did.

On the good side, there was our daughter's wedding, birth of our first grandchild, and bucket list opportunities with my wife.

On the bad side, death of my sister, failing health of my other sister, deteriorating health of my parents, dementia and care for my MIL, death of my MIL, health issues of my wife, etc.

My ability to "be there" at a moment's notice, and not weigh my presence against Megacorp needs was and is priceless.

[goingoodsofar]

Only as long as it takes to handle the paperwork to be gone. Can't imagine being more pleased with my life as it is now. Only desire I have that I can't fulfill is owning my own jet and I've come to grips with that! Only goal now is learning how to spend more freely than my multiple decades of being money cautious has ingrained in my life habits. I tend to see the cost of everything in 1980 dollars. ( I know doesn't sound like a problem - but it is!)
BTW - if you have your own business perhaps you should consider selling it and enjoy the benefits.

[Andre1969]

I voted for 4 years. I'm actually fairly close to hitting my number, and my intent is to retire in about 2 1/2 years, if things are still looking good at the time. However, if I could double what I have right now, I think I'd be willing to stick it out for 4 years.


A lot of it is going to depend on your age, though. In my case, I'm 48, and turn 51 in April of 2021, and that's when I want to retire. So, sticking it out another year and a half isn't that big of a deal to me. I also have a fairly flexible work schedule, and a lot of leave, so that makes the w*rkplace a lot more bearable.


Now, if I was older, I'd probably have a different attitude. If I was 58, for example, and still had 2 1/2 years left, I don't think I'd be willing to sacrifice another year and a half. And if I was 68, I might re-evaluate whether I need to work that extra 2 1/2 years, even!

[Aerides]

Op, there's a HUGE difference between:

"would you work a little longer"
and
"would you go BACK to work"

Also, even on the first half of that question, how far away someone is from retiring is a big variable. Someone with less than a year to go, tacking on another 2-3 is a lot different than someone with 2 years to go anyway.

I would think those saying "not one more second" are already retired, or about to, and those saying "eh I'd give it another 1-2 years" are more likely those that have at least that long already to go.

And yes, then Age is another big difference. The same person, at 46 saying "eh ok another year", may be unlikely to say the same at 56 even if all else in their situation was the same.

[Ronstar]

Come on now. Poll shows that most wouldn't work a single day to double their nest egg. But just imagine how great it would be to go back to work knowing that your first day would be your last as well.

[audreyh1]

Quote:

Originally Posted by Ronstar Come on now. Poll shows that most wouldn't work a single day to double their nest egg. But just imagine how great it would be to go back to work knowing that your first day would be your last as well.

Except that there is no way to work one day and double your nest egg. Who would pay you that much? So it’s a false premise.

[Crewer]

Late to the party here (as usual I think) but my thoughts are "are you still having fun?"

DH is getting much closer to giving it up but he's now doing things for ~free (takes jobs with paid travel expenses especially to interesting international destinations). He used to get paid for these things in addition to the travel expenses. It's all because he likes to do it so much. He's finding it more difficult to keep current since he's not doing as much of it so the end is in sight.

[kgtest]

I've done some income/earnings velocity calculations to understand this exact question.



The question I wanted to answer was slightly different "how long do we need to work to double our nest egg after my FIRE date at 50".


Rough estimates shows both DW and I would need to work 3-5 years on our current trajectory to accomplish this.



Of course if we were nearing retirement in a down market...I might consider it with the buy low mentality and kids college costs shooting through the roof.


But more often these day's I appreciate the idea that Time is Money, and you only get so much time.

[TwoByFour]

A lot of people here who hate their job or used to hate it. I am happy being retired but truthfully, it does not have the intellectual stimulation I had at work. My job was stressful which I used to complain about, but then when I went on vacation I discovered that I am a stress junkie and looked forward to getting back into the thick of things at work. I am largely over it now, but sometimes miss it.

[bongo2]

Quote:

Originally Posted by Aerides Op, there's a HUGE difference between: "would you work a little longer" and "would you go BACK to work"

Yes! That's exactly why I wanted to get this perspective.

I also think that attitudes might be different if I were asking this question after a market crash rather than a nine year bull run.

[audreyh1]

Quote:

Originally Posted by bongo2 Yes! That's exactly why I wanted to get this perspective. I also think that attitudes might be different if I were asking this question after a market crash rather than a nine year bull run.

Going back to work gets a lot harder the longer you are retired.