should I stay or should I go?

[Koolau]

I set my date based on when I can easily access my retirement funds. Leaving earlier would require more creativity on my part. It also happens to align well with my number, even though I’ll probably hit my number sooner. But if I’m able to work remotely (from any location) and the work isn’t hard, then staying longer is a lot easier.

I completely understand. My first date of Financial Independence was when my pension and supplemented retirement health insurance vested. That was also when I was most miserable at w*rk. The golden handcuffs were on good and tight until I turned 51. At that point, there were issues of "how would I get to my 401(k) money, etc."

Oddly at that time, my w*rk life changed (maybe I relaxed) because I achieved my "dream" of creating my own w*rk assignment. For THAT reason (that is to say, because I was now having fun) I stayed to 58. That solved the money access issues as well. BUT, I made a pact with myself (and it would be terrible to lie to yourself): The DAY they gave me something I didn't want to do was the day I hung it up. That's what happened, too. On a Thursday or, actually I think a Friday, they let me know my self-directed assignment would no longer exists. I'd be doing what all the other cube-mates were doing. I waited until the next Tues. (The day after Labor Day) and let them know I was gone!

If I'm making a point (and not just "bragging") it would be that if you are miserable at work, you will find a way to escape - even if the numbers or the access isn't quite aligned yet. You're probably so close you could make it work and misery has a way of motivating you.

One last thing that always comes up here is that Time > Money. You can't buy time. Better to live on less than be miserable and be the richest guy in the cemetery (pleasant thought!)

You WILL figure this out. You are very close. Keep us posted. We love a happy ending!

 

[tulak]

Oh yeah, I’ve already figured this out. I’m going to stick with the current job and see how it goes. I figure if I procrastinate long enough, that’ll solve the problem!

In the meantime, I have a bunch of other projects that will help keep me busy.

 

[Exchme]

Who cares what others are making? If your salary lets you live and save and circumstances/people you work with are good, that's a lot more important, especially with the end in sight. There's no assurance those bonuses elsewhere will even last.

The other thing you want to preserve at this stage of your career is value to your employer. As a highly experienced person, you are a target in a downturn as employers try to cut the biggest salaries. But at your current employer, you've been there a long time and have institutional knowledge that brings extra value. So you are a little more likely to be able to pick your own retirement date at your current employer than if you jump ship.

 

[mwacheson]

Should I stay or should I go

I was with the same company for 38 years, when I got recruited to another company. It was a tough decision because I was very happy where I was. I made the decision to go and spent 10 years with the next company. Best decision I ever made, especially on the financial side of things due to bonuses and stock. It helped me to dramatically increase my income and grow my retirement accounts. I retired last year at 64, after some heart problems. If I were still at my former company, I would be in a much different place financially and probably still working. Good luck with whatever road you choose.

 

[Caskem]

Stay. The grass is always greener.

 

[2177V]

I've been reading through the enough and various job threads and it inspired me to ask about my recent thoughts at changing jobs late in my career. I've been debating if I should change jobs or stay at my current position until retirement and I'm curious to know what others think.

I'm around 7 years from retirement. My current job is good: I enjoy my coworkers, boss is great, the work is familiar/easy, I can find challenges if I get bored and the company is good (for the most part). Also, I now have the option to work fully remote. I'll probably still go in the office a few times a month, but I could easily work from remote locations for longer periods of time with no complaints from my management.

The downside is that the company has changed. We've lost a lot of good employees over the last few years and the company is ok with this. When issues come up, you can tell that the lack of expertise is missing, which can be annoying. It might be getting a little better, but for the most part, I just deal with it and don't let it phase me. The other downside is overall compensation. It's still good, but compared to positions I can find elsewhere, it looks to be significantly lower, probably 30-40% less. However, based on my conservative estimates, I'll hit my number in 6-7 years without changing jobs.

I ran some rough calculations with the compensation from a new job and I could probably knock 2 years off of my target retirement date, but realistically, I'd probably work for 7 more years regardless. So changing jobs would result in a more comfortable retirement. More money is always appreciated!

The downside with changing jobs is that even though I'd make more, I'd probably have to work a lot harder, especially for the first few years. I'm also skeptical that I'd have the full remote option or if I do, it wouldn't be as flexible as my current job.

I realize that this is very much a first world problem for me. I should probably find a hobby and ride out the current job, but the thought of extra money and new challenges has its appeal. It'd also be nice have more BTD experiences, even though this might happen anyways since my forecasting is conservative.

So has anybody else changed jobs late in their career for more work and extra money? Or did they ride out their current easier job until retirement? If given this choice, what factors would you consider to be most important?

I changed jobs every 5 years because my learning curve flattens out. At the end of my career, I was in high demand because of my experience in being a Combat Engineer, a Mechanical Engineer, a Nuclear Engineer, a Civil Engineer and an Environmental Engineer. I was only unemployed 1 week in 44 years. However, I noticed when I got older, it became harder for me to learn and adapt in a new job.

You are correct in that you do have to work harder to prove yourself with your new boss and with your new co-workers. You have to make a decision on balancing the extra work with the extra benefits. You also have determine the risk of being laid off because you lost your seniority. It really depend on the job and skills that you have. If your skills are in high demand, then I would go for it. On the other hand, if your skills are easily replaceable, I would stay.

 

[1242Vintage]

I changed jobs a year prior to retirement. I was chasing a higher level position for a few years. The higher salary was nice, but I definitely worked a lot harder, had much higher job stress and put in many more hours earning it.

And the job was in Los Angeles and I lived 500 miles away. I lived in a little rented 1 bedroom condo in LA and flew home every Saturday morning and back to LA Sunday night. The travel drained me too.

I worked for a year and happily retired.

 

[catii]

I gave up a high six-figure job for a brand-new one...as my own boss. I had a great boss, a tremendously-interesting job, & compatible colleagues, but I never had the feeling that what I was doing had any real meaning, in the long run.

Everyone was shocked, & thought I'd lost all of my marbles, but now, 35 years later, I had a great new career, made a ton more money, & was able to sell the company & retire, just a few weeks before the pandemic.

With only seven years before retirement, though, I'd probably choose job security.

 

[Markola]

Should I stay or should I go?

If I stay there will be trouble
If I go it will be double
So c'mon and let me know
Should I stay or should I go

It's always tease tease tease
You're happy when I'm on my knees
One day is fine and next is black
So if you want me off your back
Well come on and let me know
Should I stay or should I go?

All the wisdom of the world is in rock & roll -

Funny. Long live Rock and Roll!

 

[Finance Dave]

I'd stay where you are.

You say you like the work and good people there. The grass always seems greener on the other side...but you may be kicking yourself if you have a butthole boss at new job. Also, there are costs to moving jobs. Not sure if you mean you could remain living in your current place and get 30% more or you'd have to move...but moving is expensive, even if the company pays for relo. It's taxing on your family too.

Another option...but I would only do this if you are willing to leave the company....ask your boss for a raise. Explain your value to the company, highlight your successes. Sure, you probably won't get 30%, but maybe 5-10%?

You asked if anyone had changed jobs "late career". Here is what I did...

I was a finance exec at a Fortune200 company. I enjoyed the work and the company was good, but I was ready to work less and play more. So I talked to my DW and said "If I stay at this job 4 more years, we can FIRE. However, if I quit and become a home inspector, I'll take a 60% pay cut but then I can work as much or as little as I want...and I can "phase into" FIRE...which likely will take about 7 years instead of 4"

I quit and became a licensed home inspector. I worked 50 hours/week for the first year just to get my skills and clientele built up, then in year 2 I dropped to 40 hours. In years 3-5 I worked about 28-30 hours/week, then the final two years I only worked 2 days/week. I made significantly LESS money, but I enjoyed the change, LOVED the shorter work hours, and I gained a lot of knowledge that I am now leveraging as a handyman (I only work about 200 hours/year now)..plus I really enjoy working with my hands.

I guess the key factor for me was stress/effort...and I was seeking to reduce both...and it worked for me. It sounds like you're considering going the OTHER way...more stress and MORE hours...yikes!