Spontaneous ER

[ferco]

Has anyone or do you know anyone who just woke up one day and said that's it, I've had ENOUGH, I'm retiring as of right NOW! Were you or they successful? Any regrets? Would you have done it differently. What did your significant other think?

 

[GTM]

Great question

I have not done it but would like to.

I think even a sudden ER decision must have some pre planning.
Finances, medical insurance, pension, desire to make a change.

Probably after rolling aroung all those thoughts in your head for a while an incident at work may give you the incentive to pull the trigger.

I guess it still warrants a 2 week notice even though those may be a long 10 business days.

 

[Brat]

I haven't done it, but there were moments...

Even a petulant exit should be thought through, even planned for maximum impact. It needs to pain the otherside, not yourself.

 

[Rich_by_the_Bay]

Even a petulant exit should be thought through, even planned for maximum impact. It needs to pain the otherside, not yourself.

Sounds like you had a rough exit. Wouldn't it be best to minimize the pain on both sides (if possible)?

You never know... what goes around comes around, and all that.

 

[kat]

Has anyone or do you know anyone who just woke up one day and said that's it, I've had ENOUGH, I'm retiring as of right NOW! Were you or they successful? Any regrets? Would you have done it differently. What did your significant other think?

That's me!!

Sorry, going to go enjoy it right now, so that's it.

 

[VoyT]

 There are days.....

   Closest I've ever seen was a colleague who, after we were notified that the company was switching to a new computer system, filed for retirement the next day.  
   Considering he was struggling with the system that was in place at the time, it was probably a wise decision....

 

[poboy]

A physician friend closed his office, put up a sign he had retired. Gave him a call and he told me he had made a house call on a bed ridden 95 year old, got something like 25 dollars from medicare. Next week a home health nurse went by and did a blood pressure check and received 75 dollars. The day he received his check, he got the home health report and saw their reimbursement, within minutes he said a young woman he thought was a teenager came into his office with a clipboard and starting telling him he conducted a test on another patient and did not follow the protocol. He told me he looked at the medicare check, looked at the home health report, looked at the young insurance rep and told her not to worry, he was retiring that day.

 

[Rich_by_the_Bay]

A physician friend closed his office, put up a sign he had retired...

Mine was a tough generation for going into medicine, especially primary care. History sort of betrayed us: reasonable expectations of lots of freedom, plenty of income, and a relatively rewarding career. Then, as of the mid-80s, it all started falling apart: HMOs, medicare debacle, outside limits on fees, malpractice crises all over, crazy inequities in reimbursement among specialties, and all the rest.

The younger ones had advance notice, and could minimize debts, avoid big up-front practice investments and loans, join a group, abandon primary care. The older ones more or less had feathered their nests and would just sit by shaking their heads. Those of us in the middle (I graduationed med school in 1975) acted based on Plan A, and then had to live with Plan B.

On an absolute scale we generally did OK, but it wasn't exactly what we had planned. Thank heavens I didn't go into it "just for the money."

I consider myself very, very fortunate, and maybe a little successful at reading the writing and adjusting the career accordingly - went academic in early mid-career, and was able to parlay it into leadership positions as I got older and outlasted my competition.

Never considered an abrupt resignation - would have torpedoed my career in academics in a big hurry. Must admit it's fun contemplating FIRE, but it will surely be an orderly departure.

Anyhow, that's the consensus.

 

[Brat]

...Never considered an abrupt resignation - would have torpedoed my career in academics in a big hurry. Must admit it's fun contemplating FIRE, but it will surely be an orderly departure.

Anyhow, that's the consensus.

Oh, I considered it but knew that it wasn't wise. Maturity implies the ability to postpone gratification.

 

[cute fuzzy bunny]

Kinda sorta. Wasnt planning on ERing, then the company stock went into the dumps and the bonuses started looking like crap, and then I decided that busting my butt for salary wasnt going to cut it. Then the company offered a years pay and benefits to anyone that wanted to bug out. Couple of vp's tried to talk me out of it, but I figured it was a years paid vacation at worst.

Never looked back.

The big screwup was giving me a three month paid sabbatical about six months prior. I felt like a kid on summer vacation and work seemed stupid to me when I went back. After sitting through my first BS meeting my first day back, I was trying to figure out how much longer I'd be there. That 'stupid protection skin' that had been removed from my brain just refused to grow back...

 

[donheff]

Not quite. I was always planning to go early (by my standards, late 50s). But one day when I had been anticipating waiting another two years or so I woke up and knew I had to go immediately. I was too responsible to just bail so I gave three months notice. But the decision made all the difference and the three months was fun. I was already FI when I decided to RE.

 

[rs0460a]

Ferco (what is your name?)

What a great question, at least for me.

Per chance, I'm going to HR this week to find out what "my responsibilities are" for notification of retirement.  They have a "published scenerio" on the company intranet requesting 3 months notification of retirement.  My question to them would be simply "what do I loose if I leave today?"

As you might suspect, I'm about ready (past ready?) to "pull the plug".  I/DW have been "running the numbers" for the last few years, and our plan was reviwed/validated by a "third party" who agreed that we are "good to go".

What's keeping me working?  Just a bit of pride.  What's making me ready to leave?  Going through four changes in "ownership" during my tenure (will be 28 years in January).  Some were better than others, but the current owner (the second of 2 foreign owners) is certainly making me move "toward the door" in a quicker fashion then I originally planned.

I've come to the rightful conclusion that I won't change the culture of the new owner.  Either I just "accept it" (and keep my mouth shut) or make a change that will get me away from this "corporate polution".

Thank goodness DW/me have planned for this the last 25 years.  While it isn't necessarily in the timeframe we thought about (both 58+ - planning on going at 60), since we prepared for the future (e.g. we're F.I. in regards to retirement income) it won't be done in haste.  While my wife works for another firm, she is facing the same "challanges" in change in ownership multiple times, over the years.

- Ron

 

[youbet]

One of the items I'm taking away from reading this thread is that there is an upside to the demise of DBP pensions and creation of 401K's.  So many folks seem miserable in their jobs but locked in due to their DBP pension!  This seems especially prevalent among folks employed in the public sector, but plenty of it going on in the private sector as well.

Frankly, I'm a fan of DBP pensions.  There are just too many people who will never be able to or care to manage their own finances.  But to the extent that the DBP pension locks people into jobs they simply hate, it's sad.

 

[Ed_The_Gypsy]

Has anyone or do you know anyone who just woke up one day and said that's it, I've had ENOUGH, I'm retiring as of right NOW! Were you or they successful?

Maybe. My supervisor lit into me two weeks ago and I terminated my contract the next day. If I can't find another job, by default I will be retired.

Any regrets?

No regrets. I refuse to work for offensive people anymore.

Would you have done it differently.

I would do it again tomorrow.

What did your significant other think?

She is anxious. So am I.

 

[Alan]

One of the items I'm taking away from reading this thread is that there is an upside to the demise of DBP pensions and creation of 401K's.  So many folks seem miserable in their jobs but locked in due to their DBP pension!  This seems especially prevalent among folks employed in the public sector, but plenty of it going on in the private sector as well.

My DBP pension is exactly what is keeping me in work for another 3.5 years until I hit 55. I could leave now but would need to earn about 30k /year for next 8 - 10 years to be totally secure. It does feel nice however to be almost there and know that a layoff or bad boss is nothing to worry about. (fortunately I like most of the folks I work for and with - I'm just ready NOT to work and NOT to travel all over the place)

 

[Brat]

Per chance, I'm going to HR this week to find out what "my responsibilities are" for notification of retirement.  They have a "published scenerio" on the company intranet requesting 3 months notification of retirement.  My question to them would be simply "what do I loose if I leave today?"

Don't tip your hand to HR.  They are obligated to share with your boss your thoughts. 

Lie just a little, tell them that your financial advisor/attorney asked for more information about your retirement program for planning purposes.  Just ask how your retirement benefits work when a person retires.  Ask in general terms about the "3 months notification of retirement", are there processes that happen between notice and receiving retirement checks?  [I think they want time to audit your account.  Remember there have been several changes of ownership, and likely even more custodians.] If you were to die tomorrow (the ultimate quit without notice), how long would it be before your wife would have access to your retirement $.  Ask for a copy of your retirement paperwork to make sure all is in order (you won't need that but the request is consistent with an advisor request). 

There once was a practice that employees gave one pay-period notice.  If you are paid semi-monthly give 15 calendar days.  HOWEVER, today, most employers show you the door the day you give notice.  The reason for this is security.  Often they pay you through the notice period and expect you to respond to questions and otherwise be nice, although not at work.

My advise: start going through your desk for things that are yours or information (such as your address book) that you want and are OK to keep.  You may want to use up vacation time.  If you haven't had a through physical do that before you change health insurers or need to do it on un-paid time.  Locate as many copies of your 401(k) account and pension benefit statements as possible.

Check on the dates for vesting of employer contributions to your 401(k), visit a CPA and check on the best way to handle your employer's stock that is in your 401(k). 

Make sure you have cash for at least 6 months expenses on hand.  It could easily take that long for your employer to audit your 401(k) and render it to another custodian.

 

[kz]

I remember a middle management guy who came into work one day, gave his guys their daily report, walked upstairs to the head honcho and told him he was done. He walked out the door and did not look back. He wasn't the sharpest guy around and I guess he felt that he was getting pushed around too much. His retirement was good for the company and even better for him.

 

[yakers]

The only case I know like this was the fellow whose job I was hired to fill. He did not get a particular promotion and he retired on the spot. While it is normal to give some notice to take another job I do not know if that holds for retirement. It can take some time to get the correct/final retirement payments but generally retirees receive some interim payment.
It seems like a "spontaneous ER" would be based on being fed up rather than a sudden outburst of joy, although I would like to think there are such cases.

 

[Shredder]

Not exactly what was asked but 100-200 miles south of me 35,000 people are retiring from GM and delphi, on fairly short notice. . Not all in MI, but quite a few. Should be interesting how it all shakes out. I live in a resort type area where a lot of these folks have vacation/retirement homes. Seems like there are tons of for sale signs around and from what I hear there are lots more downstate in MI. The next few years should be interesting, especially if GM goes bankrupt and the feds take over all those pensions..........Shredder

 

[Alan]

Not exactly in the spirit of the question but a year or so back, a supermarket in Wales had to close down for a day or two when all its cashiers resigned after winning the lottery. I know a team of software developers at my company (6 of them) who also share in the their weekly lottery gamble. The fear of being the one left should the others hit the jackpot compells them to cough up to that most risky retirement plan.

 

[lazygood4nothinbum]

i retired not spontaneously but with minimum thought (yikes, huh?). i used to think i'd work until i was 55. then i thought i'd work until mom died. but then my dog died. and that was just a year after my best friend died (he was 52). i got real depressed and kept asking myself, why am i waiting for the next being i love to die before i quit?

i ran numbers sans benefit of this board's knowledge or firecalc. i had no idea about the 4% thing and i was planning on 5-6%, not from any knowledge, just an intuitive sense. i worked out the numbers and decided i'd retire on my 49th birthday in january, a present to myself.

but that june there was too much nonsense at work. the place had become rife in backstabbing & finger pointing for years already. i had a manager who insisted on a phone conference for an hour once a month and i just couldn't listen to that miserable sob anymore. i had too much misery in my life and i couldn't breathe.

i couldn't call back my dog. i couldn't resurrect my friend. i couldn't stop my mom from dieing. so i did what i could do to get at least some of the misery out of my life. so on july 4th, 2005 i sent the email: i quit. the country was so happy for me they now set off annual fireworks on that very day.

immediately my life got better. i have readjusted my future plans to include 4% - 4.5% withdrawal rate. if real estate busts in florida, screw it; i'll move to thailand for the next 10 years and let the portfolio grow.

had i known all the stuff i'm learning now, i would have done much more planning and been that much more spontaneous even sooner.

"there exists an obvious fact that seems utterly moral; namely, that a man is always a prey to his truths. once he has admitted them, he cannot free himself from them."~~albert camus

 

[Martha]

Maybe. My supervisor lit into me two weeks ago and I terminated my contract the next day. If I can't find another job, by default I will be retired.

No regrets. I refuse to work for offensive people anymore.

I would do it again tomorrow.

She is anxious. So am I.

You are tough.

BTW, I love your e e cummings quote: "...listen: there's a hell
of a good universe next door; let's go "

 

[Ed_The_Gypsy]

Martha said,

You are tough.

Maybe. Maybe just dumb as a brick.

I did get a nice offer this morning to work in Houston, though, so I do have a safety net. Still looking in Calgary as I like it here.

That ee cummings quote is one of my favorites, too. That and Bob Dylan's "Tambourine Man" and The Byrds' "Wasn't Born to Follow" and a whole lot of Jimmy Buffett these days. I don't think I was meant to work for anybody, but dang it is hard to live on nothin'.

Got to go. "It's Five O'Clock Somewhere"!

Cheers,

Gypsy

 

[bookman51]

I did this spring after some jerks falsified information on evaluations and supervisor too lazy to follow up to verify.  When truth came out, he was too embarassed to admit it.  I decided I had enough.  Sure, would not minded working a few more years under good conditions;  did not want to work one more minute under those conditions.  Not looking back. 

 

[VoyT]

  I know a team of software developers at my company (6 of them) who also share in the their weekly lottery gamble.  The fear of being the one left should the others hit the jackpot compells them to cough up to that most risky retirement plan.

  Funny, that's the same reason I throw a $ into the pot when my office buys tickets for the big Powerball jackpots.