Ugh! How do I survive 3 more years?

[iloveyoga]

Life is too short to be miserable. You might be surprised at what other opportunities could come your way.

[iloveyoga]

PS, it is hard to give up the large paycheck but you get used to it. If I had known what it was like to be free, I would have left sooner.

[joeea]

Quote:

Originally Posted by Floridatennisplayer I'm fried, burned out in my position. High pressure medical device sales. Just turned 62, 3 more years till Medicare, SS, and annuity. This will cover all my expenses. No touching my money! Now I'm thinking, sticking it out 2 years, taking a year off and paying for my own healthcare. Just don't think I can do 3 years without snapping and you reading about me in the paper...lol. Any helpful hints?

Once the end is in sight, and you have planned well, it's amazing how quickly the remaining time speeds by - at least in my experience.

[simple girl]

Quote:

Originally Posted by Floridatennisplayer Yes, my crazy issue is giving up a substantial income, at least for me (165k salary, bonuses and also get a car allowance) for a few years vs. dealing with it. I could take a low stress job, but hate the thought of giving us money for my, the kids, grandkids future.

So your primary goal is to leave money to your kids/grandkids and also have more money for yourself?

Is anything else important to you? Are you able to spend enough time with your family? Or does work get in the way? Is there anything else you wish you had more time for?

What I'm getting at is you need to define what is most important to you - money, or more time to do things you enjoy?

I think that will help you make your decision. Everyone has different priorities.

[travelover]

Quote:

Originally Posted by joeea ......... it's amazing how quickly the remaining time speeds by - at least in my experience.

Yea, but you are speeding to your death - the end point is the same. It is not like you get to tack on 3 more years to the end.

[Ed B]

Quote:

Originally Posted by Floridatennisplayer Hey guys..thanks for the replies. I really appreciate your thoughts. As far as current financials...I am in very good shape. House and condo in Florida are paid for. I have a friend who rents my condo for 3 months each winter which actually covers all my condo fees and RE taxes. No debt. Expenses and I mean everything Fidelity could find are at 67k per year and that includes me paying for the condo fees and taxes. Have in the neighborhood 1.5 mill in 401k and savings combined. Yes, my crazy issue is giving up a substantial income, at least for me (165k salary, bonuses and also get a car allowance) for a few years vs. dealing with it. I could take a low stress job, but hate the thought of giving us money for my, the kids, grandkids future. Some of my buddies say..why let it bother you? I guess I shouldn't, but for me it's hard not to. I'm sure others would be glad to trade places with me. Wish I had that care free worry free attitude. Perfect example, got an email last night from my hyper type A manager. Here's the quote. "Rod, I'm going to come into town next Wednesday afternoon and spend the day with you Thursday. Let's get some people out to dinner Wednesday night. I look forward to a productive few days." Ugh, thanks for the short notice, and a few days before Easter. Why don't we just make calls on Easter morning! Thanks for listening. Verbalizing on here has actually helped ...kind of like therapy I guess.

I am in a similar situation. I am fried in what has been a high stress job, which ironically has gotten much better recently. I have a high salary for me ($140k). More than i ever thought I would make growing up in a blue collar union household. My expenses including $22,000 for healthcare expenses, and everthing i can think of including hobby and play money will be just a tad under $60k. I am budgetting $76,000 in revenue per year for my first year in retirement from pension, my wife's $12,000, and pulling from my assets until Social Security kicks in at 62. If i start social security at 62 my revenue without touching my assets will be just over $83,000. So my wife and i will be fine. But that drop, on paper, from $140k to $76k takes a leap of faith.

If you are like me i get almost hypnotized by the amount in my savings and watching it grow. But there is a point when it is enough, and based on what you told us, i think you are there. You have way more in saving than we do. Congratulations.

After posting my concerns on this forum that were similar to yours, I have now set a retirement date of Feb 1, 2019 and i am at peace with it....finally. I will be 58 1/2. I MIGHT pull the plug June 1, 2018 if markets are kind to me or if my Megacorp offers another voluntary layoff package. Every 4 or 5 years they do this and by 2018 the severance would be enough to make it work before my targeted date.

Best of luck with whatever choice you make.

[cyber888]

Quote:

Originally Posted by Floridatennisplayer I'm fried, burned out in my position. High pressure medical device sales. Just turned 62, 3 more years till Medicare, SS, and annuity. This will cover all my expenses. No touching my money! Now I'm thinking, sticking it out 2 years, taking a year off and paying for my own healthcare. Just don't think I can do 3 years without snapping and you reading about me in the paper...lol. Any helpful hints?

Just quit. You could croak before hitting 65. Do not underestimate the stress. My dad died before he could retire - reason? Burnt out stress

[Floridatennisplayer]

Quote:

Originally Posted by simple girl So your primary goal is to leave money to your kids/grandkids and also have more money for yourself? Is anything else important to you? Are you able to spend enough time with your family? Or does work get in the way? Is there anything else you wish you had more time for? What I'm getting at is you need to define what is most important to you - money, or more time to do things you enjoy? I think that will help you make your decision. Everyone has different priorities.

Not even close. Work does not get in the way of my number one priority...my family. Money means little to me now. I spend a huge amount of time with my family. I was considering working 3 more years only because of the gap in not having health insurance not because money means something to me. Sure throwing away this income for 3 years is disconcerting But now finding out about the Cobra 18 month coverage excites me.

[Carlos2]

It is apparently normal for people to get antsy about leaving their job earlier when they get close to retirement. Issues that bounced off of you when you were younger seem to stick like glue as you can see retirement on the horizon. You get tired and probably don't care as much because you've seen it before and realize it's another day of the same old stuff.

However, what ever your financial goal is you must stick with it if it is going to give you peace of mind. If you don't reach those goals and then look back wishing you had done this or done that, then that won't make you happy in another way. It's easy for others to tell you to just go ahead and quit. They are not in your shoes and only you know for sure what your financial situation really is. I would echo two comments made earlier. I would take more vacations. I am retiring in four years. I too would like to retire now at 57 but the difference in my pension would be about $4000 month. I am not going to quit now. However, I do plan to travel and look forward to doing it. I have a trip planned to Panama with my kids and grandkids right before Christmas and a trip to Hawaii with my in laws and my youngest daughter. Events to look forward to help pass the time nicely. The other suggestion of starting your hobby now is also a good one. Get started on what you're interested in now.

Money should not always determine your course of action, but the reality of it is that sometimes in life we do what we feel we have to do and not what we want to do. This is a decision only you can answer.

[target2019]

Quote:

Originally Posted by Floridatennisplayer Thanks for listening. Verbalizing on here has actually helped ...kind of like therapy I guess.

It is therapy. You get a lot of feedback, and have to evaluate it for yourself.

I'm not you, but can feel the same way as you expressed. It is all about the stress, and it can kill you. What bothers me might not bother you.

Something this past week really got to me, so I worked from home on Friday, and had serious thoughts about what I wanted. I work with words, and don't need so much from others. So when someone goes out of their way to make me look bad, it has too great an effect on me.

After 18 months, the joy has left this job for me. The drive is too long. The reports are a PIA.

If you have enough, it's enough. Right?

[joeea]

Quote:

Originally Posted by travelover Yea, but you are speeding to your death - the end point is the same. It is not like you get to tack on 3 more years to the end.

Wow, nice way to look at the negative!

"Speeding to your death" is true for everyone starting at birth. Might as well never work at all and just enjoy your life as you await your impending death. YOLO!

Remember the OP indicated "Just turned 62, 3 more years till Medicare, SS, and annuity. This will cover all my expenses."

To me that says the best thing is to suck it up for the planned 3 years and be able to retire comfortably. I'm amazed at how quickly time flies. And at least for me, once I have made a decision time flies even more quickly.

Sure, you could die tomorrow. You could die today. You could have died 50 years ago. But focusing on an inevitable death is a poor way to live, IMHO.

[simple girl]

Quote:

Originally Posted by Floridatennisplayer But now finding out about the Cobra 18 month coverage excites me.

Fantastic! Wishing you well on this next adventure of your life!

[Luck_Club]

Quote:

Originally Posted by Floridatennisplayer Yes, my crazy issue is giving up a substantial income, at least for me (165k salary, bonuses and also get a car allowance) for a few years vs. dealing with it. I could take a low stress job, but hate the thought of giving us money for my, the kids, grandkids future. Perfect example, got an email last night from my hyper type A manager. Here's the quote. "Rod, I'm going to come into town next Wednesday afternoon and spend the day with you Thursday. Let's get some people out to dinner Wednesday night. I look forward to a productive few days." Ugh, thanks for the short notice, and a few days before Easter. Why don't we just make calls on Easter morning!

Similar high stress sales gig for many years. Always worked as an independent contractor so visits were requests and well in advance.

With that being said. Phone it in for the next 3 years. How often can they pop into the territory? 4 or 6 times a year? Do the reports no one reads, and basically slow play your hand. You may get lucky with an early retirement buy out.

[travelover]

Quote:

Originally Posted by joeea ......... But focusing on an inevitable death is a poor way to live, IMHO.

I did not focus on an inevitable death for most of my life, but I did come to a point where I faced the reality that once you hit about 60, those remaining years are very precious and finite.

That said, feel free to work as long and hard as you want.

[Bestwifeever]

Quote:

Originally Posted by jimbee I'd be inclined to quit now, but I don't know your financial situation. Something to consider is working until you're 63.5, take COBRA for 18 months, then start Medicare.

A big yes to this. And even if you stay your course, knowing you have that option anytime once you get to cobra eligibility will ease your stress.

Quote:

Originally Posted by iloveyoga Life is too short to be miserable. You might be surprised at what other opportunities could come your way.

A big yes to this too. If you have a reputation at being good at your job, your company might offer you something else once you give notice, but an outside place, like a customer, might also want you. You would have the upper hand in tailoring any offers as to working conditions--part-time, from home office, no travel, no dinner meetings the week before a holiday....

Good luck.

[CaliKid]

Quote:

Originally Posted by Floridatennisplayer Perfect example, got an email last night from my hyper type A manager. Here's the quote. "Rod, I'm going to come into town next Wednesday afternoon and spend the day with you Thursday. Let's get some people out to dinner Wednesday night. I look forward to a productive few days." Ugh, thanks for the short notice, and a few days before Easter. Why don't we just make calls on Easter morning!

I don't know. To me this doesn't seem like a big deal. You could just reply "I got plans with the family at night and on Good Friday but look forward to seeing you during the day on Thursday...." Worst they can do is fire you and that's not likely if you are pulling your weight. As an owner of my company I would have no problem if an employee told me something like this.

[dunkelblau]

Quote:

Originally Posted by travelover Yea, but you are speeding to your death - the end point is the same. It is not like you get to tack on 3 more years to the end.

Evidence is mixed but depending upon the nature of your work it might not be a zero sum game:
Early Retirement May Be The Kiss Of Death, Study Finds | The Huffington Post
(OP sorry about that last line)

My take is it boils down to how much life improvement you see if you stop working-- if very small then maybe it's worthwhile to hang on awhile longer, but if it's large you're probably better off retiring. Or how about not treating this as a binary decision? I shifted to an assignment that meshes well with my tastes (and new constraints) by giving up on some things that matter a lot more to younger workers.

[EastWest Gal]

You may want to look at your after-retirement income and see if you qualify for an ACA subsidy. The ACA as we know it may go away, but it will likely be a few years before it winds down, if legislation is even passed. Figure out your MAGI with your investment income without your salary, and before annuity, SS kicks in. If you are married without dependents, if your MAGI is less than $64,080, then a huge subsidy kicks in and you won't have to worry about high premiums. If you are close, be sure to choose an HSA compatible plan and plow in the $6000 or so into an HSA each year.

Example: Our premiums are $22K this year. If we can get our MAGI below the magic number, we could save $16K. That will be a sweet refund next year.

COBRA won't help that much. With COBRA you pay employer and employee parts of the premium, so it's just about the same as on the individual market.

Once question to ponder: If your expenses will all be covered at age 65 with the annuity, SS and condo rental income, then what are you going to do with that $1 million+ in the 401K and after tax income? Why did you save all that money? Is being prepared to spend $70K for health insurance premiums for three years not part of that equation? You will never make up the time you are spending in a high stress job in burnout. I know what it's like to experience burnout. I've only been not working since July, and I cannot not ever imagine going back. You cannot "save time" for a rainy day. You will not get that time back. What if you get cancer or have a major heart problem or a stroke in the meantime. In the past 2 years, I've known 3 physician colleagues who have either died, had major heart problems, or a major stroke before or at the time of retirement. They never got to enjoy just living.

Burnout can be deadly. Look at your finances carefully. I think you'll be fine quitting this year. You can always get more money, or spend a little less. You will never be able to get more time. Time > money.

[Bestwifeever]

Quote:

Originally Posted by EastWest Gal ... COBRA won't help that much. With COBRA you pay employer and employee parts of the premium, so it's just about the same as on the individual market.....

I was on COBRA for 19 months after DH moved to Medicare and his retiree health benefits ended; I was covered by COBRA for 36 months as a retiree's spouse (I don't know if that's a rule or if it was just his company's policy). Although ACA had just started, I was worried that my preexisting conditions might become a factor so it was well worth it to me to pay the full COBRA vs looking at ACA (we would not have qualified for a subsidy).

Who knows what is going to happen with preexisting conditions in the future (I saw something that one scenario that was discussed included insurance companies might still cover them but may be allowed to charge more for people who have them). Of course, who knows what could happen to COBRA....

[Gumby]

I have always found that I am happier if I make a plan and then work the plan. So, for example, you might sit down and map out all the things that need to get done before you retire in 3 years. Such as paint the house, pay off your mortgage, get updated kitchen appliances, redo the bathroom, buy or sell a car, sell or buy a vacation home, consolidate scattered 401k and IRA accounts, get a colonoscopy, get a HELOC, get new eyeglasses, have a giant de-cluttering yard sale, etc. Whatever it is that you think would best be done before you call it quits. Then put them in a "to do" list with dates attached. Work your way through the list. It will give you something to focus on besides the job, will break down the three years into more manageable chunks of time and will give you opportunities for a sense of accomplishment along the way. You can do almost anything if you break it into smaller pieces.