Resignation counter offer

[Fean]

DW and I consider ourselves FI and Firecalc gives us 100% success with a budget 45% higher than we are planning. Nevertheless, our plan was to keep padding our buffer and officially pull the plug next year.

However, some recent management changes and related BS (I'll give more details in another post -- it's better than most Dilbert situations!) finally pushed me over the edge and I tendered my resignation on Monday with DW's full support. Early retirement! Finally!

Then my boss just had to propose a counter offer that I couldn't refuse. I'm currently signed up to work another 3 months with an option to continue after that indefinitely. I'll only be working 4 days a week and my net will still be significantly higher than my previous salary. I also won't need to deal with some personnel issues that had been giving me headaches.

I am sure that many of you have also had to deal with golden handcuffs. Do you have any advice on how to approach this or suggestions on how to avoid pitfalls? I was very VERY clear that I would hold standard office hours and not work nights, weekends, or days that I am officially off work. What could possibly go wrong? DW and I are looking at this as a 3 month extension and then we'll definitely call it quits. Probably.

Thoughts?

 

[REWahoo]

You are the only one who can answer the question of whether the additional money is worth [-]shortening the non-working time prior to your death[/-] delaying retirement by three months.

 

[youbet]

What could possibly go wrong?

What could go wrong? Easy. Later, when you're older and finally fully retired and free to do what you want to do with your time, you may look back and wish you had started retirement now.

Only you can determine how to best maximize the enjoyment of your own time here on earth. If working 4 days a week under improved conditions and more pay makes you happier than fully retiring (which you say you can easily handle financially), then work. If you'd be happier fully retired, then retire. You have to walk that path yourself. Just don't underestimate the value of time while you're noodling it over.

 

[Fean]

You are the only one who can answer the question of whether the additional money is worth [-]shortening the non-working time prior to your death[/-] delaying retirement by three months.

I agree wholeheartedly. Sorry for the confusion. I didn't mean to ask whether or not I should work the extra 3 months -- that's already decided and I'll honor my agreement with my boss. DW and I both believe that the money is worth it for 3 months.

I'm looking for feedback from someone who has been in a similar situation and encountered unexpected pitfalls. For example, I can imagine an ugly scenario where my co-workers find out about the sweet deal I got from management. I can take steps to handle that. Are there any non-obvious obstacles that I should keep an eye on during the next 3 months?

Thanks!
-Fean

 

[REWahoo]

Are there any non-obvious obstacles that I should keep an eye on during the next 3 months?

Other than the very real possibility of contracting an acute case of anal glaucoma*, no.

*Losing the ability to see your @ss at work.

 

[sengsational]

Getting paid more for doing less work? I personally think that such an awesome "win" will allow you to live a longer an healthier life! I base that on the fact that those who have "won" (Nobel prize winners) tend to live longer than those who don't (Nobel prize candidates that didn't win).

 

[travelover]

It makes no sense to me, but it is your life.

 

[Mulligan]

Congratulations on your nice retirement stash! I will play master of the obvious. Most people wouldn't know how to answer this question, because they long retired before they had a 100% success rate while only needing 45% of it. With only a 3 month obligation, I wouldn't feel compelled to worry how others felt. Good luck in weaning yourself of money you don't need, but like to get. It has finally taken me 3 years, but I will be forever cured in 2 more months.

 

[Fean]

Good luck in weaning yourself of money you don't need, but like to get.

Wow, thanks Mulligan. I think that captured the heart of the matter. This thread was worth it just for me to see this quote.

Why couldn't you have written this to me a year ago?

 

[Bikerdude]

What could possibly go wrong?

 

[donheff]

our plan was to keep padding our buffer and officially pull the plug next year...

However,

Then my boss just had to propose a counter offer...

I am sure that many of you have also had to deal with golden handcuffs.
Thoughts?

Take the money for now, it fits with your original plans and sounds like it ameliorates the negatives that pushed you to change your mind. If it turns out to be a PITA you can always say bye, bye.

 

[HighRoller]

I'm looking for feedback from someone who has been in a similar situation and encountered unexpected pitfalls. For example, I can imagine an ugly scenario where my co-workers find out about the sweet deal I got from management.

I was in a similar situation the last two years I worked. I had already reached FI but I was given a much better position, more money, flexibility, etc, so I decided to stay on for "OMY" (which became almost two more years). Looking back, overall I'm glad I did it but I do regret the loss of the two more years working that I could have been enjoying in retirement. So I guess the unexpected pitfall for me was that I fell into the OMY trap (twice)

 

[ERhoosier]

Good luck in weaning yourself of money you don't need, but like to get........

Just another way to phrase the OMY Syndrome.
(Hey- I resemble that remark )

 

[Meadbh]

Congratulations. Three months is a short [-]sentence[/-] time.

A couple of years ago I was persuaded to delay my departure date by a couple of months (for the good of the organization). As it happened, the extra time meant that I benefited from a raise. However, I was moving house, and this accommodation delayed my house sale until the market was saturated. I probably lost more on the house sale than I gained by working the extra time. YMMV.

 

[haha]

Are there any non-obvious obstacles that I should keep an eye on during the next 3 months?

Thanks!
-Fean

I suppose the asteroid problem will be there, but you already know that.

Ha

 

[Ronstar]

After reading the original post, I don't see much problem with the 3 month gig. But it sounds like the boss has his/her sights on a longer extension "option to continue after that indefinitely". I'd be prepared for mounting pressure from the boss to continue past the 3 months.

 

[growing_older]

I wonder if a key part of this is the 4 day schedule. Since you can be very clear with everyone that you work part-time now, people generally are more respectful of the time and hour limits. Not sure why this works, but when I move to a 4 day a week schedule, it was not a 20% reduction in work hours but a 50% reduction as people were much less likely to make requests for extra work that had to be done overnights and weekends.

If for any reason they don't cooperate, you have no downside. Do the 4 days (no later nights) you agreed to, or stop coming into the office and retire. You were going to do that anyway. Use the boss as a gatekeeper if it come to that. But it probably won't.

 

[Live And Learn]

I moved to a 3 day schedule for a period. I got 60% of my salary for 72% of my hours (ie: I went from 50 hours to 36 hours). Getting 100+% for 4 days with no O/T is fantastic. I'd do the 3 months also.

I agree with the other posters - your boss will probably pressure you into staying longer. If they need the position "indefinitely" I would suggest that you help them write the ad for your replacement so that they know that, not only are you serious, but you are ABSOLUTELY serious.

 

[LOL!]

I went to half-time about 5 years ago. I went to work every day, but folks had to re-arrange any meeting times since I got to work late and left early compared to everyone else. I also spend about 10% of my paid time out of the office altogether. I also dumped my hassle bucket at the same time and promoted my underling into my full-time position.

The danger is clearly that you end up working more hours than you originally had planned. Another danger is that people get pissed off at you because you can just blow everybody off. However, I must admit that it is quite empowering to blow everyone off.

If you do end up working more hours, can you get paid for those hours, too? As it was, my kids got older and left for college, so I found myself hanging around at work more, so I asked for more pay and got it.

Colleagues will be generally envious of you because they will not have the freedoms that you have. So as long as you are sensitive to that, you will do just fine. I found one way of being sensitive was to take folks to lunch often and just listen to them. I always pay for lunch.

 

[Fean]

After reading the original post, I don't see much problem with the 3 month gig. But it sounds like the boss has his/her sights on a longer extension "option to continue after that indefinitely". I'd be prepared for mounting pressure from the boss to continue past the 3 months.

Thanks for the advice. I fully expect the mounting pressure. The good news is that I no longer care I think that a big part of why my boss offered such a good deal was that he knew I was completely willing and able to walk away at any time. That's a nice position to be in when you are negotiating a deal.

 

[Fean]

I wonder if a key part of this is the 4 day schedule. Since you can be very clear with everyone that you work part-time now, people generally are more respectful of the time and hour limits. Not sure why this works, but when I move to a 4 day a week schedule, it was not a 20% reduction in work hours but a 50% reduction as people were much less likely to make requests for extra work that had to be done overnights and weekends.

That's really encouraging. I'd be content with a 20% reduction in work, but I wouldn't object to a further reduction. Another aspect is that the 80% of work I'll still do will be lower stress since other people would be the primary "owners" of the major issues. I'd just be there to help out.

 

[Fean]

The danger is clearly that you end up working more hours than you originally had planned. Another danger is that people get pissed off at you because you can just blow everybody off. However, I must admit that it is quite empowering to blow everyone off.

If you do end up working more hours, can you get paid for those hours, too? As it was, my kids got older and left for college, so I found myself hanging around at work more, so I asked for more pay and got it.

Colleagues will be generally envious of you because they will not have the freedoms that you have. So as long as you are sensitive to that, you will do just fine. I found one way of being sensitive was to take folks to lunch often and just listen to them. I always pay for lunch.

Thanks LOL!. Yes, if I work more hours I'll get paid for those hours. It's almost tempting to work 5 days a week and get the extra cash. I think that I'll be content to stay with a 4-day / 32-hour work week for now though. Perpetual 3-day weekends may be just what I need to learn how to transition out of "work mode" and into "retirement mode".

Also, I appreciate your advice on how to treat colleagues. I definitely don't want to come off like a Prima donna to my co-workers. Taking them out to lunch and/or buying them a round at the bar across the street from the office should help

 

[jime444]

Personally, I'm not retired..............yet.............and can't hardly wait, the last year has been especially brutal. So, for me, I'd be gone in a split second, once my money(FI) looked good as yours does. At some point, money does not matter anymore........you'll find it out.......someday.

And not to sound like a complete ass................however, when I finally leave this workplace for good, about two years from now, I want them to be more than glad I'm gone. It'll be mutual for sure, since I've worked 50+hours/week for 40 hours pay for years and have paid double my share of dues to the megaCorp overlords. I'm truly living Dilbert's existance at work, it's more than a little nonsensical.

As someone stated earlier, your mileage may vary.

 

[bUU]

Speaking from lack of experience, I want to believe that working after your employer admits knowledge that you don't need, and perhaps don't care, to work for them anymore changes the job into a much more enjoyable and satisfying experience.

 

[jollystomper]

Thanks for the advice. I fully expect the mounting pressure. The good news is that I no longer care I think that a big part of why my boss offered such a good deal was that he knew I was completely willing and able to walk away at any time. That's a nice position to be in when you are negotiating a deal.

The key thing I would recommend is to not burn bridges. Think of the reputation you have developed, the reason your boss wants to keep you on, as a no-cost insurance policy. Do your stint and be pleasant to everyone. If you feel others will resent you for what you negotiated, resist the temptation to brag and just do not say anything about it.