Ugh! How do I survive 3 more years?

[Ed B]

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]

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]

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]

Peace of Mind is important

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]

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]

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]

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]

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]

......... 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]

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.

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]

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]

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]

...

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.

 

[FreeBear]

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.

Wow! Staying 4 years would give you an ADDITIONAL $ 4000/month in pension! I'd say that would be incentive to stick around.

I must admit that I get rather jealous when I hear of folk with strong pensions and, at least as important, significant retiree medical. Then, the rational side of me realizes I would have had to w*rk another 10 to 17 years in the same company or organization to even access such bennies, if I even had such options. It would have felt like a prison sentence. In a way, I'm glad DW & I were fortunate to retire "only" on savings since we had the ultimate in flexibility when to call it quits.

 

[Brat]

Try to find a less stressful job with your current employer. Your manager is probably under performance pressure too. Is there a training/assistant role you could play for a couple years even at a pay cut? Think about the manager's needs and play to them for a less stressful assignment. Remember you could quit and that wouldn't help the manager.

I agree with the poster who suggested you start 'slow playing' your work if you stay in your current position. Don't jump and run when your manager blows a whistle. So what if s/he puts you on a pip? Read your benefits documents, what does it say about the consequences of termination?

 

[Cheesehead]

Rod, Rod, Rod...I too am 63, so I am paying $1100 a month for good health insurance until I get to Medicare. So what? I have been self employed for 41 years so to me it's a usual cost, but if you have been "employed" all your adult life, you may look at paying for one's insurance as a PITA. That should not keep you chained to a job and boss you don't like. I just took SS and since I didn't wait until 66 I took a $5K annual haircut, but my "break even" point would be age 78, so until that age comes due, I made the right decision, (but I am in a unique situation because my wife has no survivor benefit to my SS.)

BTW, you and I had once PM'd about the NYL annuity. We rejected it due to the lack of COLA. If we experience 2% inflation, then in 18 years the annual revenue is 36% less buying power. But I digress...

My point is: You can maximize the MONEY you'll have in retirement OR, you can maximize the TIME you have in retirement. I recently chose "Time" at 63, or I should say I'm semi-retired because so many clients won't leave me alone. I need to taper them off. It's hard to retire suddenly when you have people relying on you. Perhaps your boss will let you continue to work freelance with a non-compete?

I made the mistake a few years ago of going to my 40th high school reunion. There were so many guys in my birth year who had died of natural causes that it got me thinking. When I retired a couple of months ago, I deleted all my industry bookmarks, unsubscribed to everything including notifications, etc., and I have to tell you, it is a great feeling of losing stress, always thinking about what needs to be done next. You should try it!

And one last thing: With your knowledge of the medical device industry you can quit and then immediately set up your own one-man-band consultancy business. The IRS let's you function for 7 years without a profit, and you can then write off a lot of your expenses, (do NOT deduct a home office!), such as gas, cell phone, visits to Staples, etc. LikedIn is great for this. If you are well known in your industry you can make some dough, although if you take SS before your FRA of 66, you may only take a salary of $17K annually, so the rest has to stay within your company's checking account. Think about that. I am in an industry of 90% independents, thus I learned this is how they do it when they take SS early and must keep their salary low.

In sum, it's difficult to walk away from your high salary, that's called the Golden Handcuffs, and after a lifetime of not having to pay for your own health insurance it may seem onerous, but the stress you're taking on will KILL you. You have OMY Syndrome: One More Year. You can't live your life by fear.

Good luck!

 

[Aiming_4_55]

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 wouldn't let it bother me. Is he lonely and need a dinner buddy? I get tired of the business dinners, so I'm biased as some just want an expensive night of food and drinks on the company dime.

If there isn't a reason to meet after-hours, I would respond with, "Great, I'll let the team know, but I won't be around on Wednesday evening. I'll coordinate a few meetings for Thursday. Safe travels."

 

[Floridatennisplayer]

Hey everyone, enjoying my second glass of Cabernet and checking out the amazing responses that have come in. I was mainly looking for some ideas to relieve the stress and make the 36 months go by a bit easier.

No, I'm not chucking my solid financial plan and quitting my job. I love the responses. What a wide range of them! Believe me I am looking at all of them.

Hobbies: well from my username I am a tennisplayer. I play 3 times a week. I play in USTA tournaments and give guys half my age fits. I am a very active 62 year old. When I tell these guy my age they are like.....what!!!!! I am also a guitar player since I was 12. I buy, collect, and sell guitars...love it. Two of my friends are well known guitarplayers nationally. I have played on stage with Joe Walsh. I spend time every night on tennis and Guitarplayer forums. Like Carlos said, I'm I've ...been there and done that 10 times more than my young manager, so yes it just makes me crazy.

I do not want to mess with my financial plan and quit now. If I decide the pressure is too much, I'll quit and get a part time non stress joB at Lowes.

Keep the ideas flowing as to how you dealt with and handled your last few years.

Thank you all so much. Your thoughts, even if they do not fit my plan, still are interesting and helpful to read.

 

[Scuba]

Hey everyone, enjoying my second glass of Cabernet and checking out the amazing responses that have come in. I was mainly looking for some ideas to relieve the stress and make the 36 months go by a bit easier.



No, I'm not chucking my solid financial plan and quitting my job. I love the responses. What a wide range of them! Believe me I am looking at all of them.



Hobbies: well from my username I am a tennisplayer. I play 3 times a week. I play in USTA tournaments and give guys half my age fits. I am a very active 62 year old. When I tell these guy my age they are like.....what!!!!! I am also a guitar player since I was 12. I buy, collect, and sell guitars...love it. Two of my friends are well known guitarplayers nationally. I have played on stage with Joe Walsh. I spend time every night on tennis and Guitarplayer forums. Like Carlos said, I'm I've ...been there and done that 10 times more than my young manager, so yes it just makes me crazy.



I do not want to mess with my financial plan and quit now. If I decide the pressure is too much, I'll quit and get a part time non stress joB at Lowes.



Keep the ideas flowing as to how you dealt with and handled your last few years.



Thank you all so much. Your thoughts, even if they do not fit my plan, still are interesting and helpful to read.

I made a list of everything I liked about my job and referred to it often while I waited to be ready. In my case, I had a significant bonus coming to me that I didn't want to leave behind, but had to be active on the payroll on a certain day to get it. DH and I planned our FIRE date years in advance, but really got serious and committed to it about 9 months before pulling the trigger. The last year was the hardest, but focusing on positive aspects of the job, combined with reminding myself that staying the additional time was MY choice, got me through it. We RE'd at ages 56 & 57 last fall and haven't looked back!

 

[Brat]

What you need to do is to analyze what your employer needs and design a role that takes you out of the grind. Do you know of ways to improve the effectiveness of their marketing, perhaps do staff training. With your many years of experience you can contribute in unique ways. Keep in mind the fact that you will be retiring in 3-ish years, what will they miss the most from your departure?

 

[joeea]

Hey everyone, enjoying my second glass of Cabernet and checking out the amazing responses that have come in. I was mainly looking for some ideas to relieve the stress and make the 36 months go by a bit easier.

Cabernet certainly helps!

 

[joeea]

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.

I think it's a mistake to focus on an inevitable death at any point in your life. Life is for living.

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

Thanks for the permission.

That is exactly what I did. I worked long and hard for as long as I wanted, and not a moment longer. I had a rewarding career (several careers, actually). I mostly enjoyed my job, but when one turned very negative, I found a new one. My last job went sour with a few years remaining before my planned retirement so I stuck it out rather than switch jobs. As I wrote, having the end goal in sight made the job tolerable. The stress of the job was dramatically reduced because I was confident in my plan.

When the time of my planned retirement was near, I re-checked my financial status and found that I was right where I hoped to be. I decided to postpone my retirement date for 6 months because we were in the middle of a major project, and I felt that I owed it to my team to be there to help them through the transition. Those 6 months flew by - in part because I knew they were the last 6 months that I'd be working.

At the end of the project, I gave my notice, fielded the inevitable questions ("You are retiring? Why?") and left. I still keep in touch with my friends/former coworkers. And I even helped the company out for 11 months as a part-time consultant - on my own terms.

I had a good plan, executed it reasonably well, and got somewhat lucky in life (no health issues, no major unexpected events to derail our plans).

I look forward to a long and happy retirement. It's been fun so far.

 

[Carlos2]

Very Fortunate

Wow! Staying 4 years would give you an ADDITIONAL $ 4000/month in pension! I'd say that would be incentive to stick around.

I must admit that I get rather jealous when I hear of folk with strong pensions and, at least as important, significant retiree medical. Then, the rational side of me realizes I would have had to w*rk another 10 to 17 years in the same company or organization to even access such bennies, if I even had such options. It would have felt like a prison sentence. In a way, I'm glad DW & I were fortunate to retire "only" on savings since we had the ultimate in flexibility when to call it quits.

Yes, I am very fortunate. I have been a school administrator for the last 20 years and have made more money than I ever imagined from when I first went into teaching. I have become very weary of the entitled parents that I work with on a daily basis. It's a shame how people feel that the taxpayers should cover their kids every need. Anyhow, that will be for my book.

Longevity plays a role in our pensions in California. You have to work at least 30 years and be 61 and a half to get a big portion of your salary. I will actually make my salary plus some since they won't be taking out our contribution towards retirement any longer. Also, if you have been with the same school district for 20 years or more, if you retire before age 65 you can remain on your medical plan until you are eligible for Medicare. However, this is only for the employee but not the family so you'd have to come out of pocket for your spouse or if you have children.

The golden handcuffs have me shackled. However, I have found a way to make myself happy. I have decided to go back to the classroom for the last few years. I will make less money but will be much happier with the kids and not deal with as many issues. I will get back a whole lot of time which is more important than anything else. I will get my whole summer vacation back. Yeah! Plus, and here is the biggie, we can pull reduce our work year to half after age 55 and still get a full year's worth of service credit which is calculated into your pension benefits. So it would like working for a year, but you have only worked for half the year. No, you don't get to be paid for a full year. You only get the time. I plan to do this for the last two years. I bought a home in Texas to escape California's ugly taxes plus the cost of living is so much less expensive.

That's how I am handling the last few years so I don't get overly burned out and like I said in my earlier post, I look forward to traveling and having fun.