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'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?