Our circumstances are quite similar. In fact, you came to the same conclusion when you responded to my introduction post 1 1/2 years ago. Although I'm not a professor, I've been in a research-oriented field since finishing my Ph.D. in the early 90's. I write proposals, papers, and have my own research projects. I work with students and post-docs at my organization and elsewhere. Effectively, I have tenure. My current position is stable, as it comes with "base funding."
On the other hand, while the technical work is interesting, I really do not like my job. I may not have the politics of academia, but I do have the immense bureaucracy of government. What ridiculous policy are they going to implement next that will make my work environment even more miserable? How many more times will they reorganize in the next two years? Every day, from 8:00 to 5:00, it's hassle after hassle. The only time real work gets done is during the evenings, weekends, and holidays (and when I'm not posting here ).
On the financial side, I'm fine. I'll be eligible for early retirement next year when I turn 50. I'll have a pension (with a ~65% COLA) and lifetime medical benefits (its possible we are part of the same retirement system). My savings and other assets are about $2M. If I retire at 50, my pension will be about $40K. If I retire at 53, my pension will be $70K. If I wait until 60, it will be $150K. As you point out, that's a huge difference. It's the steep part of the curve (although admittedly smaller when taxes are factored into the equation). Together with my savings, my before tax income will be approximately $100K/yr if I retire next year and perhaps $250K/yr if I wait until 60 (todays dollars). And I'm a frugal person. Not including income taxes or my mortgage (which I may pay off when I retire), my annual expenses are only about $20K.
So should I retire next year at 50? While I'd be quite comfortable, I'd be even more comfortable if I wait until 53, or 55, or 60. How much is enough? Although it's alien to my current lifestyle, maybe I'll want that $2M house. Maybe I'll want the freedom to go back to school just for fun. Maybe I'll need to financially support my parents. I don't know what the future will bring.
And when I retire, there will be no turning back. My career has been a series of interrelated accomplishments, one built upon another. I have a big corner office and a modicum of clout. All this will evaporate the day I leave. I will not be able to return, or at least return to my present position and status. They will be gone. It will be an absolute decision.
There are many things I'd like to do in my life. Get back into peak athletic and competitive shape. Running. Bicycling. Trail running. Orienteering. Adventure Racing. Backpack the Pacific Crest Trail (Mexico to Canada). Summit Everest. While people can do these things well into their 70's and even 80's, younger is better. 50 is far from old. 60 is far from old, too, but it's closer than 50.
My job gives me money and a certain amount of esteem. It's the reward for decades of toil. And that reward gets substantially larger with every passing year. Should I give it all up and retire at 50? 51? 53? Wait until 60? It's not a straightforward decision.
Right now, though, my heart starts pounding when I see the Sierra's on a clear day. That's the type of place I want to be. So should I go for the instant gratification when I turn 50 next year, or should I continue to invest my career skills so I'll have more down the road?
On the other hand, while the technical work is interesting, I really do not like my job. I may not have the politics of academia, but I do have the immense bureaucracy of government. What ridiculous policy are they going to implement next that will make my work environment even more miserable? How many more times will they reorganize in the next two years? Every day, from 8:00 to 5:00, it's hassle after hassle. The only time real work gets done is during the evenings, weekends, and holidays (and when I'm not posting here ).
On the financial side, I'm fine. I'll be eligible for early retirement next year when I turn 50. I'll have a pension (with a ~65% COLA) and lifetime medical benefits (its possible we are part of the same retirement system). My savings and other assets are about $2M. If I retire at 50, my pension will be about $40K. If I retire at 53, my pension will be $70K. If I wait until 60, it will be $150K. As you point out, that's a huge difference. It's the steep part of the curve (although admittedly smaller when taxes are factored into the equation). Together with my savings, my before tax income will be approximately $100K/yr if I retire next year and perhaps $250K/yr if I wait until 60 (todays dollars). And I'm a frugal person. Not including income taxes or my mortgage (which I may pay off when I retire), my annual expenses are only about $20K.
So should I retire next year at 50? While I'd be quite comfortable, I'd be even more comfortable if I wait until 53, or 55, or 60. How much is enough? Although it's alien to my current lifestyle, maybe I'll want that $2M house. Maybe I'll want the freedom to go back to school just for fun. Maybe I'll need to financially support my parents. I don't know what the future will bring.
And when I retire, there will be no turning back. My career has been a series of interrelated accomplishments, one built upon another. I have a big corner office and a modicum of clout. All this will evaporate the day I leave. I will not be able to return, or at least return to my present position and status. They will be gone. It will be an absolute decision.
There are many things I'd like to do in my life. Get back into peak athletic and competitive shape. Running. Bicycling. Trail running. Orienteering. Adventure Racing. Backpack the Pacific Crest Trail (Mexico to Canada). Summit Everest. While people can do these things well into their 70's and even 80's, younger is better. 50 is far from old. 60 is far from old, too, but it's closer than 50.
My job gives me money and a certain amount of esteem. It's the reward for decades of toil. And that reward gets substantially larger with every passing year. Should I give it all up and retire at 50? 51? 53? Wait until 60? It's not a straightforward decision.
Right now, though, my heart starts pounding when I see the Sierra's on a clear day. That's the type of place I want to be. So should I go for the instant gratification when I turn 50 next year, or should I continue to invest my career skills so I'll have more down the road?