Burnt out, Lost Job, Can I/we Retire Now?

[Markola]

You’re done. Congrats!

 

[pb4uski]

You had me at $5.1m.... $140k/$5.1m is a 2.75% withdrawal rate... if 4% is "safe" then 2.75% is safer.

Now what are you going to do?
---------------------------------

Separate thought: we've had two posters with $4m+ and relatively modest spending over the last few days wondering if they had enough to retire... what are they thinking? If they can't retire then nobody can.

 

[GTP2022]

Look in the mirror and say "Damn look at that lucky retired guy, you're set!" You have wealth and you still have health. Enjoy them both!

 

[jldavid47]

Hint: you retire and encourage the wife to keep working. I retired five years before my wife and those "free" week days were fantastic!!!

I retired in late 2014. My wife followed me 5.5 years later when she got a package from her company. The biggest reason for her to keep working was health insurance but the package covered most of those costs until she reaches 65. This was fortunate because what remains of her group is being laid off in April with a severance package not nearly as good as what she got. The decision to have her take that package is looking better every day.

 

[2017ish]

Yep, the numbers work with ease.

Whether to retire before spouse is very individual decision. We retired on same day--but our kids were gone and we retired to travel.... What would you retire to? Is it consistent with spouse continuing to work?

(FWIW, I worked halftime for 15 years while being the primary parent; DW wasn't going to let me get off easy again by retiring earlier than her!)

 

[cyber888]

You're definitely good to go if your wife still works another 7 years with a $145,000 salary. It means her salary is enough for your needs ($100,000/yr) and you won't spend your nest egg until then.

 

[oaklanding]

The "what are you going to do" question is one I'm starting to wrestle with right now. I've got to figure that out b/c I know I'll make myself and my family crazy if I'm not doing something. Of course, I'd like to get fulfillment from it.

 

[anothercog]

The "what are you going to do" question is one I'm starting to wrestle with right now. I've got to figure that out b/c I know I'll make myself and my family crazy if I'm not doing something. Of course, I'd like to get fulfillment from it.

The great thing in your situation is their is no time pressure to figure it out. Maybe you'll want to go to work after 6-12 months off.

 

[target2019]

Hint: you retire and encourage the wife to keep working. I retired five years before my wife and those "free" week days were fantastic!!!

Why did you let this secret out?

A working spouse is like a pumping oil well.

 

[pb4uski]

The "what are you going to do" question is one I'm starting to wrestle with right now. I've got to figure that out b/c I know I'll make myself and my family crazy if I'm not doing something. Of course, I'd like to get fulfillment from it.

I wouldn't worry about that too much. Many people who knew me well thought I might be climbing the walls within a year but I was pleasantly surprised how content I could be puttering around and not doing much of anything. Plan to take 12-18 months off before you do anything rash.

 

[HI Bill]

Yes, from a financial perspective, you're more than ready to go, assuming the $140K is a valid budget (or even $200K). As long as you don't plan on taking up airplane, horse, or sailboat racing, although, you might even be able to add one or two of those . I'm RE in March with lower assets and a higher WR than you! Best wishes!

 

[foxfirev5]

You're good. Geez how much hand holding do you need !

 

[oaklanding]

Apparently a lot

 

[Markola]

I wouldn't worry about that too much. Many people who knew me well thought I might be climbing the walls within a year but I was pleasantly surprised how content I could be puttering around and not doing much of anything. Plan to take 12-18 months off before you do anything rash.

I’m only 7 months in but that sounds like good advice. In November, I found myself talking to a headhunter about a j*b that would have been very appealing 5 years ago or more. A week later, I asked myself “WTH are you doing?”, called him and bailed. It was purely habit, not necessity. We spend years building up these strong career muscles and it must take 12-18 months for them to atrophy and lose their reflexes.

 

[ugeauxgirl]

The "what are you going to do" question is one I'm starting to wrestle with right now. I've got to figure that out b/c I know I'll make myself and my family crazy if I'm not doing something. Of course, I'd like to get fulfillment from it.

You'll figure it out when you get there. I had all sorts of ideas of what I'd do when I retired and I haven't done those things. I'm doing completely unexpected things and having a marvelous time. Like pb4uski, everyone thought I am would be too "busy" to stay retired. Not having any trouble so far. Retirement is awesome!

Your numbers look great BTW, you should be good to go!

 

[FREE866]

Is this even a real question? You're actually asking if you can financially do this?

When the numbers are so obscenely high I'm sorry this just comes off as a humble brag to me.

 

[oaklanding]

Is this even a real question? You're actually asking if you can financially do this?

When the numbers are so obscenely high I'm sorry this just comes off as a humble brag to me.

While this sounds as a humblebrag to you, it's something that has been causing me huge, very uncomfortable anxiety.

 

[FREE866]

While this sounds as a humblebrag to you, it's something that has been causing me huge, very uncomfortable anxiety.

I apologize for using that term. Just keep plugging the numbers into FIRECALC and tape the results to your fridge
You're going to be fine!

 

[ugeauxgirl]

While this sounds as a humblebrag to you, it's something that has been causing me huge, very uncomfortable anxiety.

I get it. I was a financial professional. I KNEW we had enough and it was still a scary quitting. I was burned out too. I feel so much better- I have more energy, sleeping better, less crabby. What is THAT worth,?

 

[Fielding]

Is this even a real question? You're actually asking if you can financially do this?

When the numbers are so obscenely high I'm sorry this just comes off as a humble brag to me.

While this sounds as a humblebrag to you, it's something that has been causing me huge, very uncomfortable anxiety.

I'm in a similar place to oaklanding, so let me assure FREE886 that oaklanding is not bragging, and they are surely genuinely worried. I also completely understand that it can look totally ridiculous, even fake. Relatable? Not very. But the pain and fear is absolutely real. You don't have to sympathize, but don't doubt the sincerity here.

There was a great study done of the wealthy-to-extremely-wealthy, and they discovered that all of them were sure they'd finally feel secure with just 50% more. This was true regardless of absolute wealth level. The guy with $2 million thought $3 million would finally make him feel safe, the $5 million person thought $7 million would do it, $10 million wanted $15 million, and so on. It never stops.

 

[Musica40]

You had me at Total Investable Assets: $5.6 M. As you stated, life is too short. What do you value more? What's on your bucket list? $5.6 million is way more than we need. Live a little! Go enjoy your life.

 

[oaklanding]

I greatly appreciate all of the feedback provided here. Thank you very much!!

 

[tb001]

I'm in a similar place to oaklanding, so let me assure FREE886 that oaklanding is not bragging, and they are surely genuinely worried. I also completely understand that it can look totally ridiculous, even fake. Relatable? Not very. But the pain and fear is absolutely real. You don't have to sympathize, but don't doubt the sincerity here.

There was a great study done of the wealthy-to-extremely-wealthy, and they discovered that all of them were sure they'd finally feel secure with just 50% more. This was true regardless of absolute wealth level. The guy with $2 million thought $3 million would finally make him feel safe, the $5 million person thought $7 million would do it, $10 million wanted $15 million, and so on. It never stops.

That’s so interesting! I wonder how much of it is related to financial insecurity vs lifestyle inflation as wealth increases. We definitely experienced some of that, though at this point our ‘more’ to feel more secure would be closer to 20-25%. Mainly because it puts us easily under a 3% withdrawal rate, not including SS.

 

[LarryMelman]

I recently lost my job. I’m 51, and I’m burnt out. Previous to the job loss I was thinking of retiring.

I was in exactly your shoes in 2019. I had a "toxic boss" situation that led to a job loss. I was telling everyone (including this forum) that I was burnt out and my numbers were well over the line for early retirement.

After 3 months a job offer came along. I decided to take it and be really sure that I was burnt out, and not just retiring under bad circumstances.

After the first few weeks which are uncomfortable in any new job, things really started to click. Combined with the ability to work 100% from home due to covid, I have never felt more energized and satisfied in my work. Yes I am still easily financially able to retire, and even more so after another year of saving. And I still know that my "time" is limited. For now, I choose to spend it working.

I just wanted to share this perspective because it is very rarely offered here. All the best to you.

 

[oaklanding]

Hi Larry, thank you for sharing your experience. Really glad that you found another job that you enjoy.