maybe a pay cut is just what I need?

[Irishgirlyc58]

In 6 months they will barely be able to remember your name let alone what level of the game you retired at.
If you have the money retire.
People always thought I had some arbitrary goal. Like not retire until xyz happens.
In reality my only goal was financial. Once my finances equaled my pay- I’m out.
Fortunately that is in….checks calendar….2 weeks!

 

[CardsFan]

No matter when you retire, you will leave money on the table. I retired 6 years ago (at 60yo). I estimate that if I kept working those years, between not spending savings, saving more, and the crazy market, we would have a million dollars more than we have now. Do I wish I worked those 6 years?

H3LL NO.

 

[RetMD21]

Sometimes you are ready but need a push. Unless you have something to prove I don't know why you would go elsewhere.

 

[Romer]

I am all set to retire and had moved it a few months because I really believe in the project we are doing. I was thinking about extending to the end of next year to finish the project and actually started to discuss it with my boss. Thinking over night I went back to him and told him I don't know what I was thinking. I can afford to retire and what really is the point of working more, so my kids will have a bigger inheritance?

If I wasn't having as much fun or felt appreciated I wouldn't have extended it or even thought about the end of the year. The only reason I can see staying working if you have met the financial needs is because you really really love your job and the work. Maybe if I was a Movie critic I would feel that way.

Is it wanting to go out on top or that you are not sure what you are going to do in retirement?

 

[skyking1]

OP, consider it a hint. Take the hint!
" a heavy dose of internal politics "
Won't it be grand to never consider that again in your life?

 

[CRLLS]

I sometimes think the worse of companies. I wonder if you have a pension, and it is based on some calculation of your recent year's pay rate?

I do hope you take the hint and retire.

 

[Markola]

I don’t think one has to have “something to retire to.”

I’m the same age and it took me about nine months of clearing my head for the new pieces of my post-j*b life to start falling into place. The main difference, though, is the distinct lack of reflexive anger and stress from the organizational garbage you describe, which has to be healthier. The rest is just life, and one figures it out and rebuilds it to their liking.

 

[eytonxav]

If you are not enjoying the work anymore, I see two options, find a different job you would enjoy if work is still an important consideration, or given your 1-2% WR, take the money and run for the exit.

 

[pacergal]

"Life is short and uncertain."
You said it!
Run, don't walk.
No matter how highly compensated I was, two years of paycuts would tell me that I am no longer valued by my employer.
Retire, enjoy your time with your wife, live on your terms, each day do as you wish.
It sounds like you have the financial part down.

 

[marko]

Not to drift the thread, but...

Fifty years ago I was a 20 year old, newly employed grunt technician making $3.00 an hour. After a year, the boss put me in for a 25 cent raise. The GM cut it by a nickel to 20 cents.

I was infuriated and stormed off to the GM's office. I asked him how he could determine that I was worth $8 a week more but not $10 a week. He said that it was 'only' a $2 a week difference and after taxes it was only $1.75 a week so what was the big deal. I replied, 'yes what IS the big deal??' We had a few more words.

The next day he not only gave me the extra 5 cents but moved me into sales because he was so impressed with my passion and rebuttals.

Short story: I stayed on another 33 years, worked my way up to the #2 job and second only to the president in pay...mid six figures (that showed 'em!)

 

[Music Lover]

If you work another year you will have given up the healthiest remaining year of your life.

 

[SumDay]

It's a hard lesson to learn, but the wife is ALWAYS right.

 

[omni550]

When you've won the game, you stop playing.

medved, you've WON already, with such a low WR.

Go and enjoy the rest of your life.

omni

 

[captain3d]

If you wanted to retire at the top you should have gone two years ago apparently

 

[Stormy Kromer]

I like the QB analogy. Go out on top.

Offering a pay cut leads me to think of two things.

1. The company is in financial trouble.

2. The company wants you out.

 

[travelover]

Respectively, anyone reading your original 2016 post and subsequent posts realizes that you aren't going to get any answers here.

You really need to do the work with a qualified professional to figure out what you want out of the rest of your life. Maybe that professional would be a "life coach" or maybe a regular shrink, maybe both, but we can only offer you generalities based on our own life experiences. We've tried that for five years and we always seem to end up back where we started.

 

[medved]

Respectively, anyone reading your original 2016 post and subsequent posts realizes that you aren't going to get any answers here.

You really need to do the work with a qualified professional to figure out what you want out of the rest of your life. Maybe that professional would be a "life coach" or maybe a regular shrink, maybe both, but we can only offer you generalities based on our own life experiences. We've tried that for five years and we always seem to end up back where we started.

Just because I do not act quickly -- or necessarily follow any particular person's advice, which as you say is based primarily on their own individual experiences -- does not mean the advice is not useful. It is all useful (or most of it, anyway), in formulating my own thoughts and making decisions.

 

[1242Vintage]

“It’s time”.

That’s what my lovely wife told me when I was on the fence about retirement. We’ve been together many decades and she knows me better than anyone.

Listen to those that love and care about you and please act on their advice.

You’ll enjoy retirement in ways that you can’t even imagine now.

 

[NameTaken2]

What would be your goal by staying?
A huge effort the next year to get a raise of X dollars to already high compensation?
If yes, how assured would you be that you can accomplish that goal?
How much worse would you feel after making that effort, then yet another pay cut?
Speaking from experience: if you feel unappreciated and that you're being taken advantage of, w*rk becomes toxic. When you hold the cards to do so, it's time to move on to something better.

A decision to stay would appear ego-driven, to "square things up".
Not the way to make this decision IMHO.
You hold the cards. Good Luck!

 

[PointBreeze]

I had a job I loved until we got a new President who made the place very toxic. When I was promoted from assistant Vice President to Vice President without a pay raise (!), I retired two weeks later. It’s been 4+ years now and I have not regretted it for one second.

 

[JeKa]

I am in my mid to late 50s. I have been working at the same company for a long time. Every year, a board/management committee decides what my pay will be for the next year. (No options; its all cash compensation). Sometimes it is higher than the prior year; sometimes lower; sometimes the same. It is always a high number, just because I am in a very highly paid field. But, still, nobody wants a pay cut. It is just insulting.

Last year, the board committee cut my pay. Just a few days ago, they told me it will be cut again for next year. Nobody should feel sorry for me; even with the pay cuts, I am extremely well compensated. Even so, two pay cuts in a row does not create a warm and fuzzy feeling.

My wife's reaction was "Good thing they cut your pay again; that is probably exactly what you need to make the decision to retire -- they are doing you a favor."


Maybe that is right. I don't really like the work any more, and I have saved enough money so that I could live very well with a one to two percent withdrawal rate. So maybe they are doing me a favor. On the other hand, it would feel better to go out when I am at the top of my game. The Quarterback wants to retire after a Super Bowl win, not a 4-13 season.

How would you think about this situation? Anyone have a similar experience? Thanks for any insights you might have.

I think management is proving your wife correct. They already told you that you hit the top 2 years ago. Enjoy your retirement.

 

[anothercog]

You’re more likely to go out as a Joe Theismann than a John Elway. Time to negotiate your exit.

 

[Keim]

You sound like a planner. Take a few weeks-maybe visit with a life coach-and plan what retirement looks like for you and your wife.

Then, since the finances and #1 advisor both say go... Go! Implement the plan.

 

[2cheap2eat]

I am in my mid to late 50s. I have been working at the same company for a long time. Every year, a board/management committee decides what my pay will be for the next year. (No options; its all cash compensation). Sometimes it is higher than the prior year; sometimes lower; sometimes the same. It is always a high number, just because I am in a very highly paid field. But, still, nobody wants a pay cut. It is just insulting.

Last year, the board committee cut my pay. Just a few days ago, they told me it will be cut again for next year. Nobody should feel sorry for me; even with the pay cuts, I am extremely well compensated. Even so, two pay cuts in a row does not create a warm and fuzzy feeling.

My wife's reaction was "Good thing they cut your pay again; that is probably exactly what you need to make the decision to retire -- they are doing you a favor."

Maybe that is right. I don't really like the work any more, and I have saved enough money so that I could live very well with a one to two percent withdrawal rate. So maybe they are doing me a favor. On the other hand, it would feel better to go out when I am at the top of my game. The Quarterback wants to retire after a Super Bowl win, not a 4-13 season.

How would you think about this situation? Anyone have a similar experience? Thanks for any insights you might have.

How’s the Company doing? Are they significantly impacted from covid, supply chain, inflation?

 

[LivetheDream]

Might be unpopular for saying this....but here goes...

You said you were well compensated. But a pay cut, especially in light of the current inflation is kind of tough to take. Not sure what industry you are in, but sometimes it seems companies try and make the books look leaner for a pending merger, or buyout by another company, and you may actually be doing them a favor if you are a highly compensated employee.

You probably don't want to leave on bad terms, but maybe being let go ( not for cause), and nothing to harm other team members or customers, or friendships... but if your half way out the door maybe you could get a good severance package or Cobra paid, be eligible for unemployment, etc.

if things just seemed to "slow down", use up sick and personal days earned, etc. etc. They might notice your heart just isn't into it anymore and do you a favor. I am pretty sure most people who are on this site are/were hard workers so probably not in your DNA to "slow down", but I am guessing the board didn't reduce their compensation and I agree with your assessment it is insulting. You would want to leave with dignity and friendships, but in my opinion get everything possible that you can and then you can have the last laugh earning back some of the pay cuts for something you want to do anyways.

Or, negotiate half day Fridays or something non-monetary to compensate for the pay cut in the interim while you decide your future. Could use the I know budgets are tight this year, and I didn't complain last year, etc. So I am amendable to the pay cut, but would like half day Friday's or an extra weeks vacation in lieu of direct compensation. They should respect that you at least asked unless they are total #$!@$ IMO.

Whatever you decide, Good luck