Retire and take another job

[sledhead]

Hi. Looking for any advice from people that have retired and took another job.

Just turned 55 and with that comes some vesting at my company. Due to extreme high levels of stress I’m considering a different job offer

My total compensation is $330k. Offer is coming in at $285k. We have $2mm in investments and are debt free. And also have a nice nice egg of my companies stock via FSU, pray, and grants.

One more kid to get through college. He will be a freshman this fall.

I’m considering “retiring” and then the next Monday start a new role at this other company. This is due to high levels of stress and general disorganization across the board.

I want to be done working at 58. So it is likely if I take the other job that I’ll leave some money on the table as incentives will not have fully vested.

Love to hear from those that have done this. And what trey learned. Any regrets. Etc.

All opinions valued. Thanks !

 

[DrRoy]

I haven't done this, but every situation is unique and only you can decide if the trade-offs are right for you. Reduced stress may well be worth 14% lower compensation. Also, I just wanted to comment that if you are taking another job, you are not retiring.

 

[chassis]

Do it.

 

[perez99]

Do you have access to "retiree medical" from your current job?
If so, just need to check if you "lose it" if you go to another job.

My megacorp medical can start at any age after 55...

 

[pb4uski]

Do it.

+1 unless it is possible to downshift to a lower level of accountability and responsibility that would be less stressful at your current employer.

Whether $2m is enough of not depends on your spending... $60k a year and you're golden, $200k a year and you need to keep working.

 

[Ronstar]

+1 unless it is possible to downshift to a lower level of accountability and responsibility that would be less stressful at your current employer.

Whether $2m is enough of not depends on your spending... $60k a year and you're golden, $200k a year and you need to keep working.

+2 Do it. Reducing stress is worth more than more $ on the pile at this point in your life. And keep spending in check.

 

[freedomatlast]

I did this and am glad I did, although I wasn't planning to ever work again. I was able to go from a very high pressure, dysfunctional environment to one that is much more laid back and is much more of a technical role than a managerial role which I enjoy. I enjoy each day now and don't dread Monday mornings like I used to. When this starts to feel like work, I'll retire for the second time, for good.

 

[Koolau]

I suppose my question would be "How certain are you that the new j*b would be low-stress?" Most j*bs with that much compensation will be relatively high stress I would think. YMMV

 

[Dtail]

I suppose my question would be "How certain are you that the new j*b would be low-stress?" Most j*bs with that much compensation will be relatively high stress I would think. YMMV

Beat me to it.
It is hard for me to imagine a 285k job not coming with stress attached. I worked in the Wall St. industry and that level of comp usually had quite a bit of stress involved.

 

[Romer]

I retired at one megacoirp at 55 with a full pension starting at 60 and then went to work at another Megacorp the following Monday with the plan to work at least 5 more years. Just turned 60 and plan on retiring at the end of the year

The new job started at less money but was a lot more fun and meaningful with less Political BS. I intentionally took a step down from a Director to a Senior Manager to be able to have more hands on fun. It also gave me a different perspective as I dont care about advancement so have been more open with my technical views and recommendations which has enabled me to better perform.

It was the right call for me to better enjoy everything during my last few years of work.

 

[someguy]

If the difference really is only that total comp number, here's how I'd think about jumping to the other job. Which sounds better to you:

1) 3 more years at current job
2) 3.5 more years at new job

Only you can answer that for yourself, but I found that #1 is substantially more "expensive" to me than #2 and so would choose #2. And probably end up putting in a few extra years beyond 3.5.

Obviously you'll want to make sure of your expenses/income in retirement. Unless you've had relatively big comp increases recently, "only" $2mm in retirement savings vs $330K comp suggests your spending might be on the higher side.

Hi. Looking for any advice from people that have retired and took another job.

Just turned 55 and with that comes some vesting at my company. Due to extreme high levels of stress I’m considering a different job offer

My total compensation is $330k. Offer is coming in at $285k. We have $2mm in investments and are debt free. And also have a nice nice egg of my companies stock via FSU, pray, and grants.

One more kid to get through college. He will be a freshman this fall.

I’m considering “retiring” and then the next Monday start a new role at this other company. This is due to high levels of stress and general disorganization across the board.

I want to be done working at 58. So it is likely if I take the other job that I’ll leave some money on the table as incentives will not have fully vested.

Love to hear from those that have done this. And what trey learned. Any regrets. Etc.

All opinions valued. Thanks !

 

[Born2Fish]

My total compensation is $330k. Offer is coming in at $285k. We have $2mm in investments and are debt free. And also have a nice nice egg of my companies stock via FSU, pray, and grants.

One more kid to get through college. He will be a freshman this fall.

I’m considering “retiring” and then the next Monday start a new role at this other company. This is due to high levels of stress and general disorganization across the board.

I want to be done working at 58. So it is likely if I take the other job that I’ll leave some money on the table as incentives will not have fully vested.

Love to hear from those that have done this. And what trey learned. Any regrets. Etc.

All opinions valued. Thanks !

What is "FSU, pray, and grants"?

 

[Exchme]

What is your source of information that the new job will improve the things you want improved? Dilbert lives in every company that has humans.

You will be giving up a lot of money and presumably some pension $ to switch. It may be right, but I would want pretty high confidence.

 

[Bigdawg]

I retired at one megacoirp at 55 with a full pension starting at 60 and then went to work at another Megacorp the following Monday with the plan to work at least 5 more years. Just turned 60 and plan on retiring at the end of the year

The new job started at less money but was a lot more fun and meaningful with less Political BS. I intentionally took a step down from a Director to a Senior Manager to be able to have more hands on fun. It also gave me a different perspective as I dont care about advancement so have been more open with my technical views and recommendations which has enabled me to better perform.

It was the right call for me to better enjoy everything during my last few years of work.

55 here and FI already. DW is 49 and wants to work a few more years. My contract ended at the end of June. I interviewed on Friday for a hogh level job. Not sure but most likely in the 150k range. Not offered yet but probably not accept anyway. Had a few good talks with DW and some friends. Starting to target the more enjoyable positions closer to 100K. Only working until DW and I finalize the plan. My guess is three years at most. Concentrationg on health and selves now. If JOB interferes with that then I will say good bye. To OP, go for it. Take the less stressful job. Good luck.

 

[tryan]

I watched the peeps at that pay grade in my former mega corp .... They were metered with completely unrealistic performance metrics. Fortunately my boss just took it on the chin (poor performance reviews and raises) rather than push the same BS down to the next level (me). After a couple years he quit ... I left shortly after.

I wouldn't expect anything different in a different mega corp.

 

[Alex The Great]

My total compensation is $330k. Offer is coming in at $285k.

On my opinion, you should continue to negotiate. I'm about your age and I've been recently in similar situation with numbers very close to yours and I accepted the offer. But I've been able to negotiate sign-on bonus, in addition to the total compensation which include base, regular annual bonus and RSUs. Your argument seem strong, but do not try to get the entire $330K: this might be hard. But you still can get ~$25K sign-on bonus which bring your total comp closer to what you currently have. Yes this is one time bonus, but later you may get additional stock or other form of appreciation.
But how do you know there is less stress at the new job offered to you? Do you have any inside info? In my case, there is a former co-worker currently working in the team who provided me with lots of useful info.

 

[Mariner90]

Hey Sledhead, I retired from one large corporation and then took another position at a different large corporation. I was motivated by a few factors,… the first is that I had maximized my pension plan, the second is that the previous company wasn’t very healthy and the financial and career opportunities were dwindling, the third was that I had planned in continuing work for a few more years and really wanted a new environment.

For me it all worked out pretty well. My job level remained the same, with a slight salary increase ( they offered, the only thing I negotiated was more vacation time), however the bonus plans , recognition, and benefits were far superior to what I had at my previous company.

I’m getting closer to retirement now ( I would already be there, but my wife is super passionate about her work and isn’t ready to give up her business just yet), the current company is working with my to restructure my role to be part time,… something I doubt my previous company would have accommodated, and something that fits well with everything else going on in my life!

Overall I felt that the change reinvigorated me. If I were you I wouldn’t get hung up on salary if you think the fit is good. Give the negotiations a “soft “ push, but don’t play hardball,… and look into the total package,… you may find that the benefits and bonuses can add tens of thousands more that you are experiencing now. And conditioner your happiness and mental well being.

Good luck!

 

[Koolau]

Hey Sledhead, I retired from one large corporation and then took another position at a different large corporation. I was motivated by a few factors,… the first is that I had maximized my pension plan, the second is that the previous company wasn’t very healthy and the financial and career opportunities were dwindling, the third was that I had planned in continuing work for a few more years and really wanted a new environment.

For me it all worked out pretty well. My job level remained the same, with a slight salary increase ( they offered, the only thing I negotiated was more vacation time), however the bonus plans , recognition, and benefits were far superior to what I had at my previous company.

I’m getting closer to retirement now ( I would already be there, but my wife is super passionate about her work and isn’t ready to give up her business just yet), the current company is working with my to restructure my role to be part time,… something I doubt my previous company would have accommodated, and something that fits well with everything else going on in my life!

Overall I felt that the change reinvigorated me. If I were you I wouldn’t get hung up on salary if you think the fit is good. Give the negotiations a “soft “ push, but don’t play hardball,… and look into the total package,… you may find that the benefits and bonuses can add tens of thousands more that you are experiencing now. And conditioner your happiness and mental well being.

Good luck!

Hi Mariner90. Thanks for your feedback to OP (and us.) Usually, when someone posts for the first time, one of us (me, this time) will invite them to post in the "Hi, I Am..." Forum. Let us get to know you. What are your goals, FIRE plans, family situation, etc. etc. Anything you are comfortable sharing will help us get to know you and perhaps help enable you to retire early. Aloha

 

[bingybear]

a semantics issue
are you changing jobs

are you really retiring?

If you want to change and it is good for you... kewl

 

[Sojourner]

Hi Mariner90. Thanks for your feedback to OP (and us.) Usually, when someone posts for the first time, one of us (me, this time) will invite them to post in the "Hi, I Am..." Forum. Let us get to know you. What are your goals, FIRE plans, family situation, etc. etc. Anything you are comfortable sharing will help us get to know you and perhaps help enable you to retire early. Aloha

IMHO, this would also be a good suggestion for OP (sledhead).

 

[Sojourner]

It is hard for me to imagine a 285k job not coming with stress attached. I worked in the Wall St. industry and that level of comp usually had quite a bit of stress involved.

Absolutely. There are very few $285k/year jobs that aren't stressful. Even if the OP decides to "retire" at 55, he is probably just trading one set of stresses for another.

 

[Koolau]

Absolutely. There are very few $285k/year jobs that aren't stressful. Even if the OP decides to "retire" at 55, he is probably just trading one set of stresses for another.

Yeah, that was my thought as well.

Having said that, one of my more stressful j*bs was as a week-end empl*yee of a friend's "Carny Wagon." We sold lemon shake-ups, corn dogs, elephant ears and hot dogs. Keeping orders straight and making change at the window was very stressful. I knew my friend's margins were thin so losing a customer or spilling a drink or - heaven forbid - breaking a shake-up glass in the ice bin was always on my mind. And it wasn't even my money. YMMV

 

[Out of Steam]

I retired at 60 two years ago, thinking that I would get another job in about a year, after doing some travel and outdoor things.

Since my wife and I both have conditions increasing our vulnerability to COVID, that plan has gone away. My wife is doing some work from home for her former company, bringing in some money until we collect Social Security.

Without a true need for more income, working away from home seems riskier than driving our cars a couple of years longer. Working for $20 an hour or less also seems unattractive with 22% Federal tax off the top.