Walking away from the money

[GATime]

I'm 61 and about to take the plunge, or at least a half-way plunge. Next week I plan to ask my boss to transition my role to a 3-day a week schedule. It's my way to then move to full retirement perhaps at the end of the year.

What I need to come to grips with is walking away from a high paying job. My whole life has been about moving up and making more in my career. I recently got my 2022 comp package so I'm trying to wrap my head around voluntarily giving up the money.

Anyone else been here? How did you deal mentally/emotionally with walking way from the money?

 

[RobbieB]

You just do it.

If you want to.

If not, keep working -

 

[street]

Well, Robbie gave you the choices. If you are still wanting that paycheck don't stop working. If you are question what you might think you want than you need to have a long talk with yourself about what is more important in your life and how you want to spend your time.

Good luck and you need something to retire too.

 

[ugeauxgirl]

The money and status is an ego thing. It was made easier for me by a change in management at my company. They became much less pleasant to work for. All of a sudden my goals were replaced by hoops my company wanted me to jump through to achieve their measure of success. I was tired of the circus and I am not a trained dog. I had all the money I needed. Every once in awhile I have a twinge of envy when I hear my former colleagues talking about their success. But then I remind myself of all the awesome things I'm doing lately while they're at work and I'm good.

You may want to stay a little longer. I was no longer willing to trade my time for money.

 

[Calico]

Just a reminder.

 

[NW-Bound]

It was indeed hard for me to walk away from money, when my earning power was at its peak.

Fortunately, the generosity of the market god since I retired has given me a lot more than my past earned income.

 

[street]

It was indeed hard for me to walk away from money, when my earning power was at its peak.

Fortunately, the generosity of the market god since I retired has given me a lot more than my past earned income.

That has been the same for me. I have mentioned before that when I took a lump sum at retirement that amount has grown 225% in just about 6 years. If I were still working that defined pension couldn't grow the way, it has in the markets. I did better retiring and having that money working for me. It figures out that my, annual salary when I stopped would be just about 4 time more a year now for the last 6 years. If I stayed working my salary would not have grown 4 times each year for the last 6 years.

 

[travelover]

Work is trading time for money. At some point you are trading years you'll never get back for money you'll never spend.

I'll be 70 this year and just marked 15 years of retirement. I've enjoyed my retirement immensely and yet have not been able to spend money fast enough - it just keeps accumulating. Working longer would not have bought me anything what so ever that I value, in the past 15 years. YMMV

 

[NW-Bound]

That has been the same for me. I have mentioned before that when I took a lump sum at retirement that amount has grown 225% in just about 6 years. If I were still working that defined pension couldn't grow the way, it has in the markets. I did better retiring and having that money working for me. It figures out that my, annual salary when I stopped would be just about 4 time more a year now for the last 6 years. If I stayed working my salary would not have grown 4 times each year for the last 6 years.

^^^ You did the right thing by taking the lump sum and growing it yourself.

For me, the assets that have been growing did not come from a lump sum distribution of a defined pension, but my IRA, 401k, as well as after-tax savings.

People here know that I am an active investor, and the time I spend making investment decisions has been paying reasonably well.

When one has enough, managing his assets can take a bit of time. I would not be able to follow the market like I do now when I was still working. And it turned out that the pay per hour is a lot better now. The time you spend trying to make an additional 5% is about the same whether you manage a $100K account or a 7-figure account.

Maybe I have been lucky, and I try to stay careful and alert.

 

[Romer]

That was a hard choice for me. I already I am getting a pension and was making a very high salary at my current employer. Now socking away money faster than I ever have and with zero debt

I kept running the numbers and looking at scenarios where in no scenario did I run out of money spending what I wanted. At that point working to make that big check is really meaning less or at the most provides a larger inheritance for your kids

By Numbers, running expected spending which is last 4 years spending where I did what I wanted and adding a $20K buffer for additional spending

running through spending, taxes, RMDs with social security options and spending escalated for inflation.

That showed me in almost any scenario, I had money to last the rest of our lives and without having to tap into the house as a buffer. That is what did it for me.

I have been on part time for a month and have one more day of work before I transition to vacation full time until done.

Run the numbers and see if that gives you the confidence you need. If not, work until it does if that makes you more comfortable

 

[daylatedollarshort]

DH developed health issues so we realized free time and less stress were way more important that more money. I've been getting into low consumption and self sufficiency so I work on those hobbies now instead of making more money. We had a lot of inefficiencies in our budget so for us every $10K in annual cuts meant needing $400K less in total retirement funding (40 years X $10K), which was a lot more money than we were saving each year when we were working.

 

[savory]

Travelover reflects my thoughts and path. My goal was not to accumulate money, per se. it was to free up time. Right now, I have no issues with money or time. But I am convinced my time to experience more and more is going to run out before my money even with my 15 year head start.

 

[Montecfo]

You can't retire early without leaving money on the table. But if you keep working when you don't have to you are leaving your life on the table.

Every year you work is one less year of living life on your own terms.

These realities helped me.

 

[skyking1]

The money and status is an ego thing. It was made easier for me by a change in management at my company. They became much less pleasant to work for. All of a sudden my goals were replaced by hoops my company wanted me to jump through to achieve their measure of success. I was tired of the circus and I am not a trained dog. I had all the money I needed. Every once in awhile I have a twinge of envy when I hear my former colleagues talking about their success. But then I remind myself of all the awesome things I'm doing lately while they're at work and I'm good.

You may want to stay a little longer. I was no longer willing to trade my time for money.

<snort>
I think about the water property and your 7 day weekends and think that those folks are lahhhhooooosers
</giggle>

 

[caninelover]

Ask yourself this:. if you were diagnosed with a probably incurable disease in the next 30 days, how would you spend your remaining time? Working, or doing something else?

Only you can answer this question in a way that is right for you.

Just remember no one knows for sure how much time we have left in our lives. It's not an excuse to be irresponsible - but once you have 'enough' - do you want to stay in the rat race or do something else? Again, the choice is yours.

I chose to do something else, but that's me.

Good luck!

 

[Dtail]

Yes it is hard to walk away. Volunteered for a package but then couldn't find work, but then realized I could retire.
Had a high paying but stressful job that I loved, but find my free time to be more rewarding at this stage in life at 62.
No pangs of jealousy, as I purposely am not in contact with any former colleagues.

 

[big-papa]

I'm 61 and about to take the plunge, or at least a half-way plunge. Next week I plan to ask my boss to transition my role to a 3-day a week schedule. It's my way to then move to full retirement perhaps at the end of the year.

What I need to come to grips with is walking away from a high paying job. My whole life has been about moving up and making more in my career. I recently got my 2022 comp package so I'm trying to wrap my head around voluntarily giving up the money.

Anyone else been here? How did you deal mentally/emotionally with walking way from the money?

Will be there in a few months, if not sooner. Will be 61 this year and until about 5 years ago my entire working life was about the same things as yours. Then I realized that the stress isn't worth it. At some point, for me, 1 more year of working stress will likely result in a loss of >1 year of life expectancy. It was also clear from the previous 5 years that my career had pretty much plateaued unless I wanted to do some things that just aren't in my nature to do. And with new executive management where I work, the stress has increased exponentially.

So I've let it ride. I haven't gotten my 2022 comp package yet, but it will be soon and I don't care what's in it. But I've had something of a windfall in Q1 with multiple RSU grants that have vested plus a sizeable corporate bonus. One more batch of RSU's in early June and a mini-bonus in July and I'm out. Sooner if I decide that it simply isn't worth it to wait it out. Playing it by ear...

Cheers,
Big-Papa

 

[Tuirc]

I'm 61 and about to take the plunge, or at least a half-way plunge. Next week I plan to ask my boss to transition my role to a 3-day a week schedule. It's my way to then move to full retirement perhaps at the end of the year.

What I need to come to grips with is walking away from a high paying job. My whole life has been about moving up and making more in my career. I recently got my 2022 comp package so I'm trying to wrap my head around voluntarily giving up the money.

Anyone else been here? How did you deal mentally/emotionally with walking way from the money?

I'm 57. My "go date" in my head is April 2023 (after the next batch of cash and prizes). But.... I mean I have the money. At least I hit my numbers. Of course, now the job seems interested in throwing cash and promotions (just got one this year) at me. Where were they all those years? And the job itself is becoming more interesting and fun. Potential for a small amount of travel both in the US and out (not too much, just enough to keep it interesting). My team is growing dramatically. The company is expanding. There's excitement in the air.

OTOH, I'm in great health, but who knows for how long? The trading time for money argument is a powerful one for me. Many adventures await my decision to just go and start living them. I'm hoping things will clarify themselves over the next 12 months.

 

[Andre1969]

Here's a personal experience.
My Mom retired at the age of 62. My stepdad went out a few months later, at 59. I swear, that time went by in the blink of an eye. It seems like it was only yesterday. But Mom is 73 now, and my stepdad is 69.

My Dad retired, also at the age of 62. And died, about 3 days after his 71st bithday. And I swear, that time seemed like it flew by, as well.

It's later than you think.

 

[VanWinkle]

Will be there in a few months, if not sooner. Will be 61 this year and until about 5 years ago my entire working life was about the same things as yours. Then I realized that the stress isn't worth it. At some point, for me, 1 more year of working stress will likely result in a loss of >1 year of life expectancy. It was also clear from the previous 5 years that my career had pretty much plateaued unless I wanted to do some things that just aren't in my nature to do. And with new executive management where I work, the stress has increased exponentially.

So I've let it ride. I haven't gotten my 2022 comp package yet, but it will be soon and I don't care what's in it. But I've had something of a windfall in Q1 with multiple RSU grants that have vested plus a sizeable corporate bonus. One more batch of RSU's in early June and a mini-bonus in July and I'm out. Sooner if I decide that it simply isn't worth it to wait it out. Playing it by ear...

Cheers,
Big-Papa

Congrats Big-Papa!! It's your time!

VW

 

[Unpaintedhuffhines]

Heck yes this is difficult. But as travelover says, you are trading time you will never get back for money you'll never spend. For me, Firecalc, 4% rule, Fidelity planner, own complicated spreadsheet all say I can spend ~$230K/year in retirement and not (likely) ever run out. Budget is $150K. So easy one, right? Difficultly is leaving $1M in RSUs on the table, not to mention a very high paying position. I'm ready this time though. If you have enough, go on to the next adventure!

 

[Badger]

I'm 61 and about to take the plunge, or at least a half-way plunge. Next week I plan to ask my boss to transition my role to a 3-day a week schedule. It's my way to then move to full retirement perhaps at the end of the year.

What I need to come to grips with is walking away from a high paying job. My whole life has been about moving up and making more in my career. I recently got my 2022 comp package so I'm trying to wrap my head around voluntarily giving up the money.

Anyone else been here? How did you deal mentally/emotionally with walking way from the money?

How will the extra money affect your eventual retirement in ways that are different from now? Will sacrificing time for more money while you are still physically active make you happy? Do you have enough or is this the desire to accumulate? A few questions you have to ask yourself.



Cheers!

 

[street]

^^^ You did the right thing by taking the lump sum and growing it yourself.

For me, the assets that have been growing did not come from a lump sum distribution of a defined pension, but my IRA, 401k, as well as after-tax savings.

People here know that I am an active investor, and the time I spend making investment decisions has been paying reasonably well.

When one has enough, managing his assets can take a bit of time. I would not be able to follow the market like I do now when I was still working. And it turned out that the pay per hour is a lot better now. The time you spend trying to make an additional 5% is about the same whether you manage a $100K account or a 7-figure account.

Maybe I have been lucky, and I try to stay careful and alert.

You made another great point for OP. Retirement is our main job now when we walk away from career job. We now have the time do create opportunities to enhance our retirement years.

Yes, you have done very well being self-taught and growing your investments. New adventure makes for a new life fill with new experiences is a huge plus for health and happiness.

I just actually looked, and that lump has grown to 245%.

 

[TimSF]

"Anyone else been here?"

Yes, most of us have been there. It's about prioritizing other values over money and acting accordingly. When do you say "Enough"?

 

[Lewis Clark]

...Anyone else been here? How did you deal mentally/emotionally with walking way from the money?

Everyone who has chosen to retire has been there. Everyone who chooses to retire, at any age, is walking away from money. And from any prestige, power, status, and benefits that might have come with the job.

If you don't come to grips with this reality then you will work until you are no longer able to work. And you may not be able to do anything else, either. Even if you are still alive.

If you have run the numbers carefully and are confident you have enough to stop working then you have choices. What do you really want to be doing with your time? Figuring this out is not always easy. Do you want to earn money you don't need? Or would you prefer to do something else that is more meaningful to you?