Can I afford to move to a lower paying career?

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DYoul
Posts: 6
Joined: Sun Aug 17, 2014 8:27 am

Can I afford to move to a lower paying career?

Post by DYoul » Sat Feb 10, 2018 8:05 pm

Current situation:
$3.5 million investments total
-Mostly index funds but some individual stocks and bonds.
-$1.9 million in tax free accounts

Asset allocation:
-45% domestic stock
-8% international stock
-37% bonds
-10% cash (high yield Ally account) / CD's

Current salary / bonus: $170k
Live in LCOL area with no state income tax (Tennessee)
Expected living expenses - $95k after tax
401k contribution / match: $32k / Year
HSA contribution / match: $6k / year
High deductible health insurance through employer
Will need $30k to pay for final college expenses for youngest son
Age: 58 / Spouse 64
No mortgage or other debt
House value: $260k
Unimproved lot value: $50k

Work in high stress Fortune 500 company in management role
Global role has become next to impossible to do with reduced resources and increase responsibilities combined with unrealistic expectations. Many evening calls to Asia, early morning calls to India and Europe. Culture has changed to become increasingly toxic and cutthroat. Live in area with no other opportunities

Option 1:
-Stay in current role for two more years until age 60. Try to ignore the stress / toxicity.
-Retire at age 60, spent some of the cash to remodel house and stay in LCOL area
-Perhaps find some type of volunteer / PT work to continue to contribute but no financial need to do so
-Will need to buy health insurance on the open market for self for five years. Wife will have medicare / medigap coverage
-Travel to visit family in Minnesota

Option 2:
-Take lower paid college teaching role now with $60k salary. Lower stress, nine month schedule.
-I have taught as an adjunct professor on occasion, so I have a background in teaching
-Teach for at least five years but possibly until late 60's if I continue to find enjoyable (which I think I would)
-Position is in higher COL area (Minnesota) with higher state taxes.
-Close to family and one adult child and 1 year old grand daughter
-Stop contributing to 401k / retirement and take out $35k /- $40k year to bridge spending needs
-A bit stressful to move -- would use some of the cash and unimproved lot sale to move to a more expensive home.

Question -- is option 2 feasible? Bigger question -- what would you do?

jehovasfitness
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Re: Can I afford to move to a lower paying career?

Post by jehovasfitness » Sat Feb 10, 2018 8:08 pm

I'm 36 and drunk so take this as is

But if I were 58.with 3.5m I'd retire completely lol

wickywack
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Re: Can I afford to move to a lower paying career?

Post by wickywack » Sat Feb 10, 2018 8:27 pm

Do you expect your annual living expenses to change dramatically in Minnesota?

The conventional wisdom is that you need 25x annual expenses saved to retire. You're in excellent shape given your current savings. Shifting to a lower paying job seems very reasonable if that is going to improve your quality of life.

Captain kangaroo
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Re: Can I afford to move to a lower paying career?

Post by Captain kangaroo » Sat Feb 10, 2018 8:43 pm

I would personally choose option 2.

You have 3.5 million, and you're in your late 50's, there's no reason at all for you to be working a high stress job that you hate.

Start enjoying life.

GenXer
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Re: Can I afford to move to a lower paying career?

Post by GenXer » Sat Feb 10, 2018 8:45 pm

1. Yes, it's feasible--probably has been for a while.
2. Yes, I would move (if you can handle the weather).

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Hyperborea
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Re: Can I afford to move to a lower paying career?

Post by Hyperborea » Sat Feb 10, 2018 8:50 pm

I'm going to agree with drunk Jehovah and Cpt. Kangaroo. Based on your budget in option 2 ($60K salary + $40K withdrawal) that $100K is a less than 3% withdrawal on your portfolio. If that's a decent living amount for you then do what you want. Get out of the toxic work environment. Take the teaching job only if you want to do it.
"Plans are worthless, but planning is everything." - Dwight D. Eisenhower

delamer
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Re: Can I afford to move to a lower paying career?

Post by delamer » Sat Feb 10, 2018 8:53 pm

Assuming that I felt secure about obtaining and paying for health insurance, I would do whatever I wanted to given a $3.5 million dollar nest egg (and with Social Security to come). You can safely withdraw about $100,000, and a bit more, from your nest egg, adjusted for inflation each year.

What does your wife want?

quantAndHold
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Re: Can I afford to move to a lower paying career?

Post by quantAndHold » Sat Feb 10, 2018 8:55 pm

Gotta go with the drunk guy, the captain, and the dude. You have enough. Do whatever makes you and your wife the happiest.

Pinotage
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Re: Can I afford to move to a lower paying career?

Post by Pinotage » Sat Feb 10, 2018 9:04 pm

quantAndHold wrote:
Sat Feb 10, 2018 8:55 pm
Gotta go with the drunk guy, the captain, and the dude. You have enough. Do whatever makes you and your wife the happiest.
Another +1 for the above. So I'm with the drunk guy, the captain, the Dude, and Quant. Your retirement will really tie the room together.

cantos
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Re: Can I afford to move to a lower paying career?

Post by cantos » Sat Feb 10, 2018 9:10 pm

Pinotage wrote:
Sat Feb 10, 2018 9:04 pm
quantAndHold wrote:
Sat Feb 10, 2018 8:55 pm
Gotta go with the drunk guy, the captain, and the dude. You have enough. Do whatever makes you and your wife the happiest.
Another +1 for the above. So I'm with the drunk guy, the captain, the Dude, and Quant. Your retirement will really tie the room together.
+1. I'm with the drunk guy, the captain, the Dude, the Quant, and the wino. Since you enjoy the work of a prof and have done it before, go to it!

amitb00
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Re: Can I afford to move to a lower paying career?

Post by amitb00 » Sat Feb 10, 2018 9:10 pm

Pinotage wrote:
Sat Feb 10, 2018 9:04 pm
Another +1 for the above. So I'm with the drunk guy, the captain, the Dude, and Quant. Your retirement will really tie the room together.
+2 for the above. So I'm with the drunk guy, the captain, the Dude, Quant & Pinotage. You are FI and have adequate to retire right away. Please do whatever makes you happy. You have earned it and have no reason to do things, which you don't like.
Enjoy well deserved success,
Amit

KlangFool
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Re: Can I afford to move to a lower paying career?

Post by KlangFool » Sat Feb 10, 2018 9:14 pm

OP,

Why would you work at all? With the amount of money in your taxable account, your low income will mostly be ended up as taxes. How much will you actually receive from that job after-tax?

How much are a few years of your life worth? You have enough money. You do not have the extra time to live your life.

KlangFool

tesuzuki2002
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Re: Can I afford to move to a lower paying career?

Post by tesuzuki2002 » Sat Feb 10, 2018 9:19 pm

jehovasfitness wrote:
Sat Feb 10, 2018 8:08 pm
I'm 36 and drunk so take this as is

But if I were 58.with 3.5m I'd retire completely lol
haha!!! I'm 36... Not even close to drunk at the moment... I agree with you. I would retire today if I had 3.5M

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Watty
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Re: Can I afford to move to a lower paying career?

Post by Watty » Sat Feb 10, 2018 9:25 pm

Not drunk but $3.5 million/$95,000 a year is 36.8 years that it would last if you put your money under a mattress, add in some minimal return and Social Security and you are looking good.

There are lots of details but within reason you can pretty much do whatever you want to do.

Your spouse is already 64 so some things will be more possible to do now than in ten years. Taking a year off and then deciding would be worth considering since you can likely use COBRA for a year until your spouse can get under Medicare.

lhwerdyt*1791c
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Re: Can I afford to move to a lower paying career?

Post by lhwerdyt*1791c » Sat Feb 10, 2018 9:40 pm

Option 2. Definitely yes! But not sure what you will do for health insurance for you and any uninsured children under age 26.

Option 3. Short-term disability if the job is making you physically or mentally sick. Talk to your internist, first. Read your company's STD policies and procedures, too. Good luck.

jminv
Posts: 547
Joined: Tue Jan 02, 2018 10:58 pm

Re: Can I afford to move to a lower paying career?

Post by jminv » Sat Feb 10, 2018 9:44 pm

DYoul wrote:
Sat Feb 10, 2018 8:05 pm
Current situation:
$3.5 million investments total
-Mostly index funds but some individual stocks and bonds.
-$1.9 million in tax free accounts

Asset allocation:
-45% domestic stock
-8% international stock
-37% bonds
-10% cash (high yield Ally account) / CD's

Current salary / bonus: $170k
Live in LCOL area with no state income tax (Tennessee)
Expected living expenses - $95k after tax
401k contribution / match: $32k / Year
HSA contribution / match: $6k / year
High deductible health insurance through employer
Will need $30k to pay for final college expenses for youngest son
Age: 58 / Spouse 64
No mortgage or other debt
House value: $260k
Unimproved lot value: $50k

Work in high stress Fortune 500 company in management role
Global role has become next to impossible to do with reduced resources and increase responsibilities combined with unrealistic expectations. Many evening calls to Asia, early morning calls to India and Europe. Culture has changed to become increasingly toxic and cutthroat. Live in area with no other opportunities

Option 1:
-Stay in current role for two more years until age 60. Try to ignore the stress / toxicity.
-Retire at age 60, spent some of the cash to remodel house and stay in LCOL area
-Perhaps find some type of volunteer / PT work to continue to contribute but no financial need to do so
-Will need to buy health insurance on the open market for self for five years. Wife will have medicare / medigap coverage
-Travel to visit family in Minnesota

Option 2:
-Take lower paid college teaching role now with $60k salary. Lower stress, nine month schedule.
-I have taught as an adjunct professor on occasion, so I have a background in teaching
-Teach for at least five years but possibly until late 60's if I continue to find enjoyable (which I think I would)
-Position is in higher COL area (Minnesota) with higher state taxes.
-Close to family and one adult child and 1 year old grand daughter
-Stop contributing to 401k / retirement and take out $35k /- $40k year to bridge spending needs
-A bit stressful to move -- would use some of the cash and unimproved lot sale to move to a more expensive home.

Question -- is option 2 feasible? Bigger question -- what would you do?
You have enough money to retire or teach. Only teach if that's what you want to do, otherwise don't. It's better to treat teaching as a hobby or a way to stay stimulated and connected. It sounds like the move has it's positives and negatives so weight them.

Teaching positions normally have a 401k/403b so at least pick up the matching portion if you do it instead of completely stopping contributions.

I had a similar position to you and the stress is incredibly unhealthy and makes life unenjoyable. I had lots of power, money, and respect but in the end I realized it wasn't worth it, it made me into a person I wasn't happy with, and in the grand scheme of things it was just work. I am younger, but I took a 'break' to re-evaluate what I wanted to do. It turned out that I found something I like doing, make money at, and generally makes life better and I wouldn't have found it had I not taken the break.

Apart from that, a lot of people on here avoid every possible expense to compound their retirement account and are frugal in retirement too. I was incredibly frugal and did the same thing until my father passed away early and unexpectedly. It made me re-evaluate life and realize that I want to enjoy more of my money now and that I have more than enough to do so. You never know how long you have.

Best of luck and enjoy whichever path you choose.

ABQ4804
Posts: 388
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Re: Can I afford to move to a lower paying career?

Post by ABQ4804 » Sat Feb 10, 2018 9:51 pm

Yes on #2 if wife also supports. The teaching position will be important - a shot in the arm and new option for you, or as a transition to full retirement whenever you choose. Yes, you have enough $ to retire now, but the teaching position gives you some structure and identity rather than just jumping into full retirement. Meaningful volunteer work is actually hard to find in our late 50’s. Keep us posted, and good luck!

ThePrince
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Location: U.S.A.

Re: Can I afford to move to a lower paying career?

Post by ThePrince » Sat Feb 10, 2018 10:02 pm

cantos wrote:
Sat Feb 10, 2018 9:10 pm
Pinotage wrote:
Sat Feb 10, 2018 9:04 pm
quantAndHold wrote:
Sat Feb 10, 2018 8:55 pm
Gotta go with the drunk guy, the captain, and the dude. You have enough. Do whatever makes you and your wife the happiest.
Another +1 for the above. So I'm with the drunk guy, the captain, the Dude, and Quant. Your retirement will really tie the room together.
+1. I'm with the drunk guy, the captain, the Dude, the Quant, and the wino. Since you enjoy the work of a prof and have done it before, go to it!
+1 You have won the game! Lay the bat down, untie your cleats, and live!

student
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Re: Can I afford to move to a lower paying career?

Post by student » Sat Feb 10, 2018 10:02 pm

What kind of position is it at the college? Is it a contract job? Very few people get their first tenure-track position this late in their career but they do happen.

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TxAg
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Re: Can I afford to move to a lower paying career?

Post by TxAg » Sat Feb 10, 2018 10:10 pm

jehovasfitness wrote:
Sat Feb 10, 2018 8:08 pm
I'm 36 and drunk so take this as is

But if I were 58.with 3.5m I'd retire completely lol
I love this post

DYoul
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Joined: Sun Aug 17, 2014 8:27 am

Re: Can I afford to move to a lower paying career?

Post by DYoul » Sat Feb 10, 2018 10:15 pm

Thanks to all for the thoughts. Teaching position is tenure track with benefits at a smaller school with teaching emphasis. Good point on considering tax implications of low income position. Should only do if wife is fully on board and if it will be fulfilling with a minimum of stress. Big draw to moving is to be closer to family and grandchild. Also seems to be a good health benefits bridge to Medicare for me.

Terri-bh
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Re: Can I afford to move to a lower paying career?

Post by Terri-bh » Sat Feb 10, 2018 10:26 pm

If the job is as bad as you say it is, the stress could literally kill you. If you're healthy right now, and you can spend time with your kids/grandkids, win-win situation to move.

Tenure track can be stressful as well. Don't get invested in that process at this stage in your life. It's really not worth it. Teach for a while, and then let tenure happen or not, but don't let that be a new stress point.

[PS: From a social aspect, having a job will get you hooked into a community faster after you move. I think there could be some positive aspects to teaching even if you don't need to have a job at all.]

TheDDC
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Re: Can I afford to move to a lower paying career?

Post by TheDDC » Sat Feb 10, 2018 10:44 pm

I vote for option 2. What are you doing with 95k of annual expenses anyway? Excessive.

60k with University benefits should let you continue to max out your Roths.

-TheDDC

student
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Re: Can I afford to move to a lower paying career?

Post by student » Sat Feb 10, 2018 11:45 pm

With the extra info, I also suggest option 2 if your family is on board. The toughest part of a tenure-track job is probably research and getting external grants. Given that you said it is a smaller school, the emphasis is more likely on teaching. As long as you enjoy teaching, I think it would be a good job. One thing you should watch out for is the quality of the students and whether there are pressures of grade inflation.

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Watty
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Re: Can I afford to move to a lower paying career?

Post by Watty » Sun Feb 11, 2018 1:09 am

I think someone might have mentioned it but with a paid off house needing a $95K a year in a low to medium cost of living area is a lot once you are both getting Medicare.

I'm sure some people do spend that much but that would likely put you way up in the top fraction of a percent of spending so you might consider if that seems realistic for your lifestyle.

I have also seen older relatives reach their mid 70s and naturally slow down even though they were still in relatively good health. At that point they didn't want to travel much and their spending on things like eating out declined a lot.

jeffh19
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Re: Can I afford to move to a lower paying career?

Post by jeffh19 » Sun Feb 11, 2018 1:49 am

Get the hell out of there.

NOW.

I'm 32 years old, and working 2 full time jobs and saving my ass off so I can retire early. I delay pleasure all the time to save for the future. I worry that when I get older, I'll be such in a habit of saving for the future or "well if I can make this much more money or let my assets grow this much further or not touch them until X Y Z then I'll have.....SCREW that man. You've got 3.5 mil, yes the market isn't the most stable right now, but we're still up overall. Life is way to short to work a job you hate, at the *MINIMUM* find a stress free job you love, but you've got enough money you should just retire early, spend time with your friends and family, travel and do what makes you happy. Dont be the guy that is obsessed about the 9 or 10 digits on paper until the grave and sacrifice pure quality of life.

This is why you saved all that damn money. Enjoy it

gotester2000
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Re: Can I afford to move to a lower paying career?

Post by gotester2000 » Sun Feb 11, 2018 2:23 am

Work in high stress Fortune 500 company in management role
Global role has become next to impossible to do with reduced resources and increase responsibilities combined with unrealistic expectations. Many evening calls to Asia, early morning calls to India and Europe. Culture has changed to become increasingly toxic and cutthroat. Live in area with no other opportunities.


DYoul,

This is exactly what was killing me - in high tech. position though. I bid adieu at a much early age and trying less stressful work now.

You have enough to retire and enjoy life.

If you take Option 2 - why dont you try renting there for sometime before buying and making it a permanent home?

toomuchRE
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Re: Can I afford to move to a lower paying career?

Post by toomuchRE » Sun Feb 11, 2018 9:06 am

This is what I would do..

Take one last look at your portfolio.
Figure out what is the Severence package as you have worked there for a long term
Start making changes at your work to work less
Identify all those a%%hles who were giving you stress ( if any) and give them back so that you feel better...
Start yelling and screaming at conference calls and act like a tough guy, but still go on with your job but not to exceed goals like before
Start taking some more days off and work 9-4
Take some good sick days
Dont say yes to everything your management asks for
Start delegating more and more. Dont worry too much about long term goals/project deadlines
The management will probably give you a severance at the end of this yer or just retire and enjoy life..
Start working out if you didn't before.. Some road trips, travel etc.
You are too old to be working ... ( I mean for that kind of savings/income ratio)... I'm not saying this in a negative way..

I'm not saying you do this but, I would definitely do it if I was 58 and 3.5MM in the bank. I have 10 more year to go and a mil more to accumulate.
Last edited by toomuchRE on Sun Feb 11, 2018 9:18 am, edited 3 times in total.

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ClevrChico
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Re: Can I afford to move to a lower paying career?

Post by ClevrChico » Sun Feb 11, 2018 9:13 am

I'd bail. I find the out of timezone calls very disruptive. About 50% of the time the other party doesn't attend or the connection is so bad it's an intelligible conversation. (Plus the power outages and chaotic background noises.) If you have family obligations, guess what, those stay on US time. /rant over :-)


I believe you've won the game, congrats!

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Tamarind
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Re: Can I afford to move to a lower paying career?

Post by Tamarind » Sun Feb 11, 2018 9:17 am

Either option 2 or retire completely! Then start working on reducing your expenses, as many of them may be caused by your stressful job, high salary Jones to keep up with, and HCOL.

DYoul
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Re: Can I afford to move to a lower paying career?

Post by DYoul » Sun Feb 11, 2018 1:25 pm

Thanks for all of the thoughts. Very helpful information and viewpoints! :)

stan1
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Re: Can I afford to move to a lower paying career?

Post by stan1 » Sun Feb 11, 2018 1:36 pm

The teaching option sounds great, especially if you enjoy doing it and it would fit into the lifestyle you want to have in the early years of retirement. Such jobs are very hard to find around here (very competitive to get or are essentially hourly positions that don't pay anywhere near $60K/year in a VHCOL area). If you have a path in to such a position it sounds like a very good way to change your lifestyle to something more enjoyable and continue bringing in income that would minimize if not eliminate your need to tap into your investments to pay for living expenses.

inbox788
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Re: Can I afford to move to a lower paying career?

Post by inbox788 » Sun Feb 11, 2018 1:55 pm

toomuchRE wrote:
Sun Feb 11, 2018 9:06 am
This is what I would do..

Take one last look at your portfolio.
Figure out what is the Severence package as you have worked there for a long term
Start making changes at your work to work less
Identify all those a%%hles who were giving you stress ( if any) and give them back so that you feel better...
Start yelling and screaming at conference calls and act like a tough guy, but still go on with your job but not to exceed goals like before
Start taking some more days off and work 9-4
Take some good sick days
Dont say yes to everything your management asks for
Start delegating more and more. Dont worry too much about long term goals/project deadlines
The management will probably give you a severance at the end of this yer or just retire and enjoy life..
Start working out if you didn't before.. Some road trips, travel etc.
You are too old to be working ... ( I mean for that kind of savings/income ratio)... I'm not saying this in a negative way..

I'm not saying you do this but, I would definitely do it if I was 58 and 3.5MM in the bank. I have 10 more year to go and a mil more to accumulate.
Agree. If stress is the main problem, sometimes it's something you can change, both internal as well as external factors. Check with HR if there are stress reduction or wellness programs under one of your benefits.

Why haven't they gotten rid of you yet? You must be adding some kind of value, maybe more than you think. You're not at the bottom, so let the stuff roll downhill.

You can always take option 2 or other measures if things don't improve or you can't make the situation better.

Greentree
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Re: Can I afford to move to a lower paying career?

Post by Greentree » Sun Feb 11, 2018 2:08 pm

There is a good chance that teaching will financially be a better move if you can last longer even at a lower salary. It will also keep your brain engaged longer and give you more enjoyement. I vote for option 2.


Pondo33
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Re: Can I afford to move to a lower paying career?

Post by Pondo33 » Sun Feb 11, 2018 2:33 pm

I'm with the drunk guy, the captain, the Dude, Quant & Pinotage, and I'm not even drunk.

You have enough. Don't be miserable.

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yukonjack
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Re: Can I afford to move to a lower paying career?

Post by yukonjack » Sun Feb 11, 2018 3:28 pm

Given your net worth I would definitely go with option 2. To me the bigger issue is leaving a retirement friendly, mild climate like Tennessee to at best a retirement neutral, very harsh climate like Minnesota. Would it be possible to teach in Tennessee? Most folks nearing retirement would be leaving a place like Minnesota for a place like Tennessee. More importantly I would get out of your current toxic work environment. Best of luck.

Anon64
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Re: Can I afford to move to a lower paying career?

Post by Anon64 » Sun Feb 11, 2018 3:35 pm

I agree you are in a great position to move on from the corporate job. Any chance you can get laid off and then take option number 2? It's tough to thread that needle, but I've seen it happen.

joeblow
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Re: Can I afford to move to a lower paying career?

Post by joeblow » Sun Feb 11, 2018 3:41 pm

55 and $3.5M is my goal to stop "having" to work (not even bare minimum). At 3% withdrawal rate you exceed your need. You can/want to teach courses that will pay you $60K a year. Congratulations you've won the game. Do what you want to do, whatever it is.

If it were me, I'd sell that lot to pay for school (assuming it wasn't earmarked for a dream home) and enjoy some time with my spouse.

Though I'd probably have some fun at work with my FU money as some have described above.

pennywise
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Re: Can I afford to move to a lower paying career?

Post by pennywise » Sun Feb 11, 2018 4:22 pm

amitb00 wrote:
Sat Feb 10, 2018 9:10 pm
[
+2 for the above. So I'm with the drunk guy, the captain, the Dude, Quant & Pinotage. You are FI and have adequate to retire right away. Please do whatever makes you happy. You have earned it and have no reason to do things, which you don't like.
Enjoy well deserved success,
Amit
I'm not drunk, a captain, a dude, a quant or a pinotage BUT I agree completely with all of 'em! I'd suggest option 2 simply because at 58 YO you may not be quite ready to completely retire (though you could), so teaching at the college level can be quite a nice bridge till you get there. And who knows, you may enjoy teaching enough to keep at it for quite a long stretch, thereby letting that nice plump nest egg really get huge.

How fortunate you are that you've got enough of a cushion that this truly is your decision to make. Ditch the stress and don't look back.

Grt2bOutdoors
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Re: Can I afford to move to a lower paying career?

Post by Grt2bOutdoors » Sun Feb 11, 2018 4:31 pm

Option 2 - Secure full time teaching position, hand in retirement papers at MegaCorp - in my best Arnold impression (not drunk, did not have wine yet either!) - Ged out! Ged out now!

During your 3 month breaks - pick a lake, any lake you have thousands to choose from, bring a rod, reel, line, hooks and choice of bait - dip it into the lake and just think.....no more late night calls, no more early morning calls, take those calls and stick it into the crisp, pristine waters of the lake....... :twisted:

You're thinking about higher taxes in Minnesota but since your income will be 2/3's less, it may not be that high, though the property taxes likely will make up for it or not - don't buy a huge house.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

WIRENUT
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Re: Can I afford to move to a lower paying career?

Post by WIRENUT » Sun Feb 11, 2018 5:03 pm

Im not drunk but do agree with him.
If you have been working that hard, take some significant time off clear your head, and you will answer your own question.

Terri-bh
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Re: Can I afford to move to a lower paying career?

Post by Terri-bh » Sun Feb 11, 2018 6:04 pm

My mom is over 65 and *taking* classes to, as she says, "keep my brain going." So if you're still teaching at 65, you're at least keeping your brain going *and* getting paid for it. :)

I think the comment above about the weather is an important consideration. I personally have no desire to deal with snow during retirement (too many people I know with broken hips from sliding on ice), but I can see being close to family outweighing the risks.

srt7
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Re: Can I afford to move to a lower paying career?

Post by srt7 » Sun Feb 11, 2018 7:18 pm

Option #3: Don't push it. Retire and enjoy your good fortune!
I can't think of anything more luxurious than owning my time. - remomnyc

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Kenkat
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Re: Can I afford to move to a lower paying career?

Post by Kenkat » Sun Feb 11, 2018 7:35 pm

I really think this comes down to whether you want to move from Tennessee to Minnesota or not. You have enough money to make either option work.

If you want to stay in Tennessee, you’ve only got two more years. Kick it down a notch at work knowing that it is for a limited time. Or if family and Minnesota is the priority, you’ve got the money for that also.

ohai
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Re: Can I afford to move to a lower paying career?

Post by ohai » Sun Feb 11, 2018 8:36 pm

I'd wait until the kids are of college and you're sure none of them is going to be a financial drain. Other than that, it depends on whether the lifestyle change is worth the money for you. I'd guess you'll be ok financially whatever your decision though.

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White Coat Investor
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Re: Can I afford to move to a lower paying career?

Post by White Coat Investor » Sun Feb 11, 2018 10:15 pm

These threads are one reason why people make fun of this forum.

How out of touch do you have to be to wonder if you can move to a lower paying career when you're already financially independent? By my calculations, you could take a career where you had to pay money to do it.

And then there are people saying, "No, you don't have enough. Don't do it."

THE OP HAS $3.5M AND SPENDS LESS THAN $100K A YEAR. That's FI by any reasonable measurement.

Take option 1, option 2, or some other option that involves not earning anything and you'll be fine. Do what you want. You already won the game.

Try this approach:

# 1 Define Enough
# 2 Compare what you have to enough

If you have more than enough, do what you want. If you don't but hate your job, switch jobs.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

colddeadfish
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Re: Can I afford to move to a lower paying career?

Post by colddeadfish » Sun Feb 11, 2018 10:48 pm

I grew up in Mn and I can tell you that you will never meet nicer, more helpful and generous people. Yes, the weather sucks at times but the extremes in weather seem to be less every year.

What are your hobbies?

Do you like fishing, canoeing, generally being outdoors? MN has one of the best park and recreation systems in the county. Anywhere in MN absolutely beautiful in the spring, summer and fall. Winters get a bit tiresome (not much sun) and most take some time to get away to warmer climates (if they can).

Do you like museums, cultural activities, music, theater, art? Minneapolis has a great set of all these assets.

Do you like sports? Minnesotans are die hard sports fans (especially college sports, of which there are plenty and surprisingly affordable to attend).

Yes, the property taxes are high.... but I think the quality of life in MN, especially for older folks, is better than most. And you will already have a built in community at the college or university that you could work at.

It seems like a Win/Win

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MichaelRpdx
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Re: Can I afford to move to a lower paying career?

Post by MichaelRpdx » Sun Feb 11, 2018 10:56 pm

I'm stone cold sober, 60, and like many others in with the drunk 36yr old.

Why do you even need to ask this question? Have you not seen peers die from heart attacks, strokes, or other health related illnesses?

The real question is "can I tolerate Minnesota winters?"
Be Appropriate && Follow Your Curiosity

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Raymond
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Re: Can I afford to move to a lower paying career?

Post by Raymond » Sun Feb 11, 2018 11:26 pm

I think it's unlikely that anyone said on their deathbed, "I wish I'd spent more time at the office."

"What to Do Before You Quit Your Job"

Best wishes!
"Ritter, Tod und Teufel"

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