Early retirement - hypothetical
- Clever_Username
- Posts: 1915
- Joined: Sun Jul 15, 2012 12:24 am
- Location: Southern California
Re: Early retirement - hypothetical
If you're able to bring in that salary at your age (I'm slightly younger than you and making comparable), have you considered taking a lower-paying job with more amenable hours? Maybe I missed it in your post.
Alternately, how possible is lateral movement within your field? Having worked for bosses I did not respect or like before, my approaches in the past have involved taking a different job (which turned out to be a step up), taking a different job that was lower-paying but more amenable, and going in every day and half-something-ing it while searching for other work.
Alternately, how possible is lateral movement within your field? Having worked for bosses I did not respect or like before, my approaches in the past have involved taking a different job (which turned out to be a step up), taking a different job that was lower-paying but more amenable, and going in every day and half-something-ing it while searching for other work.
"What was true then is true now. Have a plan. Stick to it." -- XXXX, _Layer Cake_ |
|
I survived my first downturn and all I got was this signature line.
Re: Early retirement - hypothetical
Thanks!JTColton wrote: ↑Wed Mar 27, 2019 12:15 pm This is all mindset. Honestly I think you'd be better off reading the MMM forums to get a new perspective, most of the advice you will get here is to avoid risk and work until your 60's which may work for some but not others. It seems like you realize that time isn't something you can get back no matter how big your 401k is. The term you're thinking of is called "downshifting", working less or taking a lower stress but lower paying job. I myself am leaving a good paying but very stressful job (mil) early with a reduced pension rather than put myself through 5-10 more years of stress/travel/danger for a bigger payout. Actionable advice to follow in no particular order:
1) Bump up emergency fund to 12 mo expenses. That will give you much more flexibility both real and imagined to make a change without fretting over the next month's bills.
2) Talk with spouse about your thoughts and the direction you both want to go, their concurrence is key to success. The changes you are proposing can lead to a lower cost but more fulfilling life for your entire family.
3) Polish up your resume and start looking for a new job, one with a better culture and work/life balance. It's ok to say "no" at work and take the PTO that you've earned.
4) Consider consulting in your field instead to work at your own pace but keep your skills and network relevant, that way if you fall on hard times you could more easily ramp up work/income rather than if you just walked away from your field to deliver pizza.
5) Slash expenses, by cutting out the cleaning service, eating out and 50% of vacation you can save $10k/yr right off the bat. Think hard about wants vs needs, or freedom vs slavery to pay for "stuff".
6) Don't touch your retirement savings. I would try and find a lower stress job that would allow me to fully fund all tax advantaged space, pay the bills, and maybe 1 vacation a year. Then re-evaluate when you get used to a lower stress job, you're not in the right frame of mind to make life changing decisions right now.
7) Go read the "Epic FU money stories" thread on MMM for some inspiration.
Good luck!
Re: Early retirement - hypothetical
Besides the obvious aspect of the job, missing seeing my kid grow up is the greatest driver behind the original post.StealthRabbit wrote: ↑Wed Mar 27, 2019 2:23 pmI'm in this camp. Retire Early, retire often (You can go back to work later (if you must). Kids are home for a very short time of your life.
...
For PT gigs.. consider night shift opportunities (pay better and no bosses). I keep a CDL (Truck / bus driver's license) pays well for weekend / PT gigs.
Enjoy your retirement(?)
retire early, retire often!
Love the idea of night shift opportunities, with potentially better pay and no bosses. I'm a night owl, so this would be something I really should explore.
CDL license is another thing I have thought about. Never had one but I love driving.
Thanks for your words!
- DanMahowny
- Posts: 994
- Joined: Sun Aug 06, 2017 8:25 pm
Re: Early retirement - hypothetical
If you want to quit, and it's okay with your wife, go for it man.
But don't touch your 401k. Makes no sense (perhaps I'm missing something??).
I quit working at age 42 (10 years ago).
But don't touch your 401k. Makes no sense (perhaps I'm missing something??).
I quit working at age 42 (10 years ago).
Funding secured
Re: Early retirement - hypothetical
In case anyone was wondering, I didn't resign last Monday
It is 7:57 pm Eastern and I'm currently about to leave the client office, go to the hotel and work for another hour or so. A thousand miles away from home. I fly back home tomorrow.
Not currently working for the boss I alluded to earlier. In my line of work, bosses change every other month (different projects).
Thanks for all who responded.
I think this is my plan of action.
- Leave the job in between 5 more months (minimum) or 9 more months (maximum)
- Sock away as much as I can in while I'm working
- Retire. Downshift. Whatever you call it.
- Don't touch the 401(k). Got some sweet funds with ER less than 0.02% in there
- Very possibly work PT jobs. Teaching/tutoring, commercial driving, coaching sport, .... whatever else I want. I don't think earning around $20k/year would be a problem.
- Enjoy life with my family!
It is 7:57 pm Eastern and I'm currently about to leave the client office, go to the hotel and work for another hour or so. A thousand miles away from home. I fly back home tomorrow.
Not currently working for the boss I alluded to earlier. In my line of work, bosses change every other month (different projects).
Thanks for all who responded.
I think this is my plan of action.
- Leave the job in between 5 more months (minimum) or 9 more months (maximum)
- Sock away as much as I can in while I'm working
- Retire. Downshift. Whatever you call it.
- Don't touch the 401(k). Got some sweet funds with ER less than 0.02% in there
- Very possibly work PT jobs. Teaching/tutoring, commercial driving, coaching sport, .... whatever else I want. I don't think earning around $20k/year would be a problem.
- Enjoy life with my family!
Last edited by nwa-non on Fri Mar 29, 2019 12:23 pm, edited 1 time in total.
- DanMahowny
- Posts: 994
- Joined: Sun Aug 06, 2017 8:25 pm
Re: Early retirement - hypothetical
You are going to love not working. It's awesome. Congrats.
Funding secured
I'd do it in a heartbeat
life is short and if your spouse is fine with working, go for it!
“Don't waste your time looking back. You're not going that way.” ― Ragnar Lothbrok.
Re: Early retirement - hypothetical
I'm reading this now. WOW!! love it.nwa-non wrote: ↑Wed Mar 27, 2019 6:46 pmThanks!JTColton wrote: ↑Wed Mar 27, 2019 12:15 pm This is all mindset. Honestly I think you'd be better off reading the MMM forums to get a new perspective, most of the advice you will get here is to avoid risk and work until your 60's which may work for some but not others. It seems like you realize that time isn't something you can get back no matter how big your 401k is. The term you're thinking of is called "downshifting", working less or taking a lower stress but lower paying job. I myself am leaving a good paying but very stressful job (mil) early with a reduced pension rather than put myself through 5-10 more years of stress/travel/danger for a bigger payout. Actionable advice to follow in no particular order:
1) Bump up emergency fund to 12 mo expenses. That will give you much more flexibility both real and imagined to make a change without fretting over the next month's bills.
2) Talk with spouse about your thoughts and the direction you both want to go, their concurrence is key to success. The changes you are proposing can lead to a lower cost but more fulfilling life for your entire family.
3) Polish up your resume and start looking for a new job, one with a better culture and work/life balance. It's ok to say "no" at work and take the PTO that you've earned.
4) Consider consulting in your field instead to work at your own pace but keep your skills and network relevant, that way if you fall on hard times you could more easily ramp up work/income rather than if you just walked away from your field to deliver pizza.
5) Slash expenses, by cutting out the cleaning service, eating out and 50% of vacation you can save $10k/yr right off the bat. Think hard about wants vs needs, or freedom vs slavery to pay for "stuff".
6) Don't touch your retirement savings. I would try and find a lower stress job that would allow me to fully fund all tax advantaged space, pay the bills, and maybe 1 vacation a year. Then re-evaluate when you get used to a lower stress job, you're not in the right frame of mind to make life changing decisions right now.
7) Go read the "Epic FU money stories" thread on MMM for some inspiration.
Good luck!
Stocks-80% || Bonds-20% || VTI/VXUS/AOR