Reaching retirement goal earlier then expected
Reaching retirement goal earlier then expected
I am curious to know what other bogleheads have done with regards to career or retirement if they reached their retirement goal earlier then planned?
I have reached a number that I held in my mind for years and am now wondering what to do? I am in late 40s with high paying job that’s stressful and too much at times. I’ve been looking for easier work but have had no luck so far. I almost feel that because I am at a lower range of retirement goal, I need to do something to improve my life.
I have reached a number that I held in my mind for years and am now wondering what to do? I am in late 40s with high paying job that’s stressful and too much at times. I’ve been looking for easier work but have had no luck so far. I almost feel that because I am at a lower range of retirement goal, I need to do something to improve my life.
-
- Posts: 3125
- Joined: Mon Mar 04, 2019 8:52 am
Re: Reaching retirement goal earlier then expected
If you’re comfortable with your situation, I’d definitely give serious consideration to making a shift towards a lifestyle that is more relaxing, especially if your health is suffering.
I’d consider stress testing my portfolio/spending and see how I feel about a “worst case” and then proceed from there. Say, a 25% stock market loss that persists and maybe a 25% spending cut that also goes on for a stretch of time. If you do that and are fine with that lifestyle, then I’d definitely consider putting my health and well-being ahead of my wallet.
I’d consider stress testing my portfolio/spending and see how I feel about a “worst case” and then proceed from there. Say, a 25% stock market loss that persists and maybe a 25% spending cut that also goes on for a stretch of time. If you do that and are fine with that lifestyle, then I’d definitely consider putting my health and well-being ahead of my wallet.
Being wrong compounds forever.
- climber2020
- Posts: 2703
- Joined: Sun Mar 25, 2012 8:06 pm
Re: Reaching retirement goal earlier then expected
I moved the goalposts and set my number higher, and I stopped doing the parts of my job I didn't enjoy.
-
- Posts: 1418
- Joined: Tue Jun 02, 2015 8:18 pm
Re: Reaching retirement goal earlier then expected
That's a tricky one.. we've had several threads about walking away from highly paid jobs and the struggle to do it. Many of these jobs are "all or nothing" - there's no concept of downshifting or taking it easy except for a lucky few. It's almost always better to just put in another year or two and rake in 10 or 15 years of pay at an "easier" job.
That's basically what I did at the same age as you - coasted for a year or two, then was laid off with a nice package. Maybe do your numbers on what 2 or 3 years would do to your "lower range" of retirement and determine if that gives you enough margin to walk.
That's basically what I did at the same age as you - coasted for a year or two, then was laid off with a nice package. Maybe do your numbers on what 2 or 3 years would do to your "lower range" of retirement and determine if that gives you enough margin to walk.
Re: Reaching retirement goal earlier then expected
In retrospect, we reached our financial independence much earlier than I might have expected. But we never had "a number" and I never looked at feasibility until it looked like retirement was on the horizon. Financial considerations were never the primary driver in my career decisions, including when to stop, so it is hard to say. I would guess that it would have been feasible for us in our early 40s based on the numbers I looked at much later.
Stay hydrated; don't sweat the small stuff
Re: Reaching retirement goal earlier then expected
I'm 44 and essentially at my number, and my job is a major stress to me. I've been looking at a second career in something that's more rewarding. I've been taking my time with the search, but I'm getting closer on it all, and have had some productive conversations with friends and others that have done the same thing or are considering doing the same thing.
If I'm still in my same job 12/31/2021, I'll resign and be retired until I find the right next career. Arbitrary deadline, to be sure, but without it, I'll just keep thinking and never move.
If I'm still in my same job 12/31/2021, I'll resign and be retired until I find the right next career. Arbitrary deadline, to be sure, but without it, I'll just keep thinking and never move.
Re: Reaching retirement goal earlier then expected
I am in the same situation as you although older. I reached the high end of my number and now my concern is if the stock market is going to crash. I figure I’m going to work a year or two longer and that’s it. At some point, with 60 times my baseline spending I need to move on. You’re young enough that you could get another job that’s less stressful and just work longer. Even if you decreased your savings rate I’m guessing you can reach the higher end of your number within five years. Only you can know.
-
- Posts: 3908
- Joined: Fri Jan 17, 2014 9:19 am
Re: Reaching retirement goal earlier then expected
After reaching my number, I lost motivations for work. I declined at least two offers for more responsibilities and more money. I just cannot tolerate additional anything that is imposed on me. I am going to retire very soon, this year or next year. I am struggling to make sense about making money that I may not have time to spend. My university job can be easy, but they have more and more regulations that make me feel not worthy my time.
Re: Reaching retirement goal earlier then expected
Simply put and well put.climber2020 wrote: ↑Mon Jun 14, 2021 7:56 am I moved the goalposts and set my number higher, and I stopped doing the parts of my job I didn't enjoy.
This is what I would do.
-
- Posts: 445
- Joined: Mon Mar 23, 2020 2:03 pm
Re: Reaching retirement goal earlier then expected
Deleted
Last edited by fatcoffeedrinker on Wed Mar 02, 2022 10:11 am, edited 1 time in total.
Re: Reaching retirement goal earlier then expected
I'm curious about this. Is this because there's no easier work that pays well enough or because job opportunities are just limited where you are?
I'm assuming there's only so much income you'd be willing to sacrifice to leave your current gig, even if it is high stress.
I'd do one of two things: 1) I'd take a long, hard look at my number again and again. If it's right, maybe it's time to step away? 2) Until I was very confident in my number or I found another gig I liked, I'd stay put and endure the things I didn't like because it's hard to reverse course once you leave.
“Having, first, gained all you can, and, secondly saved all you can, then give all you can.” - John Wesley
Re: Reaching retirement goal earlier then expected
You know all those people you wonder how they don't wind up fired or replaced? You become one of them.fatcoffeedrinker wrote: ↑Mon Jun 14, 2021 9:03 amHow does one do this? I would love to stop doing the parts of my job I didn't enjoy, but then who does them?climber2020 wrote: ↑Mon Jun 14, 2021 7:56 am I moved the goalposts and set my number higher, and I stopped doing the parts of my job I didn't enjoy.
Snark aside, you have some power in the relationship with your employer, even though it's implied that you do not.
Re: Reaching retirement goal earlier then expected
We set an upper number and DH has been working fewer hours than ever. Every once in awhile, he gets caught up again, but management panics when he talks about leaving, so we might as well finish out this lease (we signed a new two year lease just a few months after reaching our minimal FI number). He has spent part of that time training other people to do certain parts of his job, especially the daily tasks, making himself less indispensable. Everything goes in six month plans now. Just make it to the next RSU, then we will see.climber2020 wrote: ↑Mon Jun 14, 2021 7:56 am I moved the goalposts and set my number higher, and I stopped doing the parts of my job I didn't enjoy.
We also keep trying to take a big vacation, but we originally reached FI in late 2019, so that hasn't reached fruition yet. Wish us luck over the next month.
Re: Reaching retirement goal earlier then expected
When I was in my early 50s I reached a lower my "I would be OK" number and I loosened the purse strings and started spending more on things like travel which works out well since it is a one time expense and not a permanent lifestyle creep that would add to my long term budget target.
I had lots of vacation time so I would schedule a three week vacation. My employer did not really like people scheduling more than two weeks at a time but I was doing things like going to New Zealand where going for more than two weeks made a lot of sense because it was so far away. I would schedule the vacation time six months ahead and avoid the summertime when lots of other people were on vacation which made it easier with my employer to schedule three weeks at a time.
I did not have a lot of money in taxable accounts because I had just finished paying for college for my kid so I cut my 401k contribution back to just be enough to get my employer match to free up more cash for things like travel. I was still contributing 6% to get a 3% match for a total of 9% so it was still a non-trivial amount that I was still saving. By that point my portfolio was large enough that saving another 10% of my salary each year would have barely made a dent in my retirement situation so spending more instead of saving it made very little difference in my retirement numbers.
Once you reach your lower number each additional year you works makes a huge improvement in your numbers since that is one less year of retirement that you will need to fund.
Especially going through my 50s I saw a lot more people than I would have expected run into things like major health problems, the death of a spouse, or dying. I had one year in my early 50s when I went to three funerals of people that were about my age. I was not real close to any of them but it does get you thinking when you start seeing neighbors and coworkers about your age dying.
I have also seen relatives naturally slow down once they got to be about 70 even when they were still in relatively good health. I hope to have a good retirement long after that but I sort of think of the retirement years before 70 as likely being my "good years" and there really are not that many of them.
For the most part my job was more boring than stressful since I had been doing the same job for so long so I worked about five more years and retired when I was in my late 50s as soon as my number were real solid.
-
- Posts: 1258
- Joined: Sat Jan 04, 2014 10:08 am
Re: Reaching retirement goal earlier then expected
I have struggled with a love-hate relationship with my successful, high-stress professional career for some time and have made changes continually over the last several years, without achieving real satisfaction. I am now making more radical changes and am excited about the possibilities. You are too young to keep suffering given that you are FI. Your lack of alternatives likely reflects a deficit of imagination. If you are high-paid now and want to continue working at something, realize you have valuable skills that many other businesses could use. To expand your options, I would suggest leaving your current job-- either by taking a sabbatical, laying down a take it or leave it part time alternative for your employer, or just quitting altogether. Dabble in some of your non-work interests and develop them. Network and talk to people. You will probably be amazed at the alternatives that come up.
Re: Reaching retirement goal earlier then expected
Bosses problem….fatcoffeedrinker wrote: ↑Mon Jun 14, 2021 9:03 amHow does one do this? I would love to stop doing the parts of my job I didn't enjoy, but then who does them?climber2020 wrote: ↑Mon Jun 14, 2021 7:56 am I moved the goalposts and set my number higher, and I stopped doing the parts of my job I didn't enjoy.
Yeah, easy to say, harder to do. Simply saying no is a good start, especially when the request is a bit outside of your role. I no for a long time it was always yes, yes yes, because I was concerned about falling below the cut line. But now? Not so much. Again, easy to say, much harder to do.
-
- Posts: 3125
- Joined: Mon Mar 04, 2019 8:52 am
Re: Reaching retirement goal earlier then expected
Exactly. I was self employed, so sure I could stop doing what I didn’t like to do. All the way up to and including everything. Which is exactly what I did. No regrets being free to spend my days doing exactly what I want to, now.fatcoffeedrinker wrote: ↑Mon Jun 14, 2021 9:03 amHow does one do this? I would love to stop doing the parts of my job I didn't enjoy, but then who does them?climber2020 wrote: ↑Mon Jun 14, 2021 7:56 am I moved the goalposts and set my number higher, and I stopped doing the parts of my job I didn't enjoy.
I guess it would have been nice to work for an organization where I could slack off and let those around me pick up what I no longer felt like doing anymore, while collecting my paycheck. But I’m not that type of person.
Being wrong compounds forever.
Re: Reaching retirement goal earlier then expected
Goals have a wonderful way of changing once they are within reach. The only real purpose of a goal is to keep things interesting on the road to achieving the goal. For in the end, the road is all we have.
Re: Reaching retirement goal earlier then expected
am,am wrote: ↑Mon Jun 14, 2021 7:30 am I am curious to know what other bogleheads have done with regards to career or retirement if they reached their retirement goal earlier then planned?
I have reached a number that I held in my mind for years and am now wondering what to do? I am in late 40s with high paying job that’s stressful and too much at times. I’ve been looking for easier work but have had no luck so far. I almost feel that because I am at a lower range of retirement goal, I need to do something to improve my life.
1) Adjust your Asset Allocation so that you can retire at any time.
<<I am in late 40s with high paying job that’s stressful and too much at times. >>
2) Why look for a new job when you can make your current job less stressful?
A) Start saying no to stuff that you do not like to do. What can they do to you? Early retirement?
B) Spend more time on the stuff that you like on your job.
3) Once upon a time, I took a 20% to 30% pay cut to work at a new less stressful job. Financially, it did not matter to me. I saved enough money.
KlangFool
30% VWENX | 16% VFWAX/VTIAX | 14.5% VTSAX | 19.5% VBTLX | 10% VSIAX/VTMSX/VSMAX | 10% VSIGX| 30% Wellington 50% 3-funds 20% Mini-Larry
Re: Reaching retirement goal earlier then expected
fatcoffeedrinker,fatcoffeedrinker wrote: ↑Mon Jun 14, 2021 9:03 amHow does one do this? I would love to stop doing the parts of my job I didn't enjoy, but then who does them?climber2020 wrote: ↑Mon Jun 14, 2021 7:56 am I moved the goalposts and set my number higher, and I stopped doing the parts of my job I didn't enjoy.
That is not your problem. It is your boss problem. Don't take on your boss' job.
KlangFool
30% VWENX | 16% VFWAX/VTIAX | 14.5% VTSAX | 19.5% VBTLX | 10% VSIAX/VTMSX/VSMAX | 10% VSIGX| 30% Wellington 50% 3-funds 20% Mini-Larry
Re: Reaching retirement goal earlier then expected
Wanderingwheelz,Wanderingwheelz wrote: ↑Mon Jun 14, 2021 9:36 am
I guess it would have been nice to work for an organization where I could slack off and let those around me pick up what I no longer felt like doing anymore, while collecting my paycheck. But I’m not that type of person.
I was a great team player. I did my jobs and helped others. I won several employee excellence awards. As a reward of my achievement, I was laid off. Meanwhile, the slackers kept their jobs.
In the real world, the slackers have the time to blow their horns and took credits of others' works. The hard workers were too busy working and weren't notice by the management. In the time of laid off, the slackers survived and the hard workers would be laid off.
KlangFool
30% VWENX | 16% VFWAX/VTIAX | 14.5% VTSAX | 19.5% VBTLX | 10% VSIAX/VTMSX/VSMAX | 10% VSIGX| 30% Wellington 50% 3-funds 20% Mini-Larry
- climber2020
- Posts: 2703
- Joined: Sun Mar 25, 2012 8:06 pm
Re: Reaching retirement goal earlier then expected
This likely isn't possible in many types of jobs, so I realize I'm fortunate to have the option.fatcoffeedrinker wrote: ↑Mon Jun 14, 2021 9:03 amHow does one do this? I would love to stop doing the parts of my job I didn't enjoy, but then who does them?climber2020 wrote: ↑Mon Jun 14, 2021 7:56 am I moved the goalposts and set my number higher, and I stopped doing the parts of my job I didn't enjoy.
I'm a surgical specialist. I simply stopped doing the procedures I didn't want to do anymore and refer those out to various other people in town.
Re: Reaching retirement goal earlier then expected
I’m in medicine as well but in radiology. You can’t really dictate what you read and what hours you work in a practice. Because imaging is so critical for decision making these days, the volumes and coverage hours have become unbearable for me (perhaps because money is less motivating for me and because it’s taking a toll on my life).climber2020 wrote: ↑Mon Jun 14, 2021 10:14 amThis likely isn't possible in many types of jobs, so I realize I'm fortunate to have the option.fatcoffeedrinker wrote: ↑Mon Jun 14, 2021 9:03 amHow does one do this? I would love to stop doing the parts of my job I didn't enjoy, but then who does them?climber2020 wrote: ↑Mon Jun 14, 2021 7:56 am I moved the goalposts and set my number higher, and I stopped doing the parts of my job I didn't enjoy.
I'm a surgical specialist. I simply stopped doing the procedures I didn't want to do anymore and refer those out to various other people in town.
There are few easier jobs in my field, perhaps VA. I don’t want to give up my medical license at a relatively young age either and retire. Medicine has been so consuming for me that I haven’t developed many interests outside of it to fill a retirement, although working on that.
Re: Reaching retirement goal earlier then expected
Honestly, it's more possible than people think. Your employer will dump as much on you as you'll take. They'll stop when you don't take anymore. You can control when you don't take anymore.climber2020 wrote: ↑Mon Jun 14, 2021 10:14 amThis likely isn't possible in many types of jobs, so I realize I'm fortunate to have the option.fatcoffeedrinker wrote: ↑Mon Jun 14, 2021 9:03 amHow does one do this? I would love to stop doing the parts of my job I didn't enjoy, but then who does them?climber2020 wrote: ↑Mon Jun 14, 2021 7:56 am I moved the goalposts and set my number higher, and I stopped doing the parts of my job I didn't enjoy.
I'm a surgical specialist. I simply stopped doing the procedures I didn't want to do anymore and refer those out to various other people in town.
I'll bet a lot of people on here work faster than people around them, and are more willing to pick up slack than people around them, even if it means longer hours. If you're doing that, you're contributing to what you don't like about work.
Why don't others pick up that slack? Because you do it. Why don't they hire more and staff the department properly? Because you cover the slack so they don't have to. Etc, etc. When they do layoffs to be more profitable, they'll say "it's just business". You should think about your end of it being "just business" as well. Otherwise, you're conceding stress, satisfaction, etc when they have no intention of reciprocating.
Re: Reaching retirement goal earlier then expected
I don’t want to be critical, but your view of “the only real purpose of a goal” is not universal. One might reassess the scenario continually, and I have no problem with changing goals as circumstances or preferences change, but some of my goals are meant to allow me to do other things of significance to me; the real purpose of my goals is for me to advance my real purpose.
-
- Posts: 18461
- Joined: Tue Dec 31, 2013 6:05 am
- Location: 26 miles, 385 yards west of Copley Square
Re: Reaching retirement goal earlier then expected
Numbers are easy enough to crunch.
Do you know your post-retirement spending? If not, figure that out.
Do you have liquid spendable assets at the rate needed to live off of (25X or 33X or 50X)? If not, how are you going to get that income?
Will you have social security and/or a pension of some kind? If so, how much? (don't forget reduction in ss in another 13 or so years).
Are you going to work at all in retirement? If so, how much you gonna make?
For me, I've put a yearly spread sheet together so I can not only have a number of times spending, but see that in year X, I'll need a car and in year Y, we'll downsize the house and in year Z, I take social security. I find that more helpful in seeing down the road how I'll do compared to a number of times spending I've got available.
Do you know your post-retirement spending? If not, figure that out.
Do you have liquid spendable assets at the rate needed to live off of (25X or 33X or 50X)? If not, how are you going to get that income?
Will you have social security and/or a pension of some kind? If so, how much? (don't forget reduction in ss in another 13 or so years).
Are you going to work at all in retirement? If so, how much you gonna make?
For me, I've put a yearly spread sheet together so I can not only have a number of times spending, but see that in year X, I'll need a car and in year Y, we'll downsize the house and in year Z, I take social security. I find that more helpful in seeing down the road how I'll do compared to a number of times spending I've got available.
Last edited by Jack FFR1846 on Mon Jun 14, 2021 12:15 pm, edited 1 time in total.
Bogle: Smart Beta is stupid
Re: Reaching retirement goal earlier then expected
I relate to this comment so much. The last year with all the stress of the pandemic and the rapid rise in stocks, I have reached my "number" years ahead of schedule and I just have such a low tolerance for nonsense and BS at work. I'm coasting at work. Turning down assignments I used to enjoy. Not interested in any promotions. Just kind of being there collecting a paycheck and figuring out how to do as little as possible while not getting fired. If I get fired eventually, whatever. Maybe it'll help me out of my funk and make the decision for me. The apathy when reaching my "number" has surprised me. It doesn't help that I have to constantly bite my tongue because the people who got the promotions I passed on are young kids who I consider clueless about life.
flyingaway wrote: ↑Mon Jun 14, 2021 9:00 am After reaching my number, I lost motivations for work. I declined at least two offers for more responsibilities and more money. I just cannot tolerate additional anything that is imposed on me. I am going to retire very soon, this year or next year. I am struggling to make sense about making money that I may not have time to spend. My university job can be easy, but they have more and more regulations that make me feel not worthy my time.
Re: Reaching retirement goal earlier then expected
We never really had a goal. These last couple of years have exceeded my expectations for sure! Like you, I think we are OK now, but spouse enjoys work and would like to work a bit longer. Are there other places in your area to work in your field? Can you propose a PT schedule? I know once we hit bare bones FI, something clicked and I wasn't afraid to speak out at work. I wasn't obnoxious, but did stick up for myself when needed. When a reorg happened, I was moved from a job I disliked to a new job in a much better managed department. I'm not sure if that was a coincidence or not...
-
- Posts: 445
- Joined: Mon Mar 23, 2020 2:03 pm
Re: Reaching retirement goal earlier then expected
Deleted
Last edited by fatcoffeedrinker on Wed Mar 02, 2022 10:11 am, edited 1 time in total.
Re: Reaching retirement goal earlier then expected
While I was not in radiology or surgery, I was also in a high-risk field in which one's mistakes (due to boredom with the job and really not wanting to do it) can lead to tragic consequences. I recognized this and determined that I was not going to end my career on an error of mine.am wrote: ↑Mon Jun 14, 2021 10:20 amI’m in medicine as well but in radiology. You can’t really dictate what you read and what hours you work in a practice. Because imaging is so critical for decision making these days, the volumes and coverage hours have become unbearable for me (perhaps because money is less motivating for me and because it’s taking a toll on my life).climber2020 wrote: ↑Mon Jun 14, 2021 10:14 amThis likely isn't possible in many types of jobs, so I realize I'm fortunate to have the option.fatcoffeedrinker wrote: ↑Mon Jun 14, 2021 9:03 amHow does one do this? I would love to stop doing the parts of my job I didn't enjoy, but then who does them?climber2020 wrote: ↑Mon Jun 14, 2021 7:56 am I moved the goalposts and set my number higher, and I stopped doing the parts of my job I didn't enjoy.
I'm a surgical specialist. I simply stopped doing the procedures I didn't want to do anymore and refer those out to various other people in town.
There are few easier jobs in my field, perhaps VA. I don’t want to give up my medical license at a relatively young age either and retire. Medicine has been so consuming for me that I haven’t developed many interests outside of it to fill a retirement, although working on that.
In my case, I sold off the parts of my business that were high-risk and dabbled with more fun parts of the business. You could probably have a similar exit strategy, at least moving to a part-time job in a less-intense setting.
Good luck with your decision!
-
- Posts: 1608
- Joined: Wed May 20, 2020 6:36 am
Re: Reaching retirement goal earlier then expected
I am at a similar point.
While I don't "love" my job, I made the choice that "working for a living" is a healthy "mode of living" for me.
It is healthy for me (and I think, for most people) to have responsibilities. And I respect most of my colleagues.
I realize that, at some point, those will go away, and I will retire then.
“Now shall I walk or shall I ride? |
'Ride,' Pleasure said; |
'Walk,' Joy replied.” |
|
― W.H. Davies
Re: Reaching retirement goal earlier then expected
That's a cultural creation, and perhaps a comfortable habit, but not some necessity for health.backpacker61 wrote: ↑Mon Jun 14, 2021 12:27 pmIt is healthy for me (and I think, for most people) to have responsibilities.
Re: Reaching retirement goal earlier then expected
+1000Silverado wrote: ↑Mon Jun 14, 2021 9:23 amBosses problem….fatcoffeedrinker wrote: ↑Mon Jun 14, 2021 9:03 amHow does one do this? I would love to stop doing the parts of my job I didn't enjoy, but then who does them?climber2020 wrote: ↑Mon Jun 14, 2021 7:56 am I moved the goalposts and set my number higher, and I stopped doing the parts of my job I didn't enjoy.
Who did your work the last time you were on vacation or were out sick?
I took a long vacation just before I gave my two weeks notice that I was retiring. After I give my notice I had a meeting to talk over my responsibilities and who could do them and my response was that the people who did them while I was on vacation could take them over. I knew I was going to retire so I had already documented a few other things so when I left the transition was pretty seamless.
Another factor is that a lot also depends on what your contract says about what your job responsibilities are.
One thing you could do is to negotiate better working terms the next time your contract is up for renewal. The catch is that in the US very few workers actually have contracts and are "at will" employees who can be let go at any time with very few restrictions or limitations about what work they can assign to the employee.
Having a contract or not is not just some random circumstance. Companies have the choice of hiring people as "at will" employees and risking that they will leave unexpectedly or hiring them with a contract but they almost always decide that having at will employees has so many advantages that they are willing to accept that some employees may leave at a bad time.
It is a bit cynical too in that many(most, all ?) top executives that would have a hissy fit if you demanded a contract actually have contracts that their personal lawyers helped agree on.
They might not want to let you be selective about what work you are doing but if they would rather see you leave(which is possible) then that is their problem.
Several times in my career there was an unplanned staff meeting to announce that someone in my department had died or had an unexpected medical emergency and would be out for an indefinite time and might not ever return to the office.
While it required some juggling their responsibilities were quickly taken over by other people and new people were hired or a consultant or contractor was brought in.
If they would be really in a bind then the company can make you an offer to stay six months longer for double or triple your salary but that is unlikely in most situations.
It varied but I would guess that on average the people I worked with stayed with the same company for less than ten years which also meant that at least 10% of the staff would leave each year with two weeks notice and that was normal. There was always some way for someone to take over their responsibilities.
People are not as indispensable as they would like to think and every manager should have at least a general plan to replace everyone who works for them.
Sticking around to finish a big project or get your patients to a good transition point is one thing but don't kid yourself about your boss not being able to replace you.
Re: Reaching retirement goal earlier then expected
We often have more agency in these situations than we think. I’ve posted on Bogleheads before about my previous job and how over time I ended up doing more and more stuff that I disliked. I ended up leaving that job, and honestly just having a clean start with no accumulated responsibilities has been wonderful. But I do regret a bit that I didn’t try harder to offload more of the stuff I disliked in my old job.fatcoffeedrinker wrote: ↑Mon Jun 14, 2021 9:03 amHow does one do this? I would love to stop doing the parts of my job I didn't enjoy, but then who does them?climber2020 wrote: ↑Mon Jun 14, 2021 7:56 am I moved the goalposts and set my number higher, and I stopped doing the parts of my job I didn't enjoy.
In that job, our team was severely understaffed, and this was well known by management. One of my teammates prepared a spreadsheet of everything they worked on and proposed which of those things he would keep doing, which he would like to hand off to a teammate, and which could just be dropped. He negotiated this with our manager, dropped a bunch of stuff, and was more able to focus. That worked really well for him, and I wish I had done the same.
Counterintuitively, the fact that we all went to heroics not to let anything fall over probably caused us to become understaffed. From upper management’s perspective, everything seemed to be going fine, so when they allocated headcount it would go to teams and projects that were obviously on fire. Our local management actually pushed us to drop more things so that we weren’t so dependent on heroics. This is clearly dysfunctional, and none of us wanted to play that game, but we probably should have.
Re: Reaching retirement goal earlier then expected
Could you hire an admin to do some of the administrative tasks? Could you promote someone into an “assistant group head” role who could take on some of those tasks? Could you delegate some of those clients to more junior people in your practice group, and let them handle the day to day while you are available for critical issues, emergencies, etc.?fatcoffeedrinker wrote: ↑Mon Jun 14, 2021 10:48 amProblem is, I don't really have a boss, at least not a day-to-day boss. I'm a partner in biglaw and the head of my local practice group (which I didn't ask to be, but took it on when asked to do so by upper management a few years ago). So my day-to-day bosses are my clients. I'd love to get rid of some of my admin tasks, but that's just part of the job of being a group head.KlangFool wrote: ↑Mon Jun 14, 2021 9:54 amfatcoffeedrinker,fatcoffeedrinker wrote: ↑Mon Jun 14, 2021 9:03 amHow does one do this? I would love to stop doing the parts of my job I didn't enjoy, but then who does them?climber2020 wrote: ↑Mon Jun 14, 2021 7:56 am I moved the goalposts and set my number higher, and I stopped doing the parts of my job I didn't enjoy.
That is not your problem. It is your boss problem. Don't take on your boss' job.
KlangFool
That all said, I'm retiring at the end of next year, so it will all go away soon enough!
Since you’re the boss in this case, you have some freedom to run your practice group the way you want!
Re: Reaching retirement goal earlier then expected
Maybe not necessary, but it might be beneficial for mental health. As well as a good role model example for one s children.bwalling wrote: ↑Mon Jun 14, 2021 12:41 pmThat's a cultural creation, and perhaps a comfortable habit, but not some necessity for health.backpacker61 wrote: ↑Mon Jun 14, 2021 12:27 pmIt is healthy for me (and I think, for most people) to have responsibilities.
A transition to a lower responsibility job should be possible for most of us.
Re: Reaching retirement goal earlier then expected
Afty,Afty wrote: ↑Mon Jun 14, 2021 3:50 pmCould you hire an admin to do some of the administrative tasks? Could you promote someone into an “assistant group head” role who could take on some of those tasks? Could you delegate some of those clients to more junior people in your practice group, and let them handle the day to day while you are available for critical issues, emergencies, etc.?fatcoffeedrinker wrote: ↑Mon Jun 14, 2021 10:48 amProblem is, I don't really have a boss, at least not a day-to-day boss. I'm a partner in biglaw and the head of my local practice group (which I didn't ask to be, but took it on when asked to do so by upper management a few years ago). So my day-to-day bosses are my clients. I'd love to get rid of some of my admin tasks, but that's just part of the job of being a group head.KlangFool wrote: ↑Mon Jun 14, 2021 9:54 amfatcoffeedrinker,fatcoffeedrinker wrote: ↑Mon Jun 14, 2021 9:03 amHow does one do this? I would love to stop doing the parts of my job I didn't enjoy, but then who does them?climber2020 wrote: ↑Mon Jun 14, 2021 7:56 am I moved the goalposts and set my number higher, and I stopped doing the parts of my job I didn't enjoy.
That is not your problem. It is your boss problem. Don't take on your boss' job.
KlangFool
That all said, I'm retiring at the end of next year, so it will all go away soon enough!
Since you’re the boss in this case, you have some freedom to run your practice group the way you want!
A bigger picture question would be since he is retiring by the end of next year, isn't this time for him to start delegating some of clients to someone else and start working on the succession plan?
KlangFool
30% VWENX | 16% VFWAX/VTIAX | 14.5% VTSAX | 19.5% VBTLX | 10% VSIAX/VTMSX/VSMAX | 10% VSIGX| 30% Wellington 50% 3-funds 20% Mini-Larry
-
- Posts: 445
- Joined: Mon Mar 23, 2020 2:03 pm
Re: Reaching retirement goal earlier then expected
Deleted
Last edited by fatcoffeedrinker on Wed Mar 02, 2022 10:10 am, edited 1 time in total.
-
- Posts: 298
- Joined: Thu Jul 30, 2015 5:58 pm
Re: Reaching retirement goal earlier then expected
We recently reached financial independence at age 38/37 but it's the bare minimum. It's not a number I would retire on but it gives me security knowing that an emergency/job loss won't be too damaging. Because of this reason both me and my wife have started to turn away parts of our job that we didn't like without feeling guilty or fear of being judged. It actually made work more enjoyable and, believe it or not, we feel more respected. We also switched to part time (although this option probably doesn't apply to everyone) since we feel like we can let our foot off the gas a bit. We still continue to max our retirement accounts but are contributing far less to our after tax account. We are taking this one year at a time.
OP, if you're not happy at your job, you're in a position where you have a lot of options:
1. You can take a sabbatical for several months and see if you just need a break.
2. You can negotiate to go to part-time. A better work-life balance, maybe?
3. If you really hate your job and the job market right now isn't good, quit and take your time finding a job that you'll like. There are more important
things than money.
These are just a few options I would consider. But there are lots of questions you need to ask yourself before you consider anything else. What's the cause of the stress? Do you need a break? A bad boss? Overworked?
OP, if you're not happy at your job, you're in a position where you have a lot of options:
1. You can take a sabbatical for several months and see if you just need a break.
2. You can negotiate to go to part-time. A better work-life balance, maybe?
3. If you really hate your job and the job market right now isn't good, quit and take your time finding a job that you'll like. There are more important
things than money.
These are just a few options I would consider. But there are lots of questions you need to ask yourself before you consider anything else. What's the cause of the stress? Do you need a break? A bad boss? Overworked?
-
- Posts: 897
- Joined: Sat Oct 17, 2020 3:23 pm
Re: Reaching retirement goal earlier then expected
great posts by WATTY above.
i recently did this. cliff's notes version: i had a pretty stressful job with after hours / weekend / holiday call responsibilities. very customer-facing position. potentially very erratic hours. decent pay but not commensurate with the hassle IMO. no way to 'cruise' -- you had to be 'SWITCHED ON' all the time.
finally 'hit the number' and woke up one day a couple months ago and said "i'm not doing this anymore' after 20+ years.
we're figuring it out still but have not regretted it yet. good luck --
-----------------------------------------------
i recently did this. cliff's notes version: i had a pretty stressful job with after hours / weekend / holiday call responsibilities. very customer-facing position. potentially very erratic hours. decent pay but not commensurate with the hassle IMO. no way to 'cruise' -- you had to be 'SWITCHED ON' all the time.
finally 'hit the number' and woke up one day a couple months ago and said "i'm not doing this anymore' after 20+ years.
we're figuring it out still but have not regretted it yet. good luck --
-----------------------------------------------