Lately I have some issues with my current IT work environment. My current manager asked me to take responsiblities of a co-worker's workload because that person is incompetent and could not do her job. I plan to submit my resignation next Friday if things do not work out and don’t want the fear of quitting holding me back. I have tracked my numbers closely for the last 7 years and believe my numbers are solid. I actually submitted my resignation two years ago and was asked to stay by upper management. I have talked to my current manager about my unhappiness and it seems he thinks I need do whatever I was told to do or it could be a HR level offense. This conversation made me really unhappy. Also, we are in the middle of a very critical and unstable software implementation. If I stay in this job, it will mean lots of overtime at night and weekend. So this may be the right time for me to retire so I don’t need to deal with this incoming aftermath. Even though this was my second time around, I feel like I need to summon all my courage again.
Here is my current financial status - 53 years old single with two teenage kids
Primary residence: $1 million. No mortgage.
Current salary: $140K
Total liquid assets: $2.9 million
- 401K: $1.5 million in 3-fund portfolios
Roth IRA: $534K in 3-fund portfolios
Cash Equivalent (I Bonds, T Bill, CD, Cash): $545K
- Yearly Social Security Survivor Benefit for kids, total $52K/year until they are 18 years old
Plan to take late spouse SS at 60 years old, but not sure how much. Maybe $40K/year?
Expense: $160K, including expected Cobra insurance and $34K of 529. So $130K should be enough to keep our current living standard.
Healthcare: Because my taxable income will be pretty low without my salary, it seems we don't need to pay much for Obamacare when I calculate the numbers on health.gov. The premium is even less than my current employee premium. But I have budgeted $20K.