Need some assurance for my resignation countdown

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Topic Author
JustHappen
Posts: 211
Joined: Wed Oct 11, 2017 12:02 pm

Need some assurance for my resignation countdown

Post by JustHappen »

Hi,
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
    529: $340K
    HSA: $18K
    Cash Equivalent (I Bonds, T Bill, CD, Cash): $545K
Rentals: Close to $4.4 million worth with gross yearly rent $240K. Net profit at least $120K. No mortgage. (Rentals were bought during housing crisis for total around $1 million.)

Other income:
  • 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?
Total assets (excluding primary residence): 7.4 million with no debt.

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.
trustquestioner
Posts: 259
Joined: Sun Sep 03, 2017 6:50 pm

Re: Need some assurance for my resignation countdown

Post by trustquestioner »

Sell the rentals, that yield is atrocious.
Topic Author
JustHappen
Posts: 211
Joined: Wed Oct 11, 2017 12:02 pm

Re: Need some assurance for my resignation countdown

Post by JustHappen »

I do plan to sell some rentals after I quit the job so hopefully I could pay less capital gain tax.
Nottingham
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Re: Need some assurance for my resignation countdown

Post by Nottingham »

Are you planning to keep working or retire? If you are planning to find another work this may not be the best time. My megacorp just announced global hiring freeze and only three weeks ago I hired three CS engineers. [Political comment removed by Moderator Misenplace]

If you are not planning to retire perhaps you can communicate to your manager that you are already at capacity and can't pick up any more work? Then he will have to let that employee go and hire a replacement
Triple digit golfer
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Re: Need some assurance for my resignation countdown

Post by Triple digit golfer »

Do you have a question? You have way more than enough to retire.
Topic Author
JustHappen
Posts: 211
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Re: Need some assurance for my resignation countdown

Post by JustHappen »

No. I am not looking for another job. I have worked for this company for more than 20 years so it is just some lingering fear. Most likely psychologically. I just ordered the book 'Die with Zero' and wish I have read it earlier so it may relieve some of my fear.
Last edited by JustHappen on Fri Feb 09, 2024 9:27 pm, edited 1 time in total.
stan1
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Re: Need some assurance for my resignation countdown

Post by stan1 »

Are you sure you are charging market rent for the rental units?
Agree netting $120K with $240K gross on $4.4M worth of property with NO mortgages is not a good yield.

Are they money pits with a lot of repairs? Bad tenants? Something is not adding up other than you made a decision to load up on these properties awhile back that will now pay off handsomely.

Sell them; don't be afraid of the taxes even if you are in California (or do 1031 Exchanges to properties that can be operated with a reasonable ROI).
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Beensabu
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Re: Need some assurance for my resignation countdown

Post by Beensabu »

JustHappen wrote: Fri Feb 09, 2024 8:03 pm 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 thought maybe you were my coworker until you said you were 53. Lots of incompetent folks out there that don't do their job driving the people they work with bonkers, apparently.
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.
Boo. What a terrible manager. They deserve what's coming.
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.
Um... Yeah! You don't need no stinkin' job! Definitely not this one.
Even though this was my second time around, I feel like I need to summon all my courage again.
You just need to resign. Give whatever notice is required to not give up separation benefits. No courage required. Send an email to your manager and CC your manager's boss. Boom. Done.
"The only thing that makes life possible is permanent, intolerable uncertainty; not knowing what comes next." ~Ursula LeGuin
stan1
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Re: Need some assurance for my resignation countdown

Post by stan1 »

JustHappen wrote: Fri Feb 09, 2024 8:11 pm No. I am not looking for another job. I have worked for this company for more than 20 years so it is just some lingering fear. Most likely psychologically. I just ordered the book 'Die with Zero' and wished I have read it earlier so it may relieve some of my fear.
You have $7.3M dollars plus another $1M in a paid off primary residence, you can do what you want. Admittedly before taxes but still. You can do what you want.
Topic Author
JustHappen
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Re: Need some assurance for my resignation countdown

Post by JustHappen »

My rent currently is below the market rent because my tenants ususally stay very long. But I also put a very conservative number on net profit for simplity. The property values have increased tremendously since pandemic.
JimmyJoeMeeker
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Re: Need some assurance for my resignation countdown

Post by JimmyJoeMeeker »

Enough already on the unpleasant job situation and "HR offenses". They need to discover what they get accomplished with the incompetents. This is not your problem. Get on with your life friend.

Best wishes for a great retirement.
stan1
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Re: Need some assurance for my resignation countdown

Post by stan1 »

JustHappen wrote: Fri Feb 09, 2024 8:26 pm My rent currently is below the market rent because my tenants ususally stay very long. But I also put a very conservative number on net profit for simplity. The property values have increased tremendously since pandemic.
Can I move into one of your units? I'd love to find a nice landlord who appreciates a reliable monthly rental payment and I'll even take care of many of the small things around the house without bothering you!

How many units? Sell just one if you want a different mix of income from rent and income from other types of investments.

I have several friends who started retirement with 5-10 rentals. They sell one property when they want to top off their cash. These are people who don't invest in the stock market, they have owned businesses and run rental properties all of their lives.
Topic Author
JustHappen
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Re: Need some assurance for my resignation countdown

Post by JustHappen »

There are 12 single family rentals. My longest tenants have already stayed more than 10 years. Most of them stayed at least 5 years. I usually have only 1 or 2 turnovers per year. Thank you so much for the encouragement! There is no people I could share my financial status with other than my kids. I need some adult's advice, esspecially from the savvy and wise group here.
Last edited by JustHappen on Fri Feb 09, 2024 8:57 pm, edited 2 times in total.
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Watty
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Re: Need some assurance for my resignation countdown

Post by Watty »

JustHappen wrote: Fri Feb 09, 2024 8:03 pm Total assets (excluding primary residence): 7.4 million with no debt.
You could put the money into a money market fund and get around $350,000 a year in interest.


:beer
Topic Author
JustHappen
Posts: 211
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Re: Need some assurance for my resignation countdown

Post by JustHappen »

Yes. That is true. Currently I have $545k in CD, I Bonds, T bills.
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Darth Xanadu
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Re: Need some assurance for my resignation countdown

Post by Darth Xanadu »

JustHappen wrote: Fri Feb 09, 2024 8:03 pm If I stay in this job, it will mean lots of overtime at night and weekend.

two teenage kids

Total assets (excluding primary residence): 7.4 million with no debt.

Expense: $160K
This reads like a recipe for retirement. Don't put up with that nonsense at your job. It's time.
JimmyJoeMeeker
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Re: Need some assurance for my resignation countdown

Post by JimmyJoeMeeker »

Not saying to do this, but a life annuity for $120K annually is about $2MM.

Start cleaning out your things before you resign so you have less to take home on your last day :happy
JS-Elcano
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Re: Need some assurance for my resignation countdown

Post by JS-Elcano »

JustHappen wrote: Fri Feb 09, 2024 8:03 pm Hi,
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
    529: $340K
    HSA: $18K
    Cash Equivalent (I Bonds, T Bill, CD, Cash): $545K
Rentals: Close to $4.4 million worth with gross yearly rent $240K. Net profit at least $120K. No mortgage. (Rentals were bought during housing crisis for total around $1 million.)

Other income:
  • 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?
Total assets (excluding primary residence): 7.4 million with no debt.

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.
I find it really impressive that you've accumulated 7.4 million on a 140k salary. Just Wow!

If I hated my job half as much as you seem to hate yours I would have long quit. Are you seriously concerned that 7.4 million is not enough to retire in your 50s? :confused
Topic Author
JustHappen
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Re: Need some assurance for my resignation countdown

Post by JustHappen »

I would not take all the credit for the asset. My late husband and I contributed equally. We were great partners and soulmates. Since pandemic we mostly work from home so I have nothing at work. I have prepared a resignation checklist before I submitted my resignation two years ago. Thanks for reminding me to go through that list this weekend. I don't know how other people handle calendar transfer. To prepare for resignation, I have set up a calendar sync from my office outlook account to my personal google account two years ago so the calendar is always in sync. Other things are much more straightforward.
DiMAn0684
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Re: Need some assurance for my resignation countdown

Post by DiMAn0684 »

JustHappen wrote: Fri Feb 09, 2024 8:03 pm 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.
BH folks tend to be nice, but I'd have no reservations about shoving that manager under the bus on your way out.

Enjoy your retirement!
123
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Re: Need some assurance for my resignation countdown

Post by 123 »

Retirement is your state of mind. You have a ready exit plan.

It could be more rewarding financially to let them lay you off (i.e. fire you). Just maintain your desired pace of work and hours and let it become an HR issue (if that's what they want). If you get laid off you can likely get unemployment for some period of time. If you get laid off there's a chance of a severance offer in return for agreeing not to sue them. Severance deals are almost always less costly for employers than trying to do a termination for cause. If someone is fired and they initiate litigation the company becomes fearful of various skeletons coming to light (since often every manager/executive is guilty of something).

A key element is not to let them know that you are ready to retire.
The closest helping hand is at the end of your own arm.
Dufus
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Re: Need some assurance for my resignation countdown

Post by Dufus »

Healthcare on the marketplace is probably less than COBRA. COBRA can be pretty expensive.

It is time to go.

Enjoy your life!
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LiveSimple
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Re: Need some assurance for my resignation countdown

Post by LiveSimple »

You have more assets, resign today....take sabbatical, just semi retire, retire, do what ever makes you happy and healthy...
Invest when you have the money, sell when you need the money, for real life expenses...
Topic Author
JustHappen
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Re: Need some assurance for my resignation countdown

Post by JustHappen »

I have never taken unemployment benefit. But I feel at this point my happiness is worth more than the unemployment benefit. I would rather resign than endure the humilation of being laid off. To be honest, even though I am still valuable to the company, I feel my skillset is becoming obsolete and I don't have the motivation to learn the latest technology. I would rather spend time doing something else, such as gardening.

Part of the difficulty to discuss this with friends is that they don't know your financial situation. So they always give your suggestion based on their own situation. I am so glad many BH here could relate to my circumstance and offer your valuable advice.
1moreyr
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Re: Need some assurance for my resignation countdown

Post by 1moreyr »

JustHappen wrote: Sat Feb 10, 2024 7:07 am I have never taken unemployment benefit. But I feel at this point my happiness is worth more than the unemployment benefit. I would rather resign than endure the humilation of being laid off.
Yea, I had this pride when I retired. I sat with the VP and said, I am retiring. She said, I wished I knew you wanted to leave I could have gotten you a package as we are downsizing. Now that you have told me, I can't do anything.

It was a year's salary, medical benefits and a bump to my pension as I would have been trued up for the year.

My personal situation is great, I don't need what I walked away from but it does irk me occasionally.

you don't need the money, you can leave today. I have less and easily spend more on retirement travel and enjoying life

Consider having the conversation without mentioning retirement/resignation. See where it goes. worse case you hand in the resignation at the end of the meeting

walk out the door,,, enjoy the next chapter.. I left at 56 but 53 sounds so much better :beer
Last edited by 1moreyr on Sat Feb 10, 2024 7:28 am, edited 1 time in total.
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jabberwockOG
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Re: Need some assurance for my resignation countdown

Post by jabberwockOG »

As some just posted always check with a senior mgr and HR to see if they have a layoff coming up and if they are actually willing to put you on the list with a decent package.

Unless you really love and enjoy your current job there is absolutely zero financial reason for you to keep working.

And sell those rentals and instead put the funds into well diversified income oriented investment portfolio and you will be set for life.
Olemiss540
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Re: Need some assurance for my resignation countdown

Post by Olemiss540 »

You and I could BOTH retire on your assets. Tell the boss "thanks but no thanks" and get outta town on a vacation.
I hold index funds because I do not overestimate my ability to pick stocks OR stock pickers.
Silverado
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Re: Need some assurance for my resignation countdown

Post by Silverado »

Do it! But please come share with us how it goes.

Enjoy!
HomeStretch
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Re: Need some assurance for my resignation countdown

Post by HomeStretch »

Yes, you have enough to retire.

You and your work performance are not the issue here and it is sad that you find yourself in the position of retiring from a long-term employer in order to get out of a bad situation. Your manager is part of the issue by dumping extra work on you, telling you there will be HR action if you refuse and (likely) not firing the incompetent co-worker whose poor performance is the real issue here.

Given the above, consider giving two weeks notice and stick to it. Or extract a severance/bonus payout to stay on for another 1-3 months if upper management asks you to stay longer due to the major project. Also do not hesitate to tell upper management about your manager’s actions.

Best wishes. Please let us know how it turns out.
88Mike
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Re: Need some assurance for my resignation countdown

Post by 88Mike »

A bit different option here: It's not clear that you really want to retire but the work conditions are pushing you that way. You have F-you money. Dig your heels in and just do the very basic core responsibilities of your job and do them well. Turn down all requests/demands for overtime. Same for extra projects. Make it their problem. Show up 15 or 30 minutes late everyday. Stretch your lunch break. Leave a bit early. Unless this is a real small company you can stretch this out for quite awhile. I would have no problem burning bridges in your situation. Find a younger employee to mentor so you are doing a bit of social good on the way out.
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LiveSimple
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Re: Need some assurance for my resignation countdown

Post by LiveSimple »

Olemiss540 wrote: Sat Feb 10, 2024 7:33 am You and I could BOTH retire on your assets. Tell the boss "thanks but no thanks" and get outta town on a vacation.
Good one
Invest when you have the money, sell when you need the money, for real life expenses...
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Watty
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Re: Need some assurance for my resignation countdown

Post by Watty »

Another thought.

Leaving that job does not mean that you need to retire.

You could just take some time off so that you could spend more time with your kids through the summer then find another job that you actually like next fall if you want to.

You did not say how old your kids are but they may be heading off to college soon so you might not have a lot of time to do things like travel with them.
humblecoder
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Re: Need some assurance for my resignation countdown

Post by humblecoder »

JustHappen wrote: Fri Feb 09, 2024 8:03 pm Hi,
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.

....
You didn't ask a question in your original post, so I can only infer. However, let me help you summon the courage to quit.

Your current manager is the problem. They are absolutely terrible. If that manager reported to me, I'd PIP or fire them.

Their first mistake is not replacing the incompetent employee. A worker who can't pull their weight is a drag on the entire team. I see this as a common mistake in newer mangers. Everyone wants to be the "nice" manager. They don't want to fire people. However, the team knows who is good and who isn't. And when that person is allowed to linger, they become a cancer on the team. You need to cut out the cancer for the rest of the body to live, as painful as that might be in the short term.

The second mistake compounds the first. They now want to take a (presumably) good employee and load them up with the work of the bad one. Then they double down with a passive-aggressive threat about how not taking on this additional work is an "HR level offense".

So rather than dealing with the actual problem employee, they are threatening to fire the employee who is actually good! That is incompetence to the highest order.

Normally, I am a chain of command type of person. However, in this case, I would consider going to over your manager's head to their director. I would explain exactly what is going on. I would also explain that, because of the threat, you are ready to quit. Then the company will lose the good person and be stuck with the bad person, which is the exact opposite of what's in the best interest of the company.

Since you are in a position to retire anyway, I wouldn't worrying about burning bridges. Besides, if the director is worth their salt, they will realize the stupidity of your manager and take action. If they defend the manager, then that will further justify your decision to resign.

Unfortunately, this sort of thing is not uncommon in IT. I have seen many situations where somebody is a good single contributor, so they get promoted to management as if being good technically means that you will be good as a manager. They often do this without any sort of management training or mentoring or other preparation.
DiMAn0684
Posts: 324
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Re: Need some assurance for my resignation countdown

Post by DiMAn0684 »

88Mike wrote: Sat Feb 10, 2024 7:50 am A bit different option here: It's not clear that you really want to retire but the work conditions are pushing you that way. You have F-you money. Dig your heels in and just do the very basic core responsibilities of your job and do them well. Turn down all requests/demands for overtime. Same for extra projects. Make it their problem. Show up 15 or 30 minutes late everyday. Stretch your lunch break. Leave a bit early. Unless this is a real small company you can stretch this out for quite awhile. I would have no problem burning bridges in your situation. Find a younger employee to mentor so you are doing a bit of social good on the way out.
humblecoder wrote: Sat Feb 10, 2024 8:53 am
JustHappen wrote: Fri Feb 09, 2024 8:03 pm Hi,
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.

....
You didn't ask a question in your original post, so I can only infer. However, let me help you summon the courage to quit.

Your current manager is the problem. They are absolutely terrible. If that manager reported to me, I'd PIP or fire them.

Their first mistake is not replacing the incompetent employee. A worker who can't pull their weight is a drag on the entire team. I see this as a common mistake in newer mangers. Everyone wants to be the "nice" manager. They don't want to fire people. However, the team knows who is good and who isn't. And when that person is allowed to linger, they become a cancer on the team. You need to cut out the cancer for the rest of the body to live, as painful as that might be in the short term.

The second mistake compounds the first. They now want to take a (presumably) good employee and load them up with the work of the bad one. Then they double down with a passive-aggressive threat about how not taking on this additional work is an "HR level offense".

So rather than dealing with the actual problem employee, they are threatening to fire the employee who is actually good! That is incompetence to the highest order.

Normally, I am a chain of command type of person. However, in this case, I would consider going to over your manager's head to their director. I would explain exactly what is going on. I would also explain that, because of the threat, you are ready to quit. Then the company will lose the good person and be stuck with the bad person, which is the exact opposite of what's in the best interest of the company.

Since you are in a position to retire anyway, I wouldn't worrying about burning bridges. Besides, if the director is worth their salt, they will realize the stupidity of your manager and take action. If they defend the manager, then that will further justify your decision to resign.

Unfortunately, this sort of thing is not uncommon in IT. I have seen many situations where somebody is a good single contributor, so they get promoted to management as if being good technically means that you will be good as a manager. They often do this without any sort of management training or mentoring or other preparation.
OP has $7+ million net worth, and making $140k. What's the point of trying to 'fix' things here?
stan1
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Re: Need some assurance for my resignation countdown

Post by stan1 »

OP can send a polite, short email to boss(es) stating that they have enjoyed their time at company, but time has come to move on with their termination date as a resignation. If this is what is typically done at their company, these days some companies have websites where people go to fill out a form for a resignation.

There is zero reason to ever burn bridges. No need for OP to cite their grievances or perceptions of mis-management in their resignation letter. I'd encourage OP to leave on as much of a happy note as possible after a long career where it sounds like they accomplished many things. Time for the next chapter in life! No need to elaborate on what that might be.

If management comes back and says "if we offer you a retention bonus will you stay longer" then OP can consider that. Fine to say "thank you, but no I'm really looking forward to the next chapter". OP is in charge, they can be positive and take the high road on this.
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mhc
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Re: Need some assurance for my resignation countdown

Post by mhc »

OP, cut and paste into an email and send it to your manager at the end of the day Monday, then go home and ignore everything from work.

Friday February 23, 2024 will be my last day of employment. I am resigning.

No reason is necessary. You could change resigning to retiring if there is some retiree benefit you may qualify for.

If they ask you to stay, have some extreme number ready. Your salary is $140k. Ask for $250k. Actually, you have so much that $250k would make no real difference. The stress from working is not worth the money. Go enjoy your family and retirement. Feb 28, 2023 was my last day of work. I would say the previous year has been one of the best years of my life.
52% TSM, 23% TISM, 24.5% TBM, 0.5% cash
HomeStretch
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Re: Need some assurance for my resignation countdown

Post by HomeStretch »

If you go the bonus/salary enhancement route:
(1) get it in writing from a company person authorized to make such agreements (not your direct manager). Don’t work longer than the 2 weeks until you have the executed agreement in hand.
(2) make sure it is guaranteed even if they sever you before the agreed-upon end date.
(3) rather than receiving the add-on compensation as a lump sum at the end of the term, ask for it to be paid in each paycheck.

Some companies (not saying yours) are not honorable to deal with so you need to protect yourself in these types of negotiations.
Wannaretireearly
Posts: 4759
Joined: Wed Mar 31, 2010 4:39 pm

Re: Need some assurance for my resignation countdown

Post by Wannaretireearly »

Happy pending retirement friend.
You have plenty of assets.
Enjoy reading die with zero and let us know your thoughts!
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
Dottie57
Posts: 12289
Joined: Thu May 19, 2016 5:43 pm
Location: Earth Northern Hemisphere

Re: Need some assurance for my resignation countdown

Post by Dottie57 »

JustHappen wrote: Fri Feb 09, 2024 8:03 pm Hi,
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
    529: $340K
    HSA: $18K
    Cash Equivalent (I Bonds, T Bill, CD, Cash): $545K
Rentals: Close to $4.4 million worth with gross yearly rent $240K. Net profit at least $120K. No mortgage. (Rentals were bought during housing crisis for total around $1 million.)

Other income:
  • 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?
Total assets (excluding primary residence): 7.4 million with no debt.

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.
I was in tech / software area and feel your pain. It is time to hand in notice. If you are nice give more than 2 weeks notice.
The environment you are in is not good.

I would also sell the properties. Too much money too little return. Also too much exposure to one type of property.
Dottie57
Posts: 12289
Joined: Thu May 19, 2016 5:43 pm
Location: Earth Northern Hemisphere

Re: Need some assurance for my resignation countdown

Post by Dottie57 »

JustHappen wrote: Fri Feb 09, 2024 8:03 pm Hi,
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
    529: $340K
    HSA: $18K
    Cash Equivalent (I Bonds, T Bill, CD, Cash): $545K
Rentals: Close to $4.4 million worth with gross yearly rent $240K. Net profit at least $120K. No mortgage. (Rentals were bought during housing crisis for total around $1 million.)

Other income:
  • 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?
Total assets (excluding primary residence): 7.4 million with no debt.

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.
I was in tech / software area and feel your pain. It is time to hand in notice. If you are nice give more than 2 weeks notice.
The environment you are in is not good.

I would also sell the properties. Too much money too little return. Also too much exposure to one type of property.
EHEngineer
Posts: 1074
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Re: Need some assurance for my resignation countdown

Post by EHEngineer »

JustHappen wrote: Sat Feb 10, 2024 7:07 am I have never taken unemployment benefit. But I feel at this point my happiness is worth more than the unemployment benefit. I would rather resign than endure the humilation of being laid off. To be honest, even though I am still valuable to the company, I feel my skillset is becoming obsolete and I don't have the motivation to learn the latest technology. I would rather spend time doing something else, such as gardening.

Part of the difficulty to discuss this with friends is that they don't know your financial situation. So they always give your suggestion based on their own situation. I am so glad many BH here could relate to my circumstance and offer your valuable advice.
Have you considered telling "upper management" that a) you get your boss' job, or b) you'll submit your resignation?

You don't need the money, but you may want the purpose / work.
Or, you can ... decline to let me, a stranger on the Internet, egg you on to an exercise in time-wasting, and you could say "I'm probably OK and I don't care about it that much." -Nisiprius
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Beensabu
Posts: 5540
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Re: Need some assurance for my resignation countdown

Post by Beensabu »

DiMAn0684 wrote: Sat Feb 10, 2024 9:33 am OP has $7+ million net worth, and making $140k. What's the point of trying to 'fix' things here?
It would be a service to the next person in line for the extra workload, if they felt like trying. That's about it.
"The only thing that makes life possible is permanent, intolerable uncertainty; not knowing what comes next." ~Ursula LeGuin
4nursebee
Posts: 2577
Joined: Sun Apr 01, 2012 7:56 am
Location: US

Re: Need some assurance for my resignation countdown

Post by 4nursebee »

JustHappen wrote: Fri Feb 09, 2024 8:03 pm Hi,
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
    529: $340K
    HSA: $18K
    Cash Equivalent (I Bonds, T Bill, CD, Cash): $545K
Rentals: Close to $4.4 million worth with gross yearly rent $240K. Net profit at least $120K. No mortgage. (Rentals were bought during housing crisis for total around $1 million.)

Other income:
  • 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?
Total assets (excluding primary residence): 7.4 million with no debt.

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.
1. Stop having conversations with management if they make you unhappy.
2. I read you are earning 3% on rental value? Get out of the friend business and sell those homes!
Pale Blue Dot
Topic Author
JustHappen
Posts: 211
Joined: Wed Oct 11, 2017 12:02 pm

Re: Need some assurance for my resignation countdown

Post by JustHappen »

I think I now reach a point that I don't want to work there no matter how much they pay me. I was told by the manager that the director may want to talk to me on Thursday. I think I will still try to explain my point of view. I told the manager I don't want to work on the co-worker's workload. But he twisted my words and told the director I refused to work with the co-worker. To be fair, I don't enjoy working with her either. But at least on paper that was not what I said. The manager said it will be very difficult to fire this incompetent co-worker. But what I said is a big deal and deserves a HR warning or even getting fired because it sounds like I don't want to be a team member.
Last edited by JustHappen on Wed Feb 14, 2024 11:34 am, edited 2 times in total.
grkmec
Posts: 251
Joined: Wed Jun 22, 2016 8:46 am

Re: Need some assurance for my resignation countdown

Post by grkmec »

Sell the rentals as they have less than a 3% cap rate. Sounds like you should quit Monday… why wait until Friday ?
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mhc
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Re: Need some assurance for my resignation countdown

Post by mhc »

Resign and say as little as possible. Say only positive things or nothing at all. You have no obligation to explain yourself.

If you must say something, say you are leaving to take care of your family. Move on from the company and don't look back.
52% TSM, 23% TISM, 24.5% TBM, 0.5% cash
HomeStretch
Posts: 11163
Joined: Thu Dec 27, 2018 2:06 pm

Re: Need some assurance for my resignation countdown

Post by HomeStretch »

You have enough to retire. So this is not really a financial decision. You need to decide what you want to do and make it happen.

If you don’t want to work there anymore, give your two-week notice on Monday and retire. Enjoy your time gardening and with your teenage children before they fly the nest.

If you do want to work there longer, talk with the director and explain your words were misrepresented and tell them what it would take for you to stay.
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Watty
Posts: 28680
Joined: Wed Oct 10, 2007 3:55 pm

Re: Need some assurance for my resignation countdown

Post by Watty »

JustHappen wrote: Sat Feb 10, 2024 2:28 pm I think I now reach a point that I don't want to work there no matter how much they pay me. I was told by the manager that the director may want to talk to me on Thursday. I think I will still try to explain my point of view. I told the manager I don't want to work on the co-worker's workload. But he twisted my words and told the director I refused to work with the co-worker.
Your manager is trying to throw you under the bus and make it look like all the problems are due to you.

I would be walking into the director's office Monday morning without an appointment to tell them your side of your story and to give your two weeks notice directly to the director instead of your manager.
bd7
Posts: 553
Joined: Thu Jul 28, 2022 4:31 pm

Re: Need some assurance for my resignation countdown

Post by bd7 »

I don't think you need to be in a hurry to do anything. Bogleheads seem to always jump on landlords for not getting enough return, but you've clearly won at the property game. If you have good tenants, being a landlord isn't all that bad. I was one and had bad tenants....that's a nightmare.

Since you've won the game overall and can walk anytime you want, why not just nicely tell your manager that you're considering retiring or moving on in the near future. No need for confrontations, criticisms or demands and such. This is probably a very stressful time for everyone in the organization. Whatever reaction you get you can deal with--from firing you on the spot to doubling your salary, you're bulletproof.

With the rentals, if you have genuinely good long term tenants, you don't need to have a fire sale. Those long term tenants are people that have been part of making your financial plan work. Perhaps just rotate out of the properties one at a time if and when tenants vacate--this will make your cap gains a bit less painful. Yes, your cash flow is low against current market value, but it's pretty good based on your original investment. That's just the way things work when house prices increase rapidly--rent doesn't follow right away.

Good luck and congratulations!
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Beensabu
Posts: 5540
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Re: Need some assurance for my resignation countdown

Post by Beensabu »

JustHappen wrote: Sat Feb 10, 2024 2:28 pm I told the manager I had written similar things to the CFO before and apparently no consequence. He said the CFO's words do not fly any more. He implies more than once that I was still here because he said lots of good things about me to the director and CIO. Every time he says that, I don't know what to say. In our company, CIO reports to CFO.
Your manager is clearly a lying idiot that is trying to manipulate you because they have no clue of your financial situation. The sad thing is, they will also pull this with people who are not financially independent and likely succeed in more cases than not.

Obviously, you do not need this job or any other job and leaving is no brainer.

At this point, if you're feeling kindly inclined towards the competent members of your team, I would do everything I could to bring the toxic manager to the attention of upper management on your way out.
"The only thing that makes life possible is permanent, intolerable uncertainty; not knowing what comes next." ~Ursula LeGuin
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