Overcoming the fear of an early retirement

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jjunk
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Overcoming the fear of an early retirement

Post by jjunk »

I'm wondering how others who are considering retiring are handling the current environment. My situation is that I'm in my late 40's and we mathematically have enough to retire early. I say mathematically because if I were to use my current net worth, I'd be at ~3.4%SWR while living my "best life" from a monthly expenses perspective. We've built in a decent amount of wiggle room and discretionary spending that we can cut out, so I feel like we're in a pretty good situation.

I really dont enjoy my job any longer. It's causing me a ton of stress and I'm starting to see that stress manifest itself via various health problems that are more than just me turning older. However, I make a great living, live in an amazing city that I love and have wonderful health insurance. I dont think (given my age and skills) that I'd be easily employable anywhere near the wage/benefits I make today. I've tried finding another job within my company but it's slim pickings with COVID and ongoing hiring freezes.

So while I feel like I could retire and I'd like to retire, I cant bring myself to pull the trigger. Without getting into politics, between the election, COVID, the outlying economic pressures that continue to build due to the pandemic, etc etc, it seems like I'd be retiring at the exact worse time with a higher than normal chance of poor sequence of return risk. So, I feel stuck between a job I'm pretty sure is killing me and the fear that I cant mess this thing up by dropping out of the rat race early.

Does anyone else who is considering retiring in 2020/2021 feel this way? If so, how are you approaching it?
KlangFool
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Re: Overcoming the fear of an early retirement

Post by KlangFool »

OP,

If you can afford to lose your job now, why can't you make your current job more enjoyable? Start saying no to stuff that you do not like to do. Or, do less or slow down the delivery of the stuff that you do not like. Do more of the stuff that you like. You can re-invent your job if you do not need your job.

Heaven is within you. Hell is within you too.
- Buddha

In many cases, you are the source of your own suffering.

KlangFool
Last edited by KlangFool on Mon Aug 03, 2020 3:54 pm, edited 1 time in total.
livesoft
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Re: Overcoming the fear of an early retirement

Post by livesoft »

I only see good news on the horizon, so I do not understand your fears. Or in other words, things will not get worse before they get better --- at least for retireees.
Last edited by livesoft on Mon Aug 03, 2020 3:54 pm, edited 1 time in total.
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Re: Overcoming the fear of an early retirement

Post by sailaway »

Sounds like you need something to retire to.
DoctorWu
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Re: Overcoming the fear of an early retirement

Post by DoctorWu »

Could you cut down to four days a week and keep your health insurance? How will you fill your hours/days in retirement for the next forty years?
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Re: Overcoming the fear of an early retirement

Post by surfstar »

You can retire and you want to retire. Do it.

Why wait in a world of uncertainties? You could get COVID and die or have lifelong decreased lung function or something. [Expletive removed by admin LadyGeek] are you waiting for?
Mr.BB
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Re: Overcoming the fear of an early retirement

Post by Mr.BB »

KlangFool wrote: Mon Aug 03, 2020 3:52 pm OP,

If you can afford to lose your job now, why can't you make your current job more enjoyable? Start saying no to stuff that you do not like to do. Or, do less or slow down the delivery of the stuff that you do not like. Do more of the stuff that you like. You can re-invent your job if you do not need your job.

Heaven is within you. Hell is within you too.
- Buddha

In many cases, you are the source of your own suffering.

KlangFool
+1
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Wricha
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Re: Overcoming the fear of an early retirement

Post by Wricha »

I vote for retirement also. But with Covid and hiring freezes could you negotiate (making yourself less agreeable) a deal, where you will leave with some kind of severance?
staustin
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Re: Overcoming the fear of an early retirement

Post by staustin »

I'm in a similar situation. early 50's. I'm a highly compensated manager who has suffered mentally and physically the last two years. The golden handcuffs are very real and very difficult to escape. I had guilt for quite awhile thinking I was letting my family down if i 'left money on the table'. But, the situation has become such that I have no choice but to leave. To do otherwise, would risk my marriage and long term health.. So, after talking at length with the DW, i've set an exit target. I feel better now having an end date in mind. Your situation sounds similar. If your work is truly toxic, I encourage you to do the same. Summon the courage to go in a different direction.
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Re: Overcoming the fear of an early retirement

Post by jjunk »

KlangFool wrote: Mon Aug 03, 2020 3:52 pm OP,

If you can afford to lose your job now, why can't you make your current job more enjoyable? Start saying no to stuff that you do not like to do. Or, do less or slow down the delivery of the stuff that you do not like. Do more of the stuff that you like. You can re-invent your job if you do not need your job.

Heaven is within you. Hell is within you too.
- Buddha

In many cases, you are the source of your own suffering.

KlangFool
Thanks for the advice. I've been reading tons and tons of books on mindfulness and trying to come to grips with living in the now and making things more enjoyable. My current team is woefully understaffed so while I could say "no", its still going to end up on my plate. I also have a personality where I have a strong sense of ownership and its very hard to let things drop. All this to say, I'd love to find a way to adopt this mindset as I do think it would help me a bunch. I just havent figured out how to yet.
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jjunk
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Re: Overcoming the fear of an early retirement

Post by jjunk »

Wricha wrote: Mon Aug 03, 2020 4:04 pm I vote for retirement also. But with Covid and hiring freezes could you negotiate (making yourself less agreeable) a deal, where you will leave with some kind of severance?
Unfortunately no. If I could get severance, I'd be gone in a second as my earned severance at this point in my career would be enough to alleviate the fears I have atm.
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Re: Overcoming the fear of an early retirement

Post by Bronko »

“Best life” at 3.4% SWR with wiggle room?

Health declining due to work?

Read your post again and honestly answer it. You know what to do. Fear of the unknown is real.

Life is more than answering to managers and paying bills.
Never let a little bit of money get in the way of a real good time.
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jjunk
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Re: Overcoming the fear of an early retirement

Post by jjunk »

staustin wrote: Mon Aug 03, 2020 4:07 pm I'm in a similar situation. early 50's. I'm a highly compensated manager who has suffered mentally and physically the last two years. The golden handcuffs are very real and very difficult to escape. I had guilt for quite awhile thinking I was letting my family down if i 'left money on the table'. But, the situation has become such that I have no choice but to leave. To do otherwise, would risk my marriage and long term health.. So, after talking at length with the DW, i've set an exit target. I feel better now having an end date in mind. Your situation sounds similar. If your work is truly toxic, I encourage you to do the same. Summon the courage to go in a different direction.
Thanks for sharing your experience, definitely sounds very close to mine. I too have golden handcuffs in the form of unvested stock thats worth a pretty penny right now, but it vests only 20%/yr. My wife is supportive of me retiring, I just cant summon the gumption to do so. Good luck on your exit plan though, I hope things improve for you.
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Re: Overcoming the fear of an early retirement

Post by jjunk »

DoctorWu wrote: Mon Aug 03, 2020 3:56 pm Could you cut down to four days a week and keep your health insurance? How will you fill your hours/days in retirement for the next forty years?
I've been working with my manager on something like this. If I could do that, it might help. As for how I'd spend my new found 60-80hrs/wk? I have no idea. I'd likely spend a lot of time reading and maybe go back to school to work on a degree in physics (something I always wanted to do).
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Re: Overcoming the fear of an early retirement

Post by sycamore »

jjunk,

Your options aren't just to retire or keep working. Another options is to take time off from work, maybe a year. Start/keep exercising, enjoy nature, do some volunteer work, etc. Get accustomed to the idea of not having work responsibilities. And get used to spending down a portfolio instead of building it up!
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Re: Overcoming the fear of an early retirement

Post by SnowBog »

jjunk wrote: Mon Aug 03, 2020 4:09 pm My current team is woefully understaffed so while I could say "no", its still going to end up on my plate. I also have a personality where I have a strong sense of ownership and its very hard to let things drop. All this to say, I'd love to find a way to adopt this mindset as I do think it would help me a bunch. I just havent figured out how to yet.
Think of saying "no" as helping to get the team ready for when you aren't there to say "yes".

If you retire, they will have no option but to figure it out. And good or bad, the world moves on, your team will survive, etc.

Transition your "ownership" to getting the team ready to no longer need you anymore. That might give you more satisfaction, and a different focus. Or you might realize that it doesn't matter to you, and make the retirement decision that much easier.
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Re: Overcoming the fear of an early retirement

Post by RomeoMustDie »

Work for a non-profit. Sitting around all day is boring. Corona taught me that.
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Re: Overcoming the fear of an early retirement

Post by Normchad »

OP, I think you and I are in a very similar situation.

My biggest hang up is health care coverage. So for now, I’m just going to keep going until the future if the ACA is settled one way or another.
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Re: Overcoming the fear of an early retirement

Post by KlangFool »

jjunk wrote: Mon Aug 03, 2020 4:09 pm
KlangFool wrote: Mon Aug 03, 2020 3:52 pm OP,

If you can afford to lose your job now, why can't you make your current job more enjoyable? Start saying no to stuff that you do not like to do. Or, do less or slow down the delivery of the stuff that you do not like. Do more of the stuff that you like. You can re-invent your job if you do not need your job.

Heaven is within you. Hell is within you too.
- Buddha

In many cases, you are the source of your own suffering.

KlangFool
Thanks for the advice. I've been reading tons and tons of books on mindfulness and trying to come to grips with living in the now and making things more enjoyable. My current team is woefully understaffed so while I could say "no", its still going to end up on my plate. I also have a personality where I have a strong sense of ownership and its very hard to let things drop. All this to say, I'd love to find a way to adopt this mindset as I do think it would help me a bunch. I just havent figured out how to yet.
jjunk,

You do not own the company. So, why is this a problem? If you cannot say no for your team, then, you are the problem.

<<I also have a personality where I have a strong sense of ownership and its very hard to let things drop.>>

How does this helps your employer? You are sticking your finger into a leaking dam. Instead of informing someone about the leak, your finger is going to cause the ultimate collapse of the dam.

Your help is not helping. You are prolonging the understaffing and causing the ultimate collapse. The management needs to repriotize the workload or face the consequences.

<<I just havent figured out how to yet.>>

It is very simple. It is not your job to solve the understaffing problem. It is your job to deliver quality output with your current resources and say no to everything else. If YOU (aka the one that do not need a job) cannot stand up for your team, no one else can. Then, you deserve to be overworked.

YOU are the source of your problem.

KlangFool
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Re: Overcoming the fear of an early retirement

Post by David Jay »

staustin wrote: Mon Aug 03, 2020 4:07 pmSo, after talking at length with the DW, i've set an exit target. I feel better now having an end date in mind. Your situation sounds similar. If your work is truly toxic, I encourage you to do the same. Summon the courage to go in a different direction.
This is something for jjunk should consider. Set a firm date, say 2 years out. It really does feel better.

Due to an age 62 golden handcuff, I knew about 18 months in advance that I would retire on my 62nd birthday. So much of the office pressure just rolled off my back after we made that decision.

I didn’t burn any bridges or anything, I just told my boss when the project would be completed. When they pushed me for an earlier date, I would ask them which other projects I could drop in order to dedicate more time to their urgent request. Always polite, but never let myself be manipulated.
Prediction is very difficult, especially about the future - Niels Bohr | To get the "risk premium", you really do have to take the risk - nisiprius
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Re: Overcoming the fear of an early retirement

Post by jjunk »

Normchad wrote: Mon Aug 03, 2020 4:23 pm OP, I think you and I are in a very similar situation.

My biggest hang up is health care coverage. So for now, I’m just going to keep going until the future if the ACA is settled one way or another.
Healthcare is definitely a big consideration. When I listed the election as one potential fear point, the ACA is front and center of that concern. My wife is made of titanium as far as I can tell, I'm starting to think I'm made of glass by comparison. So having healthcare is definitely something top of mind.
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Re: Overcoming the fear of an early retirement

Post by jjunk »

KlangFool wrote: Mon Aug 03, 2020 4:23 pm
jjunk wrote: Mon Aug 03, 2020 4:09 pm
KlangFool wrote: Mon Aug 03, 2020 3:52 pm OP,

If you can afford to lose your job now, why can't you make your current job more enjoyable? Start saying no to stuff that you do not like to do. Or, do less or slow down the delivery of the stuff that you do not like. Do more of the stuff that you like. You can re-invent your job if you do not need your job.

Heaven is within you. Hell is within you too.
- Buddha

In many cases, you are the source of your own suffering.

KlangFool
Thanks for the advice. I've been reading tons and tons of books on mindfulness and trying to come to grips with living in the now and making things more enjoyable. My current team is woefully understaffed so while I could say "no", its still going to end up on my plate. I also have a personality where I have a strong sense of ownership and its very hard to let things drop. All this to say, I'd love to find a way to adopt this mindset as I do think it would help me a bunch. I just havent figured out how to yet.
jjunk,

You do not own the company. So, why is this a problem? If you cannot say no for your team, then, you are the problem.

<<I also have a personality where I have a strong sense of ownership and its very hard to let things drop.>>

How does this helps your employer? You are sticking your finger into a leaking dam. Instead of informing someone about the leak, your finger is going to cause the ultimate collapse of the dam.

Your help is not helping. You are prolonging the understaffing and causing the ultimate collapse. The management needs to repriotize the workload or face the consequences.

<<I just havent figured out how to yet.>>

It is very simple. It is not your job to solve the understaffing problem. It is your job to deliver quality output with your current resources and say no to everything else. If YOU (aka the one that do not need a job) cannot stand up for your team, no one else can. Then, you deserve to be overworked.

YOU are the source of your problem.

KlangFool
Holy crap this is dead on and I dont know how I didnt see it this way before. Thanks for putting this perspective into words that I could actually ingest and take to heart. Seriously, thank you.
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Re: Overcoming the fear of an early retirement

Post by flyingaway »

KlangFool wrote: Mon Aug 03, 2020 3:52 pm OP,

If you can afford to lose your job now, why can't you make your current job more enjoyable? Start saying no to stuff that you do not like to do. Or, do less or slow down the delivery of the stuff that you do not like. Do more of the stuff that you like. You can re-invent your job if you do not need your job.

Heaven is within you. Hell is within you too.
- Buddha

In many cases, you are the source of your own suffering.

KlangFool
I like this. I said no to my boss early this year for a "promotion" with 11% raise in salary.
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Re: Overcoming the fear of an early retirement

Post by Watty »

jjunk wrote: Mon Aug 03, 2020 3:49 pm I'd be at ~3.4%SWR while living my "best life" from a monthly expenses perspective.
You will eventually also get on Medicare and Social Security so your spending percentage will decrease a lot when you are getting both of those.
jjunk wrote: Mon Aug 03, 2020 3:49 pm If so, how are you approaching it?
My situation is a lot different and I retired five years ago but between some iBonds, a small pension with a lump sum option, and some money I moved to cash last year I stumbled into sort of a liability matching portfolio that should make it pretty safe for me to get to the point where I am getting Medicare and Social Security. You might want to look at your plan as a liability matching portfolio instead of the SWR.

TIPS work best in retirement accounts because of the tax issues but one thing you might consider doing is to make a 10 to 15 year ladder of individual TIPS in a retirement account where enough will mature each year to cover your expenses. You mentioned a 3.4 SWR but the interest and dividends of the rest of your portoflio would reliably generate at least 1% so that your TIPS would only need to cover the other 2.4%. At 2.4% per year you would only need 36% of your portfolio to make a 15 year TIPS ladder which take you into your early to mid 60s.

A great thing about that is that the TIPS would still count as part of your normal bond asset allocation. That could allow you to have a pretty conventional overall portfolio except that a lot of your bonds would be in TIPS.
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Re: Overcoming the fear of an early retirement

Post by cashboy »

KlangFool wrote: Mon Aug 03, 2020 3:52 pm OP,

If you can afford to lose your job now, why can't you make your current job more enjoyable? Start saying no to stuff that you do not like to do. Or, do less or slow down the delivery of the stuff that you do not like. Do more of the stuff that you like. You can re-invent your job if you do not need your job.
this above
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Re: Overcoming the fear of an early retirement

Post by eldinerocheapo »

Have you considered taking a sabbatical, and if so, would your company support this? You sound burned out and maybe some extended time off would give you some perspective. I retired at 62 earlier this year and am pursuing p/t and volunteer work on top of fishing, tennis and golf several days a week. An active mind needs a lot of stimulation. Mine does, and I'm guessing you do too. Take some time off, and consider your options as each one has a huge impact on your life.
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Re: Overcoming the fear of an early retirement

Post by retired@50 »

jjunk wrote: Mon Aug 03, 2020 3:49 pm I really dont enjoy my job any longer. It's causing me a ton of stress and I'm starting to see that stress manifest itself via various health problems that are more than just me turning older.
I also have a personality where I have a strong sense of ownership and its very hard to let things drop.
You're letting things drop, but not at work. You're letting your health drop.

Time to re-prioritize why you exist.

You have many roles in life. Father to your children. Husband to your wife. Child to your parents. Brother to your siblings. Friend to your friends. None of these involve work.

Regards,
This is one person's opinion. Nothing more.
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Re: Overcoming the fear of an early retirement

Post by sailaway »

retired@50 wrote: Mon Aug 03, 2020 5:11 pm
jjunk wrote: Mon Aug 03, 2020 3:49 pm I really dont enjoy my job any longer. It's causing me a ton of stress and I'm starting to see that stress manifest itself via various health problems that are more than just me turning older.
I also have a personality where I have a strong sense of ownership and its very hard to let things drop.
You're letting things drop, but not at work. You're letting your health drop.

Time to re-prioritize why you exist.

You have many roles in life. Father to your children. Husband to your wife. Child to your parents. Brother to your siblings. Friend to your friends. None of these involve work.

Regards,
The number of times we have had a variation on the following conversation:

Spouse: I don't want to let anyone down.
Me: You don't seem to have a problem with letting me down.

Workaholics need to recognize what they are actually doing and how it affects their health as well as their relationships.
KlangFool
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Re: Overcoming the fear of an early retirement

Post by KlangFool »

jjunk wrote: Mon Aug 03, 2020 4:30 pm
Holy crap this is dead on and I dont know how I didnt see it this way before. Thanks for putting this perspective into words that I could actually ingest and take to heart. Seriously, thank you.
jjunk,

During the Telecom bust, my division suffered quarterly 5% to 8% laid off over the 5 1/2 years. In spite of all that, we doubled and tripled our revenue and profit with the reduced resources. As a reward of our contribution, the whole division was shut down and outsourced to India.

KlangFool
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Re: Overcoming the fear of an early retirement

Post by random_walker_77 »

Ask for a 6-12 month unpaid sabbatical to better support your family during these times. If you have RSUs vesting and are really lucky not unlucky, they'll keep vesting during a LoA. So if RSUs figure prominently in your comp, an unpaid LoA can be quite attractive -- just don't talk about it!!!

Ask to cut back to part-time. Covid is a great cover for asking to cut back.

Just stop working as hard -- "rest and vest"

Go do something different. Look for work in a different company or different department.

Most importantly, figure out what's most important to you and prioritize that. And if you have time, develop those hobbies and alternate interests that you might want to pursue more vigorously after you stop working.

**edit, apparently vesting during unpaid LoA is more the rule rather than the exception:
https://www.naspp.com/Blog/June-2017/Sa ... for-Leaves
https://www.mystockoptions.com/content/ ... sabbatical
Last edited by random_walker_77 on Mon Aug 03, 2020 5:29 pm, edited 1 time in total.
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Re: Overcoming the fear of an early retirement

Post by jjunk »

eldinerocheapo wrote: Mon Aug 03, 2020 4:54 pm Have you considered taking a sabbatical, and if so, would your company support this? You sound burned out and maybe some extended time off would give you some perspective. I retired at 62 earlier this year and am pursuing p/t and volunteer work on top of fishing, tennis and golf several days a week. An active mind needs a lot of stimulation. Mine does, and I'm guessing you do too. Take some time off, and consider your options as each one has a huge impact on your life.
At my company, you need to be a certain level to take a sabbatical. Unfortunately, I'm one level under that requirement. I will get a mini-sabbatical of sorts as I need a hip replacement which will put me out for quite a bit (doc is writing me out for 12wks). That might help clear my mind up somewhat.
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Re: Overcoming the fear of an early retirement

Post by Elysium »

jjunk wrote: Mon Aug 03, 2020 4:16 pm As for how I'd spend my new found 60-80hrs/wk? I have no idea. I'd likely spend a lot of time reading and maybe go back to school to work on a degree in physics (something I always wanted to do).
That's easy. Start spending your free time right here at Bogleheads discussing topics such as "Small Cap Value premium does it exist or not", "Intl diversification is it necessary", "Should everyone own TIPS", "Why should everyone not own Gold as a hedge", "TSM vs tilting final definitive thread", so on.. you will not know time fly by, and you will do lots of research and reading to prepare for your posts, your post counts will skyrocket, you will be a BH hall of fame poster, the possibilities are endless. That, or you can pursue the things you may have always wanted outside of work.
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Re: Overcoming the fear of an early retirement

Post by jjunk »

sailaway wrote: Mon Aug 03, 2020 5:15 pm
retired@50 wrote: Mon Aug 03, 2020 5:11 pm
jjunk wrote: Mon Aug 03, 2020 3:49 pm I really dont enjoy my job any longer. It's causing me a ton of stress and I'm starting to see that stress manifest itself via various health problems that are more than just me turning older.
I also have a personality where I have a strong sense of ownership and its very hard to let things drop.
You're letting things drop, but not at work. You're letting your health drop.

Time to re-prioritize why you exist.

You have many roles in life. Father to your children. Husband to your wife. Child to your parents. Brother to your siblings. Friend to your friends. None of these involve work.

Regards,
The number of times we have had a variation on the following conversation:

Spouse: I don't want to let anyone down.
Me: You don't seem to have a problem with letting me down.

Workaholics need to recognize what they are actually doing and how it affects their health as well as their relationships.
Both really great and smart perspectives, thank you for sharing them.
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Re: Overcoming the fear of an early retirement

Post by FoolMeOnce »

staustin wrote: Mon Aug 03, 2020 4:07 pm I'm in a similar situation. early 50's. I'm a highly compensated manager who has suffered mentally and physically the last two years. The golden handcuffs are very real and very difficult to escape. I had guilt for quite awhile thinking I was letting my family down if i 'left money on the table'. But, the situation has become such that I have no choice but to leave. To do otherwise, would risk my marriage and long term health.. So, after talking at length with the DW, i've set an exit target. I feel better now having an end date in mind. Your situation sounds similar. If your work is truly toxic, I encourage you to do the same. Summon the courage to go in a different direction.
The alternative is leaving time on the table. Good for you for talking with your family and finding a solution.
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Re: Overcoming the fear of an early retirement

Post by random_walker_77 »

jjunk wrote: Mon Aug 03, 2020 5:28 pm
eldinerocheapo wrote: Mon Aug 03, 2020 4:54 pm Have you considered taking a sabbatical, and if so, would your company support this? You sound burned out and maybe some extended time off would give you some perspective. I retired at 62 earlier this year and am pursuing p/t and volunteer work on top of fishing, tennis and golf several days a week. An active mind needs a lot of stimulation. Mine does, and I'm guessing you do too. Take some time off, and consider your options as each one has a huge impact on your life.
At my company, you need to be a certain level to take a sabbatical. Unfortunately, I'm one level under that requirement. I will get a mini-sabbatical of sorts as I need a hip replacement which will put me out for quite a bit (doc is writing me out for 12wks). That might help clear my mind up somewhat.
Is that sabbatical paid or unpaid? Even if not typical per policy, if you're valued, you might be able to talk them into allowing a 6-12 month unpaid leave of absence. Perhaps tack it onto the medical leave, explaining that you want the extra time as a pseudo-sabbatical to get back to 100%.
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jjunk
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Re: Overcoming the fear of an early retirement

Post by jjunk »

random_walker_77 wrote: Mon Aug 03, 2020 5:33 pm
jjunk wrote: Mon Aug 03, 2020 5:28 pm
eldinerocheapo wrote: Mon Aug 03, 2020 4:54 pm Have you considered taking a sabbatical, and if so, would your company support this? You sound burned out and maybe some extended time off would give you some perspective. I retired at 62 earlier this year and am pursuing p/t and volunteer work on top of fishing, tennis and golf several days a week. An active mind needs a lot of stimulation. Mine does, and I'm guessing you do too. Take some time off, and consider your options as each one has a huge impact on your life.
At my company, you need to be a certain level to take a sabbatical. Unfortunately, I'm one level under that requirement. I will get a mini-sabbatical of sorts as I need a hip replacement which will put me out for quite a bit (doc is writing me out for 12wks). That might help clear my mind up somewhat.
Is that sabbatical paid or unpaid? Even if not typical per policy, if you're valued, you might be able to talk them into allowing a 6-12 month unpaid leave of absence. Perhaps tack it onto the medical leave, explaining that you want the extra time as a pseudo-sabbatical to get back to 100%.
We have a paid 3mo sabbatical for folks of a certain level. I can probably extend my short term disability after surgery to include my vacation time. We can carry over a years vacation so I usually have between 5-10wks of vacation a year depending on how much I've used the year before.
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Re: Overcoming the fear of an early retirement

Post by KlangFool »

jjunk wrote: Mon Aug 03, 2020 5:28 pm
eldinerocheapo wrote: Mon Aug 03, 2020 4:54 pm Have you considered taking a sabbatical, and if so, would your company support this? You sound burned out and maybe some extended time off would give you some perspective. I retired at 62 earlier this year and am pursuing p/t and volunteer work on top of fishing, tennis and golf several days a week. An active mind needs a lot of stimulation. Mine does, and I'm guessing you do too. Take some time off, and consider your options as each one has a huge impact on your life.
At my company, you need to be a certain level to take a sabbatical. Unfortunately, I'm one level under that requirement. I will get a mini-sabbatical of sorts as I need a hip replacement which will put me out for quite a bit (doc is writing me out for 12wks). That might help clear my mind up somewhat.
jjunk,

But, you can take a one week vacation. It is a good way to make sure others can take over your work.

KlangFool
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Re: Overcoming the fear of an early retirement

Post by rockAction »

I was in your situation a year ago. Mid-40s with "enough" to retire on, but just wasn't sure whether I should stick it out a while longer in order to make certain it would work financially and that I wasn't leaving money on the table.

I decided to retire, and don't regret it one bit. I took a part-time job that I love to at least have some money coming in to pay for vacations and other extra things. My health insurance premiums through ACA were cut way down (no guarantee that will last, though). My health is now excellent. I'm stress free, working out every day, and spending a ton of time with my family, reading, watching movies, etc, and loving every minute of it! I also have a lot of time to read financial books and also spend a good amount of time on this site.

Just figured I'd share my experience and two cents.
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Re: Overcoming the fear of an early retirement

Post by KlangFool »

OP,

It is very simple.

If you won't take care of your health, no one else will. And, if your health suffered, no one else is going to take care of your family. Your employer will not take care of your family.

Just say no for the sake of yourself and your family.

KlangFool
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Re: Overcoming the fear of an early retirement

Post by jjunk »

KlangFool wrote: Mon Aug 03, 2020 5:49 pm OP,

It is very simple.

If you won't take care of your health, no one else will. And, if your health suffered, no one else is going to take care of your family. Your employer will not take care of your family.

Just say no for the sake of yourself and your family.

KlangFool
Just wanted to tell you, my wife thanks you. All of your advice to this point she's apparently been giving me for the last several months and I havent heard it. For some reason, hearing it from an outside source made it sink in more. For that, we both thank you.
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Re: Overcoming the fear of an early retirement

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rockAction wrote: Mon Aug 03, 2020 5:49 pm I was in your situation a year ago. Mid-40s with "enough" to retire on, but just wasn't sure whether I should stick it out a while longer in order to make certain it would work financially and that I wasn't leaving money on the table.

I decided to retire, and don't regret it one bit. I took a part-time job that I love to at least have some money coming in to pay for vacations and other extra things. My health insurance premiums through ACA were cut way down (no guarantee that will last, though). My health is now excellent. I'm stress free, working out every day, and spending a ton of time with my family, reading, watching movies, etc, and loving every minute of it! I also have a lot of time to read financial books and also spend a good amount of time on this site.

Just figured I'd share my experience and two cents.
Glad to hear this. I've still never seen someone who regretted retiring so far. I cant get out of my own way it seems. My wife and I both grew up poor and expected to work well into our 60s-70s but are now in this crazy fortunate space to even consider retiring early. In many ways, it feels bad to "give up" something we never expected to have. Almost like I'm being ungrateful for my own success. It doesnt make any sense, I know, but thats how it feels sometimes.
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Re: Overcoming the fear of an early retirement

Post by sailaway »

jjunk wrote: Mon Aug 03, 2020 5:55 pm
rockAction wrote: Mon Aug 03, 2020 5:49 pm I was in your situation a year ago. Mid-40s with "enough" to retire on, but just wasn't sure whether I should stick it out a while longer in order to make certain it would work financially and that I wasn't leaving money on the table.

I decided to retire, and don't regret it one bit. I took a part-time job that I love to at least have some money coming in to pay for vacations and other extra things. My health insurance premiums through ACA were cut way down (no guarantee that will last, though). My health is now excellent. I'm stress free, working out every day, and spending a ton of time with my family, reading, watching movies, etc, and loving every minute of it! I also have a lot of time to read financial books and also spend a good amount of time on this site.

Just figured I'd share my experience and two cents.
Glad to hear this. I've still never seen someone who regretted retiring so far. I cant get out of my own way it seems. My wife and I both grew up poor and expected to work well into our 60s-70s but are now in this crazy fortunate space to even consider retiring early. In many ways, it feels bad to "give up" something we never expected to have. Almost like I'm being ungrateful for my own success. It doesnt make any sense, I know, but thats how it feels sometimes.
From a logical stand point, endangering your health when you could afford to retire is what is really being ungrateful for your own success.
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Re: Overcoming the fear of an early retirement

Post by sailaway »

jjunk wrote: Mon Aug 03, 2020 5:55 pm
rockAction wrote: Mon Aug 03, 2020 5:49 pm I was in your situation a year ago. Mid-40s with "enough" to retire on, but just wasn't sure whether I should stick it out a while longer in order to make certain it would work financially and that I wasn't leaving money on the table.

I decided to retire, and don't regret it one bit. I took a part-time job that I love to at least have some money coming in to pay for vacations and other extra things. My health insurance premiums through ACA were cut way down (no guarantee that will last, though). My health is now excellent. I'm stress free, working out every day, and spending a ton of time with my family, reading, watching movies, etc, and loving every minute of it! I also have a lot of time to read financial books and also spend a good amount of time on this site.

Just figured I'd share my experience and two cents.
Glad to hear this. I've still never seen someone who regretted retiring so far. I cant get out of my own way it seems. My wife and I both grew up poor and expected to work well into our 60s-70s but are now in this crazy fortunate space to even consider retiring early. In many ways, it feels bad to "give up" something we never expected to have. Almost like I'm being ungrateful for my own success. It doesnt make any sense, I know, but thats how it feels sometimes.
From a logical stand point, endangering your health when you could afford to retire is what is really being ungrateful for your own success.
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Re: Overcoming the fear of an early retirement

Post by jjunk »

sailaway wrote: Mon Aug 03, 2020 5:57 pm
jjunk wrote: Mon Aug 03, 2020 5:55 pm
rockAction wrote: Mon Aug 03, 2020 5:49 pm I was in your situation a year ago. Mid-40s with "enough" to retire on, but just wasn't sure whether I should stick it out a while longer in order to make certain it would work financially and that I wasn't leaving money on the table.

I decided to retire, and don't regret it one bit. I took a part-time job that I love to at least have some money coming in to pay for vacations and other extra things. My health insurance premiums through ACA were cut way down (no guarantee that will last, though). My health is now excellent. I'm stress free, working out every day, and spending a ton of time with my family, reading, watching movies, etc, and loving every minute of it! I also have a lot of time to read financial books and also spend a good amount of time on this site.

Just figured I'd share my experience and two cents.
Glad to hear this. I've still never seen someone who regretted retiring so far. I cant get out of my own way it seems. My wife and I both grew up poor and expected to work well into our 60s-70s but are now in this crazy fortunate space to even consider retiring early. In many ways, it feels bad to "give up" something we never expected to have. Almost like I'm being ungrateful for my own success. It doesnt make any sense, I know, but thats how it feels sometimes.
From a logical stand point, endangering your health when you could afford to retire is what is really being ungrateful for your own success.
LOL, fair point.
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Re: Overcoming the fear of an early retirement

Post by MishkaWorries »

jjunk wrote: Mon Aug 03, 2020 3:49 pm I dont think (given my age and skills) that I'd be easily employable anywhere near the wage/benefits I make today.
So? If you can afford to retire, you can absolutely afford to downsize your work. Why not find a new job with less stress? Or maybe find a completely new profession?
We plan. G-d laughs.
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Re: Overcoming the fear of an early retirement

Post by buzzbee »

sycamore wrote: Mon Aug 03, 2020 4:17 pm jjunk,

Your options aren't just to retire or keep working. Another options is to take time off from work, maybe a year. Start/keep exercising, enjoy nature, do some volunteer work, etc. Get accustomed to the idea of not having work responsibilities. And get used to spending down a portfolio instead of building it up!
Agree - check your company's leave policies to see what's available to you. I took an unpaid sabbatical (with benefits) as a test-drive for early retirement. I discovered a LOT about myself during that time and it caused me and my spouse to adjust our early retirement plans. For one thing, I discovered that I got bored. I need multiple hobbies and/or thorny problems to solve to keep myself happy and healthy.
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Re: Overcoming the fear of an early retirement

Post by dziuniek »

Delete facebook. Cancel cable.

Ignorance is bliss :)
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Re: Overcoming the fear of an early retirement

Post by Beehave »

I had exceedingly stressful work in corporate IT and then got laid off in the 2009-10 financial collapse. I ended up retiring before I had planned.

I had taught before entering the IT world, and in retirement I'm teaching again, part-time.

My health was impacted by the corporate stress (3 AM calls and it took two or three year of improved diet and regular exercise to get back into very good all-around shape.

You should evaluate all your possibilities - some very good suggestions above regarding possibly staying with your current employer but improving your work conditions and personal outlook or simply retiring. Two thoughts:

(1) You mention returning to school if you leave work. Would your company conceivably allow you to take time off to get a degree while you continue your employment but take a break from or reduced load at work? Perhaps that might change things up favorably and provide some new opportunities while you retain your employment?

(2) If you decide to retire and continue you education on your own (you mentioned physics), maybe target teaching after getting the required degree.
As I mentioned above, I started teaching part-time at a community college after retiring. As a part-timer, the pay is dreadful and there are no benefits. But the work is gratifying - the diversity of students (in background and ability) is incredible and you have to figure out how to reach as many as possible. It is deeply rewarding in many ways. If you teach high school science you can make more money, have benefits, and work towards a pension. But that is a much more heavy-duty and potentially stressful work, but also potentially gratifying. The main thought in suggestion (2) is that as a young person in your 40s, there is a very long retirement ahead if you start now and how you spend that time is a big consideration to think about if you choose that path.

Best wishes. When I retired it was not voluntary. It ended up that the financial preparations I had been making over the years for the future were fine when the future came several years before anticipated. Good luck to you and take care of your health and family.
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Re: Overcoming the fear of an early retirement

Post by whodidntante »

dziuniek wrote: Mon Aug 03, 2020 7:02 pm Delete facebook. Cancel cable.

Ignorance is bliss :)
Are you certain those actions will breed ignorance? :twisted:
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Re: Overcoming the fear of an early retirement

Post by geerhardusvos »

whodidntante wrote: Mon Aug 03, 2020 7:16 pm
dziuniek wrote: Mon Aug 03, 2020 7:02 pm Delete facebook. Cancel cable.

Ignorance is bliss :)
Are you certain those actions will breed ignorance? :twisted:
Exactly, it’s cable/media and social media that has made us all ignorant
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