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Old 04-17-2016, 12:46 PM
6,326 posts, read 4,771,440 times
Reputation: 12993


You are living in an extremely high cost area. Are you determined to stay there after you retire, voluntarily or otherwise? If not, your financial situation is really much stronger than you might think. Start thinking about places you would like to live where the cost of living is more moderate.

You are still young and have a lot of options, including looking for another job.
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Old 04-17-2016, 01:40 PM
660 posts, read 326,612 times
Reputation: 1974
Fiveloaves and Worldklas--The sensible approach makes sense I'll just coast and try to ride it out; if I get fired then as Worldklas pointed out I can get unemployment. I would like a severance package; I should get one. If they fire me right before June vesting I will likely get a lawyer if that stock due to vest is not in the severance package. I would also be giving up another chunk of unvested stock of about 180K for 2017 and 2018. This stock could be very valuable and I had certainly considered it in the back of my mind when thinking about sources of retirement income; although I did not initially mention it in my original post.

LadyAlice -Yes I have had a cardiac work-up. Nothing serious with my heart, but I am worried about stroke or heart attack. Still ended up in Employee Health 2 weeks ago with a BP of 180/110 that would not go down after my boss sent me a nastygram email.

Someone had reminded me that I am in a "protected" class, I am female, over 50, and a visible minority. I am not saying race has anything to do with my situation but likely the company would be careful in how they documented my termination. I'm not playing this game with them, I just make sure to do everything the boss requests, but she is never happy with anything I do. I am not her.

I like the area I live in; I took a company paid relo to take this job and I will not let that woman drive me out! I'm in control and not her. Expenses are a bit high but I am committed to live frugally within a set budget. Plus my children are 2 hours away and I don't want to move too far away.
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Old 04-17-2016, 01:45 PM
536 posts, read 633,607 times
Reputation: 1473
BabyJuly, ((Hugs)). You'll do what you need to do to stay healthy. You have been very prudent in saving beforehand, but CrazyBoss might be rather short-lived at the company. Best of luck, and in a worse case scenario, you are OK financially.
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Old 04-17-2016, 03:31 PM
Location: Florida
4,382 posts, read 3,724,411 times
Reputation: 4126
I would try and change my attitude toward work. Do the best job you can but do not worry about your bosses comments. The idea is to make the job less stressful and if you get fired who cares. Financially you can make it. You are delaying leaving until you figure out what you really want to do in retirement.

You are correct that finding a new job is hard but you could start looking. Look for something you think will be fund. At your age employers may want a new employee that will be with the company longer than you would.Thus a part time job that is probably needed for a short period of time might be the answer. This is aimed at your comment that you are not sure what you want to do.

I would start seriously thinking about what your retirement life will be like. I lean toward over 55 adult communities where more of the people have a non work life style. Retirement in your current home may not work out to be as good as you expect.

Maybe your boss would be happy if your job was changed or maybe became part time.

I would try and plan on taking SS at age 70. Not worried about getting the most out of SS as that assumes I would die before 70. Remember inflation is a big problem and delayed SS is a good way to purchase an annuity (the increased monthly benefit).

I would starting living on your retirement budget (plus work related expenses that will go away) to make sure it will work out. I think your 35,000 is too low. Did you count taxes?
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Old 04-17-2016, 04:07 PM
Location: Fort Lauderdale, Florida
9,274 posts, read 8,346,319 times
Reputation: 20216
BabyJuly, why don't you leave this job and start doing what you really love? Don't wait until you have a heart attack or a stroke and then don't have your health.

My husband will retire in a year and has already started laying the groundwork for his next job, he's going to be an actor.

He's already gotten several parts and he loves doing it.

Good luck!
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Old 04-17-2016, 04:34 PM
1,985 posts, read 3,292,753 times
Reputation: 1606
Originally Posted by BabyJuly View Post
Thanks everyone to responding to my post. I just don't know what to do and have no one to talk to about this. Who knew retirement would cause such angst. You know, I didn't start saving at all until I was 31, when my mother's advice about saving finally sunk in. I've got resources and I will have to reinvent myself. others have done it at older than 58, but I have got to take control as my sadness is manifesting itself in physical symptoms. My health is important. I can get another job!

Escort--You are correct I should change my attitude and not obsess over this, my son actually advised me the same thing and said don't worry about getting fired just keep the paycheck going until its over. She won't put me out on the street. She can't harm me. I must remember I am in a position of strength. I keep getting books from the library about retirement and starting over and its only stressing me out.

Ansible90--I think this boss is here to stay although she may get sick of commuting in from another state Mon-Thursday. Shes the new golden girl at work. We are the same age, and its likely a female competition thing. I've not argued with her at all and have listened and done everything she has said. Shes simply cold and aloof, and interested in making herself look good. Likely she's laughing all the way to the bank as a VP.

GeoffD-I think you are also correct in that I will not know what to do with myself; and even a low paying job gives me something to do. I am banking $3000 every 2 weeks at present, and living on $500. I could make a lot less but I would want a job with health insurance as a trade off. I also think $45,000 is more realistic too, especially since I like to take vacations. So right now I am saving every dime in cash until the ax falls.

Theoldnorthstate--thanks for your advice. Back to school for a degree is not in the cards for me at my age. I already have an RN (active) and an MBA. I did refresh my RN license 4 years ago but after making several inqeuries I have found out its impossible to get a job as a nurse if you have no recent hospital experience. I work in the biotech industry. However, if I could get a job in healthcare I would consider another update. I'd love to work as a psychiatric nurse again.
You've done very well and you should keep that in the back of your mind when you're dealing with this woman. I understand the stress that you're going through; I work in med devices and can hardly believe where some of the folks come from...they all have something to prove! I agree with escort riders advice; do your job to the best of your ability, make alliances with key people there and in the event you do get let go- you'll be fine! You have a great education and loads of assets...this is an enviable position to be in.
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Old 04-17-2016, 04:58 PM
Location: Florida -
8,772 posts, read 10,876,703 times
Reputation: 16669
Originally Posted by Escort Rider View Post
Here's a novel approach: Instead of quitting in order to eliminate the stress which is causing health problems (the main worry seems to be about getting fired), why don't you eliminate the worry about getting fired by adopting the attitude that getting fired is O.K. because you have enough resources to retire now anyway, so if you get fired it's no big deal but is actually a relief. Yes, to would take a major mental effort to embrace such a radical change of attitude, but if successful, the change would allow you to inwardly laugh at your boss every day.

If you don't think that's possible, then I would say your advisor is correct. Your health IS important, VERY important. Chances are you will find something to do with the rest of your life. Think of that as a new adventure - trying some new hobbies, trying some volunteer work, etc. If those things don't work out, try others. Expect to hit some potholes and take some wrong turns along the way, but that doesn't matter because you'll be retired and you have resources.

Attitude is everything.

This makes good sense! -- As you point-out, shifting from a $200K income to $35K is a dramatic shift and may cause you more stress than your current situation. You've gotten some good advice. Now is time to string some of it together.

1) Relax; Losing your job is not going to ruin you
2) Change your attitude at work from fear and anxiety -- to confident and expecting others to recognize it: (ie; "I'm competent and have done a good job here for years. If you are disappointed, the problem may be with your expectation level.") Sell that reality to your boss and her boss or others in your company. Remember, she is still trying to polish the 'golden girl' image which includes people management skills -- Give her the opportunity to 'manage you' into the type of employee she thinks you should be.
3) Put some feelers out for a position you might enjoy -- Even though you have no recent hospital experience, I can't help,but, wonder if the recent RN and related experience you've had shouldn't make your more marketable than you imagine.
4) Figure-out what you are going to do about health insurance ($600 per month) between now and 65 if things go south.
5) Shift your ongoing spending habits to match your perceived retirement budget -- Salt away the rest and test-out your theory of being comfortable at $35K, before it becomes a reality.
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Old 04-17-2016, 05:24 PM
Location: RVA
2,174 posts, read 1,274,025 times
Reputation: 4497
It matters not what income she goes from, to. All that matters is if her income exceeds her expenses. Even living on savings through 70, that is true if she gets fired tomorrow. ER is correct, it's a mental attitude. She has more than adequate savings to fund a LIKELY very healthy retirement forever if she delays SS, to 68-70. Her FRA is 66 &8 months. If she's good enough to pull in that kind of kit for the last 10 years at this job, she should have no issue finding something she likes to do for half that, and still be in a very enviable position.

I just hope finance is not her forte, because paying off a mortage with retirement funds at once on a house that she is barely even on and taking a 29k tax hit to do it, makes no sense financially.
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Old 04-17-2016, 05:49 PM
Location: California
378 posts, read 363,052 times
Reputation: 336
Honestly it sounds like you are in good shape to retire early and give them the middle finger!
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Old 04-17-2016, 06:24 PM
Location: SoCal
13,391 posts, read 6,397,928 times
Reputation: 9975
I wouldn't worry. Pretend you are fired already, the stress is gone. Take one day at a time. Unemployment check is a great way to look forward too. But I'm confused, in your OP, you posted $700 expense per month, so why $35k a year? Do you have a budget? Start keeping track of your budge to see what kind of expenses you have and good luck. Don't let this stress you out. But don't quit either.
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