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Old 04-18-2016, 08:00 AM
 
Location: Columbia SC
9,053 posts, read 7,814,843 times
Reputation: 12345

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Baby

So far you have gotten good advice especially the do not obsess over it. Go to work, smile, make nice, do the job knowing you do not need the job can make it much more tolerable plus she cannot fire you.

You also said your boss changes fast (5 in 10 years) and she presently commutes weekly so the odds are you could outlast her as you have outlasted the others.

I would also explore other employment opportunities. Get that resume out.

All in all many would envy your income and security.
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Old 04-18-2016, 10:47 AM
 
9,882 posts, read 3,297,263 times
Reputation: 7254
Quote:
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.



I completely agree

Perhaps you could see it as an Exit strategy? You do you work , do a good job and keep a chart of how long you beat your boss.

You could even consider using the extra monies made for a big vacation! This way every month is another bonus in your retirement plan.

Good luck.
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Old 04-18-2016, 10:56 AM
 
58 posts, read 41,884 times
Reputation: 162
Quote:
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.
You have what a friend of mine used to call "Get lost money" (well, he was a little cruder than that ), but what ER says is entirely correct - you are in a position to tell your boss to "get lost" any time you want to - so try to think of that every time you get stressed, and think of ways you can pass the stress back to her. After all, the worst she can do is fire you and you don't need the job
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Old 04-18-2016, 11:07 AM
 
30,239 posts, read 47,482,697 times
Reputation: 16153
PS
I too would like to know how you could live on 700 a month...
We own our house free and clear and our yearly taxes alone are more than 700 a month
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Old 04-18-2016, 12:10 PM
 
Location: Gilbert, AZ
3,213 posts, read 1,980,841 times
Reputation: 3364
Quote:
Originally Posted by BabyJuly View Post
I have 0 debt, living expenses of $700 a month, a paid car with 70K miles on it; retirement plan savings currently worth 800K, cash money savings of 114K, mutual fund investments of 210 K; and vested company stock worth 250K as of mid June. In 4 years I can get $1958 monthly from SSecurity taking it early. In 7 years I have another small pension of $450 a month. Also qualify for reduced healthcare if I get to retire from my job in October, when I will have 10 years in.
I went to a major national fee based financial advisor for advice because the stress of this new boss is causing me to have cardiac issues (elevated BP and papitations)and depression. I was told I could retire now on an income of $35,000 a year if I do not want to find another job
That's an extremely low income based on the information you've given.

If you waited until age 66 to take SS, that plus your pension would add up to about $35,000. And it looks like you are about 8 years away from 66, so it would take 8 x $35,000 = $280,000 to fill the gap until then. This leaves you with over $1 million that you would never need to touch... well, okay you can argue you need a little bit more to account for the fact your pension is (probably not?) COLAed.

Last edited by hikernut; 04-18-2016 at 12:55 PM..
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Old 04-18-2016, 07:30 PM
 
Location: Silicon Valley
3,632 posts, read 1,647,891 times
Reputation: 6208
Quote:
Originally Posted by BabyJuly View Post
In 2014 at 56 I took 224K from my taxable savings to pay off my mortgage, due to real fears of losing my high paying job and being single. Thanks to the downturn in 2008, I still have not quite recovered what I originally paid for it and I also spent considerably to fix it up over the years and replaced all major fixtures and systems in the home. So I plan to stay in this home. Its worth about 400K. I did take a tax hit for paying it off--29K which I paid from my annual March bonus so it did not seem like a big deal. But I wanted to take my profits from my investments; and not lose them like what happened in 2008. Fast forward to now.

I have been with the company for almost 10 years, and am on my 5th boss. This last one came 1 year ago and we did not hit it off. I really tried but she came in with an attitude. I have done my job well over the years but the company has had no strategy or good senior management to accompany its growth. I am again worried about losing my job because she has told me I do not meet her expectations; and she also considerably reduced my bonus and other compensation. I am almost 58 and I doubt if I can get the kind of high paying job I have now. I AM SO GLAD I PAID OFF MY MORTGAGE; its the only peace of mind I have.

I have 0 debt, living expenses of $700 a month, a paid car with 70K miles on it; retirement plan savings currently worth 800K, cash money savings of 114K, mutual fund investments of 210 K; and vested company stock worth 250K as of mid June. In 4 years I can get $1958 monthly from SSecurity taking it early. In 7 years I have another small pension of $450 a month. Also qualify for reduced healthcare if I get to retire from my job in October, when I will have 10 years in.
I went to a major national fee based financial advisor for advice because the stress of this new boss is causing me to have cardiac issues (elevated BP and papitations)and depression. I was told I could retire now on an income of $35,000 a year if I do not want to find another job; and not to touch my retirement money until age 65. $35,000 a year is enough for me to live on, pay health insurance, car insurances, HO Insurance, and RE taxes, and go on an nice overseas vacation (my only vice).
My concern is going from a lifestyle where I can do what I want when I want (200K plus per year) and if I would be seriously bored so should I try to find one more job.
The advisor said my health is important , quit now, but I don't know what to do with the rest of my life. I live alone and I'm scared. My BP is under control with new meds for now.
A lot going on here. #1 is the health. It's not just dying, but developing health issues that's your biggest concern now. Health issues can suck money like nothing else. Stay healthy.

As the others have suggested, I wouldn't be too worried about what the others are saying. As long as you're doing your job, the same as you have done it for 10 years with at least average reviews and are at age 59 you're basically unsackable. New boss won't be the golden child for long if she takes you out and triggers a lawsuit. I'd wait until the next recession. When they cut, they'll likely have severance packages. Take it, burn em a bit more by sitting on unemployment for 6 months or whatever it is, then retire.

Of course, sometimes you just let em win if you've already set yourself up. But I'm don't know if you have or not. While you've done well and should have sufficient savings for most to retire, you do have a mismatch here. If your expenses are $700 a month and you've got an income of $200K (we'll call it $100K after taxes) you're burning money somewhere at a nice clip or your savings would be even higher. You may want to carry around a little notebook and find out where you're spending your money and see if there's alternatives. Vices can be expensive so look out for those. If you find this is a major money sink for you, try and get some fun hobbies that are a bit more wholesome and cheaper. It could help with the depression as well.

Good luck to you, but really, as long as you're doing your job, you have nothing to worry about.
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Old 04-20-2016, 05:20 PM
 
662 posts, read 327,489 times
Reputation: 1974
I spend my extra money on travel. I suppose that is my hobby. I take several nice trips a year, plus take my family on vacation. The 700 a month does not includes taxes, insurances which I pay in lump sums and not by the month. I have so much stuff I rarely go to the store to buy things I don't need. But I will splurge on travel. I did have some vices that I quit. I have a disabled brother that I also support.

Thank you everyone for the excellent thought provoking advice.
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Old 04-23-2016, 06:39 PM
 
30,239 posts, read 47,482,697 times
Reputation: 16153
Just a comment that the 700 you stated was your monthly expenses is not actually correct...
So no way to know what your monthly or yrly actual cost to meet all expenses...not just discretionary expenses...might be...especially if you are helping your brother...
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Old 04-25-2016, 10:06 PM
 
Location: At the Lake (in Texas)
2,070 posts, read 2,041,401 times
Reputation: 5032
Quote:
Originally Posted by BabyJuly View Post
In 2014 at 56 I took 224K from my taxable savings to pay off my mortgage, due to real fears of losing my high paying job and being single. Thanks to the downturn in 2008, I still have not quite recovered what I originally paid for it and I also spent considerably to fix it up over the years and replaced all major fixtures and systems in the home. So I plan to stay in this home. Its worth about 400K. I did take a tax hit for paying it off--29K which I paid from my annual March bonus so it did not seem like a big deal. But I wanted to take my profits from my investments; and not lose them like what happened in 2008. Fast forward to now.

I have been with the company for almost 10 years, and am on my 5th boss. This last one came 1 year ago and we did not hit it off. I really tried but she came in with an attitude. I have done my job well over the years but the company has had no strategy or good senior management to accompany its growth. I am again worried about losing my job because she has told me I do not meet her expectations; and she also considerably reduced my bonus and other compensation. I am almost 58 and I doubt if I can get the kind of high paying job I have now. I AM SO GLAD I PAID OFF MY MORTGAGE; its the only peace of mind I have.

I have 0 debt, living expenses of $700 a month, a paid car with 70K miles on it; retirement plan savings currently worth 800K, cash money savings of 114K, mutual fund investments of 210 K; and vested company stock worth 250K as of mid June. In 4 years I can get $1958 monthly from SSecurity taking it early. In 7 years I have another small pension of $450 a month. Also qualify for reduced healthcare if I get to retire from my job in October, when I will have 10 years in.
I went to a major national fee based financial advisor for advice because the stress of this new boss is causing me to have cardiac issues (elevated BP and papitations)and depression. I was told I could retire now on an income of $35,000 a year if I do not want to find another job; and not to touch my retirement money until age 65. $35,000 a year is enough for me to live on, pay health insurance, car insurances, HO Insurance, and RE taxes, and go on an nice overseas vacation (my only vice).
My concern is going from a lifestyle where I can do what I want when I want (200K plus per year) and if I would be seriously bored so should I try to find one more job.
The advisor said my health is important , quit now, but I don't know what to do with the rest of my life. I live alone and I'm scared. My BP is under control with new meds for now.


Oh my God! My time is my greatest most valuable currency...if I had had what you have in total funds at your age, I would not have had to ask ANYONE what to do and would have retired IMMEDIATELY. You are still relatively young, and could even work at something else -- just for the enjoyment -- if you wanted. What in the world are you waiting for?
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Old 04-26-2016, 11:26 AM
 
Location: SW Florida
9,788 posts, read 7,083,387 times
Reputation: 14371
Quote:
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^^^^^!!!!! The OP has to realize with those resources she's in the catbird's seat and will come out ahead no matter what happens with the job.:
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