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It's even tougher if you have a private pension that increases significantly each year you stay. Going back may be possible or even easy, but the pension gains are gone. That's what's bugging me the most. At least $4500+ a year increase in pension for every year I stay through age 65. So three more years at work, which I enjoy and get paid well for, for me is a $14000/yr increase in pension for life, plus all the company match (5%), income, and HSA. It's a nice problem to have, but it still weighs heavy on my mind. TIME vs money.
This is very similar to my situation. The financial gains in staying are substantial and the frugal/conservative side of me screams that I have to stay, that this is the 35 year payoff!
But, then the guy who wants to travel for fun and not work pops in, and starts saying "how much is enough"? Right now I'm in the "maybe just a bit more" phase. Working on making work more fun by changing my attitude about work - enjoying it more and passing on much of the stress and opportunities to the up and comers in my business - who love the opportunity to grow. But the just a bit more measurement seems to keep pushing out. So a new financial goal to save X seems to be a good idea. I've always done best when I have a specific goal. The discipline will be in honoring that goal when It is reached and actually leaving.
No, old would be the people I work with who are in their 70s.
The ones in their 50s ... often are people in positions of power / running the show.
Not every tech firm is a start up where the average age is 30 (or less).
Yes, there are some folks who are older (50/60s) - - mostly principals or old tech. I have worked in large IT firms for 30+ years, and I never see anyone in their 70s. In any case, opportunities slow down rapidly in tech as you get older. Combine with off-shore pressures, and you are a prime candidate for layoffs if you are not calling the shots. Tech is a young person's game.
This is very similar to my situation. The financial gains in staying are substantial and the frugal/conservative side of me screams that I have to stay, that this is the 35 year payoff!
But, then the guy who wants to travel for fun and not work pops in, and starts saying "how much is enough"? Right now I'm in the "maybe just a bit more" phase. Working on making work more fun by changing my attitude about work - enjoying it more and passing on much of the stress and opportunities to the up and comers in my business - who love the opportunity to grow. But the just a bit more measurement seems to keep pushing out. So a new financial goal to save X seems to be a good idea. I've always done best when I have a specific goal. The discipline will be in honoring that goal when It is reached and actually leaving.
Thanks for your reply.
Literally word for word my exact predicament!!! Met my original goal earlier than expected thanks to this extended bull run, plus a welcome promotion with a nice raise...but can't pull the plug. When I see what the difference is, and have co workers that are happily working at 65+, it seems like I would be just pi$$ing away the opportunity handed to me, that others could only dream of. How ungrateful and smug of me it would be to walk away from it.
Literally word for word my exact predicament!!! Met my original goal earlier than expected thanks to this extended bull run, plus a welcome promotion with a nice raise...but can't pull the plug. When I see what the difference is, and have co workers that are happily working at 65+, it seems like I would be just pi$$ing away the opportunity handed to me, that others could only dream of. How ungrateful and smug of me it would be to walk away from it.
You wouldn't be pissing away an opportunity, you'd just be choosing one opportunity over another (something we all do all the time). Neither choice is right or wrong, it's just a matter of personal preference which you value more (more free time, or more money).
As others have noted, this is a thorny situation with no smooth resolution. The basic question is, “when is enough really enough?”
- How much have I been saving/investing, so that finally I can start spending?
- How much have I been working, so that now I can start not-working?
- How much have I been sanding this piece of furniture, so that now I can lacquer it?
- How much have I been revising this paper, so that now I can send it to the journal?
There are valid reasons to keep persevering, and equally valid ones to desist. Buyer’s remorse is inevitable. Bemoaning the opportunity-cost (of either option) is inevitable.
One suggestion is to set an artificial deadline, an artificial goal; the more nugatory and irrelevant to actual life, the better, for then the decision comes to feel as being externally imposed, inevitable, divorced from personal will. Reach the goal, and go; until then, stay. Whatever happens, because the goal is artificial, one can bask in the comfort of something crucial: plausible deniability!
Agree with you all. I have set May 1, 2020 as the date. There are some minorly specific reasons for that date, and sooner is certainly possible if something specific occurs to change my mind.
Not so sure about buyers remorse in this instance. More like buyers indecision. As has been mentioned numerous times, I've yet to meet another individual in my arena that regrets retiring when they did as long as they are healthy. Sort of a self fulfilling prophecy. Early..and they love the free time, and money is not the issue...yet, and not for many years. Later...and they don't worry about money at all, and felt better prepared.
While I know too many that have died well before they retired, I only know two people that retired when they both found out strangely, they had esophageal cancer, and one passed away maybe 6 months after retiring. The other had surgery and is in remission for now.
Last edited by Perryinva; 05-03-2017 at 11:53 AM..
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You wouldn't be pissing away an opportunity, you'd just be choosing one opportunity over another (something we all do all the time). Neither choice is right or wrong, it's just a matter of personal preference which you value more (more free time, or more money).
