Am I making a mistake? (debt, 401k, employers, jobs)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Would you take a pay cut in both benefits and hourly wages in order to work in a field that you know you will love?
I have been offered and have accepted a job in a highly specialized field that I have always wanted. The pay is much less than I hoped for; I am actually taking a pay cut from my current job not (about a $1.00-1.25). This new job is at a private hospital without the state pension and great health insurance...but besides that, it is a "dream job." I have always wanted to work in this type of nursing (neonates!) ever since I started school. This specialty is extremely difficult to get into, and I was surprised to get it within the first year of my career.
Would you/have you taken a cut in benefits and wages for a job that you KNOW you would love? I don't like the job that I have with the state. I find it un-fulfilling to deal with the same frequent fliers who are so disrespectful and discourteous to staff. The working conditions are absolute **** and the morale is low. I have worked in several different positions within this system and it seems like many of the workers are just trying to get their thirty years in so they can get a big fat pension....that may or may not be there. The turnover rate on my unit is ridiculously high. :/
This new job will get me the experience that I need in order to advance the career in the way that I want. But I will have to sacrifice the benefits and the pension to do so. However, the pension keeps changing. It used to be thirty years for the full pension plan. Now it is thirty-years AND age fifty-five. For me, that would be an additional five years of service. I don't feel as though I can advance in the way I want in my current state job.
The first step is to figure out if you can afford to make it work and, if not, find out what you need to do to make the salary cut work. Sounds like you'll also need to factor in saving for retirement.
Another question is if there is room for career growth in the new position. What does the long term growth potential look like? Can you increase your salary down the road?
I know people who feel they have to stay in their current jobs just for the nice pension and benefits, and every single one of them is miserable. If the new position excites you and has potential, I say go for it (assuming you can afford the pay cut).
I have a Roth IRA outside of the job that will be maxed out every year and I plan to open a 401k at my new job and put in 15-20% of my salary. Plus I can roll out the money from the pension or leave it in to grow.
The wages are a hit for certain but I share housing expenses with my mother. I have no debt right now. The health insurance is a big concern to me...
I just don't want to end up with golden handcuffs. Thirty-one years is a long time from now. I plan on staying very part time for extra money but...I don't know.
My experience tells me you will eventually leave the job you hate anyway (I have worked in health care for 30 years and have seen it many times) so you should go ahead and take the opportunity IF you can afford it financially now. You will be happier and might even do better financially in the long run. Working in neonatal ICU or even on the wards can be financially rewarding.
I have a Roth IRA outside of the job that will be maxed out every year and I plan to open a 401k at my new job and put in 15-20% of my salary. Plus I can roll out the money from the pension or leave it in to grow.
The wages are a hit for certain but I share housing expenses with my mother. I have no debt right now. The health insurance is a big concern to me...
I just don't want to end up with golden handcuffs. Thirty-one years is a long time from now. I plan on staying very part time for extra money but...I don't know.
Good for you for your responsible financial planning. Sounds like the choice is clear.
This specialty is extremely difficult to get into, and I was surprised to get it within the first year of my career.
I would consider the move an investment in the future then, because you'll have experience in a highly-specialized field that few others get the chance to work in, and therefore you will have a rare set of skills that you can market to future employers.
If you are at the tail end of your career then considerations are different (not for a cut of $1/hr though). If you still have many years ahead (as you imply that you do), it’s a definite no brainer. Of course it’s the right thing. And you know it so congratulations and best of luck. Now go help some babies.
If you are at the tail end of your career then considerations are different (not for a cut of $1/hr though). If you still have many years ahead (as you imply that you do), it’s a definite no brainer. Of course it’s the right thing. And you know it so congratulations and best of luck. Now go help some babies.
Thanks!
I do have many years ahead. I am 24. I hope to have another thirty good years in the nursing world before retirement. I have no desire to work where I am at for that long.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
