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You are only 51 and still healthy enough to do the things you've dreamed of. Forget the pension and go live a life where you enjoy waking up every morning. There is a famous saying - life is not a dress rehearsal.
There is another, from the great Bob Marley (who was a deep thinker, as well as an incredible musician) who died at the young age of 36 from a curable, cancerous medical condition (he would not allow surgery due to his religious beliefs, which most would find stupid, but he lived and died according to his faith) and his alleged last words were "Money Is Not Life", and I could not agree with that more.
How does OP know that the ESL will be delightful? Anyone who goes to do that is usually interested in other cultures, open minded, etc. etc. But doing it for a living and dropping the advantages mentioned...
Get more info and make a prudent decision. You can always go overseas to teach ESL. It's always available.
--- says someone who gutted it out and is retiring on Saturday with no health benefits and will pay COBRA until Medicare. If there were health benefits... yow! Be prudent. Don't be a stiff and don't be careless. Best wishes.
Thank you, that is sound advice, and I'm not reckless about this. I am, however, completely depressed with the thought of 5 more years of this. I'm looking into other life changes that might take me to the end. One of my greatest fears is something terrible, health wise, happening to me before I can get out of here. I would regret not leaving like you wouldn't believe. But I'm not going to do something stupid, the math will all have to add up.
At 51, the OP is hardly in the grave. It sounds like he has no promotion opportunities in the position he is in. I know people who left my old job for something new at about the same age. They had no opportunity for promotion and didn’t have the full 30 years in the pension to get the health insurance, but they did have enough years to be vested and get something. It seems like it is at least worth seeing what is out there and applying to other jobs. A new job will probably not have a pension, but he may be able to find something with a 401k, and if he has a higher salary and can contribute more into that and a Roth IRA, that might be just as good as a pension for someone who still has at least 11 more years in the workforce.
He also says he can’t take the stress of a promotion.
OP is hardly in the grave, but the best he will likely find is a lateral move into a new company with new people and new politics. Go-getters don’t stay at the same employer for 23 years unless they rise to the executive ranks.
I can understand both sides: the desire to have that pension in 5 years AND to enjoy your life. We have no guarantee of a tomorrow. If you were on your death bed today which would you regret more? Staying at a job you don't like for the additional 5 years or not enjoying the last years of your life doing something you love?
Like someone mentioned find out if you are eligible for your pension or part of it now, then decide what is more important to you. I find making a list of pros & cons helps me with important decisions. That being said are you married? If so would your spouse continue to get your pension? When my husband died 7 years ago, I started to receive a portion of his pension. I could not have survived financially without it.
I think the advice about a "demotion" is probably not realistic; however, what about remaining in the company and moving to a *different* position? Something that is more tolerable that you could get through 5 years, no problem? Most companies would frown upon someone who wanted to move down the corporate ladder. Imagine those interviews? "So why do you want to make less money and have less responsibilities?" "Ummm, so I can get my pension." Yeah, that isn't going to work.
Also, you need to find out if you're fully vested or not. My gut tells me you are as most pension plans don't have that long of a time frame to be vested, the money is already likely yours. But check with HR and/or the pension provider before you make any rash decisions.
Just curious as to what people think. I've been in the same job for 23 years and can barely go to work anymore. It feels like prison, and when I get off work I feel like a zombie. I only have 5 years left until I can retire but would like to go in an entirely different direction with a new job, one that I know I would love, but would offer few benefits and no pension. I would have to work an extra 7 years past my projected retirement date to draw Social Security. Its worth mentioning that the pension is small ($1300.00 a month) but I would be entitled to a good medical insurance plan in addition to the monthly stipend.
So I would walk away from the $1300.00 a month and good medical plan, but I am a very healthy and young feeling 51 years old. And I should also mention I have saved a fair amount of money and will have at least half a million in my 401K by the time I'm able to draw on it at 59 1/2.
I've gutted it out for 23 years, I really don't hate the job or the people, but I'm not terribly fond of either of those options either, and if I walked away tomorrow, the only thing I would miss is the pay and benefits. Should I stick it out for 5 more years? I'm pretty much topped out, pay wise, and a career move with my company (promotion) would mean even more hours, and more stress, and I'm not sure I can handle that scenario.
Anyone else ever find themselves in this position, so close to retirement? I can't be the only one who feels this way about their job.
I wouldn't leave if it's only 5 years. One option might be to actually move *down* at your job, if that's a possibility. I once knew a burned out teacher who had a few years left til retirement, so she took a job as an assistant to another teacher. Pay was minimal, but so was commitment, and although it decreased her pension a little, she still got one.
I had a 30 year career and retired with a pension and health care.
MANY of my colleagues left early on for greener pastures...so they thought. Usually about 5-7 years later they returned. They stood by and watched while a large group of folks they started with (like myself) retired while they were toiling away. The common denominator they all have? REGRET.
Have you checked how much health insurance will be?
The monthly medical coverage you'd get with retirement is not to be ignored. For those of us who have had to purchase from the exchange you have no idea what a gift that is. I never paid much thought to my great coverage I had with previous insurance until it was gone. You will have 8 years of having to cover your own medical before Medicare kicks in. I would find a hobby to focus on and stick it out.
He also says he can’t take the stress of a promotion.
OP is hardly in the grave, but the best he will likely find is a lateral move into a new company with new people and new politics. Go-getters don’t stay at the same employer for 23 years unless they rise to the executive ranks.
Completely different job, and doing something I enjoy, versus something I don’t.
I don't know where you're working but sometimes you have the option to 'buy into' early retirement or even use up unused sick time to get some days or weeks off. That's something you'd have to ask. You've come so far.. it would be a shame to lose those medical benefits. They become more important the older you get.
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