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You may also want to find out if you can collect ANY portion of you're pension while still working. (Your current job or otherwise)
You mentioned you would like to work well into old age. A lot of pension funds won't pay benefits until you're completely retired.
"Subsidizing second careers" they call it.
I can't take a temporary leave of absence, but I have a pretty good vacation package, I started with 4 weeks a year of vacation time and I now get 6 weeks of vacation time a year. I'm going to use it much more wisely this year, I used much of it last year to work on my home and I feel like I never took a vacation at all last year. These little things add up over time and I realized I am not taking time off for work this year, for sure, and hopefully never again.
Not taking vacations that are actual vacations will make things worse. Take vacations, travel. Do something every single year so that you have something to look forward to. The last 5 or 6 years my husband worked (and he too was counting down to early retirement) we took several trips to Europe and places in the United States. We planned them almost as soon as we got back from one. It was great to look forward to and anticipate. You have six weeks, use at least half of it for a real planned vacation. That leaves the remaining 3 weeks to do home stuff or just travel locally.
Not taking vacations that are actual vacations will make things worse. Take vacations, travel. Do something every single year so that you have something to look forward to. The last 5 or 6 years my husband worked (and he too was counting down to early retirement) we took several trips to Europe and places in the United States. We planned them almost as soon as we got back from one. It was great to look forward to and anticipate. You have six weeks, use at least half of it for a real planned vacation. That leaves the remaining 3 weeks to do home stuff or just travel locally.
Yeah, I travel overseas every single year and have been doing that for about a decade. I've been all over Asia and Europe. A lot of people think of vacations as a waste of money. I sure don't. Travelling abroad makes life interesting.
Not taking vacations that are actual vacations will make things worse. Take vacations, travel. Do something every single year so that you have something to look forward to. The last 5 or 6 years my husband worked (and he too was counting down to early retirement) we took several trips to Europe and places in the United States. We planned them almost as soon as we got back from one. It was great to look forward to and anticipate. You have six weeks, use at least half of it for a real planned vacation. That leaves the remaining 3 weeks to do home stuff or just travel locally.
Great advice and something I need to do.... I haven't taken an out of town vacation in probably four years.... and heck, even home recuperating from hip replacement, I worked every dadgum day.......
and OP..... In my mind, the health benefits ALONE would make the five remaining years doable....
Lots of excellent advice, this thread is a great resource for those who would consider leaving their work and sacrificing guaranteed money with only 5 years to go. I seriously considered leaving now, and basically was willing to ignore the financial costs in favor of the change of pace and excitement of a new career. The reasons for me willing to sacrifice is largely a result of my age, and the "now or never" trade-off based on my age.
However, the knowledge of what I left behind could likely cause me more grief than a life change would bring me joy, especially if some expensive, calamitous health issue were to arise before I turned 65. It's up to me to find a more healthy work-life balance, as most of you have stressed.
Lots of excellent advice, this thread is a great resource for those who would consider leaving their work and sacrificing guaranteed money with only 5 years to go. I seriously considered leaving now, and basically was willing to ignore the financial costs in favor of the change of pace and excitement of a new career. The reasons for me willing to sacrifice is largely a result of my age, and the "now or never" trade-off based on my age.
However, the knowledge of what I left behind could likely cause me more grief than a life change would bring me joy, especially if some expensive, calamitous health issue were to arise before I turned 65. It's up to me to find a more healthy work-life balance, as most of you have stressed.
Good.
Also, find a way to be happier at work, too. Focus on the more positive aspects, try to tweak your job duties a bit, see about changing your work hours, remember that you like some of your co-workers. There are good things about every work situation.
56 is not too old to change vocations. I changed jobs at 58.
You wouldn't be thinking about it, if you didn't have the $500k saved up. Try to remember how lucky you are to have the pension and health insurance. What a waste it would be to throw it away.
Five years: You'll have $700k saved up (if invested), pension locked in, health ins for a reasonable rate locked in. You'll be able to do anything you want. And 56 is YOUNG by today's standards.
You should be 100% vested in your pension after five years. If you choose to leave, which you definitely should not, you must freeze your pension before severing your employment.
going to mention this again, why not take a demotion?
why can you not change careers while staying with same employer?
Taking a demotion is not an option. I'm not going to take a pay cut because that will not make my job more enjoyable, it will make it less enjoyable. I'm only there for 2 reasons, the pay, and the medical insurance. Being paid less, as well as knowing I transferred to a lower paying position, will make me feel terrible, as well as less financially secure.
Don't forget to set aside savings outside your 401K to supplement that pension until age 59 1/2 if you don't work, volunteer, etc.
I skipped to the end so apologies if this has been covered.
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