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I agree it would be great if you could somehow induce your employer to give you some kind of retirement incentive. My husband recently got a year's pay in return for retirement.
On the other hand, if you can find a way to make your life pleasant, including ways of turning your work day into something less toxic, you could hang on for a couple of years. Start living as if your income is smaller and start banking that money. Then you'll be in great shape to retire.
Just a "none of my business" question--why isn't your wife working?
I agree it would be great if you could somehow induce your employer to give you some kind of retirement incentive. My husband recently got a year's pay in return for retirement.
On the other hand, if you can find a way to make your life pleasant, including ways of turning your work day into something less toxic, you could hang on for a couple of years. Start living as if your income is smaller and start banking that money. Then you'll be in great shape to retire.
Just a "none of my business" question--why isn't your wife working?
Public (government) employers in Arizona just don't give retirement incentives (unless, perhaps, you are a football coach and they are buying out your multi-million-dollar contract). Even my pension has been funded 50% by me, which is another reason why I may appear not to have saved as much as I could have (but also why our retirement system is one of the most stable in the country). We don't even have the legal authority to give incentives. Several of my friends have negotiated to keep working a day or two a week, but I want to be DONE with this place.
Off the topic, but to your question about my wife: I lost my first wife to breast cancer after 33 years of marriage, and I counted it as one of the great blessings of my life that she was content to stay home and be a homemaker. I felt it brought a peace and stability to our life that no second income could have purchased. My new wife is just learning English and spent 22 brutal years as a social worker in Belarus, so she would be only marginally employable and is delighted to stay home too. I can see us doing something together, perhaps in a Christian vein since we have the same strong religious views.
I am now off to Zion National Park for my last pre-retirement splurge, but thanks again to all!
I think, along with the others, you should write that letter of resignation NOW.
Nah, that's a bit rash. As the OP said, he'll be able to retire officially in a few months at 62. No resignation needed.
OP -- Let them throw you a retirement party and present you with a watch or something equally useless that has your years of service engraved in the back. Eat a slice of the farewell cake, drink some fruit punch, say goodbye to everyone, then walk out. No burning bridges, no hard feelings.
Zion National Park won't be your only splurge. You have a very good pension and a very decent SS, you own your house free and clear, your wife owns her house free and clear, you don't have debts or obligations, her health care is covered without charge. In short, your retirement years will be bright and shiny as soon as you can let go of your worries and start enjoying your fruits of labour.
Last edited by Ol' Wanderer; 10-26-2011 at 11:39 AM..
You will not have the work related expenses you have now - lunches, dry cleaning (not sure if that is one), mileage, etc.
You may find that following your heart you can pick up some work if needed. You have an excellent field and people are always anxious for advice.
Just a note: when my husband was a deacon at our church, he got many referrals during that time - never asked for them (he's a CPA - self employed).
I personally would try to live on just the pension and wait on the SS until full retirement age - if things got tight, you could always apply for the Early SS.
You could get some business cards printed up, show that you're self employed and if anyone asks, hand them a card.
Plus - you will be happier!
(PS - A lot of banks today will not notarize documents any more. I find one of my greatest challenges if when I need a notary on the weekends or at odd times - my husband is one but can't use him b/c we're related. Just an idea.)
Oh my. I didn't realize you were talking about Arizona. I got out of my state job 6 months ago, and couldn't be happier. State employment here in AZ leaves alot to be desired, no matter what field you are in. I now double my view that you should get out as fast as your little feet can carry you. I believe I was in a toxic environment and am thankful to be rid of the unreasonable rules and petty people. Hardly none of it made any sense toward the end. You will feel a whole lot more human once you tell them goodbye !
.......My current job..... is demoralizing and depressing. My job consumes my life... I have nothing or virtually nothing to do, day after day.....
..... I am intelligent.....illegalities...... quite demoralizing and depressing....
... The situation is so extreme that I no longer even feel good about receiving my paycheck.
... none of this is really comfortable.... I’m sick of it.
....work one to four more years, ... I find this prospect so depressing that even one more year seems like more than I could bear.
.... and one of my key retirement goals is for both of us to quickly return to the level of fitness we were in not that many years ago.
I’m very tired of the legal profession and the "system" in general....
So this is my “dilemma†in a nutshell: To continue the daily grind here for a few more years solely for financial reasons, paying whatever personal price this entails, or embark on a new life now even though my financial situation might be precarious if I live to be 85?
First, let me apologize for "butchering" your post above. However, I wanted you to re-read the parts that jump off the page for me. Lest you believe that I did not read your entire post, you actually have 1060 words plus 29 numerical references, close to your estimate of a 1000 word "essay to yourself".
As a healthcare professional I can tell you that the data is clear that you have much less of a chance of living to 85 by continuing your current stress level for four more years than seeking a better quality of life now.
You are at risk of developing common symptoms of clinical depression which may constitute changes in sleep cycle, eating patterns, increased anxiety, irritability, depressed mood, fatigue or loss of energy, and diminished ability to think or concentrate. An intelligent and productive person forced into extended periods of useless job tasks risks developing feelings of worthlessness and ultimately recurrent thoughts of death. Obviously, you are nowhere near this stage, but research data validates the risk.
In addition, the hobbies which you value and share with your wife (except reading) all require physical fitness. You clearly state that you have spent considerable life energy maintaining a level of fitness, and recognize the current job is retarding your goal of improving your fitness. With this in mind, I would ask you to reflect upon the risk of stress induced illness that would diminish your capacity to enjoy these activities in retirement. Chronic stress, such as stress experienced in the workplace, contributes to cardiovascular illnesses such as coronary heart disease, a relationship that medical studies have clearly demonstrated. Although impossible to quantify, four more years of pressure in your current job certainly increases your risk for hypertension or stroke.
Finally, most of the other posters have added to your financial analysis, and that is not my area of expertise. However, I would raise one thought.
You stated that your pension would increase from $44,000 to about $50,000/year, if you could endure another 4 years of job hell. I am not sure if your pension is taxable, but just for illustration, a 50% tax bracket (Fed + State) would yield you a net of $3,000/year. A full time position is 2000 hrs/yr. Therefore, you would have to subject yourself to your current job stress for 8000 more hours to gain $3,000 for each year of retirement. If we arbitrarily use a mortality age of 85, then this is a total of $60,000 over your remaining lifetime. I admit your tax rates will decrease over time, but indulge me for the making the illustration simple. Your return on investment for $60,000 for 8000 hrs is $7.50/hr. Only you can personally determine if $7.50/hr is worth the medical risk. Also, note that I did not even try to calculate the "opportunity cost" of losing 8000hr with your wife vs continuing your indentured servitude.
Whatever you decide, I wish you every success and good health in retirement.
If I was in your place, I would volunteer at legal aid or perhaps teach a course or 2. I would keep the high paying no brainer job as long as I could and look for my satisfaction outside the work place.
You have a skill people need and can't afford. You are in a position where you could really help people. Especially since your other job supports you and you wouldn't need to make a living off your clients.
I would see myself as being in the catbird seat. Lots of things I could do to make my life rewarding outside the office!
One of our local attorneys died last week. He was about 54 years old.
I am currently "semi-retired." I still have a bit of the "fire in the belly" and enjoy spending several hours a week manning a legal hotline. I also have a government contract that brings in a small amount of money. I may be giving up the latter though, for health reasons. Or I may have another attorney cover for me, as needed. I haven't reached that decision yet, but I do know I will never again engage in the full time practice of law. Too much stress.
If you decide in the future that you would like to volunteer, it is likely that there is a nonprofit legal organization in your community that will provide free training in return for accepting a pro bono case. The organization will also provide malpractice coverage.
If you decide to serve as an adjunct, you might also consider teaching paralegal students. I've never taught law students (other than as a TA) but I have several years experience teaching paralegal students. The undergraduate students are fun and, I would imagine, not nearly as argumentative as law students. However, my daughter is a Clinical Professor and she loves teaching law students.
My advice is to retire NOW, turn off the alarm clock, and if you later decide you'd like to dabble in law, look outside of administrative law. I would guess that your view of the practice of law is somewhat colored by your experience as a government attorney. You will find a totally different experience out on the street.
(BTW, I don't know one lawyer, who hasn't occasionally fantasized about working in a coffee shop, etc.)
I just retired fom a county job myself after 32 years. Like yourself I could have probably moderately increased my pension by staying awhile longer but they are cutting other benefits so it wasn't worth the risk. I had reached a point of burn out so bad it was tough getting up each day. It's going to be a tough adjustment getting by on 75 % of my salary when I still have a house note etc. and I know I'll still have to work at least part time because I still need 15 quarters for S.S. Right now though my plan is to work on long neglected projects on my house and hopefully get it ready for sale.Step 2 will be to get out of the city I've come to loathe.My kids are grown and gone and I have no family here so no excuse now not to leave. Saying goodbye yesterday to all my friends and co- workers was probably one of the hardest things I've ever done however. Hopefully time will ease the sadness I'm experiencing right now and I'll enjoy the transistion into another phase of my life.
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You may be surprised...
However, my daughter is a Clinical Professor and she loves teaching law students. 
