Advice on moving ahead with downsizing my career?

Parent Cafe
1

<p>I have a stable, respected professional job with excellent income, benefits and stability which I have had for >20 years. For a variety of reasons, such as lack of intellectual stimulation, some health effects, and boredom, I want to leave this job within a year or two. </p>

<p>After leaving this job, my plans is to:</p>

<ol>
<li><p>Continue to work part time in my area of expertise. It is in high demand and I can quite likely work a week (or less) a month and make enough for our anticipated pared down living expenses. However, availability of any particular job will not be guaranteed for more than a few months at a time, if that.</p></li>
<li><p>Try and get into teaching at a local college, just for fun. I have an MA in a Humanities field and I think they have a need I can fill, esp if I don’t cost them much at all.</p></li>
<li><p>Will keep a very part time flexible moonlighting position that comes with excellent affordable health insurance for the family.</p></li>
<li><p>I can always go back to working full time. While it likely won’t be the one I have, be in the town/state we are in, or be quite cushy as the one I have in terms of time off and flexibility, there will be many jobs to choose from for the foreseeable future.</p></li>
</ol>

<p>While DH and I agree that this is what I/we want to do, I/we are having a hard time actually setting a date and moving forward with this given the uncertainty that comes along with it. Although everyday I think about how great it would be to actually make the move, inertia is difficult to overcome.</p>

<p>So for those of you who have downsized your careers, any suggestions as to how I should proceed?</p>

2

<p>No advice, but sounds like a wonderful plan and I’m kind of jealous!</p>

3

<p>I totally “downsized” my career. After waffling for a couple of years, I visited our financial planner and set a date…which I stuck to. </p>

<p>I think this is sort of like any other major decision…when you decide you really want to do it, you will.</p>

4

<p>Just do it. Set the date, then set the plan. Before that date start living on the amount you KNOW you will have coming in. Save the rest. Then when the date arrives, say goodbye and continue to save anything that exceeds what you had been living on. Be sure to figure in the 15+% you will now have to pay on your own social security, your quarterly taxes, any expenses such as computers etc you will need, and your continued investment in a SEP or Roth IRA. I always figured I could actually spend about half of what I brought in. </p>

<p>I love the change. I can work anywhere, including when we travel. DH can travel with me when I go to clients if he likes the area (always go to FL and CA with me). I can work as much or as little as I want. It is a good transition to retirement.</p>

5

<p>"… when you decide you really want to do it, you will."</p>

<p>Yes, I agree. You can certainly initiate the process by setting the date. But I’d go with your instincts … which apparently are not supportive at the moment. You’ll know when the time has come.</p>

6

<p>Things to ask yourself:</p>

<p>Do you feel comfortable financially with making the move yet? Or are there more things you want to pay off, or more savings you want to accrue first? How long will it take to do those things?</p>

<p>Some people “downsizing” at H’s work have gone to fewer hours. Can you go to 30 or even 20 hours as an intermediate step? Does that seem like a good option or do you just want out?</p>

<p>Do you see this date being in the very near future or down the road a year or so? </p>

<p>Once you set a date, there will likely be so many things that occur to you that you want to do that you will be very excited at the prospect of getting there.</p>

7

<p>I went from FT to 3 days a week. Best thing I ever did. I really find working FT to be stressful because my husband has a very demanding career and often works 60-80 a week leaving me with the burden of everything else our life entails. It was a little scary making the request, though I was 99% they would agree to it and they did.</p>

<p>I agree - you just need to set a date and go for it. It sounds like you have really thought this through and have a lot of options if it doesn’t work out the way you think it will. Good luck.</p>

8

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<p>This is what I’m wondering. Whether I’m being chicken about the uncertainty or if I’m not actually ready.</p>

<p>Unfortunately at a point where I either have to recommit, as in set some stuff in place for longer term work commitment, or give them a date so that my partners can start doing some planning for life after me…</p>

<p>Even if I try and structure it to work less hours, I’d still have to have everyone else change their schedules to make that work now. Then I don’t want to turn around in a couple of years and say ta-ta.</p>

9

<p>It’s hard to downsize, especially when you’re been in the job for quite awhile, and also when you’ve worked towards a certain professionalism. I know the end for me came as a crash landing, but it was exactly what I needed even if I didn’t realize it at the time. Now, I doubt I’d ever go back to what it once was, however tempting it may be.</p>

10

<p>Interesting thread.
I’m about 10 yrs still from ‘regular’ retirement age. FT, stable position, easy commute.
Done paying for tuition, but still have mortgage and high property taxes.
I play with downsizing my job and just picking up per diem shifts here and there. I would have health benefits if I left. </p>

<p>I think it will be about another 5 yrs before I can really do it, financially.
Something to dream about!</p>

<p>Best to you.</p>

11

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<p>I think it’s normal to worry about it. There’s a big difference between getting a steady paycheck and going freelance (which is basically what you are doing). I’ve been contemplating quitting all together. I was a SAMH on and off for 10 years and loved it. We’ve always lived on husband’s salary - all of mine goes to saving. We could afford for me to quit (I’m only PT right now) but I’m a little afraid to make that leap. There are so many what ifs? What if something happens to my husband or we divorce? My husband has a neurological disease that hasn’t progressed but it can be unpredictable. What if he couldn’t work? What if the economy gets much worse ( it’s real possibility)? Would I be able to get back in the job market at 50+? My skills are in very high demand but still…It’s scary.</p>

12

<p>I did this about four years ago. Here’s what helped me:</p>

<p>I was in a job that had a yearly bonus–the year I left I knew I was going to get a big one. That helped me make the decision to leave soon after the check came. In my company, prior year bonuses usually came out by March. At that point, you’ve already got an eye on how you’ll do on the next bonus…so I knew it would be best to cash the check and leave before I was tempted with what I could make next year.</p>

<p>I did a business plan and forecasted what I could do for the next three years and how much money I thought I could make in various roles. This was really, really helpful. The Wall Street Journal website small business section has some great tools to help build a business plan.</p>

<p>I created an LLC/sole proprietorship through a class at our local community college.</p>

<p>I talked to everyone I knew about consulting, and had a gig lined up before I quit. I’ve found that almost everyone I’ve reached out to has panned out in some way or another, with either a valuable connection or referral or an actual job.</p>

<p>It’s been four years, and for the first three years I actually made more money working 20-30 hours per week, with less expenses, (no commute, no NYC lunches with friends) and I’ve been really happy and pleased with the move. This past year, I took it easy, and now I’m making a bit less than I was, but still…no expenses, so it’s kind of a wash. </p>

<p>I miss being with people, and though I have a SEP (self employed retirement fund) I miss having a 401K with matching and I’m lucky to have health benefits through my husbands job.</p>

<p>I felt that commuting, working in NYC, dealing with the stress and politics of the huge corp that I was working for, and juggling family obligations were all bad for my health and it probably took me about 6 months from deciding to do it actually putting in my notice. It was a big part of my identity to give up.</p>

13

<p>I’m definitely on this track right now. Also getting the house ready for selling, which will dramatically reduce my financial needs. I don’t yet know what I’m going to do – but I’m going to do it within the next six months. I’ve got to get out of where I am.</p>

14

<p>Make sure you have the financial stuff worked out.</p>

<p>My wife and I sort of up sized our lives when we retired. Sold the house for a tidy profit; moved elsewhere; collected nice pensions; both got full-time second jobs with benefits; purchased the most expensive place we ever have had; bought a weekend place in Chicago; and are really, really enjoying ourselves with the extra money and the child out of the house.</p>

<p>OTOH, unless the real estate market improves we’ll be working to pay for our places for quite a while. Not especially concerned though.</p>

<p>Whatever makes you happy.</p>

15

<p>^^tsdad: No no no, that is not what I’m looking for :D. Glad it works for you though.</p>

<p>OK, I think I will do a business plan and put all the numbers on paper. Then DH and I will review it and discuss in detail. For whatever reason, I have never liked financial planners. Somehow, they always come across to me as ‘one size fits all’ as far as how much you <em>need</em> for retirement etc.</p>

<p>Limabeans: What I am trying to avoid is that ‘crash landing.’</p>

<p>MomLive: I like the ‘freelance’ idea. Somehow that makes it sound better than ‘downsizing.’</p>

<p>VeryHappy: Yes, the first step is to get the house ready and on the market. Have to redo the master bath. Rough plan is to get it on the market by spring, give it a year or so to sell (high end house) and plan toward switching to freelancing by end of 2013 or so. By that point, will be about done with paying for DS’s tuition, and DD, well we’ll have to see what turns up by the time she starts school in 2016.</p>

<p>And thanks to all the others. It’s helpful to hear from those who are considering/have done the deed and lived to tell about it.</p>

16

<p>We like working. It is what we do. My wife though is able to putter; she knits, sews, and cooks. Me? I work out. I don’t have hobbies or anything that I have been waiting for years to do. We both have very meaningful second jobs, and we are very happy with them much more so then the jobs we had with the Federal government.</p>