When do you retire or quit the stressful job

<p>I probably should have assumed that the poster was female...because more posters are...</p>

<p>You're right.
Edit: if I was going to make an assumption...</p>

<p>I apologize to Classof2015...</p>

<p>dstark: I think you made a really good point how people feel if they are used to their jobs defining them, when they no longer have the job.</p>

<p>Alh, I think that is true for many people...</p>

<p>Not everybody though...Maybe not most.....</p>

<p>I think I better add that disclaimer... ;)</p>

<p>Here is the question, who were you before that job?</p>

<p>^a student?</p>

<p>It's kind of a leap of faith to leave the job, especially in this economy, but what's the worst that could happen? I think it is worth the chance, especially to spend time with a child. It sounds as if the OP has just about as good a financial safety net as possible.</p>

<p>Hey dstark -- apology accepted -- thanks </p>

<p>OP -- You sound pretty sharp so I bet you have run the numbers every which way. </p>

<p>The only thing I would ask you to consider is this: if there is the slightest chance that you might need to refinance (I believe you said both homes are free and clear) do it before you "go off the grid" so to speak (unless your spouse would qualify on their own). </p>

<p>If you do start the business you spoke of, it is tough to qualify if you are self-employed less than 2 years. Whereas right now, you probably qualify for any loan you would want. You could get a HELOC on your primary residence or 2nd home -- not use it -- then it's there if you need it. Rates are so low right now (most HELOCs float at Prime or below Prime). And you could get one with no closing costs. Just read the fine print -- sometimes if you close out a line early, you have to pay back the costs the bank absorbed for you initially.</p>

<p>Does your employer allow sabbaticals? </p>

<p>I vote for taking the leap and getting out. I did and don't regret it. :)</p>

<p>Regarding dstark - I've never really noticed her to be sexist.</p>

<p>;)</p>

<p>OP:
You've outlined a number of sound reasons to retire but you haven't mentioned much in the way of downsides - maybe that's telling. As long as you have the financials (including health coverage) taken care of and you think you could occupy yourself happily enough then why not?</p>

<p>:).....................</p>

<p>A friend who did what you're contemplating had one piece of advice: line up the next "job" - whether it be volunteering, working from home, or teaching - before you quit. It sounds like you've been working in a very structured, goal-oriented environment, and suddenly waking up late-ish and not having a place to go to, things to do, can be a bit disorienting. However, if you leave your job with a very clear picture of the next steps - your "retirement" will be not only a relief, but also highly rewarding. Good luck and congratulations. You worked hard and saved hard - now it's time to reap the rewards.</p>

<p>I retired in June. It was a decision I had to make, but it was definitely the right one. I can't tell you how happy I am. I am doing a little work in my field, but not full time work, and not consistent. I was eligible for my pension, and am taking it. My spouse and I discussed this decision but in the end, it was MINE to make...not my spouse's.</p>

<p>As an alumnus of the NY financial services population, I kinda knew the OP was most likely a female; and kudos for hanging in so long.......</p>

<p>Most "masters of the universe" would not jump off the side of their world to help their children with school work......unless, of course, they had amassed tremendous wealth and wanted to sail the Caribbean......or to buy an island....</p>

<p>I assume that with the type of you've had in the last decades, you had limited physical time with your older child. If you quit you have a second chance to spend more time with your younger one. I say, quit, go for it, kids are only young once and they are gone before you know it.</p>

<p>"My spouse and I discussed this decision but in the end, it was MINE to make...not my spouse's."</p>

<p>You were fortunate to be in that position. For many people, since it may be a big financial hit that affects the entire family, I'd think it would be a joint decision. My mom grumbled so much about working that my dad finally stopped protesting, and she retired at 62. And kept grumbling.</p>

<p>OP, have you read "I Don't Know How She Does It?" I did one weekend and quit my job by the end of the week.</p>

<p>You sound financially stable. If you are miserable, do it. I don't regret it, though our finances are quite precarious.</p>

<p>My 59-year-old hubby spends a few minutes too many reading the obits, and just this morning he commented that perhaps it is time to retire. He is already retired from the army, but we waited a bit to long to have the kiddos and we have a high school senior. Good luck to the OP.</p>

<p>OP,
In your position I would quit. H and I have our date (6/2014) and future decided. We know what we have packed away, and what the pensions will be. We won't live in luxury, but the work environment has been rapidly degrading.</p>

<p>We took a gigantic leap of faith and H retired....the only scary period was when I got laid off and suddenly we had zero income...so from big income to not so big income to no income for a year and a half. I still wanted to work. H did not. He brings in enough income from side "stuff" for his pocket money, his car and car repairs, his clothes and walking around money...stuff like that. Our life changed but not as dramatically as I would have thought. Our mortgage was paid off so that wasn't hanging over our heads. It can be done. He's happy. He's a funner person to live with. He has a "better" relationship with S2 and S3 than with S1. Our vacations are less frequent and we don't buy things without actually stopping and thinking about it...but that's OK. Meet with your financial planner and do a worse case scenario planning session and if your financial planner still says you're good to go...then just do it. I now have to work because we depleted quite abit of retirement savings during the year and a half or zero income but I'm OK with it. My sib is retiring in 3 months. Sib earns more than the spouse and is in early fifties. Spouse will continue to work. But they have worked the numbers. I'm not even jealous...I like to work. Talk to your spouse that is key.</p>

<p>Oh, the most interesting thing is that our EFC goes up each year...less assets, less income and our EFC goes up and we get older...didn't plan on that but we were pretty much full pay instate for Michigan anyway. It's now almost double what it was 6 years ago when H was still employed. What the heck??</p>

<p>OP, I am also contemplating doing exactly what you are suggesting. I was a SAMH for most of the last 20 years, only went back into the workforce a few years ago. The difference in my stress level is like night and day. I can feel it even affecting my health. IMHO, if you can take the financial hit, go for it. I would choose less stress over more money any day. Fortunately, we have always managed very well on my husband's salary and since he has his own business there is no risk of losing his job.</p>

<p>I agree about having some structure built into your day. Having been in and out of the workforce several times, you will be surprised how big of an adjustment it can end up being. Having to be somewhere on a regular basis,at least a few times a week, can make a big difference in how well you adjust. Also, developing a social circle of friends who are either not working or have very flexible jobs is also important to ward off a sense of social isolation.</p>

<p>Having done this several times, I've learned you just have to make that leap of faith. You will get comfortable with the idea to a certain point but since all of us face unknown unknowns, there's always going to be that tiny, little voice of doubt. Just know you have the skill set and resources to forge a new career path if you want and let that be your safety net. My biggest concern with quitting these days is, of course, the age factor. But since 50 is the new 30, I figure I've got lots of time left on the clock should I need to go back to work. Worst case scenario, you can always get a facelift and pass yourself off as someone younger, right? :)</p>

<p>One idea - quit the job - and go to work for a non-profit that you have an interest in or a passion for their cause. Make less money - have less stress - but still have benefits - and maybe get some satisfaction making a difference. Might be a good middle ground to just quitting/retiring.</p>