Would you keep grinding or retire early?

[Anonymous]

I’m late 40s and recently lost gig with all the industry cuts. Job market seems crazy with 300-500 applicants per job and resumes seem to go into dark vortex. My husband still has stable gig with income around 350k and will have insurance. This year for me, with severance/bonus/vacation payout I’ll get similar amount for total of 2023. Next year would be $0 if I just become SAHM, or hopefully I could try to get a gig that pays $200k and I can WFH based on my experience in tech.

Given scenario below WWYD? 1) Retire early. 2) Sit out for a year or more and then see if I want to return? 3) Or try keep applying to interview for something and secure a job asap in case economy takes a hit for several years. I feel like it will just be harder and harder after I reach 50s and will be hard to get back into the game.

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Current state of affairs:

- 2 kids in high school and middle. Early retirement would allow me to focus more on family and helping with kids during their transition into new environments

- net worth maybe around 6M, cash access maybe 300k-400k and rest in 401k and real-estate. (See next)

- 1 home paid off, 1 vacation rental has about 400k in loans left at low interest, barely brake even or slight loss yearly with depreciation.

- 2 cars paid off no other major debt.

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Logically speaking, if this was my friend and not me, I would tell her to just ride off to the sunset. But my inner voice keeps telling me I should try to secure as much income as I can, while I can, due to inflation, aging parents who do not have huge savings, and as my husband is over worked and he was also hoping to retire within next couple years. Which brings me back to WWYD? Or am I just a paranoid weirdo?

[Anonymous]

Can you give a more clear break down of your NW? How much is in retirement accounts and brokerage, and how much of that is in your name versus your husbands? How much in 529 plans? How stable is your marriage? Do both sets of parents have low savings, or just one? I'm still working for 5 more years even though we have a similar NW, although I'm a little younger.

[Anonymous]

I would do part-time so you are there for the kids more but not losing your income entirely.

[Anonymous]

The epitome of first world problems.

[Anonymous]

I think you are exaggerating how much your kids need you at this juncture. They are on their way to becoming adults now, and the last thing they need is you hovering over them the whole time.

That said, you can clearly afford to retire.

I would sit back and look for interesting opportunities, whether full or part time, paid or voluntary.

[Anonymous]

Apply for jobs that interest you, no stress about it. Spend 1-2 hours on it during the work week. Let life lead the way!

[Anonymous]

I’d find a job. Your kids are old now.

[Anonymous]

Definitely keep looking/working. You are just looking for easy way out.

[Anonymous]

Exactly how old are you and DH?

How much do you have saved for college? Are you including that in the $6M?

How much did you make at the job you just lost?

Does your vacation home generate any cash flow beyond costs?

How much do you spend per year?

Do you enjoy working? Does your DH?

We’re early 40s, but tracking towards similar wealth by late 40s (currently at $3M). My main concern is bridging from retirement to our pension kicking in, SS, and 401k eligibility. In our 40s, I would want my partner to keep working so we could both retire sooner.

[Anonymous]

I would work until you can both retire. Seems kinda unfair for him to be overworked as you say while you retire.

[Anonymous]

Anonymous wrote:I would work until you can both retire. Seems kinda unfair for him to be overworked as you say while you retire.

Lol. Op is all about herself.

[Anonymous]

Your kids do still need you right now. In hindsight, those were crucial years in which I was NOT paying enough attention and I probably could have altered the course of their life if I had done things differently.

If I were you, I'd do option one (retire early) or two (take some time off and evaluate later). Your financial situation seems strong, and if you are not working you can probably relieve some stress on your husband while he is still working as the sole earner. Your contributions to the family will be non-financial but important.

Good luck.

[Anonymous]

I’m late 40s, curious about your role and how you made it so far in tech. Were you and DH programmers who hooked up with Google in early days?

[Anonymous]

I stopped reading the fourth time that you referred to you and your husband’s jobs as “gigs.” Do you actually talk like that in real life? Maybe that’s affecting your job search.

[Anonymous]

Anonymous wrote:I stopped reading the fourth time that you referred to you and your husband’s jobs as “gigs.” Do you actually talk like that in real life? Maybe that’s affecting your job search.

Probably both in sales. They refer to jobs as gigs or “play”.