Help me with my situation - considering leaving a long term employer
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Anonymous
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I am struggling with a potential life change.....
In Ohio, 50 years old, Mfg. Engineer w/MBA, and now the Director of Operations for a medium size International company. I've been with this company for 25 years...In my current role, I am responsible for the legal entity which includes 3 locations in the US, making automotive parts. Promoted from Site Manager to this Director role 18 months ago. Wage is $180k per year, which is good, but it's a rat race. Lots of Corporate drama, it's no longer fun for me. I am performing well, and have good performance reviews, my boss is OK, but the pressure is high and the job never ends. Married with 2 kids, ages 9 & 11. My wife has accounting degree, but currently stays at home to run the kids around to sports, etc. We have $2.5M in retirement, mixed among 401k, Roth and Regular IRA. $100k in cash and $40k in HSA. No debt other than 10 years left on our home @ 2.625%. I am seriously wanting to leave in 3-6 months. I would still work, but at something less hectic. Potentially my wife also goes back work as well. I dont want to make a mistake. Maybe I'm burnt out. I'd appreciate any thoughts and opinions. Thanks! |
Anonymous
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Hi - greetings from Detroit.
Have you considered going to a larger multinational (OEM)? You have a lot of responsibility for that salary. Corporate drama is corporate drama, but you might be able to reduce your stress. Think about your medical care. The people I knew who checked out in their 50s because they were tired of corporate drama sometimes ended up with medical issues that were extremely costly to resolve without an excellent medical plan. My mom was a SAHM and I am a working mom. I'm going to say this bluntly. Sacrificing your family's financial resilience to facilitate youth sports and ECs is very short-sighted. I would not change your job until she finds a job. Maybe you can wait until your kids are both in middle school? Or she has a stable, flexible job. I think about quitting a lot, but view it as potentially a $1M plus income stream decision. That I'm tempted should tell you something. Being laid off in 2009-10 cost me easily $150-$200K in lost wages and benefits. You're not alone. |
Anonymous
| You should retire at your age. |
Anonymous
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OP, you are not in a location or market where, even at your level of responsibility, there are a lot of jobs that pay over 150k.
I'd consider having your wife go back to work and stepping down to a job that pays less once she does that. Your kids will be more than fine if your wife goes back to work, even if they don't have someone to take them to sports and ECs. Chances are they aren't good enough at their sports and ECs that it will make any difference and even if they are... Guess what? Most pro athletes had working moms. |
Anonymous
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Retirement age is 67. So you want to quit without another job 17 years early with 10 years of mortgage left, only 100K in bank and two college tuitions to pay. That is crazy. Just get a new job first then leave.
You will bleed out in a matter of 9-12 months. My BIL lost his job at same age as you. He blew through his 100K savings quickly. Then his wife, my sister got cancer. She worked part time and had to stop working, she now had burden it was her health insurance. He started tapping 401ks and then kids hated him as they had to pay their own college. He then racked up enough bills that at 65 had to sell family home they tapped out with home equity loans and second mortgages and move to a shoebox retirement home. Quitting a job without a new one for a sole provider is insantity. If burned out just do your 40 hours and go home, if they dont like that they will eventually lay you off, give you severance, maybe cobra coverage for awhile and then unemployment you can file for. But quiting OMG that is nuts. And getting a job at over 50 when unemployed is super tough. |
Anonymous
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With the amount of money you have, you could move if it would optimize your situation. E.g., don't be chained to a job market by a low mortgage. You only want a big family house with yard during the K-12 years.
Maybe you want to move closer to older family? Or are they there with you? This factor might also come into play right around the time your kids graduate and you're in your 60s. Repositioning now is an option, if needed. |
Anonymous
| Have you looked to see if your company offers any sort of sabbatical or longer term training that would let you take a break for 3-6 months. That would give you time to look around for something new or just come back with a new perspective. |
Anonymous
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You and your wife should probably both start sending out resumes and looking for jobs. But DO NOT QUIT in the meantime--you can't afford to and it's also much harder to find a job without one especially if you are 50.
You're 50 (and I assume she is in a similar boat), so prioritize jobs that you can hold onto until retirement (so places where there seems to be less age discrimination) and where there are robust health benefits. Realistically, this will probably take a while given your location and age. |
Anonymous
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The market is tough. I would never quit a job without having something else firmly in hand. What would you do for health insurance if you don’t have a job?
Maybe your wife needs to work, even if just part-time. To the PP whose BIL lost his job and then his kids hated him because they had to pay for college themselves: I get how upsetting that would be for them and how it likely limited their options, but unless he lost his job due to his own fault/misconduct, his kids don’t sound very mature or compassionate. |
Anonymous
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Another thing to do...if you're planning to stay where you are, look at your local high school's college placement results. Kids follow their peers.
In Michigan, I could pretty much price out my kid's in-state options and guess where they would be going to school. We saved for private school out of state but overshot because at donut hole tuition rates, the costs were nuts. So, don't plan on needing Ivy money. |
Anonymous
I wouldn't do anything before the SCOTUS ruling on tariffs. I can't imagine your employer isn't impacted by this. Are they publicly traded? |
Anonymous
| When was the last time that you took a vacation of at least 7 days ? |
Anonymous
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The job market at 50 is brutal.
Don't quit for all the reasons noted above. Find ways to deal with your burnout, including a vacation. Maybe a new hobby or interest to not brood on work 24x7, maybe meditation. Something. Wife should think seriously about your family finances and paid work. |
Anonymous
| I live in Ohio too and that comp seems low for your position. I would look for another job but do not quit until you find something! |
Anonymous
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You can ask for budget to hire a mid level person to help you.
Take a long vacation. Have some healthy hobbies, exercise, walks, and have wife review her cooking skills. |