Can I/should I take time off

[Anonymous]

Anonymous wrote:

Anonymous wrote:You can afford to take time off, but you can't afford to never work again, which is a possibility you'd be setting yourself up for.

Are you looking for another job now or are you too depressed? The rational move is to look while you're employed and hope you get laid off with severance. The lack of sleep and headaches may make that impossible.

Why not see a mental health professional about depression and take FMLA for a month, get your head together and work on your resume?

I never said I was not going to work ever again. I said taking time off to take better care of myself and focus on finding another job.

The point is as you get closer to 50, it may not be your choice.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You can afford to take time off, but you can't afford to never work again, which is a possibility you'd be setting yourself up for.

Are you looking for another job now or are you too depressed? The rational move is to look while you're employed and hope you get laid off with severance. The lack of sleep and headaches may make that impossible.

Why not see a mental health professional about depression and take FMLA for a month, get your head together and work on your resume?

I never said I was not going to work ever again. I said taking time off to take better care of myself and focus on finding another job.

Not the PP, but what people are trying to tell you is that as a 48 yo it could be hard to get back into the workforce. Hence the question, do you have consulting options if you can't get another job.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is your kids' college situation? Already paid for? Can you get health insurance through your DH?

Kids college is probably enough with growth to cover in-state tuition and room and board. Yes DW has health insurance.

What does DW think about you taking time off? How secure is her job?

Given that you are a 48 yo male, you might very well not get another job. Are you in a specialized area where you could start a consulting business?

You are saying that your basic expenses would be covered by DW's income. That means the 1M in brokerage would be covering all the extras.

I wouldn't retire at 48 with 4M and young kids still at home, but there are plenty of people who would.

Seems a bit dire, don't you think?

You must not spend much time on DCUM. It can be very difficult to get another job in this environment.

Whatever the case, clearly you just want people to say it's okay to quit and take time off. And you haven't answered what DW thinks about this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are lots of ways to tap 401ks and IRAs early without penalty.

In any event, $4 million in investments at 48 is fantastic. You don't need to invest anymore. At 58, you'll conservatively be able to draw over 300k a year without touching the principal. Even now, you could draw 160k a year without touching principal.

That's assuming we don't have a pull back, which will happen at some point.

You mean a down market? No, this assumes down markets. The 4% rule was derived from nearly 100 years of data, which includes lots of down markets. And I project a 7% annual return over the next decades, which is conservative and draws from nearly 100 years of data.

My estimates are conservative and account for downturns.

I understand that. But we could have a downturn soon. And that could leave OP open to greater sequence of return risks. We are staying the course right now to secure a big enough portfolio that can withstand a significant correction and still be able to pay the % we need to live a good life in retirement.

Do whatever you want, but the data support that OP can withstand a significant correction and still retire comfortably at this age.

[Anonymous]

For almost all bad job issues, the correct answer is to look for a different job, then take that other job and leave the current job quietly (make no complaints, forget to attend any exit interview, and do not be specific about the new employer’s name).

And do all looking at home using a home computer and your home Internet (never look for a new job while at work or while using a work computer).

It is rare that any bad work situation can be fixed…

[Anonymous]

I would be concerned about getting a job again. I think ageism is definitely a factor after 50. Can you do some low stakes consulting to stay in the industry. Go part time?

[Anonymous]

I do think getting a job especially in your 50s is challenging and know people who have been forced into early retirement. But I also know people who gotten upwardly mobile jobs or changed careers. I think this forum can be a bit extreme in the view that after 45 you are done. If that is the case, we should be telling all 30 year olds to get a 15 year mortgage and not have kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are lots of ways to tap 401ks and IRAs early without penalty.

In any event, $4 million in investments at 48 is fantastic. You don't need to invest anymore. At 58, you'll conservatively be able to draw over 300k a year without touching the principal. Even now, you could draw 160k a year without touching principal.

That's assuming we don't have a pull back, which will happen at some point.

You mean a down market? No, this assumes down markets. The 4% rule was derived from nearly 100 years of data, which includes lots of down markets. And I project a 7% annual return over the next decades, which is conservative and draws from nearly 100 years of data.

My estimates are conservative and account for downturns.

I understand that. But we could have a downturn soon. And that could leave OP open to greater sequence of return risks. We are staying the course right now to secure a big enough portfolio that can withstand a significant correction and still be able to pay the % we need to live a good life in retirement.

Do whatever you want, but the data support that OP can withstand a significant correction and still retire comfortably at this age.

You are making assumptions on OP's behalf. DW's income could probably cover their basic expenses. Their 529s could probably cover their kids' in-state tuition. I think it's irresponsible to blanket statement say he can afford it without knowing all his specific details.

Bengen's and the Trinity study's 4% rule was born out of research covering 30 years, not 40-45 years. OP should really go to a place like Bogleheads.org and present his expenses, portfolio and get a review. Also use some modeling calculators. Then decide if he is comfortable with the information that he receives on a deeper level.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are lots of ways to tap 401ks and IRAs early without penalty.

In any event, $4 million in investments at 48 is fantastic. You don't need to invest anymore. At 58, you'll conservatively be able to draw over 300k a year without touching the principal. Even now, you could draw 160k a year without touching principal.

That's assuming we don't have a pull back, which will happen at some point.

You mean a down market? No, this assumes down markets. The 4% rule was derived from nearly 100 years of data, which includes lots of down markets. And I project a 7% annual return over the next decades, which is conservative and draws from nearly 100 years of data.

My estimates are conservative and account for downturns.

I understand that. But we could have a downturn soon. And that could leave OP open to greater sequence of return risks. We are staying the course right now to secure a big enough portfolio that can withstand a significant correction and still be able to pay the % we need to live a good life in retirement.

Do whatever you want, but the data support that OP can withstand a significant correction and still retire comfortably at this age.

You are making assumptions on OP's behalf. DW's income could probably cover their basic expenses. Their 529s could probably cover their kids' in-state tuition. I think it's irresponsible to blanket statement say he can afford it without knowing all his specific details.

Bengen's and the Trinity study's 4% rule was born out of research covering 30 years, not 40-45 years. OP should really go to a place like Bogleheads.org and present his expenses, portfolio and get a review. Also use some modeling calculators. Then decide if he is comfortable with the information that he receives on a deeper level.

A 3% withdrawal rate would likely last forever according to FireCalc. And the OP was not talking about retiring at 48 and beginning 4% withdrawals from it. He was talking about quitting current job and looking for a new one. Some posters have he can never work again at 48, but that wouldn't necessitate withdrawals at 48 assuming spouse is working.

[Anonymous]

Any chance you can try take medical leave, short term disability or family leave? I'm not suggesting you fake it, but if you've been meaning to get that vasectomy…Get yourself. A month or two leave while keeping your job and see how you feel at the end of that. Maybe by then you'll have a new job offer.

[Anonymous]

Anonymous wrote:I have been with my current federal contractor employer for 10 years in a VP role. The past two years have burned me out from a toxic environment and in the past year contract cuts. I feel that I spend my day fighting--fighting undermining from peers, fighting for my staff not to be the ones to be laid off this week, and fighting to get staff and resources to deliver for my clients because the company laid off too many people. All of this watching peers get suddenly laid off each month and knowing that my days could be numbered. Some days I find it hard to do anything but stare at the screen waiting for an axe to be dropped.

It is literally making me sick. I have gained 20 pounds, have headaches 3-4 days per week, cannot sleep, and have stress-induced IBS. I have been thinking that taking a break, taking better care of myself, spending time with my kids, and devoting myself to finding a more normal and stable job while they are in school would in some ways be a relief. My biggest fear is the current job market in my field. I have friends who have been laid off from the government or contractors and have been unemployed for a year. I'm not sure if that would make me more stressed than keeping going on in the current situation. At my current level it may be difficult. I have never not had a job since I was 16 years old so it is very scary.

I am 48 years old with two kids. Both spouse at I each make $225k. We could live off of one salary and maintain our lifestyle but there probably wouldn't be too much left over at the end of the month for savings beyond 401k. We have $4 million in investments, which includes $3 million in 401ks/IRAs (cannot be tapped) and $1 million in brokerage.

If I got laid off, I would get a $150k severance. That said, nothing is guaranteed. I have watched some colleagues be put on variable hourly schedules and ground down to so few hours that they quit.

Should I just get therapy and hang in there?

I would quite quit. Stop caring. If you actually quit, there is no severance. So do what you can in 8 hours and then go home/log off. Look for a new
job but don’t leave without something lined up.

And take your leave! For short trips where you actually ignore work. also start scheduling doctors appointments at 2 pm and leaving at noon.

[Anonymous]

Get your doctor give paperwork for a 3 months medical or parental leave then reassess. DC is very easy with that I took mine 3 times “to take care of a relative “ working 9 months a year

[Anonymous]

At 48, in a tough job market, voluntarily taking time off to spend time with family sends a different signal than getting laid off, in terms of future prospects. Not a good one. You may indeed never get hired at VP level again. Maybe you would get hired and claw your way back up the ladder, but it will not be easy.

Get therapy, work on mindful balance. Hold out for a layoff and severance lol.

[Anonymous]

I think you should quiet quit. Getting laid off is better than quitting - you'd have an extra $150k!

So - accept that you'll be laid off. Stop worrying about it - it's not a bad scenario for you. Drop the rope on as many things as you can. People undermining you - fine. Don't have enough staff or resources to deliver well for your clients? Okay, you do the best you can reasonably do without a ton of stress, and you let it go. Lower your standards dramatically.

DO stick-up for your staff and try to protect them - not over the top, don't exhaust yourself on this, but if you can reasonably help protect people, do that. That's the one thing I would stay active on. And of course, remain courteous and professional in all your interactions with everyone.

Meanwhile, find three hours a week in your schedule (on or off the clock, whatever makes the most sense) to actively job search and network.

Maybe you get laid off, and you've got your time off to focus on your health and look for a job, but with $150k and a head start on the job search. Maybe you find another job (ideally). And maybe this becomes a reasonable status quo for a while that is at least no longer actively harming you. Feels like the best path at this point.

[Anonymous]

Anonymous wrote:At 48, in a tough job market, voluntarily taking time off to spend time with family sends a different signal than getting laid off, in terms of future prospects. Not a good one. You may indeed never get hired at VP level again. Maybe you would get hired and claw your way back up the ladder, but it will not be easy.

Get therapy, work on mindful balance. Hold out for a layoff and severance lol.

What type of judgmental employer would begrudge a candidate who said "I took a 6 month professional break to explore my next move and spend more time with my family?" Probably the same one who would also view a layoff as a red flag. I think people have to do what is best for them. Some people are just judgmental.