If you could financially quit your job, would you?
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Anonymous
I appreciate the honesty and do think it comes down to 1) is the job rewarding (sounds like a no for OP) 2) can you afford it (yes) and 3) will you find greater fulfillment and rest with more spare time (also yes). Extra time with teenagers may or may not happen, but at least OP would be both available and more relaxed when it happens. |
Anonymous
| If I could financially quit my job, yes. If I could financially quit my job ‘only with spouse’s salary’, no. |
Anonymous
| No. YOU do not have enough money to quit your job. You are a dependent. |
Anonymous
| Absolutely. |
Anonymous
|
Yes, I would, but I have a pretty high standard of what it means to be able to afford to quit my job financially. This is not just an income question. You need to have a robust understanding of your whole financial life in order to truly gauge what you can and cannot afford.
I'd be considering: - Do we have adequate independent (ie not provided through a job) life and disability insurance protecting both me and my spouse at least until the point in time that we reach true financial independence? - Do we have a prenup or postnup that protects me in the event of a divorce? - What is the distribution of assets? Are all that should be jointly owned in both of our names? How much is in my retirement accounts versus my husband's retirement accounts? If there's a noteworthy disparity, can we afford for my partner to continue to contribute to a spousal IRA on my behalf? - Are our retirement savings on track to be sufficient to maintain our desired standard of living when my partner wants to retire? - Do we have adequate college savings? - If I felt strongly about providing financial support for my adult child, do we have enough money to do so? (Which is definitely not a necessity, but many parents support adult children without realizing that doing so is undermining their own financial stability.) - Do we have an emergency fund with at least 1 year of living expenses. More than that if my partner worked in a niche field where it takes longer to find a job; more if my partner had a very high income and might have to take a pay cut rather than wait for a job offer that maintained their salary; more if they're over 50 and job loss could turn into forced early retirement, etc. I'd want to have enough discretionary income that we could afford to build a larger cash buffer (3 years) as we get closer to retirement because I think it's just good practice to have a multiyear cash buffer as you start retirement. - I'd consider the impact that stopping work would have on my social security and assess how it impacts our retirement plans. Knowing that stopping work will reduce my Social Security benefits, that means we have to save more for retirement ourselves - are we already on track? If we need to increase our investments to offset lower Social Security benefits, can we afford to without my income? Like I said - high standards. I'm basically not willing to risk ever running out of money. Or undermining my financial security before we've reached true financial independence and don't have to worry about running out of money. I'm personally working towards this goal because I think working like an American dog is highly overrated, but I don't think we'll meet my financial standards until I'm 55. |
Anonymous
| Absolutely! I’m mid50s and am FIRE/Coast FIRE (do about 15 hours per month consulting for my former employer). I get to do my hobbies during the week and spend weekends with my family, which is awesome! |
Anonymous
That’s an odd way to see a marriage. We treat ours like a partnership. I take care of the home and he works for now. There was a time it was reversed but no one ever feels like a dependent. |
Anonymous
| I would, and I did — at 37! |
Anonymous
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You're unhappy, there is a way out. Make great memories with your family for the next 6 years.
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Anonymous
| We could live without my salary (husband is in biglaw), but I love working. I was able to find a position that allows me to take 3 months of unpaid leave every summer, so I don't work the last 2 weeks of June until mid September. I take my kids to their grandparents' lake house, we travel, there's no stress about camps or activities. It really feels like a nice balance. |
Anonymous
She doesn’t have 6 years because her kids are already teenagers. It’s not developmentally appropriate for them to spend most of their time with their mother. Unless you are raising them to stay home with you for the long term. Plenty of young adults like that now a days. |
Anonymous
| Would quit the second I could afford to. My job is brutal, and I do it only for the money. |
Anonymous
| Ignore the fact that she has kids for a second. She hates her job. She’s worried about what she will do 5 years from now but she’s miserable today. She needs to change that first. |
Anonymous
| Can you go part time? I’ve been considering that as my son enters high school |
Anonymous
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You can’t “afford to quit your job” until both of you can afford to quit both jobs.
You have a second from being an empty nester. Once your kids drive you will hardly even see them. Hire someone to help at home if you are taxed. What else is going on? Something is off here, |