Walk away from $1 million a year?

[Anonymous]

Would you walk away/retire in your early/mid 50s from a job that you absolutely hated but were pretty much guaranteed around $1 million a year for another decade knowing that if you retired now your portfolio would conservatively generate about $200k a year and your employer would allow you and your spouse to stay on its health insurance forever if you paid the full premium?

Asking for a friend . . .

[Anonymous]

I probably would, but if you've been living on more than $200k/year then you should wait a year or two to cut back expenses and stock away more money until you're set. You can have a set day in your head to look forward to and the job would be serving a very real, trackable purpose, which would make it easier to tolerate.

[Anonymous]

Depends on if my kids were through college etc. I’d probably try to last another five years and bank some more. That is a ton of money to walk away from!

[Anonymous]

Anonymous wrote:Would you walk away/retire in your early/mid 50s from a job that you absolutely hated but were pretty much guaranteed around $1 million a year for another decade knowing that if you retired now your portfolio would conservatively generate about $200k a year and your employer would allow you and your spouse to stay on its health insurance forever if you paid the full premium?

Asking for a friend . . .

Yes, I would. But I know spouse and I can easily/comfortably/happily live on $200k/year. Can you? What does your spouse think?

In fact, this is basically our plan, except we are currently late 30's so we have about 15 more years of work ahead of us. Not sure what we'll do for health insurance but hoping something changes by then in the US.

[Anonymous]

Your money or your life. Don't be greedy but make sure you have enough

[Anonymous]

OP here. I should add that all the kids are out of college and married. We have a mortgage of about 2k a month and no other debt.

[Anonymous]

I know a biglaw partner who did so; he decided the in-fighting and backstabbing were not worth it. I would probably do the same, if I had $5 million in the bank (which it sounds like you do).

If you are making $1 million/year where you are now, you can probably find something you like a lot more for $500k/year. That might be a good compromise.

[Anonymous]

Anonymous wrote:OP here. I should add that all the kids are out of college and married. We have a mortgage of about 2k a month and no other debt.

I mean, I'd probably pay off the house. I know its not necessary but just a mental thing before quitting work. But obviously you can easily do what you are proposing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here. I should add that all the kids are out of college and married. We have a mortgage of about 2k a month and no other debt.

I mean, I'd probably pay off the house. I know its not necessary but just a mental thing before quitting work. But obviously you can easily do what you are proposing.

I'd work one more year, pay off the house, get everything in order, then walk away.

[Anonymous]

That's one of the longest run on sentences I've seen in a long time.

Responding as a friend...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. I should add that all the kids are out of college and married. We have a mortgage of about 2k a month and no other debt.

I mean, I'd probably pay off the house. I know its not necessary but just a mental thing before quitting work. But obviously you can easily do what you are proposing.

I'd work one more year, pay off the house, get everything in order, then walk away.

Another miserable year, another million dollars that's taxed to death and ends up being a lot less. Then you pay off the house and have no mortgage but your overall net worth doesn't change. You just have more of it invested in your house and not generating any income. So your portfolio generates less money but you have no mortgage.

Isn't that six of one, half dozen of the other, except you've lost another year?

[Anonymous]

Anonymous wrote:That's one of the longest run on sentences I've seen in a long time.

Responding as a friend...

OP here. Thanks for the non-advice. Others seem to understand the question!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. I should add that all the kids are out of college and married. We have a mortgage of about 2k a month and no other debt.

I mean, I'd probably pay off the house. I know its not necessary but just a mental thing before quitting work. But obviously you can easily do what you are proposing.

I'd work one more year, pay off the house, get everything in order, then walk away.

Another miserable year, another million dollars that's taxed to death and ends up being a lot less. Then you pay off the house and have no mortgage but your overall net worth doesn't change. You just have more of it invested in your house and not generating any income. So your portfolio generates less money but you have no mortgage.

Isn't that six of one, half dozen of the other, except you've lost another year?

You do not understand net worth, my friend.

[Anonymous]

Why stay? What kinds of things would you do if you didn't have this job?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. I should add that all the kids are out of college and married. We have a mortgage of about 2k a month and no other debt.

I mean, I'd probably pay off the house. I know its not necessary but just a mental thing before quitting work. But obviously you can easily do what you are proposing.

I'd work one more year, pay off the house, get everything in order, then walk away.

Another miserable year, another million dollars that's taxed to death and ends up being a lot less. Then you pay off the house and have no mortgage but your overall net worth doesn't change. You just have more of it invested in your house and not generating any income. So your portfolio generates less money but you have no mortgage.

Isn't that six of one, half dozen of the other, except you've lost another year?

You do not understand net worth, my friend.