Anonymous wrote:

Anonymous wrote:If you came into enough money (say an unexpected $3 million inheritance on top of what you'd already saved for retirement) that you could retire from a stressful job (say finance or litigation) at 52 but had to live on a fixed income - say $200k a year but no mortgage or debt and kids were grown and college saved for, would you quit your job and just enjoy life? Assume spouse has a very low stress but low-pay job (say academia) and is happy to keep working for health care and steady income but can also take tons of PTO and will not resent you.

I would 100% quit a stressful job if I came into an unexpected $3M. At 52 with my spouse still working I don't know if it would be a permanent retirement, but I would quit with nothing lined up, take a sabbatical, and then think about what kind of work would make me happier or the world a better place or whatever. And maybe the answer would be nothing! Chill out and go to G league games or watch the birds in the park, who knows.

I retired recently (at 57), and actually love the idea of going to G league games as a regular activity. These kids need fans! I have always gotten a ton of enjoyment from watching birds and squirrels in the yard and along trails.

How much do you earn currently OP?

We were living on about $250k from two incomes when I lost my USAID job a year ago. I was burnt out and didn’t immediately start job hunting. Taking the time off I realized…we are kinda doing okay without my salary. The kid is on college and tuition is coming from the 529. Life is less expensive with him out of the house. We’ve stopped doing some things like eating out and getting meal kit delivery. But I’ve been surprised how well we’ve adjusted to it and still get to do the things that really do make us happy.

I’m going to work again. I’m 52 and we don’t have enough to retire on and live even to this level of comfort, so I’ll find something. But I’m grateful for the time away from the rat race, and I know that when I do take another job it doesn’t have to pay $100k like my previous job. That’s been a real burden lifted.

Do it. Life is too short not to.

Anonymous wrote:Good for you OP! I would definitely want to do it, but these are pitfalls to consider:

-If spouse divorces you or dies or becomes disabled can you afford everything including health insurance?
-Also with the divorce scenario, however unlikely, if you keep working, your 3 million inheritance continues to grow on its own outside of marital assets if you don't commingle it, and you likely keep all of it in a divorce. If you quit, you are spending down that inheritance for the benefit of the whole household, and you'll only have what's left of the inheritance in the divorce.
-Instead of taking a sabbatical, can you try just not GAF at work for a few months, saying no to stuff, and looking for an easier/part time job?

OP - totally appreciate these thoughts and financial independence is one of many reasons I wanted a great career. I think at this point though I’ve built enough capital to make this decision- I could always buy insurance or get some kind of new job if necessary (or live off of my half of our portfolio). Marriage is strong though.

Anonymous wrote:I’m struggling to understand how to got to 52 in a high paying job and don’t at least have like $5m saved. Any kids? Mine are in Ms and we could not live on $200k a year. I assume spouse makes at less $50 plus healthcare? That’s like another $100k.
Expecting anything else from inheritance? I think you should do it.

Oh come on… life is expensive- She said she raised her kids and paid for college annd paid off a house and saved a few million extra. Not all high stress jobs pay that well:

I’m struggling to understand how to got to 52 in a high paying job and don’t at least have like $5m saved. Any kids? Mine are in Ms and we could not live on $200k a year. I assume spouse makes at less $50 plus healthcare? That’s like another $100k.
Expecting anything else from inheritance? I think you should do it.

52 is too young. is there a way to get back if you change your mind after 1-2 years? read about Sam Dogen (even though you are older than him). whatever you decide, GL.

Good for you OP! I would definitely want to do it, but these are pitfalls to consider:

-If spouse divorces you or dies or becomes disabled can you afford everything including health insurance?
-Also with the divorce scenario, however unlikely, if you keep working, your 3 million inheritance continues to grow on its own outside of marital assets if you don't commingle it, and you likely keep all of it in a divorce. If you quit, you are spending down that inheritance for the benefit of the whole household, and you'll only have what's left of the inheritance in the divorce.
-Instead of taking a sabbatical, can you try just not GAF at work for a few months, saying no to stuff, and looking for an easier/part time job?

39 here and I'm ready. I would retire.

Anonymous wrote:

Anonymous wrote:If you came into enough money (say an unexpected $3 million inheritance on top of what you'd already saved for retirement) that you could retire from a stressful job (say finance or litigation) at 52 but had to live on a fixed income - say $200k a year but no mortgage or debt and kids were grown and college saved for, would you quit your job and just enjoy life? Assume spouse has a very low stress but low-pay job (say academia) and is happy to keep working for health care and steady income but can also take tons of PTO and will not resent you.

I would 100% quit a stressful job if I came into an unexpected $3M. At 52 with my spouse still working I don't know if it would be a permanent retirement, but I would quit with nothing lined up, take a sabbatical, and then think about what kind of work would make me happier or the world a better place or whatever. And maybe the answer would be nothing! Chill out and go to G league games or watch the birds in the park, who knows.

OP honestly this is the most likely plan and I’ll probably end up doing something again at some point after chilling a while!!

Lol at academia as the low-stress job example

Anonymous wrote:No, because even without tuition, mortgage, etc. we could not be very happy living on $200k/yr. in retirement. We want to be able to travel, dine out any time, do fitness classes, treat our kids and grandkids to vacations, etc.

I guess if the fixed income was for a relatively short time (say ten years bc you're trying to live on your spouse's low-pay job until 62 when you qualify for SS/Medicare), then maybe my answer would be different. But I still think 200k would be very tough if you've gotten used to the lifestyle that the finance/litigation job has afforded you.

Speaking of your current job, I would think that the $3m PLUS whatever you were already saving toward retirement (plus investing on top of that) would come out to more than $200k/yr. by age 52. No?

This is a valid opinion. It’s really roughly $200k plus DH small salary (after health insurance). Salaries raised the children and paid for house, cars, etc.!

Sure you can afford it. I would hold off for a sec though. You want to be able to answer clearly: What are you retiring TO. Common advice is to get specific about what you’re retiring TO - not just what you want to retire FROM. This will keep you from being my formally high-powered neighbor, who retired early, did some traveling and volunteering … at first. And now just blows leaves off of his grass yard obsessively. I do mean obsessively. He’s my living early retirement plan cautionary tale.

Anonymous wrote:If you came into enough money (say an unexpected $3 million inheritance on top of what you'd already saved for retirement) that you could retire from a stressful job (say finance or litigation) at 52 but had to live on a fixed income - say $200k a year but no mortgage or debt and kids were grown and college saved for, would you quit your job and just enjoy life? Assume spouse has a very low stress but low-pay job (say academia) and is happy to keep working for health care and steady income but can also take tons of PTO and will not resent you.

I would 100% quit a stressful job if I came into an unexpected $3M. At 52 with my spouse still working I don't know if it would be a permanent retirement, but I would quit with nothing lined up, take a sabbatical, and then think about what kind of work would make me happier or the world a better place or whatever. And maybe the answer would be nothing! Chill out and go to G league games or watch the birds in the park, who knows.