From the Bogleheads forum:
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https://www.bogleheads.org/forum/viewtopic.php?f=2&t=259060&newpost=4122764
We would appreciate advice and suggestions to help us ensure we’ve thought through a major life change we’re considering: I am 75% of the way through a career with a big corporation and considering quitting and going with a smaller company.
Background: I am 47 years old, married (spouse 44) and we have 2 kids. My spouse used to, but does not currently work, but has open offers to teach for about $20k/year.
Both children are teenagers. One of my children is mildly autistic, and the other also has some special needs. We are hopeful that both children can ultimately find jobs and live independently, but that is uncertain.
I am employed with a big corporation. I have been with this company for 25 years. I make a good salary, have a pension, and get a modest amount of restricted stock. I can retire in just over 8 years.
We have saved money very aggressively for 25 years, lived well below our means, and have also been fortunate to inherit cash from a grandparent about a decade ago, which we fortuitously put all in a vanguard stock index in mid-2009. Bottom line, we’ve now got a very sizable investment portfolio. Per IPS, composition is 20% bonds, 80% equities; 25% of portfolio is tax sheltered (IRAs, 401k). About 75% of investments are indexed, rest is lots of individual stocks I bought long time ago and hence have sizable capital gains. We have no debt, no mortgage.
If I were to walk away from current job, I would lose: Pension, Restricted Stock, Medical Plan. If I include Pension and current restricted stock in my net worth, then my pension and current restricted stock amount to about 20% of my current net worth. Continued restricted stock grants could increase the portion of pension/RS to 22% or 23% of net worth in 2026. If I resigned now, my remaining assets produce, after-tax, dividends and interest about 10% above our current all-in living expenses. I have not included house in net worth.
So if you are wondering why I would walk, here’s the missing link: Work/Life balance. I am in a small group that does some specialized, critical, fast-paced work. I’ve been in this group for a little under 4 years, and would be in it for at least 3 to 4 more years, possibly all the way to retirement. The work hours are wearing on me, and my spouse, and my family. I generally work 16 to 17 hours/day during the week (12 at the office, and 4 or 5 more when I get home, sometimes more…maybe a little less on Fridays), and typically about 15 hours on the weekend (trying to cram it all in one day, so I have at least one day off)…not every weekend, but call it 40+ weekends per year. It does fluctuate, and there are a few breathers from time to time, but there are also periods of time (several weeks) that are higher hours (16 to 17+ hours , 7 days per week). I have 15 annual vacation days, but almost always work a few hours every day on vacation (not popular with the family). Everyone in this group puts in essentially the same hours, including my boss…some people are ok with the work hours…some don’t have kids, or are not married.
I’ve always been a very hard worker and never a quitter on anything in life. But the intensity is wearing more and more on me mentally and physically, not to mention on spouse/kids, so I am strongly considering quitting my job and going to one that is about half the hours, and about half the pay.
I’ve worked through a bunch of what if’s….what if a new job doesn’t work out? What would the impact of market crashes be? What would run-up in inflation do? What would a large increase in tax bracket do? All of the above.
I know I’m not the only person, and not in the only line of work, that faces this intensity…so if you have advice, or might have faced a similar situation, your thoughts are much appreciated as we continue to work through the pros/cons.
PS – when I asked my closest friends/family, about half said “quit today, you’re killing yourself for nothing” and the rest were more along the lines of “don’t be a wimp, tough it out”.
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What advice would you guys give to this cuck?
JB Books 1 year, 4 months ago.
