38 years old. Contemplating retiring

Sounds like that job will take a few years off you. Find a new one or find a nonprofit to volunteer at.

 

Invest in some rental properties

yup a friend of mine tried to do it at 35 and almost lost his house due to medical bills from an accident. And while that was all going on his hot water tank broke and his washer broke. He had a rough time but managed to get back on his feet.

 

Congrats on being in a position to even consider what you're considering, and being married to a woman who supports it.

Couple things to think about.

Can't tell you how many business people I've spoken with over the years who ruined a hobby they were passionate about by trying to make a living doing it. For most people, it eventually becomes work and a choir. There are exceptions, but they're exceptions.

If your wife's income allows her to continue to set savings aside, that's a big plus, as is the ability to be covered under her health care plan. You need to consider how many decades you'll be retired and take inflation into consideration. Your nest egg may be comfortable now, but think what a new 1st generation cost back in the late 90's ($17.5k +/- ?) and how far $2 or $300,000.00 would have gone back then as compared to now. Based on your current age, safe to assume you'll see $70,000.00 base model Camry's during your retirement.

Finally, make sure you keep your skillsets honed while you're unemployed. Around the 3 year mark is typically when very early retirees have played all the golf/ridden all the trails/climbed all the fourteener's/driven all the tracks they can to occupy themselves and determine work needs to be a part of their lives. 3 years is a big hole in competency in today's skilled world. Maintain a toe in the water with your professional contacts as a matter of prudence.

There are folks who can help you plan your exit as well informed on the upsides/negatives as possible. Your attorney or accountant will likely have recommendations. Your wife should be as involved with your retirement decisions as you are, for obvious (breadwinner/health insurance provider) and not so obvious reasons (jealousy/resentment/etc.).

My background was a senior commercial lender for a couple decades. Dealt with numerous business owners who considered/decided to cash out and enjoy life. Some did it well and never looked back. More did it well, played hard for a couple years and then returned to working world. Others just saw the opportunity, enjoyed it for a short time, and then regretted it from either a financial or intellectual standpoint for a long while afterwards. Having a well thought out plan A as well as a B and C, reassessing reality vs. theory on a regular bases and a spouse that is 100% on board (particularly in your case) goes a long ways to ensure this goes the way you want it to.

 

This is really good advice. I appreciate it. I would be able to go onto my wife's insurance.. she's planning to go to a typical retirement age. It's hard to imagine not doing anything, but there's days where I feel like that would be the best feeling ever. One of my main fears is getting out of the swing of things, wanting to work then being a risky hire that's overlooked.

 

OK, reading between the lines here...

How hard have you looked at changing jobs/companies in the same line of work? Maybe a different culture is all you need? One that affords you some QoL.

It really sounds to me like you don't want to "retire", just scale it back.

 

My question is why is he letting the company rely on him so much that he can't use his vacation time or other time for him. Why does he feel such a responsibility towards them if he has no stake (ownership) in the company????

 

If you’re in a good spot then I’d say go for it but... let’s just say you’re relationship whet south and you and your wife split or divorced. If you still had a solid career then you could maintain your independence if the worst happened. Like you said if there was a significant gap in you being employed its possible that your skill set may not longer be relevant. I planned on retiring from my job when I hit 50 and now that I’ve met my goal the idea of walking away is pretty scary. My wife is totally on board with me retiring and is willing to support the household if my pension doesn’t cut it. Life is too dang short and having a near death experience it makes me appreciative of each new day. Like you my job (actually my current manager) is killing me. I resent him to the point I no longer like what I do and dread going to work. With a new director getting hired (bosses boss) things could get better... or worse. Best of luck to you.

 

I totally get it. I did it for many years.

Edit: many of us are/were tied to stock options or deferered stock so we do have an ownership stake, so to speak. I walked away from alot to preserve and rehabilitate my physical/mental/spiritual health.

 

But I would think at some point the company has to realize.... either something needs to be done or lose a valuable employee.

 

Find a job that pays you ok but gives you plenty of free time. The job that I have works for me right now. Who knows in three years. I’m not worried. YOLO

 

Having your wife tow the rope, zero income isn't quite retiring in my eyes. I've destroyed by body in construction over the years, back and knees mainly. My wife wanted me to hang up my hat 3 years ago, I knew that wouldn't work for me. I quit my job and got a job at my favorite place, in fact the place I always wanted to be when I was working, a gun club!!!! I'm gonna be 55 in 2 weeks and love working again and look forward to going!!!!

 

THIS!!!

 

Do you have ownership in the company??

 

Nope but I don’t stress about my job and I get to use my vacation whenever I want! The perks of being a government employee....

 

Some folks love to work. Not because it's fun (it's called work for a reason), usually because they get a sense of personal satisfaction/fulfillment they don't get elsewhere. Employer recognizes the drive, gives more responsibilities, rinse and repeat over and over until the demands become overwhelming (usually self-imposed demands on themselves, not by the employer). Key employee burnout is the bane of small businesses. Lose/lose for both parties.

Based on the OP's original post, I'm guessing that's him. Key give away is the self discipline it takes to live so far below ones means to save 100% of their income. Think about that one for a minute. That type of discipline typically extends to all parts of their lives, not just spending or work. Usually perfectionists who plan well and execute even better. Employer dream. Until they burnout. Original post reads like burnout (give my vacation days back, considering retirement, not I want less or different job responsibilities). Wife's full support suggests she's seen it coming and is concerned more about his well being than their standard of living (which has been well below their income anyway based on their savings). God love her, she's a peach in my book.

OP, I'm painting with broad strokes here and could be way off. If by chance I'm in the ballpark, keep your skills and contacts up as retirement is usually a short term R & R phase for folks with your drive/sense of responsibility.

 

You need to run towards something, not away from something.

I don’t think retirement at 38 is a bad idea, but you are going to need to have a plan on what you are going to do.
You’ll be bored out of your skull in 3 months if you don’t have something to do.

I’d be looking at things you enjoy that you can either do as a small business or things you can donate your time to.

Really ask yourself what your dreams and goals are and make sure you are in a place to do that now and don’t need to keep working for a bit.

Retirement is A LOT more expensive than you think, especially when you get to 65. Medicare is more expensive than you think and you don’t even know at 38 what you are going to be able to pull or what those Medicare premiums will be. So I’d at least make sure you are still set to support yourself in the future.

Good for you for saving so well and not getting into the impulsive “gotta have it” lifestyle that most people get sucked into so you have incredible options one day.
I hope to be in your shoes in 10 years.

I wanna always work, but I never want to have to work.

 

I just came here to say, screw you, man. But also, congratulations. Mostly, screw you. Congratulations....and screw you.

 

I am also interested in how him and the OP got to this point and what advice they have for the rest of us. Especially us youngins.

I’m almost 28 years old and I’m trying to do everthing I can to set myself up for a solid financial future.

 

Dude, is that even legal? Also, I'm really sorry. Sounds like a crappy situation. Hope things turn around for you.