38 years old. Contemplating retiring

Shows what 30+ years of welding, fabricating, and body work get you. Pain

Thanks though

 

They had me fill out application for LTD but then said they doubt I will qualify since I can still work doing something. Now saying probably go back on WC and have a vocational rehabilitation. I’m less than 3 years from being able to retire and take my health insurance with me.

 

Health benefits - if you can afford to pay the complete hospital and doctors bill for a significant injury to yourself or for someone covered under your benefits, while maintaining the same quality of life, then I say quit. If you can't afford to fund a hospital bill or pay for any type of potential cancer treatments (hopefully never the case), then its probably worthwhile to remain employed and to deal with whatever stresses are involved in the workplace or go to a lower level job with the same benefits if the stressors are really that bad.

 

Yes I am prior Army but a non combat veteran

 

Yes and have another appt this week

 

Retiring at 38 sounds sweet. Known too many folks that never lived to see it and I don't want to be that guy. For me retiring without the wife there would take a lot of the fun out of it. Sure, there's hobbies of mine that she's not into but for the most part we're always planning on what we're doing. I'm looking at another 3 years but the wife says it's 12 for her. Hard to imagine those 9 years in-between.

 

If I were in your shoes, I’d Probably pick up a few properties in cash. Like some triplex or quadplex apartments in a city like oh Fort Lauderdale or Miami (where you can always have long term working-class tenants) and then would you look at that? You have a good 6-8 different sources of residual income. Your cash investment would be replenished in 10 years and anything after that is your new job for life.

But I’m sure you already know this since you sound like a pretty successful person.

 

Personally I wouldn’t retire, for several reasons. My last employment was a high stressed environment and involving physical work. While I didn’t mind the physicalwork, it was the stress from everything that ate me alive. I brought that home and it effected my home life. Tried to make some changes but not soon enough and ended up getting a divorce. After that I vowed to make some changes. Went out and found a new job. I felt so stuck for a long time. Didn’t know what to do and was so scared to make a change. But when it happened, I was so relieved. My new job is very physical but I like how I just show up and do my job, then go home. Usually never used my vacation because it was too hard to take the time off or if I did I knew it was going to be more work before and after playing catch up once I got back. Most days that I took off I would have to come in for some reason or another, or get calls or something that interfered with my personal time. Never got overtime, or any appreciation for the hard work I put in. So I can relate to a lot of this.

That all being said, Even if I was financially able to retire at your age, I wouldn’t see it as a wise decision. A lot of stuff has been stated already. You will get bored. Even with hobby’s. I don’t think I could let my wife work while I’m retired either. Again we don’t know your situation or your wife’s. Maybe she has an amazing job. I’m younger but have traditional values where the man is the breadwinner. I don’t have issue with a woman wanting to be independent or even having a job. In fact in feel in today’s society if you really want to thrive, both spouses probably should work. I also feel her working and you not could cause some issues down the road. Then you have the what if’s as someone already mentioned. What if you did happen to get a divorce or something happen to her? What if she lost her job? Someone else mentioned the prices of everything raising. That’s a good point. Inflation doesn’t always equal out. Also you have no idea how long you may live, and be retired. Could you live off your retirement (and your wife’s savings/future retirement) for 50 some years if needed? I don’t know a lot about retirement but I have seen a lot of people lose a lot of money in their 401k’s because the stock market crashed. You said you don’t have a pension so how stable is your “retirement”. There’s just so many variables that could come into play. I’m 34 and couldn’t even fathom the thought. I would just look around for something else if you’re that stressed. Whether it’s a different company in the same field of work. A complete change in line of work and career paths. Or maybe just kinda scale back and find something maybe even part time if you truly are that well off financially. Maybe take some Ike to clear your head. It’s best to not make any rational decision. Especially in the heat of the moment. You have a bunch of vacation time. Use it! Take a few weeks off and spend some quality time with the wife. Completely block off contact with everything work related during that time. Have some fun, clear your head. Then sit down and give it some thought. If they have any problem with you taking some personal time then that job probably isn’t for you. A good company shouldn’t value and respect their employees. Especially if you’re a good employee and a hard worker.

Just be sure to think as much through as you can. The grass isn’t always greener on the other side or in different pastures. You’ve got some hard decisions to make. Don’t rush anything, and make sure you have some back up plans just in case you happens to have some regrets or made a poor decision. Cheers and best of luck!

 

That's pretty darn accurate. Small to medium size company. I take on way too much responsibility. Over the years my work load has been decreased, but in no time, I end up back in the exact same spot.

As far as a question on how did I get to be such a saver? First real job I direct deposited 20 percent of my paycheck to a savings account that was a little harder to access than the regular checking account. I told myself I will only get into it if it meant missing a payment or going hungry. As time goes on, you get greedier and greedier about how much you want in the savings. Each time you get a raise, more goes into savings. Next thing you know, a huge chunk of your income is going into savings.

I do not talk about finances with my close group. I realize I have different ideas and I realize my approach isn't the norm and everyone else's situation is different.

 

What about vacations? I think that will be the hardest part to figure out. Most “casual” or “easier” jobs dont have vacation days, and even if they do it will accrue at a snails pace. Even if you are ok with non paid time off your coworkers will likely be pissed picking up your shift for weeks. This really only matters if your wife is a big go places on vacation person.

 

Consider becoming a volunteer firefighter/emt - or part paid, if available, should you decide to quit your current job. Many rural/semi rural areas are in dire need of day turn volunteers/part paid people. You don't necessarily have to live there either.
Just a suggestion.

 

So, some thoughts based on first hand experience (not retirement, but your work situation).

First, this happens often enough that our bank use to hold seminars for our business borrowers on this specific issue. An FYI - losing a key employee is the third biggest detriment to a small business's success, only behind death of a principal or divorce with business ownership involved in asset division. In more than half the cases, the employer is taken by complete surprise by the employee leaving. Typical response is to offer more money (which rarely is why key person is leaving - so isn't successful), more vacation or flexible time (they don't take time off they're allocated now, so adding more isn't successful), or ownership interest (most key people don't put in any more hours after equity position than before, now they just have a viable reason to work themselves into the ground). If reason for leaving is burnout, key person normally won't share that with employer either because of a sense of letting the employer down or doesn't want employer to be able to negotiate them into not leaving.

Second, key people tend to excel at the doing, suck at the delegating. Which becomes the self-fulfilling workload overload ("over the years my workload had been decreased, but in no time, I end up back in the exact same spot"). Again, this happens so frequently that it's a known thing in the business world. I completely understand who you are work wise, but you're destined to the same fate unless you can figure out how to not do everyone else's job plus your own. You're wife will love your gung-ho attitude with the DIY projects, but she'll be seriously worried the third time you re-paint the hallway and replace the trim.......this week. This is a personality trait, not some goofy idealism you're living. There's folks (no, not shrinks) who can help you with this, but it's a strong trait and takes serious proactive effort to deal with.

Third, how are you going to go cold turkey work wise when you can't take all your vacation days to begin with? It's rhetorical, but you have to know you're going to go bananas if you don't have an ironclad plan B the first 15 minutes of day one of retirement. Again, winging it isn't a typical key person trait.

So, no skin in the game and the outcome doesn't effect me. But my place professionally was to help employers head this stuff off before you give notice (which is almost never reversed by the key person after submitting). I promise you that if there is some modified version of your current job that you'll be happy with, your employer will rather go that direction than have you leave. BUT, the terms must cut both ways as in: you have to quit doing it all or will be terminated if responsibility creep sets in again. You'll agree to take management delegation classes at the local college (if that's an option). etc. Put it in writing. Everyone signs it. Hard progress measurements of results at quarterly intervals for a year, semi-annually after that forever (honestly it's that strong of a personality trait).

On a a final note, it's also a thing with chronic savers not to be able to spend in retirement. Took too long, worked too hard to acquire. Aww honey, I think I can do my own kidney transplant. Read something about it on the internet. They've learned to do without for so long that they don't know how to do with.

No doubt you'll figure it out, whichever way you go. And you can always unwind your decision if things change.

Best

 

complicate things and get a girlfriend

 

you retire and pick up a second source of income

done

 

billum v2.0 sounds like he knows what he is talking about.......OP should definitely read this in my opinion. Maybe everyone should????

 

@toyotatacomaTRD, I sent you a PM!

My opinion is that you know what you need to do.

 

W

Wow sounds like you described me like you knew me. .