Can you afford to quit your job and be part of the Great Resignation?

[tomcat13]

I've worked since I was 15. Retirement comes for this Old Guy, 1/1/22. Looking forward to it & Doubt I'll be "back to working" in a couple of weeks. Way Too Many Projects. Made the Decision in part due to some current Health Issues (Non-COVID related). IDK What my Future Holds, but I Know Who Holds my Future!

 

[yeahbaby]

I've worked since I was 15. Retirement comes for this Old Guy, 1/1/22. Looking forward to it & Doubt I'll be "back to working" in a couple of weeks. Way Too Many Projects. Made the Decision in part due to some current Health Issues (Non-COVID related). IDK What my Future Holds, but I Know Who Holds my Future!

Congrats on the upcoming retirement! I pulled the plug this past June. Let me tell you I love it. I'm fortunate my wife will work for about 2 more years. I'm on her health insurance. I went at 65, the Social Security money difference in waiting till 66 and 4 months was minimal. Another factor in going early was watching a friend the same age as me battle cancer for 3+ years. He lost his battle this last Thursday. And that could be anyone us facing that same situation. So it's time to kick back and really enjoy life.

 

[tomcat13]

Congrats on the upcoming retirement! I pulled the plug this past June. Let me tell you I love it. I'm fortunate my wife will work for about 2 more years. I'm on her health insurance. I went at 65, the Social Security money difference in waiting till 66 and 4 months was minimal. Another factor in going early was watching a friend the same age as me battle cancer for 3+ years. He lost his battle this last Thursday. And that could be anyone us facing that same situation. So it's time to kick back and really enjoy life.

Congrats to You & Sorry for your Loss. I've also lost a few Friends in the past year, so That weighed in My Decision. Wanna Try & Enjoy Some Retirement before My Time comes.

 

[gregkl]

Congrats to You & Sorry for your Loss. I've also lost a few Friends in the past year, so That weighed in My Decision. Wanna Try & Enjoy Some Retirement before My Time comes.

I have seen this happen more and more. When I talk to people who, like me, have been in their chosen profession for quite some time, they often say "it used to be fun". Whether that's owning a bar, being a doctor or in my case, being in sales.

There was a time when I traveled the roads seeing the country on the company dime, meeting people, entertaining people, solving problems and presenting solutions face to face. Now it's sitting in a cubicle making spreadsheets.

I think covid has just added to the numbers of people who thought they would stick it out longer to reassess and with people close to them dying that is all it takes to get out now.

A friend of mine who is not quite ready to retire but probably will by 55 just bought a Jeep Wrangler so he and his wife could go out "joyriding". He had a friend about the same age drop dead suddenly and they decided, now is the time to do some things instead of waiting for retirement.

I haven't gotten there yet. I'm still building my "list" and formulating my plan for retirement in 5-6 years. I might not make it or I might find myself in 5 years still needing to work. But at least the planning is fun.

 

[bwframe]

Study: 'Great Resignation' Playing Out in Indiana - Inside INdiana Business

A new study from Purdue University shows Indiana is among the many states feeling the effects of the so-called "Great Resignation." The study looked at numbers from the U.S. Bureau of Labor Statistics and found the number of

www.insideindianabusiness.com

 

[bmbutch]

I have enough years to retire with full medical (I’m 55). I’m the only earner, and always have been, so I’m close $$$ wise, and if I can find some low stress job that pays decent (no OT or travel), I would seriously consider retiring.

Watching coworkers, family, friends work until they die or are physically unable to do anything is weighing heavy on me these days.

 

[yeahbaby]

Recently retired, SS, pension and a VA stipend. I need you guys to continue to work so that I might continue to live in the manor in which I've become acustom to!

Ha, I retired this past June. I'm on SS, have a nice pension. Although I'm not touching it until needed. Wife works FT, will work for maybe 2 more years. So I'm on her insurance until then. Life is good!

 

[gregkl]

I have enough years to retire with full medical (I’m 55). I’m the only earner, and always have been, so I’m close $$$ wise, and if I can find some low stress job that pays decent (no OT or travel), I would seriously consider retiring.

Watching coworkers, family, friends work until they die or are physically unable to do anything is weighing heavy on me these days.

I'm 62 and still looking at quite a few years. At least 3, probably 5 and I should be looking at 8 to get as much SS as I can.

My health both physically and mentally will determine which one I ultimately choose once I hit the 3 year(Medicare kicks in) mark.

I do think that if I got to 66 10 months FRA, I'll still do part time work to support a hobby. Maybe...

 

[pmbiker]

I would have to work somewhere and would have to make some money but I wouldn't have to work where I'm working nor would I need the amount of money that I currently earn. Now that my children are grown and gone and successfully supporting themselves I could live on half of what I make. For me the golden handcuffs are keeping me at work. Those would be a decent pension and health insurance for life.

I currently have about 7.5 years until I qualify for full retirement but I will still only be 56 years old. So for now I'll just max out my 401k contributions every year and keep on going.

 

[phylodog]

I'm 49 and retired (medically) and the pension pays all of the bills so I don't technically have to work. There is enough left over to support my hobbies since I've already spent tons on them and have most everything I need . That said, my daughter hasn't abandoned the idea of attending Purdue after she graduates next year so there is that but if I didn't do something I'd be dead in a couple of years. I just started working again after taking 3 months off and there's no way the imprint of my ass will ever come out of this chair and I'm lookin at buyin new britches if something doesn't change quick.

 

[gregkl]

I would have to work somewhere and would have to make some money but I wouldn't have to work where I'm working nor would I need the amount of money that I currently earn. Now that my children are grown and gone and successfully supporting themselves I could live on half of what I make. For me the golden handcuffs are keeping me at work. Those would be a decent pension and health insurance for life.

I currently have about 7.5 years until I qualify for full retirement but I will still only be 56 years old. So for now I'll just max out my 401k contributions every year and keep on going.

That's great that you can retire well before SS milestones. Doesn't appear that you have a need to maximize the benefits.

I'm not complaining, I did the best I could over the years. I threw a lot of my income into 401K's without much growth for most of that time. It has only been in the last 10-15 years that it seemed to grow. I raised my two kids in a single income household where we spent what we had to in order for the kids to have a decent home, clothes, and education. Along with stuff like braces, summer camp, sports, music etc. I feel like it paid off. Both of my kids are doing great out on their own raising their own families. They are actually doing much better than me which was the goal.

Once the house is paid off and we get a couple of decent vehicles(part of my strategy to continue working), we should be able to live on far less than what I am making. I do have much larger retirement accounts than the average, but still not quite enough. If I can keep my head and body in the game for another 5 years I should have enough then.

I think I know more people who retire in their 50's than do in their 60's.

 

[Wstar425]

The downtime and the cost of admittance to the new job, as well as any gap in insurance coverage.

Can you quit your forklift driver job to get a CDL and become an OTR trucker? Probably. Little downtime, hot hiring market, plenty of low cost options for required training and certifications, no need to move.

Can you quit your forklift driver job to become a heart surgeon? Probably not.

But after the OTR trucker job you can then quit and become a heart surgeon, right?

 

[DoggyDaddy]

That's great that you can retire well before SS milestones. Doesn't appear that you have a need to maximize the benefits.

I'm not complaining, I did the best I could over the years. I threw a lot of my income into 401K's without much growth for most of that time. It has only been in the last 10-15 years that it seemed to grow. I raised my two kids in a single income household where we spent what we had to in order for the kids to have a decent home, clothes, and education. Along with stuff like braces, summer camp, sports, music etc. I feel like it paid off. Both of my kids are doing great out on their own raising their own families. They are actually doing much better than me which was the goal.

Once the house is paid off and we get a couple of decent vehicles(part of my strategy to continue working), we should be able to live on far less than what I am making. I do have much larger retirement accounts than the average, but still not quite enough. If I can keep my head and body in the game for another 5 years I should have enough then.

I think I know more people who retire in their 50's than do in their 60's.

I'm the same age as you and just paid off the last of my debts (except for the mortgage). My plan is to get aggressive with the mortgage payments now. I recently refinanced from a 30 year to a 15 year, which meant a big jump in the monthly payment, but without the other debt, I'll still be able to pay well above my standard payment. I'm hoping to retire at 67. Don't think I'll have the house quite paid off by then, but I'll be a lot closer.

 

[KittySlayer]

Keep getting closer every day as I have been maxing out the 401(k) for the last several years. Two years from my planned date but close enough to quit if I had to. Have one annoying executive manager whose behavior may push me over the edge sooner than planned because I am old enough I don't need to be treated like that and won't tolerate it. If Biden can keep from F'n up the stock market I am good to go soon.

Interesting that at the same time there is a trending post on Quick/Cheap meals. Might have to make some recipe cards. Although right now I am getting ready to go to Ruth's Chris for a free steak for an Investment Advisor's dog and pony show.

 

[gregkl]

When you guys say you are "maxing" out your 401K, do you mean you have the maximum amount allowed for withdrawal? I ended up in 2020 not having anything taken out of my last two paychecks because I hit the max early. For 2021, I reduced the withdrawal slightly and had the deductions all year.

 

[DoggyDaddy]

When you guys say you are "maxing" out your 401K, do you mean you have the maximum amount allowed for withdrawal? I ended up in 2020 not having anything taken out of my last two paychecks because I hit the max early. For 2021, I reduced the withdrawal slightly and had the deductions all year.

I think they're talking about maxing out their contributions to their 401K's.

 

[breakingcontact]

Ya'll are old!

Lots of retirement talk, not much about the "great recession" where it is really happening it seems.

I don't know that I'll ever "retire" but will likely become more selective about what I do later in life.

 

[gregkl]

I think they're talking about maxing out their contributions to their 401K's.

Yeah, re-reading my post, I think I was confusing. That is what I meant, having the maximum amount withdrawn from my paycheck contributing to the 401K.

I didn't realize that .gov only allows you to contribute so much until all of a sudden my paycheck was higher.

When I asked HR about it, they said I met my maximum contribution for the year so my last two paychecks won't have those deductions.

 

[BehindBlueI's]

But after the OTR trucker job you can then quit and become a heart surgeon, right?

Yes. But maybe not in America. And maybe not for people. But maybe.

 

[actaeon277]

Study: 'Great Resignation' Playing Out in Indiana - Inside INdiana Business

A new study from Purdue University shows Indiana is among the many states feeling the effects of the so-called "Great Resignation." The study looked at numbers from the U.S. Bureau of Labor Statistics and found the number of

www.insideindianabusiness.com

Says many people are leaving their jobs for better jobs, but then says more people are quitting than being hired.
huh