MH just texted me asking if he really has to work for another 20 years. We both simultaneously said we can't do it, we won't make it. We need a "plan B", other than early retirement that we are hoping we can swing.
Do you have a "Plan B" for what to do if you just stopped working in your current field? We do not, but we need one.
I don't have an alternate career per se, but I do have a ramp down path that I *hope* will work.
I'm in technology, and very deliberately made a career change to a newer area about 2 years ago. Right now the plan is work really hard and learn as much as I can over the next 5 years, with the hopes that I could move into contract/freelance work, and be so good at it that I could start choosing my own schedule (take summers off anyone?), and then eventually ramp down to walmart greeter.
I can't sit in a cube every day for the next 15 years.
No. Neither of us has finished paying for law school yet, and aside from all other financial/family considerations we can't go back to school or switch careers to something less lucrative until the JDs are paid for. We have about $113k of the original ~$260k to go.
Plus, I'm now a shareholder in my firm, so I need to plan to be in it for the long haul. Small firms can change, so who knows whether I'll actually retire from this firm, but that has to be the plan for me to invest.
Calvin's an attorney with the state, in year 11 of 20 needed to get a pension. Not leaving that on the table either at this point. He could switch into private practice a decade from now after nailing down the pension, to bring in bigger $$$$ to pay for college. That's about as big a change as we're currently entertaining.
laterz, That is the kind of move I would probably make - into contract for myself and take projects as I see fit. I am an SME in an area that is hard to find people to fit, so maybe I could do it. I just would have to make the leap.
No, but we don't really have a plan A either lol. H is just finishing up his PhD and deciding what he wants to do. I'm literally waiting for the phone to ring to see if I get an offer to get back into a field I used to enjoy. If I don't get the job I may still try to do that, but it's going to feel like even more of a long shot.
I do sometimes dream of just saying screw it to all of it, though, and moving somewhere and starting a tourism company. Like, taking tourists out on a boat or horesback riding or some other adventure thing. I have no background in anything cool, though, so I wouldn't even know where to start. But I'd love to move to a cheap country with universal healthcare and live in a basic home and just help people enjoy travel every day. I don't think it will ever happen, but who knows! H has similar dreams so maybe someday we'll look into actually pursuing it
MH just texted me asking if he really has to work for another 20 years. We both simultaneously said we can't do it, we won't make it. We need a "plan B", other than early retirement that we are hoping we can swing.
Do you have a "Plan B" for what to do if you just stopped working in your current field? We do not, but we need one.
My plan B is to just work for myself. I could do that now but honestly I kind of like being taken care of as far as the administrative and managerial headaches that come with running your own firm. Yes I'd make more $ but it's not a big enough draw for me to leave here willingly bc I feel very well compensated already.
If it didn't work out for H then he'd either just consult in the same industry (his skillset and expertise is pretty niche) or just not work at all. In either case we'd be fine financially.
I work in nonprofits and it is not a field that pays well enough to lend itself to early retirement.
My "plan B" is actually to move into industry for much better pay, work hard for as long as I can to drastically increase retirement savings and move up retirement age. I really don't see us hitting retirement goals any other way. I'm 40, and the idea of working in a windowless office for 27 more years depresses me.
For several years my "plan B" was to turn my parents farm into a day camp, but I've come to terms with the fact that I am not a risk taker, and do not have an entrepreneurial spirit.
Post by simpsongal on Jan 14, 2019 14:40:57 GMT -5
Well, I've built up enough good will and experience at my current agency that I could ask to step into a lower level or part time gig, or even a fully remote one. Not now obviously....but it's good to know I have that chip to play.
Although I could hang out my own shingle, the above is a much more realistic and stable prospect.
We've been targeting some form of financial independence or early retirement for like 9 years now, so we're in a good spot to scale back in the near-ish future if we so desire. We're nowhere near to financial independence (aka living off passive income/investments), but we're close to being able to live on just my income. Mostly our problem is a temporary one - we have 3 kids in daycare (technically the oldest is in private K, going to public K or 1st next year). We are at the point where if we wanted/needed to, we'd be comfortable stopping retirement contributions, since we got a good early start and have a long time before we can access those accounts. Anyway, Plan B is mostly for DH - I would keep my job and especially benefits, DH would start his own business. Depending on how it goes, that business could be part-time consulting or more of a full-time (or more) sort of thing. If things were going well for us financially, eventually I'd like to cut my working hours.
Post by cabbagecabbage on Jan 14, 2019 15:05:04 GMT -5
I'm already on plan B (c?) as an unplanned SAHM but we have practically a plan tree of if this, then that. My next plan is to go back to nearly FT or FT work in three years when my youngest hits kindergarten.
We're also planning/hoping/working toward DH working up in his company and transferring to another state within 5 years. We could be transferred literally almost anywhere. There are locations in 49 states and many countries, although its almost certain we could stay in the US.
If DH dies tomorrow or leaves me, I have a plan to move in with my mother and relocate to my hometown, at least at first. Sell my house. Etc.
If DH gets fired tomorrow (very unlikely but I'd rather have a plan) I would get a job waiting tables nights and fall back on my experience while DH searches. He believes he could get hired on at a company where many ex-coworkers work. It would be a similar lifestyle but no real opportunity to transfer to new places.
I've always wanted to open a snow cone stand on a tropical island. So that might be my plan if I have to change my identity and start over.
MH is tenured and his job is pretty safe. He's planning to stay where he is until he retires.
I don't plan to leave my current job (or industry in general) unless I find something really good.
If I lose my job and can't find something else in the industry then ... IDK. I'd probably look for freelance work in my industry, or just see who's hiring in my general area and hope that I have some experience to get a job.
H is on "pseudo" plan B. He left contracting and gov't earlier this year after working in it for 15 years. He didn't pull a 180 (still similar field) but he is much happier with private industry and no gov't bs.
I am on my plan B of being a SAHM. I used to do scientific research at a lab but it was draining and I worked crazy hours for very little pay. I would love to go back into the science field but it's hard to do it PT. If I needed to start working again, I'd probably try and start an organization business as I looooove doing it.
Post by Velar Fricative on Jan 14, 2019 16:06:24 GMT -5
Both DH and I can retire at age 55 - that's 12 more years for him and 18 for me. Because we will have both been with our employers for 30 years at that point, we will be entitled to our full state pensions by then.
DH definitely wants to quit his job at that point but since our oldest kid will start college that same year, I can't imagine he'll just completely stop working. He expects he'll probably teach at a private school by that point, which is common among retired public school teachers.
I can't fathom leaving my job at 55 but you never know. If I do decide to quit at that point, I could probably pursue different nonprofit options or become a consultant in my field.
There is simply no way either of could pursue our Plan Bs before we hit 30 years of employment for each of us where we are now, so even if either of us wanted to do something new before then, that's just not going to happen. To keep things less boring, I could choose to pursue a different role in my organization or a neighboring one that's still within the pension system, and DH could decide to go to a different public school if he really wants a change, or become a principal or AP.
I stepped out of the work force (trailing spouse) 2 moves ago and have a remote volunteer gig just to maintain some skills. H is also an SME and just started a new VP role. This will set him up to downshift possibly in 10 years or possibly do part time consulting in his field. We are oldz, so retirement isn't so far away. Should our investments go to hell or something like that, he will probably be able to find a consulting gig. We hope.
Post by formerlyak on Jan 14, 2019 19:20:31 GMT -5
I’ve kind of already started mine. I work in higher ed fundraising and was at a VP level at small schools for a few years. I was able to leverage that into a director level job at a very large school, and the position is work from home. This job is less stress and I’m able to be more available for my family while still working and gaining credits in our pension system (I am already vested but more year means higher monthly retirement). I have also started teaching classes in my field. My eventual plan is to teach more and do some freelance grant writing to supplement.
Our house will be paid off in 8 years, and I will only be in my low-50s. At that point I hope to move to just teaching/freelancing. Then in my low-60s when my pension kicks in, I’ll scale back more.
DH likes working and plans to do so until our younger DS is out of college.
Post by dragon's breath on Jan 14, 2019 19:40:59 GMT -5
I'm kind of on Plan B right now. I left a higher paying job with a commute after years of sexual harassment and discrimination (well documented, including text message and email printouts). I work for the same "company", but now work 10 minutes from my door (longer if I stop to chat with the security guards). I also work a rotating shift now (could not do that when my son was younger, just too hard as a single mom in a small town, not any good overnight daycare options at the time). It's a different job (was a maintenance electrician, with my hands in programming and other areas), but a related field, and it's not desk work (I am not made for desk work).
Before the change, I had a calendar marked with the days until I would be eligible to apply for the earliest retirement I could get (age 46, with full benefits, just wouldn't see a COL increase for 16 years, would be a great deal if I could get it, but it is very rarely offered for my kind of position). Now, I would be satisfied working until my minimum "normal" retirement age (57).
I'm 100% on my own, so can't just up and quit my job unless things were to be insanely bad (and in that case, it would involve a lawyer, because I'm not doing that shit on my own again).
If, for some reason, I had to quit, I guess my new plan b would be "Sell the house and/or the property". If I sold the property, I could get enough profit to pay off my house. Or, I'd sell both and buy a really small one bedroom house-- would consider moving somewhere VLCOL to get a small one for just a few $10k. If it was after my house was built on my property, I'd probably just stay there, unless things got dire.
In that kind of situation, my lifestyle would have to adjust dramatically. Right now I budget to save a ton (for the eventual new house, retirement, and to help my son with college), but I don't completely stress out on fun stuff-- I save for great vacations, etc. New lifestyle would probably involve small house, and a very simple life with simple (aka camping) vacations.
I'll be 40 later this month. I think I could survive on the savings I have--I'd have to pull retirement money early, so pay fees on that, but I'd get a pension eventually (~$16k/year if I quit now), and SS, so more money would come in in 20+ years. But, it's a lifestyle I wouldn't want to pursue.
I dunno. I’ve followed H around the past 15 years and have worked sometimes and stayed home with kids sometimes. We just moved 10 days ago and I’m not working. We typically save any money I make.
H has 6 more years until he can retire from the military. I imagine we will use that as cushion to figure out what we want to do when we grow up lol. I joke that he will work at a brewery or a running store and be the primary parent while I finally have a career. But who knows. I feel like we have a lot of paths and options that we could take.
I’m kind of at a weird place right now and feel like it might be a good time to pivot - maybe be a professional organizer or volunteer a lot or something.
Not at the moment. I can’t retire until 57 and get my pension as a fed. I’m the breadwinner and carry the benefits, which I’m also eligible for in retirement. The perks are good at this point.
That said, I would love for DH to downshift, so we’re both not FT. I may have to PCS for work in order to move up again, so we’ll see.
I could eventually look for a total telework job, but I would have to leave management and/or the dod with my position and job series.
I'm already on plan B (c?) as an unplanned SAHM but we have practically a plan tree of if this, then that. My next plan is to go back to nearly FT or FT work in three years when my youngest hits kindergarten.
We're also planning/hoping/working toward DH working up in his company and transferring to another state within 5 years. We could be transferred literally almost anywhere. There are locations in 49 states and many countries, although its almost certain we could stay in the US.
If DH dies tomorrow or leaves me, I have a plan to move in with my mother and relocate to my hometown, at least at first. Sell my house. Etc.
If DH gets fired tomorrow (very unlikely but I'd rather have a plan) I would get a job waiting tables nights and fall back on my experience while DH searches. He believes he could get hired on at a company where many ex-coworkers work. It would be a similar lifestyle but no real opportunity to transfer to new places.
I've always wanted to open a snow cone stand on a tropical island. So that might be my plan if I have to change my identity and start over.
Why do I get the sense you've got three pulled teeth and a vial of your own blood in case you ever have to fake your own death?
Post by aprilsails on Jan 14, 2019 20:44:12 GMT -5
I don’t see any option where I can stop working before 57, the age where kid #2 would complete college or university. Even then I doubt I would retire before 60, although we are saving based on 55 as the target age.
If I need to change careers I have a lot of options available. I could switch to teaching French (local boards are always looking). I could also work for mining companies in the Arctic. I have experience in the area, most of the work is from home, and I would just need to go to site a few weeks per year (if that). I could also get jobs with lighting design companies, shift down to doing small consulting jobs at home, and do project management with the government if I wanted.
DHs dream involves us buying a cataraman and sailing in the BVI and taking private bookings for $10k/week. I would captain, he would cook.
Post by dr.girlfriend on Jan 14, 2019 20:47:56 GMT -5
I am in a field where I could potentially go into private practice and work just a few days a week, or potentially even be kept on at my current job at less than full-time.
I don’t know exactly. It involves cobbling together income from our rental property, a hypothetical new job (either PT or dramatically downshifting to something less stressful) and using savings.
I worry a lot about health insurance, when/if more affordable public options become available, Plan B becomes a lot more viable. But currently, one of us really needs to have a job with traditional benefits. Taking that out of the equation, though, we’ve lived quite far below our means to realistically be in a position to walk away or scale back career and income-wise. Our only debt is the mortgage and we have enough in savings that we could pay it in full if we were to choose. We’d probably be fine with modest incomes, and then either selling the rental and living off that money, or living on part of the monthly rental profit in addition to smaller earnings.
H doesn't have a plan B because he has wanted to be in his niche medical field since he was 16. He would never retire on his own if he was still able to practice at the skill level he expects of himself. I'll probably be trying to make him retire from clinical practice at some point but I think he will then move to the administrative side, if he hasn't already.
I have like 7 plan Bs that I would enjoy and would involve quitting my current career. Lol. We could make any of those happen now, but I like what I do and want to move to the administrative side at some point.
I have one of the few fully funded pensions, and I mostly like my job so I guess I will be here until 55 or hopefully at another place with the same pension fund.
No plan B at the moment. I have thought about going part time but they probably won’t let me go back to full time after so I guess that could be an option closer to 55, but then again health insurance is more important than so maybe not.
DH has entrepreneurial aspirations but doesnt really want to ever retire.
I hope by the time I'm 60 I can transition to a less stressful role and maybe wind down to PT. I could consult or work PT with my skillset. I'll downsize my house to a condo at some point in the distant future, which will help. I don't see myself being able to retire early, which is hard when you are a single income.
In a way, becoming a SAHM was my plan B. Though that was more of something H wanted than me, but most days it's not bad. I don't think I'll ever go back FT.
He can retire at 55, so that's the goal for him. Even with kids in the equation now we arent too far off as long as we can keep our mortgage in check as we weigh the addition vs. moving.
We're kind of doing plan B right now. We have both finagled part time in jobs that aren't typically part time. We're in niche areas and paid really well despite PT. My company is still providing health insurance. It's pretty amazing.
I do like working and it's a big part of my identity. I also feel a lot of loyalty to the company I'm working for and want to be part of their success. If things changed there, plan C would be for H to go to 4 days from 3 (thus qualifying for health insurance at his company) and me becoming a SAHM.
I'm already on plan B (c?) as an unplanned SAHM but we have practically a plan tree of if this, then that. My next plan is to go back to nearly FT or FT work in three years when my youngest hits kindergarten.
We're also planning/hoping/working toward DH working up in his company and transferring to another state within 5 years. We could be transferred literally almost anywhere. There are locations in 49 states and many countries, although its almost certain we could stay in the US.
If DH dies tomorrow or leaves me, I have a plan to move in with my mother and relocate to my hometown, at least at first. Sell my house. Etc.
If DH gets fired tomorrow (very unlikely but I'd rather have a plan) I would get a job waiting tables nights and fall back on my experience while DH searches. He believes he could get hired on at a company where many ex-coworkers work. It would be a similar lifestyle but no real opportunity to transfer to new places.
I've always wanted to open a snow cone stand on a tropical island. So that might be my plan if I have to change my identity and start over.
Why do I get the sense you've got three pulled teeth and a vial of your own blood in case you ever have to fake your own death?
Post by SusanBAnthony on Jan 15, 2019 7:52:21 GMT -5
We are on track to maybe retire (huge question mark about health insurance) when our youngest goes to college. That is in 10 years when I am 46 and H is 52.
In reality I think at that point we'd both be pretty honest with our employers that we want to go PT or take a yearly sabbatical.
H will be ready to retire for sure at 52. He is not made for corporate BS. But he might consult.
I like my job and am moving up so for me it will totally depend on how that looks in ten years.
And also of course on the finances for college.
I don't see us doing anything drastic with ten years to go. We'd bothrather stay where we are for two years than work 20 in a lower paying job.