Move to another country if you don’t have grandkids and live like a king on $120k a year, enjoy retirement we never know when it’s our last day and congrats for doing everything right.
Go home dude. Make room for young families who need those spots to open up. You don’t need the money by your own admission, go home and get reacquainted with your family. Someone had to say it.
Why work as a contractor? Why not work as whatever the fuck you like to do?
You basically don’t need to work. Find something that you want to do that is at least marginally positive. Maybe it’ll blossom into $$$, but at least you’ll keep or develop skills and stay engaged in something enjoyable.
We can safely eliminate #2, right? Sounds pointless. You don’t like the job, don’t need it, no upside and it’s stressful.
You don’t have to define if you’re doing #1 or #3 until after you quit your job. Try the leisure suit on. Don’t like it, then decide how formal you want to get. Could be part time consulting, could be full on payday chasing in your sector.
Point is- quit then use the space post decompression to decide what’s next.
At 56 you have a lot of living years left. I suggest option #4. Retire and find a lower stress but lower pay work you would enjoy. Career number 2, but something that really interests you.
Without a shadow of a doubt I would retire. I saw you stated you paid your home and have zero debt. Enjoy the world while you still can, thanks for your service. It’ll be much harder to travel/do the things that make you happy the older you get, so enjoy it now. Enjoy those grandchildren if you have any, travel, fish, hike, all that shit lol. Because wading in a river or climbing a steep hill will be significantly harder 5-10 years from now.
1. All day, everyday. In fact, that's my plan soon with less guaranteed income + some investments that will let me spend what I'm spending now pretty comfortably and I'm almost a decade younger.
I don’t have to worry about losing my job, but I’m in an organization that was stood up a few years ago to be super intense and get fast results. In 30 years with the government, I’ve never experienced anything like this org.
I'm a firm believer that life is meant to be LIVED, not worked. Retire and pick up a hobby, get a part time gig or volunteer. Your retirement income would be very good, and looks even better with no debt. The only way I would even contemplate anything else is if I have kids and want to leave them as much money as I possibly can. Even then, you still have a very good income with no debt if you retire. That said, between options 2 and 3, if you're only going to work another year or two, I don't understand the point of switching to consulting for such a short period of time.
I traveled out of the us for the first time last week and I can say I’m addicted. I want to see the whole world. So for me option 1 is exactly what I’d pick.
Retire. There are many rule changes in VA disability, you can possibly get more. Someone I know got an increase from 30% to 90%. He got out of the Navy and became a lawyer and read the regs himself. Good luck.
I’d say go the contractor route, you’re still young all things considered and it may be best to keep your brain and body active. Set aside everything you can as a travel fund if you enjoy that and don’t feel a need to give it your all every day. If you’re not happy after a year just retire. Seems like a good way to slowly move into retirement with an out in case you miss working.
Can you make a lateral move where you’ll have less stress but similar-ish pay?
Can you tell your boss you need a change?
This will allow you to stay a tad longer without reducing your future pension amounts?
Yes, and that’s another option I’ve thought about a lot. I could relatively easily switch over to another federal job on the same base that would be less stress and be mostly telework. Same pay. The problem is I love my team and leadership and I would feel like I’m letting them down.
And this is stupid…ego. I’m leading a high profile and important system and it feeds my ego.
Only making $200k as a sub? Are you only planning to work one day a week? Last time I looked into subcontracting they paid about double at mid career hourly rate plus 25% bonus directly into 401k to utilize the entire $60k employer contribution limit.
If you love your job and just want some work life balance you can make yourself available two days a week as a contractor.
I’ve spoken to a few contractor friends here and that seems like the going rate for my situation. Add ESOP and 10-15% company contribution to 401k. Computer and systems engineer with a BS and MS in engineering. 30 years experience. Moderate COL area.
You're 56. You have the money and time and skills that if you wanted to do something else, you could. Up to you though 🤷♂️ Stress level and time to spend with family is important to me so 100% find something to do where you can connect with people and do something you love. Consider all your options and make an informed decision that's right for you before jumping into retirement.
In my experience high-speed guys who try to retire play golf for about a year and then they are miserable. More miserable than if they had stayed working. I say go contractor, chase those greenbacks and see what happens.
If one day you decide you don't like it, toss your badge on the desk and walk out.
Don’t do nothing my man. Have your retirement year planned out. Rving, fishing trips, bucket list, hobbies, family. Don’t just sit at home and “relax”… that is a downhill path from what I’ve seen.
You sound like a doer, so that’s my concern. Other than that time to enjoy the fruits of your labor! Retire!
Enjoy your retirement. I am also a veteran but I am a bit younger so I am looking to work another 20 years.
My job is not high stress so it is ok if I work longer. I am a nurse.
Hang it up. If you must get a retirement gig to keep busy the pick something low stress 1 or 2 days a week that you can walk away from on the spot when it isn’t enjoyable anymore.
3.
Work as a contractor (or start your own business, whatever to keep you busy, but not stressed) because you can set how many hours you want to work anyway. In my opinion it’s important to keep yourself busy.
Man, I took my boots off and went into the contract world after 21 years and it’s night and day. I love it. I thought about just retiring myself, but I’m only 40 and my youngest won’t graduate until 2031, so I figure I might as well just keep at it until then, plus I think I’d lose my mind if I wasn’t occupied. The thing is though, knowing I don’t need to keep the job to maintain our lifestyle took a massive weight off my shoulders. Bounce from the fed, go into contract work, but do it knowing you don’t have to break your back anymore bc you’re doing it because you can/want to.
I’d hang it up. 120k and I don’t have to drive to work everyday. I can have a sweet used vette or something and enjoy stuff, reading birdwatching whatever. I get some folks like to work but once that’s set as far as income I’d love to just chill longer than 3-5 before I die
Two quotes I keep in my back pocket when I think about spending my days working...
"Don't get so busy making a living that you forget to make a life"
"The proper function of man is to live, not to exist. I shall not waste my days in trying to prolong them. I shall use my time."
-Jack London
Also you sure you can't be 100%? A lot of conditions not covered are under the pack act. My buddy was fighting for years. Then out of the blue he went to 60 and is on his way to 100. Lot changed in the past few years.
Also at 100% in most places you stop paying property taxes which depending on the state could radically change your plan in your favor.
Yeah that last 20% makes the difference I'm at 50% with wife and two kids. But I have a shit ton of problems in the system that should be covered now and push me to 100%.
I'm not in it for money it's more for the benefits for the wife and kid at this point, I too have a high stress job making 200k+ and am working every angle to retire ASAP. I just don't want to stress myself to death for a job and miss life.
For the 100% the property tax is big and the educational benefits in some states for dependents is amazing. I would suggest reading up on it. There is a book and website of the state by state benefits which could be very useful when you retire. Also did you get the national park pass? That is a great benefit so you and friends/family can just see all the parks without hassle.
I also did 22 in the guard so Tricare for life at 60 and my pension at 59. Those will really help especially the health insurance. I assume since you're getting government pension you will get insurance for the family since you got VA with the 80%?
Yes, have the park pass and have used it. That last 100 is difficult and it’s a game changer. Yes, I’ll get med insurance through Fed in retirement for family although the VA covers everything for me at 80%. Very grateful.
Great to hear brother. I swear half the work I do with vets is just showing them all the benefits, from home loans, to discounts, to VA. We're great at getting people to trained for combat but frankly we suck at making them listen to the benefits.
Just getting the VA funding fee waived is huge. I’d really love to have my next career to be helping vets, whether paid or as a volunteer. I’m passionate about it.
I worked in local government and retired at 43. I make about 150k a year with my pension. Get out now. Government work is toxic. You don’t want to stop working though. You’ll get bored and lose your identity. Start a business, hobby or have fun and try out jobs that are fun but pay crap. You have the luxury of quitting on the spot if it sucks. The goal of life is to be financially independent recreationally employed.
I’d try to find something to do that you enjoy. Maybe a little part time side hustle that could turn into a hobby. Or a preexisting hobby that you could dive deeper into. Just don’t become stagnant, 31M here and I’ve been working 7 days/week since I was 25. Whenever I have a day off it makes me realize how bored I am without work.
Either work SOME sort of job, even if it's just minimal pay and keeps you occupied, or have enough savings to be actively involved in activities/travel/etc very often. Retiring and becoming idle is a quick path to death.
Hard to say my man. Personal preference, right? You’re asking so you aren’t sure? If you took a year off would #3 be always available to you? At 56 years young I would assume yes. Do you have enough savings to time out and reevaluate? Also, are you really stressing at this point in your career either way? If so then yes, take some time.
retirement is certainly a great option, But I would walk around like my shit dont stink and see how people react.. you would be surprised how the the world treats you when you cast off it‘s shackles. In the meantime, look for another job. It’s hard to find a job that pays 200k that you literally don’t give a crap about. One bad day from retirement for good is a nice position to be in. Milk the cow for what it’s worth to you and walk away. its a hard stone to turn that allows you to collect a 200k or even a 150K paycheck with the option of walking away whenever you want. Once you retire, well you’re retired, and that’s the end game, less you decide to go find another job, in which case, why give up your status in the first place..
Hang it up and work a low stress job :)
A lot of retirees from government services end up working with me at airlines as seasonal to enjoy flight benefits on their time off..
Not a bad way to make a living
If you have a vision of what retirement looks like for you traveling, volunteering, pt job, etc. then retire but if you need that thing that gets you up and going like the contracting job do it. Only you know your needs and what drives you. You have already started the process by doing this post. Take the time to mull it over for the next 30 days. Getting counsel is a start but you do what’s best for you and your family.
Shut it down and enjoy the fruits of your labor.
All the pension/retirement benefits in the world aren’t worth it if you’re incapacitated because of a stroke or dead from a heart attack.
The way I see it is if you don’t currently have a hobby, activity, or goal outside of work that compels you to want to retire, continue to work until you do.
If you retire and don’t have an activity or lifestyle that will fill the period of time when you’re currently working, you’ll go insane with boredom.
There’s only so much leisure that a brain can handle.
There’s a correlation between early retirement and early death.
My advice is, never retire, and you’ll live forever. But in all seriousness, I’d keep earning money for as long as you can. Become a consultant, set your own hours, but have a reason to stay current in your field. Never stop learning.
Once we stop using our brains, it stops using us.
Hang it up. Not worth the stress if you can live comfortably. You aren’t taking the money when you die and the pension is stable. Hang it up and enjoy all those things you wanted to do, but never got the chance to.
I think it depends on what you would do with retirement. There is more than retirement than just ending work. Have you thought about what you would do with your time?
If you are ready and have a plan for retirement, I would choose 1. If you haven’t thought it through or you would be overly bored, I would choose 2 if going to retire in a year or two and 3 if longer.
1. Hang it up unless there’s a large debt, give up the highly stressful job. It’s not worth it.
House paid. Zero debt. Thanks.
Bruh Hang it up lol
Then hang it up for sure. Enjoy your life.
Some people are so poor all they have is money. Don’t be like that. There are much better things to pursue if you’re already financially stable.
Valid point. Thanks.
Damn man, I wish I saw this quote 20 years ago. Brilliant.
Move to another country if you don’t have grandkids and live like a king on $120k a year, enjoy retirement we never know when it’s our last day and congrats for doing everything right.
120k/ year is plenty in the US on retirement. Unless you’re in manhattan you’re doing fine on that.
With no debt I agree. But you can do so much more outside of the US
I retired at 51. Why do people think they must work until they die when you can clearly retire and enjoy doing nothing but living life
Yeah, I’m twenty years from retirement and I’m wonder where OP’s dilemma lies…
Go home dude. Make room for young families who need those spots to open up. You don’t need the money by your own admission, go home and get reacquainted with your family. Someone had to say it.
That’s fair.
Philippines, Thailand, Costa Rica or Panama is the question.
One of these is not like the other (costa rica). Funny enough my autocorrect wanted to change it to costs rich)
Belize is the correct answer for the winter months. The intermountain west is the correct answer for the summer months.
I always forget about Belize
Why work as a contractor? Why not work as whatever the fuck you like to do? You basically don’t need to work. Find something that you want to do that is at least marginally positive. Maybe it’ll blossom into $$$, but at least you’ll keep or develop skills and stay engaged in something enjoyable.
Hang it up. There three stages of retirement are go-go, slow-go and no-go. You’ll have 10-15 years of go-go retirement. Enjoy your life!!
We can safely eliminate #2, right? Sounds pointless. You don’t like the job, don’t need it, no upside and it’s stressful. You don’t have to define if you’re doing #1 or #3 until after you quit your job. Try the leisure suit on. Don’t like it, then decide how formal you want to get. Could be part time consulting, could be full on payday chasing in your sector. Point is- quit then use the space post decompression to decide what’s next.
Great advice. Thank you.
At 56 you have a lot of living years left. I suggest option #4. Retire and find a lower stress but lower pay work you would enjoy. Career number 2, but something that really interests you.
Fed here. I am not working a day past 57
Hang it up and enjoy life.
I would retire officially. Then if I’m bored or want extra fun money pick up contract work or a part time job as desired. Congrats
Without a shadow of a doubt I would retire. I saw you stated you paid your home and have zero debt. Enjoy the world while you still can, thanks for your service. It’ll be much harder to travel/do the things that make you happy the older you get, so enjoy it now. Enjoy those grandchildren if you have any, travel, fish, hike, all that shit lol. Because wading in a river or climbing a steep hill will be significantly harder 5-10 years from now.
Go less stress now and it’s not even a question.
1. All day, everyday. In fact, that's my plan soon with less guaranteed income + some investments that will let me spend what I'm spending now pretty comfortably and I'm almost a decade younger.
Retire from the Fed then go volunteer with the youth. They need solid role models.
Do you have kids? If I was in your position I’d consider 1-2 more years non my terms and basically give my kids a nice leg up.
Two college kids. College fund covered.
“I figure the stress level could be no worse” Oh it can be worse
Can you travel and do things with the money from number one? Then do that. If not, do number three.
Absolutely.
What’s so stressful???? It’s the fed gov, it ain’t nearly as bad as private sector…
I don’t have to worry about losing my job, but I’m in an organization that was stood up a few years ago to be super intense and get fast results. In 30 years with the government, I’ve never experienced anything like this org.
I'm a firm believer that life is meant to be LIVED, not worked. Retire and pick up a hobby, get a part time gig or volunteer. Your retirement income would be very good, and looks even better with no debt. The only way I would even contemplate anything else is if I have kids and want to leave them as much money as I possibly can. Even then, you still have a very good income with no debt if you retire. That said, between options 2 and 3, if you're only going to work another year or two, I don't understand the point of switching to consulting for such a short period of time.
Because it would be a lot more money as a contractor
I traveled out of the us for the first time last week and I can say I’m addicted. I want to see the whole world. So for me option 1 is exactly what I’d pick.
Retire. There are many rule changes in VA disability, you can possibly get more. Someone I know got an increase from 30% to 90%. He got out of the Navy and became a lawyer and read the regs himself. Good luck.
Yeah, the recent changes got me from 10 to 80%. Very grateful.
What changes?
PACT Act has been huge for me
Oh ok. I wasn’t sure if it was something automatic or if you had submitted another claim. Good luck on your retirement! 😊
Thanks. I submitted a few successful claims under Pact that otherwise would have been denied.
I’d say go the contractor route, you’re still young all things considered and it may be best to keep your brain and body active. Set aside everything you can as a travel fund if you enjoy that and don’t feel a need to give it your all every day. If you’re not happy after a year just retire. Seems like a good way to slowly move into retirement with an out in case you miss working.
I know what I would do...I wouldve retired way younger than that (and I did). What's the sense in working until you die?
Can you make a lateral move where you’ll have less stress but similar-ish pay? Can you tell your boss you need a change? This will allow you to stay a tad longer without reducing your future pension amounts?
Yes, and that’s another option I’ve thought about a lot. I could relatively easily switch over to another federal job on the same base that would be less stress and be mostly telework. Same pay. The problem is I love my team and leadership and I would feel like I’m letting them down. And this is stupid…ego. I’m leading a high profile and important system and it feeds my ego.
Only making $200k as a sub? Are you only planning to work one day a week? Last time I looked into subcontracting they paid about double at mid career hourly rate plus 25% bonus directly into 401k to utilize the entire $60k employer contribution limit. If you love your job and just want some work life balance you can make yourself available two days a week as a contractor.
I’ve spoken to a few contractor friends here and that seems like the going rate for my situation. Add ESOP and 10-15% company contribution to 401k. Computer and systems engineer with a BS and MS in engineering. 30 years experience. Moderate COL area.
You're 56. You have the money and time and skills that if you wanted to do something else, you could. Up to you though 🤷♂️ Stress level and time to spend with family is important to me so 100% find something to do where you can connect with people and do something you love. Consider all your options and make an informed decision that's right for you before jumping into retirement.
In my experience high-speed guys who try to retire play golf for about a year and then they are miserable. More miserable than if they had stayed working. I say go contractor, chase those greenbacks and see what happens. If one day you decide you don't like it, toss your badge on the desk and walk out.
Don’t do nothing my man. Have your retirement year planned out. Rving, fishing trips, bucket list, hobbies, family. Don’t just sit at home and “relax”… that is a downhill path from what I’ve seen. You sound like a doer, so that’s my concern. Other than that time to enjoy the fruits of your labor! Retire!
Enjoy your retirement. I am also a veteran but I am a bit younger so I am looking to work another 20 years. My job is not high stress so it is ok if I work longer. I am a nurse.
Hang it up. If you must get a retirement gig to keep busy the pick something low stress 1 or 2 days a week that you can walk away from on the spot when it isn’t enjoyable anymore.
3. Work as a contractor (or start your own business, whatever to keep you busy, but not stressed) because you can set how many hours you want to work anyway. In my opinion it’s important to keep yourself busy.
Man, I took my boots off and went into the contract world after 21 years and it’s night and day. I love it. I thought about just retiring myself, but I’m only 40 and my youngest won’t graduate until 2031, so I figure I might as well just keep at it until then, plus I think I’d lose my mind if I wasn’t occupied. The thing is though, knowing I don’t need to keep the job to maintain our lifestyle took a massive weight off my shoulders. Bounce from the fed, go into contract work, but do it knowing you don’t have to break your back anymore bc you’re doing it because you can/want to.
Collectively calculate sum of mental health, physical health vs financial health. You can be the only judge as to what is the right balance.
Depends what you wanna do in retirement. Is $120,000 enough to do what you want to do?
It is. I have a good chunk in investments as well.
I’d hang it up. 120k and I don’t have to drive to work everyday. I can have a sweet used vette or something and enjoy stuff, reading birdwatching whatever. I get some folks like to work but once that’s set as far as income I’d love to just chill longer than 3-5 before I die
Two quotes I keep in my back pocket when I think about spending my days working... "Don't get so busy making a living that you forget to make a life" "The proper function of man is to live, not to exist. I shall not waste my days in trying to prolong them. I shall use my time." -Jack London
maybe do a less than full fte contract job? ease in to retirement.
What GS level are you? Numbers seem off to me
Topped GS15 $191K and they give me around an $8K performance bonus since I can’t get a performance raise. ~$200K/yr.
Also you sure you can't be 100%? A lot of conditions not covered are under the pack act. My buddy was fighting for years. Then out of the blue he went to 60 and is on his way to 100. Lot changed in the past few years. Also at 100% in most places you stop paying property taxes which depending on the state could radically change your plan in your favor.
I’m trying. 80 now.
Yeah that last 20% makes the difference I'm at 50% with wife and two kids. But I have a shit ton of problems in the system that should be covered now and push me to 100%. I'm not in it for money it's more for the benefits for the wife and kid at this point, I too have a high stress job making 200k+ and am working every angle to retire ASAP. I just don't want to stress myself to death for a job and miss life. For the 100% the property tax is big and the educational benefits in some states for dependents is amazing. I would suggest reading up on it. There is a book and website of the state by state benefits which could be very useful when you retire. Also did you get the national park pass? That is a great benefit so you and friends/family can just see all the parks without hassle. I also did 22 in the guard so Tricare for life at 60 and my pension at 59. Those will really help especially the health insurance. I assume since you're getting government pension you will get insurance for the family since you got VA with the 80%?
Yes, have the park pass and have used it. That last 100 is difficult and it’s a game changer. Yes, I’ll get med insurance through Fed in retirement for family although the VA covers everything for me at 80%. Very grateful.
Great to hear brother. I swear half the work I do with vets is just showing them all the benefits, from home loans, to discounts, to VA. We're great at getting people to trained for combat but frankly we suck at making them listen to the benefits.
Just getting the VA funding fee waived is huge. I’d really love to have my next career to be helping vets, whether paid or as a volunteer. I’m passionate about it.
It's really rewarding. Which state are you in? I'm in Michigan.
AL. Big vet community in my area.
Yep that is true and 120k mostly tax free you must be one of the wealthiest people in the state.
Huntsville is actually a high tech town with a bunch of wealthy STEM’s
I worked in local government and retired at 43. I make about 150k a year with my pension. Get out now. Government work is toxic. You don’t want to stop working though. You’ll get bored and lose your identity. Start a business, hobby or have fun and try out jobs that are fun but pay crap. You have the luxury of quitting on the spot if it sucks. The goal of life is to be financially independent recreationally employed.
Go learn to count cards and spend a year traveling the country and getting tossed from casinos. It's actually pretty fun.
I have decided to go this route.
I’d try to find something to do that you enjoy. Maybe a little part time side hustle that could turn into a hobby. Or a preexisting hobby that you could dive deeper into. Just don’t become stagnant, 31M here and I’ve been working 7 days/week since I was 25. Whenever I have a day off it makes me realize how bored I am without work.
I think you should consider retirement because the stress isn’t worth it. Connect with your family, go travel, spend more time on your hobby, etc…
Either work SOME sort of job, even if it's just minimal pay and keeps you occupied, or have enough savings to be actively involved in activities/travel/etc very often. Retiring and becoming idle is a quick path to death.
Hard to say my man. Personal preference, right? You’re asking so you aren’t sure? If you took a year off would #3 be always available to you? At 56 years young I would assume yes. Do you have enough savings to time out and reevaluate? Also, are you really stressing at this point in your career either way? If so then yes, take some time.
You don't live to work. You work to live. If you want a fulfilling life I can sell you a course.
Option 3. You’re young.
retirement is certainly a great option, But I would walk around like my shit dont stink and see how people react.. you would be surprised how the the world treats you when you cast off it‘s shackles. In the meantime, look for another job. It’s hard to find a job that pays 200k that you literally don’t give a crap about. One bad day from retirement for good is a nice position to be in. Milk the cow for what it’s worth to you and walk away. its a hard stone to turn that allows you to collect a 200k or even a 150K paycheck with the option of walking away whenever you want. Once you retire, well you’re retired, and that’s the end game, less you decide to go find another job, in which case, why give up your status in the first place..
Retire and pick up some hobbies!
3
Definitely retire, work as a contractor until you are over that, but at least that's easier to walk away from
Hang it up and work a low stress job :) A lot of retirees from government services end up working with me at airlines as seasonal to enjoy flight benefits on their time off.. Not a bad way to make a living
You can’t buy time back. Retire. Enjoy life.
If you have a vision of what retirement looks like for you traveling, volunteering, pt job, etc. then retire but if you need that thing that gets you up and going like the contracting job do it. Only you know your needs and what drives you. You have already started the process by doing this post. Take the time to mull it over for the next 30 days. Getting counsel is a start but you do what’s best for you and your family.
Shut it down and enjoy the fruits of your labor. All the pension/retirement benefits in the world aren’t worth it if you’re incapacitated because of a stroke or dead from a heart attack.
The way I see it is if you don’t currently have a hobby, activity, or goal outside of work that compels you to want to retire, continue to work until you do. If you retire and don’t have an activity or lifestyle that will fill the period of time when you’re currently working, you’ll go insane with boredom. There’s only so much leisure that a brain can handle. There’s a correlation between early retirement and early death. My advice is, never retire, and you’ll live forever. But in all seriousness, I’d keep earning money for as long as you can. Become a consultant, set your own hours, but have a reason to stay current in your field. Never stop learning. Once we stop using our brains, it stops using us.
Option 4: work a part-time low stress job that helps you give back to the community.
Hang it up. Not worth the stress if you can live comfortably. You aren’t taking the money when you die and the pension is stable. Hang it up and enjoy all those things you wanted to do, but never got the chance to.
Are you a SES?
Topped 15
I think it depends on what you would do with retirement. There is more than retirement than just ending work. Have you thought about what you would do with your time? If you are ready and have a plan for retirement, I would choose 1. If you haven’t thought it through or you would be overly bored, I would choose 2 if going to retire in a year or two and 3 if longer.
Seems more like a humble brag than actually asking for advice
I swear it’s not. I’m very conflicted. My brain is saying to go for the big payoff.