The great FIRE resignation?

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runner540
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Re: The great FIRE resignation?

Post by runner540 »

AllMostThere wrote: Thu Jan 13, 2022 9:09 am I have posted similar response in the past. Original plan was to retire @ 55, but new exciting job was about to extend my retirement date. However, the Pandemic had other plans for me. :shock:

1) Accepted a new position in a newly created organization & product line within current Mega Corp. They came to me and begged me to join, May 2020 - very nice bump in pay. I was really excited in the new position and had much to provide to a new organization with my experience. Many new employees that needed mentoring, organization and leadership direction. Again, very excited that I was going to make a difference.
2) Within one month, the new position became total overload of new responsibilities with multiple team members in Japan, China, India, Europe, US - East and West Coasts.
3) Was basically tied to my computer starting 5 AM (APAC meetings) and often not ending until 8 PM (West Coast meetings) M-F with multiple meetings on weekends also. For months, Sr. Leadership refused to listen to me that I was overloaded and could not successfully execute to customer satisfaction with this state :oops:
4) While I was not a direct report, the Engineering Director for one of my teams was the biggest Dysfunctional A$$ Hat I have ever worked with in +25 years of employment - quick to blame me and others for his inability to lead a global team.
5) My DM's health was failing quickly, so I wanted to spend more time with her, etc.
6) Crushing amount of stress at work, DM with failing health and DS who was failing with remote learning
7) Realized that I had enough $$ and the current work conditions made it impossible to ever be successful. I could not continue working in a no-win situation, so I pulled plug in Jan @ 55. The function of FU money is amazing!

Ultimately, retirement was the best decision of my life! Stress has melted away, I am closer to DW & Kids, and I was able to spend some quality time with my DM prior to her passing away in April 2021. DW is now experiencing same situation and will be leaving her employer in May. I can't wait. Life is too short, and we have much to accomplish together from our Bucket Lists!
:sharebeer
Thanks for this. I’m 20 years younger and doing my best to be positioned to make similar choices as life happens.
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cockersx3
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Re: The great FIRE resignation?

Post by cockersx3 »

My original plan pre-COVID was to remain employed until my youngest graduated high school. While my job wasn't the best and it involved far more travel than they had indicated before I started, it also paid well so I figured I could muscle through it for just a few more years.

And then, of course, COVID happened. We went remote in March 2020 and all business travel was cancelled, so the issues that I have with excessive travel melted away. However, my workload skyrocketed during the pandemic, to the point where I was basically working 70 hrs a week with Asian calls on both ends of the day. The MegaCorp I worked at "rewarded" us by clamping down on compensation and awarding smaller-than-average raises / bonuses with no differentiation between "average" and superstar work. They also began pressuring the staff to come back into the office as early as fall 2020, and that "pressure" turned into an ultimatum by last summer - come back or else.

At the same time, my investment account balances began increasing at a rapid rate. Yes, I know - markets are crazy, past performance != future returns, etc. But as another poster stated, when your savings represents such a tiny fraction of the month-to-month changes in investment account value, you have to wonder what you're doing this all for . Especially when the amount is such that you could live on ~3% of the (albeit inflated) value of those account balances...

Also at the same time, I had three close relatives die since COVID started - one of which was my age, and with kids that are close to my age. Combined with medical issues I've had in the past, it definitely reminded me of our own mortality.

My MegaCorp didn't offer a sabbatical program, but many of us had large amounts of unused vacation time from 2020 (due to the dramatic increase in workload, see above) that MegaCorp "gracefully" allowed us to carry forward our unused vacation time to 2021. (And they made a big deal about this too, about how generous they were in allowing us to continue to use benefits that we couldn't use becuase of their insane demands.) So I took a 5+ week vacation / sabbatical in 2021, and while completely unplugged I was able to think more clearly about whether it made sense to continue to work at MegaCorp. And ultimately, I decided it was time to leave.

So when I came back, I quickly found a remote consultant role that didn't pay as much as MegaCorp but also seemed like a less demanding role. So I left MegaCorp! Unfortunately this new role isn't a strong fit for my background, but it was better than being unemployed. As a result I'm considering just leaving for good and then looking for another role that is a better fit. If I find one, then great - but if not then I'll just call myself retired. It's weird to even think this is possible at my age (50th birthday this year), especially as someone that has had a W2 job consistently since I was 14 years old. But life is just too short, and my tolerance for BS at work is just nonexistent anymore.

One benefit of leaving a remote consultant role is that, if I leave, it won't prompt any awkward financial questions from neighbors and friends. They are now used to be being home during a normal work day, so they would likely just assume I'm still working. If anyone does ask how my job is going, I can just say that I've transitioned to being an independent consultant. Which is likely to be true - I'm still open to consulting, but my standards for taking on work will be pretty high which will limit the amount of it I do. :sharebeer
lostInCo
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Re: The great FIRE resignation?

Post by lostInCo »

Wannaretireearly wrote: Wed Jan 12, 2022 1:33 pm Almost two years into the pandemic, we've heard and seen the great job resignation & rotation for better jobs, higher salary.

Has anyone here either accelerated their plans for retiring early, OR decided to take a meaningful break form work (3 to 12 months, sabbatical etc)?
I think about the latter more and more.
Yes. I'm in the second half of my 50s. Multiple advanced engineering degrees, dozens of patents, worked in high tech space. Worked 25 straight years across four fortune 500 companies (spin-offs/acquisitions). Got laid off in 2019 in mid 50s-- first time ever. Thought I'd be working until 65. Took a few months off and then landed a job Dec 2019 at another fortune 500 company. This time it sucked-- company treated employees like we required adult day care. I went from working from home for the previous 10 years to an hr commute each way in a soul sucking sunless office. Then covid hit and they were forced to allows us to work from home (March 2020). Crushed it work wise. But they kept telling is to expect to be required to return to the office. Multiple times a day i was googling "do i have enough to retire" and reviewing my investments, etc. I needed that time to really make sure I wasn't acting rash (I'm an engineer, OCD/perfectionism, etc.)

As soon as one was fully vaccinated they required us to return to office-- form more important then function at this company. Too old for that non-sense. Last day was 5/19/2021.

Since my last day:
* cycled going for the sun road in glaciar, multiple major cycling rides in moab area
* dozens of 13k and 14k peaks hiked, 800-ish miles hiked in 2021
* over 3000 miles cycled in 2021
* hiked south rim of grand canyon, multiple epic hikes in canyonlands

These days, I have to think really hard to determine what day of the week it is. :-)

Currently studying to be a certified VITA tax preparer. This will help others and has help force me to understand the tax laws so that i can accurately define and refine my investment and distribution strategy (in a tax efficient manner) for the next 20+ years...

Much more cycling and hiking anticipated in 2022.
Dnar
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Re: The great FIRE resignation?

Post by Dnar »

fortunefavored wrote: Thu Jan 13, 2022 8:18 am
finite_difference wrote: Wed Jan 12, 2022 11:41 pm
If a job is offering sabbaticals that might be a red flag they expect you to work very long hours.
Many places used to require a sabbatical to uncover fraud, graft, et cetera. If someone is forced away for 6 to 8 weeks, it is tougher to keep various scams going.
I was in the technology department of an investment bank. Some unlucky coworkers were occasionally forced to take 1-2 weeks off as part of a program to help uncover fraud. I say unlucky because you had to burn your PTO and weren't told until right before starting the leave.
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Mike747
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Re: The great FIRE resignation?

Post by Mike747 »

Humility101 wrote: Wed Jan 12, 2022 2:41 pm I wouldnt’t say I am in the FIRE resignation camp, but there is something mentally going on that is really making me rethink everything. I work remotely and it is very flexible, but my 3.4% annual raise does not keep up with 7% inflation, not to mention 20% increases in housing in my area.

It is a strange feeling having a six figure income and feeling like your barely skating by. I don’t feel poor, but we are certainly not living anything like the American Dream.
Have one kid and another on the way and can’t afford to scale up from our 2 bedroom 800 sq. ft condo. I am looking for higher paying jobs or possibly a side hustle, but I’ll be honest, things feel sort of hopeless. Feels weird making more than both my parents did (combined) at my age, and yet having a much lower quality of life for my kids. Must be doing it wrong.

Cheers,

Humility101
I feel the same way. Making six figures but my take home is way too little. Interviewing now for another job, hoping to get 30% increase. Inflation is real, this is what I'm going to tell them when they make an offer.

"Inflation-adjusted wages for the median male worker in the fourth quarter of 2019 ... were lower than in 1979...."
https://www.theglobeandmail.com/opinion ... t-prepare/

yes, in some ways it was better for our parents
idc
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Re: The great FIRE resignation?

Post by idc »

Working for >25 in tech I was toying with the idea of retirement for a long time. Working for a FAANG had its benefits, but the industry turned into a sweat shop approach, where the amount of actual work I enjoyed vs. reporting up and telling [expletive removed by admin LadyGeek] stories grew to the point it wasn’t worth it for me, considering the size of my portfolio. I started to dread waking up in the morning and being connected for >10hrs a day between offices on the East and West coasts and dealing for hours with managing up the [expletive removed by admin LadyGeek].

Arranged for a mutual agreement separation just a few days into January. This year I can take advantage of the rule of 55, so it was a sweet spot, perhaps one of the most optimal time to do it. Lots of benefits to do it this way:
- All my PTO and remaining pay was paid this year, which means I got a sizable contribution to my 401k (with match), plus an extra year for SSA.
- Sweet severance benefit, does not go towards 401k, but still add up nicely to SSA
- A few months of COBRA then switch to DW health insurance

I am still internalizing the transition, but it is wonderful to be able to control my schedule, work on what I really enjoy (charities, etc), when I want to do so.

I polished and fine-tuned my own portfolio, insurance, etc. Now I am considering my options, including becoming a CFP, a college admissions counselor, taking a much larger role in a charity I am a board member of, doing a lot more travel. Lots of really attractive options that I actually want, and feel will keep me highly engaged without being a grind. Using this board extensively for inspiration, which is wonderful!

Not sure yet if this is a permanent retirement or just a long sabbatical or a transition to semi paid work, but it is liberating to have these options. So, not much a FIRE, but really a re-adjustment for me based on my own priorities. I was surprised how supportive (dare I say with a tinge of enviousness :) ) my friends were.
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Wannaretireearly
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Re: The great FIRE resignation?

Post by Wannaretireearly »

Some great responses above. Thank you all for chiming in.
Liberating is a great word! Glad that many of you have dived in to either a short, long or undetermined break from work.

Provides inspiration when you hear other folks who have done this.

I’m not ready yet (FIRE or Sabbatical/break), more cos of family obligations than financial. A good place to be though (nearly FU money) cos if I’m offered some kind of long break or a decent severance package, I think I’ll take it!!
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
jharkin
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Re: The great FIRE resignation?

Post by jharkin »

SnowBog wrote: Wed Jan 12, 2022 8:01 pm
novolog wrote: Wed Jan 12, 2022 6:40 pm
SnowBog wrote: Wed Jan 12, 2022 6:17 pm
novolog wrote: Wed Jan 12, 2022 3:09 pm i find there is a negative correlation between my net worth, and my interest in my corporate job.
...
if i get stressed about something at work, used to plow right through it. recently, my thought process is something a long the lines of this:

“... my labor is slowly becoming less and less valuable to my life every year.”

i can’t seem to escape this thought process, and i can’t help but feel it’s not healthy, but I somehow can’t not think it… because I think it’s true?
Same here! :beer

I feel this is simultaneously encouraging and (at least for me) a trap.

On the positive side, it's great to see that years of living below our means and saving are having the desired result. Likewise, it's great to know that we have "options".

Oddly, and conversely (at least for me), the "trap" is when I'm close enough to see the finish line, not wanting/willing to do much to disrupt what's working, which means I'm limiting my own options.

I acknowledge this is in conflict!
i experience this exact conflict on a regular basis. we are further out from our number than you are, but it's comforting to know someone else is also going through it, so i don't feel like i'm crazy. i imagine there are many others on this board who are dealing with the same issue.

i guess it's a good problem to have, but it really drives me crazy sometimes.

:beer
I suspect it's not uncommon at all.

Maybe even more common for those with pensions or other payouts tied to specific milestones (age, years employment, etc.).

I've heard the above referenced as "rest and vest".

I'm not sure I'm "resting" yet, and I've got nothing to "vest"... But conceptually maybe I'm there... For me it's more "the devil I know" I'm proven and thus know how to be successful in my job / organization. Starting over in a new role / organization / company sounds like more hassle than it feels worth to me at this point... I'll do it if needed, but I'm hoping its not needed!
Not unusual at all. Before the pandemic I had just settled into a new job and figured we had 15- 20 years to go. Now the market has been so good to us the last couple years and my wife’s job became effectively “tenured” ... I’ve done the math and our leanFIRE threshold is barely 5-6 years out (basically as soon as her pension is guaranteed), even assuming markets revert back to modest returns.

I’ll stick it out past that, probably at least till the kids graduate college in ~10 years or so which gets us closer to fatFIRE... but I can say it doesn’t make me super motivated to ever change jobs ever again….
vrr106
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Re: The great FIRE resignation?

Post by vrr106 »

Amongst my peers, friends and family, I see a few different things going on depending on the situation:
1. Accelerated ER driven largely by the strong markets combined with the joy of spending more time at home
2. Burnout driven resignations (particularly in healthcare and hospitality)
3. Resignations due to job hopping, mainly in tech driven by a strong job market.

I thought about 1 but am thinking more seriously about 3
"It is not necessary to do extraordinary things to get extraordinary results"-Buffet| "Anytime that something is romanticized, you have to really question whether it exists"-Unknown
angelescrest
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Re: The great FIRE resignation?

Post by angelescrest »

aas wrote: Wed Jan 12, 2022 4:56 pm Retired 2 weeks ago 1.5 years earlier than planned. COVID burnout working as a healthcare worker was the contributing factor. My employer department would not allow me to work part-time or per diem so I gave them my resignation letter. I have lived a simple frugal life and invested wisely and paid off debt. My boss and his wife makes 3x my salary and thought I won the lottery.
Just wanted to say thank you for all of your service to your community and patients; I know how much of a mental stress it has been over the past two years.
THY4373
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Re: The great FIRE resignation?

Post by THY4373 »

I work in tech but not a company that is a tech company. The team I am member of us is around 100 folks (this is only a subset of the larger tech team with in the organization).

I am aware of one instance on my team of somebody FIRE'ing and he was in his 40s. He does have a small side hustle business so I suppose not strictly retired. He tried to go half-time but when that was shot down he quit and currently has no plans to go back to work.

There has been a fair amount of turnover in recent months. Most have been due just how hot the job market is. One guy just got a 50% raise. We lost two folks to vaccine mandate issues. It is clear that in many industries the power has reverted to the employee.

Personally I thought I'd stick it out three more years to 55 but I am giving some thought to not doing this. I am also seriously considering downshifting within my org from a manager to an individual contributor role. I have been saving 40% of my income but downshifting and saving say only 20% doesn't seem to have much impact on my overall numbers. Also my pension is going up a lot each year so in a way a less stressful job that allows me to work a few years longer may be a bigger win.
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Wannaretireearly
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Re: The great FIRE resignation?

Post by Wannaretireearly »

angelescrest wrote: Fri Jan 14, 2022 9:24 am
aas wrote: Wed Jan 12, 2022 4:56 pm Retired 2 weeks ago 1.5 years earlier than planned. COVID burnout working as a healthcare worker was the contributing factor. My employer department would not allow me to work part-time or per diem so I gave them my resignation letter. I have lived a simple frugal life and invested wisely and paid off debt. My boss and his wife makes 3x my salary and thought I won the lottery.
Just wanted to say thank you for all of your service to your community and patients; I know how much of a mental stress it has been over the past two years.
100% agree. There is no more important work than healthcare.
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
aas
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Re: The great FIRE resignation?

Post by aas »

angelescrest wrote: Fri Jan 14, 2022 9:24 am
aas wrote: Wed Jan 12, 2022 4:56 pm Retired 2 weeks ago 1.5 years earlier than planned. COVID burnout working as a healthcare worker was the contributing factor. My employer department would not allow me to work part-time or per diem so I gave them my resignation letter. I have lived a simple frugal life and invested wisely and paid off debt. My boss and his wife makes 3x my salary and thought I won the lottery.
Just wanted to say thank you for all of your service to your community and patients; I know how much of a mental stress it has been over the past two years.
I appreciate your kind words during these difficult times.
rongos
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Re: The great FIRE resignation?

Post by rongos »

Regarding sabbaticals, I was an entry level tech at a relatively unknown dot-com in 1999, and a sabbatical was a part of the standard benefits for all employees. So yeah, seems it was a hot thing in those days. But my much younger self was more impressed with the fully stocked break room with free snacks and beverages.
jaqenhghar
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Re: The great FIRE resignation?

Post by jaqenhghar »

In my group of millennial friends, several have switched jobs during COVID. Most common reasons: 

(1) Previous employers weren't okay with WFH. None of us mind being in the office one or two days a week and actually enjoy the social aspect of work. However, if it's between a company where you can WFH during the week (and you choose whether to come into the office or not) vs a company that mandates your presence onsite (and only grants "exceptions" to WFH on Fridays), then the former wins out.
 
(2) What this NYT article says: https://www.nytimes.com/2022/01/08/busi ... place.html 
RichardRoman
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Re: The great FIRE resignation?

Post by RichardRoman »

Spouse and I are not FIRE folks, but we have managed to take a break from working since March 2020 (spouse)/July 2020 (me); both in our 40s at that time. Spouse was laid off (received unemployment benefits for a year) and I resigned from a job I didn’t like working for people I liked even less in a work environment that was toxic.

We had contemplated moving for years (I had been casually looking since 2015 😳), but thought we should wait until we were closer to retirement to pull the trigger. The pandemic helped us realize that tomorrow isn’t guaranteed and if we wanted to move someplace where we actually wanted to be, we needed to do it now that neither of us had jobs and no desire to keep living where we lived. So, we met with a realtor in November 2020, listed the house in April 2021 and sold it in June. We put most of our belongings in storage because we had no plans for where exactly we’d land. Loaded up our two vehicles and headed for cooler weather. Luckily, we were able to stay with family on our travels and wound up staying with an uncle for two months in our destination state. My spouse worked for uncle and I did house chores and looked for a new house. We found the cutest house in June 2021 and closed escrow in July. We paid cash for the house because we weren’t good mortgage candidates (not working and no real jobs lined up) and the market we were buying into was (and still is) hot. We’re very slowly moving into the house and are casually looking for work. No rush though.

That’s my experience so far.

All of this time off made possible by living below our means thanks to Mr. Money Mustache, Bogleheads, Mad FIentist, et al.
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Wannaretireearly
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Re: The great FIRE resignation?

Post by Wannaretireearly »

RichardRoman wrote: Sat Jan 15, 2022 1:11 pm Spouse and I are not FIRE folks, but we have managed to take a break from working since March 2020 (spouse)/July 2020 (me); both in our 40s at that time. Spouse was laid off (received unemployment benefits for a year) and I resigned from a job I didn’t like working for people I liked even less in a work environment that was toxic.

We had contemplated moving for years (I had been casually looking since 2015 😳), but thought we should wait until we were closer to retirement to pull the trigger. The pandemic helped us realize that tomorrow isn’t guaranteed and if we wanted to move someplace where we actually wanted to be, we needed to do it now that neither of us had jobs and no desire to keep living where we lived. So, we met with a realtor in November 2020, listed the house in April 2021 and sold it in June. We put most of our belongings in storage because we had no plans for where exactly we’d land. Loaded up our two vehicles and headed for cooler weather. Luckily, we were able to stay with family on our travels and wound up staying with an uncle for two months in our destination state. My spouse worked for uncle and I did house chores and looked for a new house. We found the cutest house in June 2021 and closed escrow in July. We paid cash for the house because we weren’t good mortgage candidates (not working and no real jobs lined up) and the market we were buying into was (and still is) hot. We’re very slowly moving into the house and are casually looking for work. No rush though.

That’s my experience so far.

All of this time off made possible by living below our means thanks to Mr. Money Mustache, Bogleheads, Mad FIentist, et al.
Interesting journey Richard. Kudos for following your heart/dreams at the right time. Sounds close to FIRE-like ;)
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
RichardRoman
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Re: The great FIRE resignation?

Post by RichardRoman »

Wannaretireearly wrote: Sat Jan 15, 2022 2:54 pm
RichardRoman wrote: Sat Jan 15, 2022 1:11 pm Spouse and I are not FIRE folks, but we have managed to take a break from working since March 2020 (spouse)/July 2020 (me); both in our 40s at that time. Spouse was laid off (received unemployment benefits for a year) and I resigned from a job I didn’t like working for people I liked even less in a work environment that was toxic.

We had contemplated moving for years (I had been casually looking since 2015 😳), but thought we should wait until we were closer to retirement to pull the trigger. The pandemic helped us realize that tomorrow isn’t guaranteed and if we wanted to move someplace where we actually wanted to be, we needed to do it now that neither of us had jobs and no desire to keep living where we lived. So, we met with a realtor in November 2020, listed the house in April 2021 and sold it in June. We put most of our belongings in storage because we had no plans for where exactly we’d land. Loaded up our two vehicles and headed for cooler weather. Luckily, we were able to stay with family on our travels and wound up staying with an uncle for two months in our destination state. My spouse worked for uncle and I did house chores and looked for a new house. We found the cutest house in June 2021 and closed escrow in July. We paid cash for the house because we weren’t good mortgage candidates (not working and no real jobs lined up) and the market we were buying into was (and still is) hot. We’re very slowly moving into the house and are casually looking for work. No rush though.

That’s my experience so far.

All of this time off made possible by living below our means thanks to Mr. Money Mustache, Bogleheads, Mad FIentist, et al.
Interesting journey Richard. Kudos for following your heart/dreams at the right time. Sounds close to FIRE-like ;)
FIRE-adjacent, maybe. 😃 Mid-life crises and a pandemic helped put things into perspective. Looking back at my work history, I have a tendency to take a year long break every ten years or so. I have been very fortunate to have taken these breaks and such a long break this time. This is the first time spouse has not worked since they were 15 and has been focusing on building amps, pedals, etc. Stuff they find interesting.

Is your workplace amenable to your taking a sabbatical?
Wanderingwheelz
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Re: The great FIRE resignation?

Post by Wanderingwheelz »

radiowave wrote: Wed Jan 12, 2022 3:11 pm Retired last summer 2 years earlier than planned. COVID was a contributing factor but not the cause. I just felt it was time. DW and I have lived a Boglehead life and invested wisely and paid off debt so everything fell into place. I could have taken a sabbatical (academia) or even worked another 5+ years if I wanted.
Same. Stopped working last winter, two years ahead of plan.

Wife is still working, though, so I don’t feel like we’re retired until we’re living from our nest egg. Right now I’m a stay at home husband. 8-)
Being wrong compounds forever.
michaeljc70
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Re: The great FIRE resignation?

Post by michaeljc70 »

No, I retired 5 years ago early. Let's face it, outside of Bogleheads (and Mr. Money Mustache, etc.) most Americans are up to their eyeballs in debt let alone have enough to realistically retire. I'm sure there are people that were close to retiring or considering it and the pandemic put them over the edge.

I have not really heard a plausible explanation for this broader "great resignation". What I have heard is a narrative. The narrative is working conditions are terrible and pay is low and people are fed up. Whether you believe that is true or not, as I said above most people can't afford to just quit their job for more than a short period of time. Maybe they are taking some time off using stimulus checks, unemployment, child tax credits, etc. Maybe they are working for cash. I just don't know. I do know a lot of people live paycheck to paycheck.
Nowizard
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Re: The great FIRE resignation?

Post by Nowizard »

Retired, so no personal issue. We are aware of some who have taken sabbaticals or who have changed or even begun jobs, so in our realm there has been considerable thought probably related to the epidemic but differing conclusions.

Tim
hachiko
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Re: The great FIRE resignation?

Post by hachiko »

Big 4 has long term unpaid leave in the U.S. I think like 3-6 months. I don't know if it's a guaranteed benefit, and you need partner approval at the two firms I'm familiar with, but I know people from managers all the way up to director that have taken it. It's rare though because 1- most people at these firms don't have the money, and 2- most people at these firms aren't really interested in stalling their career.
Made money. Lost money. Learned to stop counting.
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Wannaretireearly
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Re: The great FIRE resignation?

Post by Wannaretireearly »

RichardRoman wrote: Sun Jan 16, 2022 3:08 am
FIRE-adjacent, maybe. 😃 Mid-life crises and a pandemic helped put things into perspective. Looking back at my work history, I have a tendency to take a year long break every ten years or so. I have been very fortunate to have taken these breaks and such a long break this time. This is the first time spouse has not worked since they were 15 and has been focusing on building amps, pedals, etc. Stuff they find interesting.

Is your workplace amenable to your taking a sabbatical?
Nope. I haven’t seen it offered or anyone take this kind of personal break. Only thing close would be some kind of medical leave or absence to look after a family member.

Great that you’ve been able to take major breaks every 10 years!

I’d like one perhaps in a few years, just to test-drive early retirement :)
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
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LadyGeek
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Re: The great FIRE resignation?

Post by LadyGeek »

I removed an off-topic post regarding overworked employees outside the US. The discussion was getting derailed.

Please stay on-topic, which is:
Wannaretireearly wrote: Wed Jan 12, 2022 1:33 pm Almost two years into the pandemic, we've heard and seen the great job resignation & rotation for better jobs, higher salary.

Has anyone here either accelerated their plans for retiring early, OR decided to take a meaningful break form work (3 to 12 months, sabbatical etc)?
I think about the latter more and more.

Anyway, just wanted to take a pulse survey from this group. It will help me learn from other peoples experiences...
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wander
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Re: The great FIRE resignation?

Post by wander »

Wannaretireearly wrote: Wed Jan 12, 2022 1:33 pm Has anyone here either accelerated their plans for retiring early, OR decided to take a meaningful break form work (3 to 12 months, sabbatical etc)?
No, I enjoy my work more and have been more productive by working from home. It depends on my mindset.
Lou Sevens
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Re: The great FIRE resignation?

Post by Lou Sevens »

I thought about taking a break but think the only real able way I would be able to do that is to line up another position, at which point based on my field they would want me sooner than later. I could partition perhaps a 2 year emergency fund, but there would be an increase in my benefit costs: perhaps I pay $2k a year and imagine I would have to pay more. I am entering some years as well where I can max out and get catchup on the 401k and don't want to miss that.

Although I do WFH there is a bit of it being a virtual non-stop with less boundaries. I do get 25 days off a year perhaps but you end up giving some back.

I did not think I would make it through 2020, but now that have for 2 years with this change I am looking to obtain a new position which I fill will rejuvinate me for 10 years or so.
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Re: The great FIRE resignation?

Post by AnnetteLouisan »

wander wrote: Sun Jan 16, 2022 11:04 am
Wannaretireearly wrote: Wed Jan 12, 2022 1:33 pm Has anyone here either accelerated their plans for retiring early, OR decided to take a meaningful break form work (3 to 12 months, sabbatical etc)?
No, I enjoy my work more and have been more productive by working from home. It depends on my mindset.
Same here: WFH has removed (for me anyway) some of the principal annoyances of working. And they are giving us the option going forward as well.
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Re: The great FIRE resignation?

Post by jh »

.....
Last edited by jh on Tue Jan 18, 2022 3:36 am, edited 1 time in total.
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Re: The great FIRE resignation?

Post by SnowBog »

jh wrote: Sun Jan 16, 2022 10:40 pm This is why pensions suck. Any younger people that read this. Do not work for an employer that still uses a pension system. Take control of your own money.
I'd off a slight alternative view...

First, I'll disagree - I think those that can find a job with a pension - enjoy it - assuming it meets your other expectations (work/life balance, job satisfaction, etc.).

But I think perhaps a broader point where I'd agree... Don't let yourself be reliant upon - and thus trapped by - "golden handcuffs".

This can include pensions, RSUs, Stock Options, or any other form of compensation invective to keep you employed. These can be very powerful and beneficial to your retirement when things works out. But I think an extension of the point being made is don't let yourself be dependent on them. The last thing you want is to feel stuck, without other options. So don't! Make sure you control your retirement future.
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Re: The great FIRE resignation?

Post by jh »

.....
Last edited by jh on Tue Jan 18, 2022 3:36 am, edited 1 time in total.
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Re: The great FIRE resignation?

Post by capran »

jh wrote: Sun Jan 16, 2022 10:40 pm Wannaretireearly,

This is why pensions suck. Any younger people that read this. Do not work for an employer that still uses a pension system. Take control of your own money.
Wow! If I can reason out your last statement, it sounds like you feel trapped in a job you don't like because it has a pension. Am I interpreting that right? I wonder if young people would appreciate the golden goose you have. Have you done the math as to what that pension is worth?

We too had jobs in a state system, the Teachers Retirement System of Washington. We did get suckered into switching from Plan 2 to plan 3. Plan 2 gave us 2% times Years of Service of highest 5 years average salary, but the cash they deduct from your check goes away. Plan 3 provides for 1% per year times years of service and you get to keep all the cash. After 30 years it was 370,000ish per person. It does have a 3% COLA limit, which isn't great in a year like this year. If you add up our two pensions, with spouses life expectancy of 90 (Her mom passed at 92), out total pension paid out will be 2,532,681. (and the reason I calculate both pensions to 90 is I opted for less with 100% of my current pension to go to my spouse). Certainly, there are no guarantees that she will live that long, but she is very active and healthy, so she'll have two full pensions as long as she lives.

I hope you can get a good supervisor, as that can make or break time spent working. But that pension you recommend people avoid can provide a decent retirement stream.
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Re: The great FIRE resignation?

Post by brennok »

I was seriously considering putting in my notice here in January after using up all my vacation time. My company doesn't offer any sort of sabbatical or unpaid leave and working from home demotivated me especially since work is just extra money at this point. I figured I would then wait it out till February when we get our raises. The company is supposed to be doing some sort of review over the next several years to reevaluate baselines for positions so was curious how reviews would play out this year.

Right now I go back and forth. Part of me says if I am going to be sitting at home I might as well be paid for it. The other part goes I am wasting my time and I would rather be doing anything else. I tell myself if the raise at review time doesn't justify me staying I will give notice, but then again I don't know what that number would need to be.
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Re: The great FIRE resignation?

Post by jh »

.....
Last edited by jh on Tue Jan 18, 2022 3:37 am, edited 1 time in total.
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beyou
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Re: The great FIRE resignation?

Post by beyou »

MAKsdad wrote: Wed Jan 12, 2022 1:35 pm
Wannaretireearly wrote: Wed Jan 12, 2022 1:33 pm Almost two years into the pandemic, we've heard and seen the great job resignation & rotation for better jobs, higher salary.

Has anyone here either accelerated their plans for retiring early, OR decided to take a meaningful break form work (3 to 12 months, sabbatical etc)?
I think about the latter more and more.

Keep hearing burnout is more and more an issue at work. However, i don't see many employers offering official breaks, sabbaticals (just lines about take your PTO - which is still good to hear...)
I did see this a lot more in Europe, sometimes with the same company! (Big 4 etc). I wonder why career breaks are more the norm/offered in other parts of the world?

I feel like companies will be forced to offer this kind of benefit once the big firms (Facebook, Google etc) make this a part of their HR benefits.
Others normally follow their lead.

Anyway, just wanted to take a pulse survey from this group. It will help me learn from other peoples experiences.
I can edit this OP as needed.

Cheers & stay healthy!
:sharebeer
The pandemic actually caused me to delay my ER by a year. I didn't think it made sense to quit when they were paying me to work at home. When we went back to the office in the fall, that clinched it for me and I announced my retirement in Jan.
Same here.
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Tamarind
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Re: The great FIRE resignation?

Post by Tamarind »

I don't think we are seeing a big increase in very early retirements. Rather, we'll see a lot of job changing from younger folks, and a lot of folks already near retirement deciding to pull the trigger. Covid may help people remember that OMY can result in dying before retirement... At least for a while. I do think that means the labor market will remain tight between deaths and late retirements turning into normal age retirements.

Personally, I (cloud software consultant) was already 100% remote before the pandemic. The big change was I stopped traveling to clients (used to be up to 25%). Now everyone is used to zoom I imagine there will be less travel going forward. I miss it some but not ready to resume frequent travel yet.

As for sabbaticals, we don't have a formal program, though it would be pretty straightforward for me to negotiate unpaid leave or a temporary reduction in hours as other colleagues have done after having children or while overseeing a house build, etc. Also, we get reimbursement towards vacation expenses every couple of years, which is a nice perk.
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Re: The great FIRE resignation?

Post by Mr. Rumples »

People are reassessing. My nephew quit his job and started a consulting firm; my niece quit her teaching job and now works for a textbook company - its mostly remote which she likes, two of her friends both left teaching, one stays at home the other can't keep up with the demand for tutoring. Personal sacrifice, risk, satisfaction, they all come into play.

For all of them, the biggest unknown is moving to having to handle their own retirement plans. I was a bit surprised at how little they know. In the end, the effect on me is that I can't count on them, with their current level of knowledge, to manage my finances should the need arise and hence have to explore other options.
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Re: The great FIRE resignation?

Post by capran »

jh wrote: Mon Jan 17, 2022 12:09 am
capran wrote: Sun Jan 16, 2022 11:31 pm
jh wrote: Sun Jan 16, 2022 10:40 pm Wannaretireearly,

This is why pensions suck. Any younger people that read this. Do not work for an employer that still uses a pension system. Take control of your own money.
Wow! If I can reason out your last statement, it sounds like you feel trapped in a job you don't like because it has a pension. Am I interpreting that right? I wonder if young people would appreciate the golden goose you have. Have you done the math as to what that pension is worth?

We too had jobs in a state system, the Teachers Retirement System of Washington. We did get suckered into switching from Plan 2 to plan 3. Plan 2 gave us 2% times Years of Service of highest 5 years average salary, but the cash they deduct from your check goes away. Plan 3 provides for 1% per year times years of service and you get to keep all the cash. After 30 years it was 370,000ish per person. It does have a 3% COLA limit, which isn't great in a year like this year. If you add up our two pensions, with spouses life expectancy of 90 (Her mom passed at 92), out total pension paid out will be 2,532,681. (and the reason I calculate both pensions to 90 is I opted for less with 100% of my current pension to go to my spouse). Certainly, there are no guarantees that she will live that long, but she is very active and healthy, so she'll have two full pensions as long as she lives.

I hope you can get a good supervisor, as that can make or break time spent working. But that pension you recommend people avoid can provide a decent retirement stream.

Yes, this is a "first world problem". Yes, I guess, I am complaining about having too much money.

I am trapped out of stubbornness to lose money...

Here is the issue. My pension is based off of my last 5 years of w2 income. If I leave now, then I can't collect on the pension until age 60+. Now once I start collecting on it, there is a built in yearly cost of living adjustment to offset inflation, but that won't kick in until I can start collecting on it. So if I leave now and we have rampant inflation the next 15 years, that would reduce the value of my pension to being almost worthless. In order for me to protect my pension from inflation I have to continue working for the state for another 10 years. I'm trapped in so far as I don't want inflation to nullify a benefit that I worked for the last 20 years.

Yes, the pension is awesome provided you work for the same employer for 30 years. It has COLA, it has survivor benefits, so on and so on. However, getting the pension wasn't a freebie. I gave up a lot of opportunity cost over the years to have this pension. I could have been making a lot more money in private industry. My degrees are in computer science and mathematics and I have worked in IT for 20 years. I could have made a lot more money in private industry.

I don't want to have to keep working until I am 60. I saved up over $1 million on my own. I live in the south east and the cost of living is low. I only need around $30k for living expenses. The median household income is around $48k for a family. I'm a single guy no kids. If I keep working until 60, I'll probably have $2-$4 million in addition to 30 years in the pension.

In hindsight I wish I had worked in private industry. I think I would have been able to accumulate a million by my mid 30s instead of mid 40s, and I would probably be living as an expat right now, living near a beach, working 100% remote. Financially I am probably about as well off right now, but a good chunk of money is tied up in a pension that I have to protect from inflation. So, I am forced to go into an office every day so I can work on infrastructure in AWS which is literally located in another state.

"I hope you can get a good supervisor"

I had a great supervisor the first five years. After that they have all been horrible to one degree or another. The current one is a spineless office politician (only interested in his own career), but I have had much much worse before. I've had five bosses so far.

Working for the state is extremely political. Non-stop office politics. That's a big reason why I loved working from home. I could mostly avoid all of that crap for once.
I get it. It's the classic rock and a hard place. And this recent uptick in inflation doesn't help the equation. We may end up with savings worth nothing. I hated office politics, meetings and e mails. But I was very lucky to have had neutral to great supervisors until the last 4 years, and then went to the dark side of hating work. I actually left early, before my 30, which did mess up my retirement some, but my spouse had her 30 in and got her full benefit at 59 1/2. In our line of work, I suppose I could have gone into private practice but in the middle 80's I cross trained to get into the school system which meant a 50% pay cut, but gave me summers off for the next 26 1/2 years. Maybe in a few years you'll reconsider and pull the plug a little early. Life is too short to go into work dreading it.
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Re: The great FIRE resignation?

Post by kleiner »

JackBoglereader21 wrote: Wed Jan 12, 2022 6:27 pm People either can afford to retire or they can't. I don't think being FIRE is something you chose to do without some measure of planning. I am skeptical of media reports of sudden retirements. There were people who could afford retirement and actually did retire due to the pandemic but I don't think that's "millions" of people.

Work life balance is real but sadly not everyone can afford to stop earning a wage. Health insurance pre-Medicare age was a barrier for some but with the increased ACA subsidy maybe folks were able to downsize enough to take on lesser paying jobs AND maintain insurance at a reasonable cost. Again I don't think "millions" of people did that. I know a married couple who now make 75% of their pre-pandemic wage, both working part time. Previously their biggest fear was losing employer health insurance but now they have ACA plan.
This captures my situation quite well. I retired in 2020 at age 58 from a software development job but it was not because of Covid. In recent years our net worth has increased to such an extent that I really didn't need to work any longer. As it is, we are looking at a sub 1% withdrawal rate and my wife is still working. I did enjoy my work and I was very highly paid but at some point, enough is enough!

I was planning to retire at some point in 2021 but the death of my father in August 2020 just accelerated matters. My mother needed a lot of help to deal with his passing and at the same time my children also needed a lot of help at that time with moving and college applications etc.

I am thoroughly enjoying my retirement and have no plans to go back to conventional employment. Between helping family members and hobbies, my time is fully spoken for.
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Re: The great FIRE resignation?

Post by sschoe2 »

From what I've seen companies got used to the desperation of workers from the 2008 recession through most of the 2010's where they could get away with offering college educated professionals, even scientists, $15 an hour contract no benefits, putting people on low salary and working them 80 hours a week, firing or laying people off on a dime, and all manner of tyranny. They haven't figured out how to operate now that the situation inverted. I still read so many awful stories of worker mistreatment.

Anyways that is what convinced me to FIRE. A lot of companies are responsible for their own labor problems. People like myself want to work, but companies make it so unpleasant with HR junk science and putting sociopaths into management positions that it has finally reached a breaking point.
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Re: The great FIRE resignation?

Post by Jack FFR1846 »

I follow some FIRE focused websites, mostly for the "other" stuff they focus on that can get me some extra cash. Tradeline sales, low balance forgiveness and bonuses for a new card of account.

What I see pretty commonly is that FIRE isn't what you think (or they think) it is. Very common is for a couple to quit their job, committed to riding bikes instead of driving a car, living extremely frugally, honestly, leaching off of society to get subsidized health insurance and such. Hearing an annual number for income (from either a "side hustle" or savings withdrawal) of $21k is commonly stated.

What I see quite often is that the couple ends up driving a ride share and/or delivering food and/or taking a manual labor job like being a carpenter. This can be successful or can end up simply keeping the FIREd person busy and losing money (MrMoneyMustache, for example). If the ride share driver's insurance is like mine (I have thoroughly researched, including talking to both my insurance agency commercial and individual agent), either the driver just takes the chance or pays the much higher commercial insurance rate (for me with my son as the driver, that would be $6000). Another common thing is for the FIREd people to go with their tail between their legs back to work, figuring out that they neither want to ride their bike through 3 inches of slush with sleet falling nor live on $21k a year.

I do also see some stretching of terms. I put in a post in a FIRE thread that while I'm quite financially independent, I turn 65 this month, so to me, I'm way past "Early". Responses included some who said that before 70 is still early. Really? I guess I'm just used to hearing that regular retirement ages are in the 65 range. Long ago and in some occupations where mandatory retirement is enforced, 55 can be that retirement age. I guess I'm used to the young ones at 30-35 being the ones who truly want to FIRE.

Another is that HE FIRES while SHE continues to work. I guess I don't see that at any different from what was done in 1950, simply with gender roles reversed. So HE stays home and becomes a housewife. shrug.
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michaeljc70
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Re: The great FIRE resignation?

Post by michaeljc70 »

jh wrote: Sun Jan 16, 2022 10:40 pm This is why pensions suck. Any younger people that read this. Do not work for an employer that still uses a pension system. Take control of your own money.
There are some very lucrative pensions out there so I wouldn't put them all in the same category. In some jobs, like a teacher that doesn't plan on moving, it is pretty natural to stay in one district/pension system your whole career. Of course, all pensions are different. Some things I have seen though:

-Pensions that you are promoted on your last day so your pension is goosed for the rest of your life.
-Very generous pensions that the employee doesn't contribute anything.
-Pensions where a spouse that never worked a day in their life can collect 50% of the working spouse's pension. (My parents have this).
-Pensions with COLAs higher than the rate of inflation.

Some public pensions are very lucrative if you suddenly make a lot more in the last few years of your career. For example, I know a teacher/principal that became an interim superintendent for a short period. Pension is $180k- way more than they made except the last year of their career.
poker27
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Re: The great FIRE resignation?

Post by poker27 »

I'm a sales leader for a tech (ish) company. Over the years, turnover on my team was alarmingly low, people would just not leave. Over the past 6 months I've been seeing people leave left and right... New opportunities, burnout, wanting new challenges, sick of internal processes, yada, yada. My very highly compensated people are still sticking around, but are more vocal than ever on internal challenges.

With WFH, you no longer get to sell the younger generation on the 'cool' office environment, and any perks that come with it. So your now competing primarily based on compensation, and everyone seems to be offering entry/mid level jobs these days.
EddyB
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Re: The great FIRE resignation?

Post by EddyB »

michaeljc70 wrote: Mon Jan 17, 2022 8:46 am
jh wrote: Sun Jan 16, 2022 10:40 pm This is why pensions suck. Any younger people that read this. Do not work for an employer that still uses a pension system. Take control of your own money.
There are some very lucrative pensions out there so I wouldn't put them all in the same category. In some jobs, like a teacher that doesn't plan on moving, it is pretty natural to stay in one district/pension system your whole career. Of course, all pensions are different. Some things I have seen though:

-Pensions that you are promoted on your last day so your pension is goosed for the rest of your life.
-Very generous pensions that the employee doesn't contribute anything.
-Pensions where a spouse that never worked a day in their life can collect 50% of the working spouse's pension. (My parents have this).
-Pensions with COLAs higher than the rate of inflation.

Some public pensions are very lucrative if you suddenly make a lot more in the last few years of your career. For example, I know a teacher/principal that became an interim superintendent for a short period. Pension is $180k- way more than they made except the last year of their career.
While I’ve heard of such outcomes (abuses?), my impression is that they’ve been determined to be unsustainable and are much less likely to be available to new workers today.
michaeljc70
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Re: The great FIRE resignation?

Post by michaeljc70 »

EddyB wrote: Mon Jan 17, 2022 8:58 am
michaeljc70 wrote: Mon Jan 17, 2022 8:46 am
jh wrote: Sun Jan 16, 2022 10:40 pm This is why pensions suck. Any younger people that read this. Do not work for an employer that still uses a pension system. Take control of your own money.
There are some very lucrative pensions out there so I wouldn't put them all in the same category. In some jobs, like a teacher that doesn't plan on moving, it is pretty natural to stay in one district/pension system your whole career. Of course, all pensions are different. Some things I have seen though:

-Pensions that you are promoted on your last day so your pension is goosed for the rest of your life.
-Very generous pensions that the employee doesn't contribute anything.
-Pensions where a spouse that never worked a day in their life can collect 50% of the working spouse's pension. (My parents have this).
-Pensions with COLAs higher than the rate of inflation.

Some public pensions are very lucrative if you suddenly make a lot more in the last few years of your career. For example, I know a teacher/principal that became an interim superintendent for a short period. Pension is $180k- way more than they made except the last year of their career.
While I’ve heard of such outcomes (abuses?), my impression is that they’ve been determined to be unsustainable and are much less likely to be available to new workers today.
In my state public pensions are protected by the Constitution and cannot be diminished, revoked or impaired. Unsustainable? I guess if you keep raising taxes and everyone leaves the state.... There has been little to no pension reform for public employees in my state even for new employees.
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Re: The great FIRE resignation?

Post by investnoob »

marcopolo wrote: Wed Jan 12, 2022 2:52 pm
Wannaretireearly wrote: Wed Jan 12, 2022 1:33 pm Almost two years into the pandemic, we've heard and seen the great job resignation & rotation for better jobs, higher salary.

Has anyone here either accelerated their plans for retiring early, OR decided to take a meaningful break form work (3 to 12 months, sabbatical etc)?
I think about the latter more and more.

Keep hearing burnout is more and more an issue at work. However, i don't see many employers offering official breaks, sabbaticals (just lines about take your PTO - which is still good to hear...)
I did see this a lot more in Europe, sometimes with the same company! (Big 4 etc). I wonder why career breaks are more the norm/offered in other parts of the world?

I feel like companies will be forced to offer this kind of benefit once the big firms (Facebook, Google etc) make this a part of their HR benefits.
Others normally follow their lead.

Anyway, just wanted to take a pulse survey from this group. It will help me learn from other peoples experiences.
I can edit this OP as needed.

Cheers & stay healthy!
:sharebeer
The "great resignation" story seems to be largely an urban myth.
There was an almost immediate steep drop off when the pandemic first started, but the labor participation rate has been steadily climbing since then. It is currently at its post-pandemic high.
https://www.bls.gov/charts/employment-s ... n-rate.htm

If there was really a steady stream of resignations (not just job changes), you would expect the labor participation rate to continue to decline, no?
might be a labour displacement. People quitting certain types of jobs (service industry, healthcare etc) for other types.
Twinsfan10
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Re: The great FIRE resignation?

Post by Twinsfan10 »

I work in healthcare as a pharmacist and I originally planned to work until I was 66 or 67. Two years ago (just before COVID) our company reorganized our positions so we would have less people covering the same hours. This meant no overlap of positions so 10 hour shifts (on my feet the whole time) with no breaks for lunch. When COVID hit our workload increased and slowly our help left. Now we have 25% less people doing 25-50% more work (and it was busy before). I do not have any pension or unpaid leave off so last month I put in my notice for March 31. I will retire 6 months before I turn 65 so I will have to find insurance but it is worth it. I could put up with long shifts with no breaks when I was younger but it is a lot tougher now. The problem is as people leave it is even tougher on the staff that stays. It is very hard to get people who want to work much less to work long busy hours. Luckily the vast majority of our customers realize how short staff we are and our nice. There are some though who can't understand why we can't drop everything we are doing and help them right now because they don't want to wait. It is not just healthcare but a lot of places are like that. I can tell you the employees appreciate the understanding and patience that most customers provide. As for work at home that is not an option for us frontline workers. The real heroes are the people who are doing the hard work for much lower pay. In my field the pharmacy technicians and cashiers are the ones who really need to be thanked.
mighty72
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Re: The great FIRE resignation?

Post by mighty72 »

I am far, far away from my FI goal. However, my company had offered voluntary retirement in 2020. Lots of folks who had been in the company for 10+ years took it. As business picked up and we couldn't find new folks, I see a couple of the folks who took retirement joining back every month.
So, I wonder if the current trend is sticky or will it reverse as unemployment rate remains low
sandan
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Re: The great FIRE resignation?

Post by sandan »

I think we are in a period of "the great reorganization".

As a lifelong learner, it seems like a silly time to retire without trying out new jobs/firms.
lvm919
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Re: The great FIRE resignation?

Post by lvm919 »

The past two years have been great for me professionally. Completed a graduate degree, received a meaningful raise and promotion at work. I am also exhibiting most of the signs of burnout.

I am in a weird place, since my actual financial needs are by most accounts extremely limited. I simply don't need that much to actually live at a decent (for me) quality of life. The one thing I am in chronically short supply of is time, as work is not a typical 9-5 schedule. I haven't had a weekend for the past two months where I have been able to unplug and really get some high quality R&R.

So broadly speaking I have three options. 1) Keep going as is, make no changes, completely burn out, 2) Make meaningful changes to the current situation, so that work is no longer a constant source of stress, 3) Find a new position or career that works better with my core goals and constitution.

Option 1 is not sustainable, option 2 is to a certain extent is out of my control, and option 3 feels like a highly risky endeavor (grass always looks greener, etc). Not sure what direction I'll end up going myself, but I certainly understand the general feelings of discontent that seem to be roiling the labor market currently.
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Harry Livermore
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Re: The great FIRE resignation?

Post by Harry Livermore »

The past two years have been pure torture for me.
I have had a terrific 30+ year career, doing what I always wanted to do. Everyone in my industry is self-employed, and I not only navigated those uncertain waters, but have had a truly charmed life, working no more than 150 days per year in my busiest years, and as I worked my way up the food chain in terms of position and pay, had recently whittled that down to about 95 days per year. My income curved upwards throughout the course of my career, eventually putting me into the 98th percentile in terms of income for at least 8 years starting in 2008, and certainly I have always been in the top quintile. My spouse and I saved aggressively throughout the course of our marriage and we have a very solid nest egg.
My work-life balance was a dream come true. Many days off to be a stay at home parent, help out and volunteer, do my own home repairs and manage our rental property, and run a successful side business leasing equipment used in my industry. We were on target to retire soon after our youngest (currently a sophomore in high school) went off to college. Even as technology and culture shifts have changed my business, it was still fun and rewarding and I knew I could bumble along for another 8-10 years.
The COVID scare, rolling lockdowns, and continuing canceling of projects meant that in 2020, I made about 30% of what I'd make in a normal year. I did a little better last year, up to about 50%. And working hard all day in a mask, sometimes also with a face shield, with constant testing and filling in "COVID questionnaires" prior to the start of EACH working day is an added slog and stress. The worst part is having absolutely NOTHING to throw my energy at when I'm not at work. I'm not starting a new venture if I sit in front of the computer worried about how I'm paying the mortgage this month, for the 19th month in a row. I'm just passing time until my kids get out of college...
Financially, we have been OK, I guess? I keep a large emergency fund, and we have sizable taxable investments that we can (and have) tapped. But it's like turning the Queen Elizabeth. Each month, money gets burned in the furnace and you can't just shut some of this stuff off overnight... we went through our budget with a fine tooth comb, whittling things down here and there, I held off on buying some professional equipment, and we have deferred some repairs on our home. We've decided to accelerate downsizing, and plan to sell our single family home rental property within the next year or two. But we are somewhat stuck with our home until our kids get launched... that's a choice, not an imperative, and I understand that.
It's been a lousy end to a wonderful career. Without being too bitter or political about it, COVID (whatever its actual lethality) has brought me to RE, while barely being FI. All as a result of what I'd consider a massive overreaction and poor risk assessment on the part of governments and corporations alike. In the end, we'll be just fine. But it's not what I would have wished for.
I am happy for all the office drones for whom life continues as before, with the added bonus of working in your PJs. Just understand that it's been hard on some of us...
Cheers
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