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Retirement Saving for retirement - questions about pensions and pension schemes, 401k's, public and private company pensions, and other saving schemes.

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  #1  
Old 02-17-2015, 02:07 PM
dilemma dilemma is offline
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Join Date: Feb 2015
Posts: 2
Default Dilemma about job

Hello all,

Good morning. This is my first post here and reaching out to you guys as I am in dilemma about whether to work for little longer of to quit working altogether.

Here is my situation:

Myself:

44 years old, worked in technology industry for few months short of 15 years with an average salary of 80K and with 90K salary/yr when I lost the job 2 months ago.

Husband:

50 years old, working in technology industry as well, with current salary+bonus of 152K per year. Planning to work until 65 years. Pursuing his PHD currently and will be quitting technology job in 6-7 years.

Children:

1 12.5 yr old daughter.

Financial situation:

600-650K Equity on home (this is very conservative estimate). 590K loan amount is left. Will be able to pay off 66K more in next 5.5 years. Planning to downsize the house after our daughter leaves to college.

455k in my 401k, after contributing for little over 14.5 years, which we are not planning to touch until I turn 60 yrs old.

395K in my husband's 401k and planning to continue his maxed out contributions (17,500 + 5,500 catch up contributions) until he works, which is going to be at least 13-15 years.

Saved about 200K for our daughter's college. She will be going to college in yr 2020.

100K in my ESPP
26K in my husband's ESPP
40K in emergency fund.

Question:

Our goal is to have atleast 10K income in retirement years, ie when my husband turns 65 year old and I will be 59 by then.

With the kind of financial position we are in now, is it possible to get 10K income when we retire IF I do not work and contribute to 401K any more?

I don't really want to work anymore in stressful technology jobs. But if I have to work, I will continue to work now for few more years than later and call it quits once for all. But I am confused/worried if we will be able to get 10K income in retirement years if I quit working now.

Appreciate all of your inputs.

Thank you very much in advance.
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  #2  
Old 07-22-2016, 03:46 AM
Thinker25 Thinker25 is offline
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Join Date: Apr 2016
Posts: 27
Default Re: Dilemma about job

to me, it doesnt look that bad
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  #3  
Old 09-15-2016, 07:46 AM
ColomboMan ColomboMan is offline
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Join Date: Sep 2016
Posts: 16
Default Re: Dilemma about job

Even do not know what to advise... As for me I think you should find the job you like. For example I friend is older then me, she is 38 and she lived in Spain. Then she decided to change her life and move to USA. I've found job here as a cook. On the first sight everything is ok, but she's got denial during visa getting. Then I've found this company who helped her with her documents very fast and now she is living here and doing what she likes. So do not be afraid of changing!
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  #4  
Old 10-20-2016, 09:50 AM
financialadvisory financialadvisory is offline
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Join Date: Oct 2016
Posts: 17
Default Re: Dilemma about job

Quote:
Originally Posted by dilemma View Post
Hello all,

Good morning. This is my first post here and reaching out to you guys as I am in dilemma about whether to work for little longer of to quit working altogether.

Here is my situation:

Myself:

44 years old, worked in technology industry for few months short of 15 years with an average salary of 80K and with 90K salary/yr when I lost the job 2 months ago.

Husband:

50 years old, working in technology industry as well, with current salary+bonus of 152K per year. Planning to work until 65 years. Pursuing his PHD currently and will be quitting technology job in 6-7 years.

Children:

1 12.5 yr old daughter.

Financial situation:

600-650K Equity on home (this is very conservative estimate). 590K loan amount is left. Will be able to pay off 66K more in next 5.5 years. Planning to downsize the house after our daughter leaves to college.

455k in my 401k, after contributing for little over 14.5 years, which we are not planning to touch until I turn 60 yrs old.

395K in my husband's 401k and planning to continue his maxed out contributions (17,500 + 5,500 catch up contributions) until he works, which is going to be at least 13-15 years.

Saved about 200K for our daughter's college. She will be going to college in yr 2020.

100K in my ESPP
26K in my husband's ESPP
40K in emergency fund.

Question:

Our goal is to have atleast 10K income in retirement years, ie when my husband turns 65 year old and I will be 59 by then.

With the kind of financial position we are in now, is it possible to get 10K income when we retire IF I do not work and contribute to 401K any more?

I don't really want to work anymore in stressful technology jobs. But if I have to work, I will continue to work now for few more years than later and call it quits once for all. But I am confused/worried if we will be able to get 10K income in retirement years if I quit working now.

Appreciate all of your inputs.

Thank you very much in advance.
I would Quit right away, don't dump another day on that job man!
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