Laid off with 3 kids. Retire?

[OrganicRain]

Aside from the money issue, unless retirement has been in the planning already, e.g. "I want to retire and I'm just going to wait until I get fired before I stop working", it's "risky" to consider retirement as solution to your future. Especially given the young age ... there won't be any automatic solutions of things to do instead of "going to work". You'll have to find your own meaning other than work. Any considerations about that aspect?

Thanks for bringing this up Jacob. I would try to build some internet based businesses with the hope that they would provide some meaning and financial return. Also would do PT work and plan to volunteer. Any advice outside of this?

[OrganicRain]

I am not exactly most experienced in these cases, because of my inexperience. But I definitely say work part-time at the minimum to be safe.

Part time will be in the cards for sure...

[OrganicRain]

I have received some job offers, but they were not the right fit so I turned them down.
Truth is, I can not stomach working again for anyone on a FT basis....So I think I am done. I and/or the wife will have to make this work through part time income to supplement - I just cant do the rat race anymore!

[llorona]

Congratulations! Sounds like an excellent decision for your health and sanity.

[OrganicRain]

Congratulations! Sounds like an excellent decision for your health and sanity.

Thank you

[steveo73]

I have received some job offers, but they were not the right fit so I turned them down.
Truth is, I can not stomach working again for anyone on a FT basis....So I think I am done. I and/or the wife will have to make this work through part time income to supplement - I just cant do the rat race anymore!

I reckon this is good. I'm struggling with work at the moment. I won't be able to quit for at least another 3 years but more like 5 and then part time.

Well done !

[OrganicRain]

I have received some job offers, but they were not the right fit so I turned them down.
Truth is, I can not stomach working again for anyone on a FT basis....So I think I am done. I and/or the wife will have to make this work through part time income to supplement - I just cant do the rat race anymore!

I reckon this is good. I'm struggling with work at the moment. I won't be able to quit for at least another 3 years but more like 5 and then part time.

Well done !

Thanks! I sat down and did some very realistic math today. We are FI as of today - dead even using the 4% rule and $400 a month in family benefits here in Ontario. Included in the budget is misc expenses averaged out monthly to allow for a car repair/savings plan. Does not even factor in old age benefits - so that is a margin of safety. Additionally, the FUN part time work will allow us to save for a small vacation every year, irregular costs like braces and just add a peace of mind cushion.

We are free!

[almostthere]

Congratulations! Its a wonderful feeling isn't it!

[cmonkey]

Congrats on leaving the rat race! Even though you still have PT, you have so much more flexibility in that. Plus you now have a ton more time to work on some passive income options that could eliminate the need for PT altogether.

The DW doesn't work outside the home but does knit and crochet projects for folks and makes several thousand a year from it. Our "fun" money. She is currently implementing plans for a passive income pattern shop on Etsy. Digital products are a great form of passive income so that might be something to look for.

[OrganicRain]

I must admit - its a bit scary to take this leap! Any advice on getting over the anxiety of it?

[1taskaday]

Read livingafi recent blog entry-his 3 months summary of his emotions etc since he quit his job.

One of the most honest and detailed summation of the immediate aftermath experience I've ever read.

[OrganicRain]

Read livingafi recent blog entry-his 3 months summary of his emotions etc since he quit his job.

One of the most honest and detailed summation of the immediate aftermath experience I've ever read.

I looked him up, he is in a bit of a different situation than I am in though as his significant other works still.

[OrganicRain]

Hi all,

Its been a while

well, I decided to take another job - but I had to quit due to the enormity of the hours etc. Was not a goof fit at all. My Dr signed a medical certificate to I was able to get some EI coming back in. So - wonder what I should do now? Wondering if this is a sign that I should quit FT work altogether, or keep looking for something more enjoyable but less pay etc. Feeling kinda bummed, any thoughts?

[OrganicRain]

I should add - I can actually access all of my retirement funds at any time.

Income situation is as follows:
Monthly:
Employment Insurance $2000 for 9 more months
Wifes PT job: $500- $1100/month
Gov kids subsidy: $400/month (this goes up to $1000month starting next year if our income is low enough (under 30K)
monthly spending about $2800

Again net worth is about 1MM - (300k house and 700k invested)

[Hankaroundtheworld]

If "normal" work (like doing the regular hours per day/week, etc..) does not fit anymore, either medically or mentally, then it looks like a good moment to pause. You are (technically) FI, so you have the flexibility to pause and rethink your strategy. Why not analyze the skills that you are good in or invest in those skills that you would like to have, and find new routes, may be multiple (passive) income streams in whatever you fancy in life? Take your time, you do not have to solve this right now, why not a break of a year, enjoy your new life and then new ideas will come.

[IlliniDave]

Simply because of the kids I would be inclined to look for something at least part time. I'd be uncomfortable pulling much more than $1,000/mo out of savings at your age. But I can be a bit of a worrywart. Alternately, should you opt to "retire", look at what you could do with your time to reduce your monthly spending. A dollar saved is generally worth more than a dollar earned. Your assets seem to be sized at a level I'd be comfortable with assuming your wife continues to earn near the high end of the range you give once your qualify for the larger subsidy.

[anomie]

Another factor not sure mentioned is the intangible benefit to the children in the picture of having their father in their lives day to day, and not away earning the daily bread. You would be present in their lives in these years of their growth. If you could make the $ numbers work, your presence in the family could be worth more than any extra income.

best of luck in your decision.

(I wish I could finagle some type of EI / worker's compensation * grumble * grumble *

[OrganicRain]

Another factor not sure mentioned is the intangible benefit to the children in the picture of having their father in their lives day to day, and not away earning the daily bread. You would be present in their lives in these years of their growth. If you could make the $ numbers work, your presence in the family could be worth more than any extra income.

best of luck in your decision.

(I wish I could finagle some type of EI / worker's compensation * grumble * grumble *

That is a big benefit for sure. I am not so sure about being retired completely yet - I have some anxiety around that as well. I think what I need to do is to find a job that I enjoy and is not to demanding of my time. Either way, being FI has given me this option.

[steveo73]

Another factor not sure mentioned is the intangible benefit to the children in the picture of having their father in their lives day to day, and not away earning the daily bread. You would be present in their lives in these years of their growth. If you could make the $ numbers work, your presence in the family could be worth more than any extra income.

best of luck in your decision.

(I wish I could finagle some type of EI / worker's compensation * grumble * grumble *

That is a big benefit for sure. I am not so sure about being retired completely yet - I have some anxiety around that as well. I think what I need to do is to find a job that I enjoy and is not to demanding of my time. Either way, being FI has given me this option.

This is the real issue isn't it. Getting an enjoyable job that isn't too time demanding. I've thought of just working at a low paid job once I am close or reach FI a couple of days a week. Minimal commute, minimal time at work (say 2 days per week) and enough money to basically live off and let my investments grow.

The advantage of being frugal is that you don't need as much money to live your normal life.

[jbrown79]

A bit risky but fully retiring is certainly fine. But make sure that you're able to keep within that budget range. Otherwise, it's best to find another source of income just to have a backup. We'll never know the surprises in expenses when we have our kids at home. Best of luck.