Personal Investments • YARQ (Yet Another Retirement/Roth Question)

Thanks for your response, queenofthemadhouse.

You can definitely afford a pay cut. You can probably afford to retire completely, but I’d probably downshift first, knowing you can pull the plug completely if that doesn’t work.

I agree. I don't think I would be able to handle a complete 'on/off' switch with work. Gradual dim might work better.

From a purely numbers perspective, what ‘I’ would look for is a job that would cover your $120k in expenses plus your college savings goal and taxes, this would be between the two of you. $100k each would likely get you there.

I don’t know how realistic that is in your field. I don’t know if it would improve the quality of life issues.

I think it's a little tough in my field. I don't think it's easy to take a "demoted" role, because hiring managers wouldn't trust that someone will stay long. I see some remote roles to improve quality of life (especially with commute), but IT job market is not that great right now.

We have been thinking about this more in the last few days. We don't think that my job will last forever, so might as well ride the gravy train.

But if you did that, you would have the following things going for you:

Existing portfolio grows untouched.
Continue to fund college.
Continue to fund tax preferred plans (use some proceeds from taxable to pay some expenses)
Convert some to Roth (maybe up to 24 percent bracket).

I agree that the above sounds like a great plan. But if I'm being honest with myself, I don't know if my ego and greed will let me take that pay cut. My inner monologue is telling me "to suck it up and enjoy the ride. Let them fire you! If the commute’s terrible, just get a nicer car with adaptive cruise control or something."

Statistics: Posted by LindtChocolateLover — Sat Oct 12, 2024 11:28 pm — Replies 17 — Views 1128

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