These are not the only two options and there isn't enough info to make any sense of them.
Do you love your work?
What do you want your retirement to look like?
Is there other work you could see yourself enjoying, even just part time?
If you left the day job, would you still have to live in a place where your mortgage is $1400/mo?
Are you flexible about where you live?
Are you open to further training/education to open more flexible career options?
Do you a family to support?
Etc, etc, etc
Great points and considerations. I'll answer your questions below:
Do you love your work? While I have an amazing job that provides a high salary, great work-life balance, lots of flexibility, great boss and colleagues, I'm simply not passionate about my work. I simply dont like working and the grind that goes along with it.
What do you want your retirement to look like? I see myself having a daily routine, going to the gym, perhaps volunteering, taking some courses of things Ive always wanted to learn. And travel...lots of travel, which is why I've budgeted $5,000 per year to travel.
Is there other work you could see yourself enjoying, even just part time? Possibly working 1-2 days a week if I enjoyed it and it had lots of flexibility.
If you left the day job, would you still have to live in a place where your mortgage is $1400/mo? I could easily sell my current home and live in a very nice condo mortgage free. As it stands now, the mortgage in my current home will be paid off in 10-12 years.
Are you flexible about where you live? Yes, but I already live in a very LCOL area.
Are you open to further training/education to open more flexible career options? Perhaps.
Do you a family to support? No, not currently.
And just to be clear on my question, I am not being laid-off, and there is no indication I will be laid off. I just like mentally preparing for the possibility I would be laid off, what my options would be if that were to occur.