Author Topic: Job options vs. FIRE escape  (Read 1658 times)

pdxvandal

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Job options vs. FIRE escape
« on: February 25, 2018, 03:24:38 PM »
Hi fellow 'Stachians. I usually get helpful, honest advice on this forum, so here goes:

I'm working at a job that has the ultimate triple-threat for a hopeful early retiree -- a 457, 403 and HSA. Even on my modest 65k salary, this means I can sock away about 39k pre-tax, which includes an 8% match and $1,500 HSA contribution by employer.

I'm not really looking for another job, but I'm a finalist for a position in a different company that would probably pay 10-15% more. It has solid bennies -- 401k, 3 weeks vacation, health insurance, etc., but it doesn't have the triple-threat options I love about my current job.

Today, I have a lot of autonomy, very few BS meetings, a manager who leaves me alone, can work from home whenever I want (usually 2-3 times a month) and generally work 9-4:30 (sometimes 9:30-4) on that modest salary. The work isn't as creative as I'd like and it's a limited-term position through July 2019, but by that time I'll be vested with the employer match, estimated to be about 25k.

With this new potential job, it will be a decent step up in salary, title and role, but slightly longer hours, likely more BS meetings, slightly less autonomy, give up my 25k vesting in 2019 and a less flexible schedule given the elevated responsibilities. They do have beer in the office and really nice people. It's also not limited term.

However, being limited term has its advantages, mostly if I ride it out through July 2019, I can collect unemployment for six months which would help me segue into a FIRE situation. My FIRE escape would also include some random part-time work, time to seek other meaningful work (if I feel like it), getting healthier/stronger and just have the ultra flexibility. Slow travel goals are still 5-10 years out.

I'm 43, combined family net worth is about 900k, 200k of which is home equity, and my bare bones expenses are about 36k annually in a HCOL. If I save my ass off the next 16 months, I imagine our net worth will be between 950k-1M. One bonus is my spouse works (55k salary) and plans to continue to do so for at least 5 more years, so I would have some kind of affordable health coverage, wouldn't have to draw down a ton from the 457, Roth, brokerage, etc., and her salary would basically cover living expenses, although wouldn't allow for much savings (which we already have). My plan is to leave the HCOL in 10 years to reduce our insane housing expenses by 25-30%.

The chance of me having to find another modest FT job during the unemployment (or post unemployment) phase is good, if I REALLY had to. I'll have about 8k in consistent part-time income, so thinking I could always find flexible work that means  more to me and earn another 10k.

This post isn't meant to be complainypants about anything -- I feel like I'm in a fortunate position. I am leaning toward just staying in my current role, which short term is far more appealing but long-term could have more risk (i.e., wife loses job, major medical issues, etc). Five years ago, I would have leaned toward taking the higher-paying gig. What would you do in my shoes?
« Last Edit: February 25, 2018, 03:53:53 PM by pdxvandal »

birdiegirl

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Re: Job options vs. FIRE escape
« Reply #1 on: February 25, 2018, 07:52:42 PM »
Stay at your current job if you are happy enough there.  To me an extra 10-15% is not worth the extra hours & BS that could come with the new job.  You can always look for something new again if things change in the future but sounds like you have a very good thing going now, so I'd take advantage of that.