Author Topic: Possible RE or Sabbitical  (Read 510 times)

earthshine

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Possible RE or Sabbitical
« on: October 08, 2020, 05:12:22 PM »
Iíve been with the same company 20+ years and while I donít feel financially ready to retire, I am thinking of taking a sabbatical which could turn into some form of RE, as I know a sabbatical would put me at greater risk for a lay-off.

As you considered something similar, what are the things you considered to make sure you had all your ducks in a row and to help you feel ready?

Here are things Iíve thought about:
1) Maximizing Mega back door Roth IRA (been doing couple years, sure wish I knew the benefit earlier!)
2) input max for HSA early in year
3) check when pension percentage is updated (At my work the rates reset in January)
4) Consider part time work (Same office)
5) find out about Cobra
6) if I were laid off, how to handle 401k... should I start changing investments to those it would be easier to convert to an IRA?

Been working a long time and feel it would be good to do something different for a little while and gain a different perspective of life.

Thank you!

deborah

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Re: Possible RE or Sabbitical
« Reply #1 on: October 08, 2020, 06:27:45 PM »
Itís worthwhile to take home your personal items (leaving your work area able to be used while youíre away), and to look at the pre-FIRE checklist https://forum.mrmoneymustache.com/post-fire/pre-fire-checklist/  - there are many things on the list to do with finishing up at your workplace which may also apply.

earthshine

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Re: Possible RE or Sabbitical
« Reply #2 on: October 08, 2020, 06:30:51 PM »
Thank you for the great advice!

Tester

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Re: Possible RE or Sabbitical
« Reply #3 on: October 09, 2020, 06:43:44 PM »
What if you interview and discuss this 6 months thing when you get an offer?