Author Topic: Things I need to do before I quit  (Read 3903 times)

Dawn

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Things I need to do before I quit
« on: January 10, 2015, 06:08:55 AM »
 I am getting VERY close to quitting my full time job. What should I do before I resign? Should I take money out of my properties? Are there things I will have an easier time doing with a "job" verses without? Health insurance, life insurance ...done....anything else that I am not thinking of?

Retired To Win

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Re: Things I need to do before I quit
« Reply #1 on: January 10, 2015, 07:11:08 AM »
One of the major things, IMHO, is to rethink and either change or confirm WHERE you are going to live after you quit your job.  If you are going to be financially independent, theoretically you could pick up and go live anywhere.  So here's just a short list of things to ask yourself:

1) Am I satisfied living here?  What do I really like about this location?  What don't I like?

2) Is there a more Reasonable Cost of Living Area I could go to where (a) I could still have the conditions I have now that I like, and/or (b) I could eliminate or ameliorate the conditions I don't like that I am putting up with now?

3) Should I rent or should I buy a place?  Is it financially feasible at this time to sell my current place (if you own)?

4) What would it mean to me to have the extra monthly cash a move to another location would free up?

The whole world could be your oyster.  So don't just let inertia carry you.  A change in location might put some major monthly extra cash flow in your pocket to let you enjoy your new freedom even more.

Good luck!

MrFrugalChicago

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Re: Things I need to do before I quit
« Reply #2 on: January 10, 2015, 10:07:22 AM »
Indeed, and after you think about location - see if it makes sense to get a mortgage. With rates low in the 3.5 range right now, you may be better of putting a mortgage on a house you could buy with cash, and investing the money (rental properties, market, whatever). Depends on risk tolerance of course... but once you are retired, I suspect getting a mortgage is a lot harder

Exflyboy

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Re: Things I need to do before I quit
« Reply #3 on: January 10, 2015, 12:05:20 PM »
Do you really KNOW how much it costs you to live right now?.. Do you have a years worth of expenses compiled.

To me thats the first thing you need to know (I retired without doing that but I knew I had way more than I needed).


deborah

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Re: Things I need to do before I quit
« Reply #4 on: January 10, 2015, 08:03:58 PM »
IMO most of these things can be pondered after you have finished if you are VERY close. However you need to consider a number of WORK related issues:
  • You are leaving work for life, so what do you need to take? Do you have a lot of personal e-mails (eg. e-mails to tradesmen who worked on your house, the taxation people about your tax...) - check what you have and take them.

  • What do you want to say in your resignation letter?

  • What perks has work provided, and how will you cope without them? Health insurance, gym at work, software for your home computer...

  • Do you have a choice on how to structure your final pay, and if so have you worked out the best way to do it?

  • Does your work provide post-work benefits? I've seen some mentioned in this forum like health benefits for life, pension... Find out how you access these benefits, and anything you need to sort out before you leave work.

  • Has work provided some perks that you need to sort out/return before you leave - for example laptop, phone, vested shares...

There are all sorts of things about starting retirement. Some a listed above. Most people seem to spend the first six months just lying back relaxing. You are allowed to do that too. You will have 20, 30 ,50 years of retirement - you don't have to do it all in the first week.

Dawn

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Re: Things I need to do before I quit
« Reply #5 on: January 11, 2015, 02:19:47 AM »
Thanks for the thoughtful responses.

We have considered selling our property and living where we like - even though we love the (inexpensive) area we live in now. We have two young children and a custody agreement limits that - among other things.....once they are in college.

We do know what we spend each month and are very frugal, have good renters, savings, etc. 

Great idea, Deborah about getting those emails and important info before I leave. Hadn't thought of that.

I can't think of anything else that having a job will help me do that I can't once it is gone - except a mortgage. Don't think I will worry about that none!
Thanks!


Peacefulwarrior

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Re: Things I need to do before I quit
« Reply #6 on: January 11, 2015, 02:29:22 AM »
Personally I would need to make a more detailed plan on how I would spend my time the coming months after quitting, as I would be kinda bored if I just stopped working without a plan. But I guess you most likely have been fantasizing about how to use your new freedom for some time?

Eric

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Re: Things I need to do before I quit
« Reply #7 on: January 11, 2015, 03:14:07 AM »

Thegoblinchief

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Re: Things I need to do before I quit
« Reply #8 on: January 11, 2015, 08:36:51 AM »
In the US, what about health insurance? Already on a self-purchased plan? Going to finish the year with COBRA? Does quitting your job let you still get into a plan past open enrollment?