How long until retirement?

[MNBEN87]

Hi Everybody,

I have been reading MMM posts since about 2013.  I have read all of them.  The lifestyle is appealing to me. 

I am an Mechanical Engineer, with about 6 years of experience (I am 31 BTW), but have started not enjoying my working hours very much.  I am a very hands on type person, and have received several patents, and the two major products the company has released since I have worked here, I have designed major portions of them (very disproportionate parts of the design belong to me).  Objectively, I am a poor report writer, and project manager, which is what they are trying to turn me into.

I have had much more stress lately because I am working on stuff I don't enjoy, and have a hard time making myself do.  I want to get out of my current work.

I have been maxing my 401K for a little while now, but always did more than the minimum to get the match.  I have about 90K.  I also have a house worth about 220K that I owe 100K on.  My wife is an OTA, and doesn't have savings worth mentioning, but does have 30K in student loans :(

We live a relatively low cost life.  Cars I paid for in cash both with about 175K miles now, but I have been able to keep them running pretty easily (I did have to fix a shifter linkage pin inside the transmission on one of them that was a PITA).   

Now I have been looking cabins in my home state of MN.  I found one for 100K that is on the Mississippi river, and close to 4 recreational lakes (one of which is very nice, and that I have relatives on).  I am very tempted to leave corporate behind, but have many fears moving forward.  This place has loooowwww cost of living.  Non-homestead tax is 800 per year, and has lower cost dining and such.  Also, Aldi is close by (I know rural living often comes with expensive groceries).

I currently make 76500 per year plus some extra for patents.  Wife is part time and make about 20000 per year. 

I would like to make a move to something like this, but can't help but thinking switching to another corporate job for a few years would really make a lot of sense.  Maybe pay off the student loan, and get another 100K in retirement?  Would plan to work part time doing something I like (maybe substitute teacher, backyard mechanic, etc.).  I also fear the employment situation in the rural parts of my state.  This move would involve a minimalism approach, plus part time work.  I estimate 15-20 hours a week of work each.  In my state we would probably qualify for heavily subsidized health care if we worked that amount.

What do you guys think?  Am I crazy.  Should I just switch jobs and see if I like it better?

[ysette9]

A first read gives me the impression that you are burned out and trying to run away from something more than you are trying to run to a new lifestyle. Does that make sense? I’m afraid by running away instead of executing a calculated plan of what you want that you will find yourself unhappy again in a few years.

What is your spending? What is projected spending in your escape location? Can your wife work more? I don’t know what an OTA is but she should at least target wiping out the school debt.

I think you should first look at fixing your current situation. Talk to a boss or mentor about making your job back into what you like better. Start searching for other jobs on the side. Get your wife’s income up. Figure out your numbers and set some realistic goals.

[JSMustachian]

Your plan to move sounds like a nice goal but need to get your FI/FU money first. That might involve getting a different job in your field you are happy with and bringing your spouses income up.

Your first step is to establish what your current spending is and see what can be cut or reduced to help speed up the process. You have a good head start with almost 100k in income and only 30k in debt. Once you optimize your spending you should be able to knock out the student loan debt very quickly.

[MNBEN87]

You might be right about running from the job.  I am currently getting little joy out of it, as it is high stress.  I don't think I can turn my role into something I like, and my boss kind of confirmed that.

OTA is an occupational therapy assistant.  They can make goodish money, if full time.  About half the jobs or more are part time in that field, which is good for long term plan, but for now she does need to find full time work. 

My total spending is basically what I get in my paycheck, since I automate my savings through 401K.  I just multiplied my take home by number of checks, then added what is a generous amount from the wife, and that puts me around just under 50K per year.  That spending also includes about 16K in my mortgage payment.  If I moved up to the cabin, the 16K would basically turn into 1K to cover those expenses.  So with the new housing situation I would spend around 35K.  I would obviously have to cut my going out budget as that is currently outrageous.  I could save an additional 7-8K just by staying out of restaurants and bars (my weaknesses).

I think the plan will be to get retirement up a bunch, pay off the student loan, get her working full time, and by 35, things will probably look a bit better.  Also, I need to find something I enjoy.  However, I am not at all a fan of corporate BS.  It makes me cringe seeing the motivational posters and such. 

[MNBEN87]

Your plan to move sounds like a nice goal but need to get your FI/FU money first. That might involve getting a different job in your field you are happy with and bringing your spouses income up.

Your first step is to establish what your current spending is and see what can be cut or reduced to help speed up the process. You have a good head start with almost 100k in income and only 30k in debt. Once you optimize your spending you should be able to knock out the student loan debt very quickly.

Agree.  I will motivate her to find full time.  It helps that I will also be searching.  We can have a not so fun look for jobs party :)

[ysette9]

You are an engineer. There are lots of things engineers can do and many of them are fun or at least interesting. I worked on a lot of cool stuff as an engineer. I don’t know what the job market is like in your area but do brush up your LinkedIn profile and out feelers out there. You should be able to find something where you are designing something in CAD, if that is what you’d rather be doing than reports and project management.

I think you are going down the right path. I didn’t make it clear before but I would hate to see you make a switch and then find later you were still unhappy, this time with little income and a poor job market. Then you would réally be stuck. You probably feel stuck now but you have options.

[MNBEN87]

I agree.  I am going to find something I like doing better.  I really enjoy building things and experimenting.  I have decided to put off moving rural, and staying in the twin cities for the time being.  My expenses are low, and lowering them comes down to staying out of restaurants and bars.  Over the last couple of weeks, I have probably cut that down to once a week vs. 3-4 times a week. 

Me and the wife are going to have some applying for jobs sessions, as I would probably make more and do something I like, and she could make more and be full time.