Author Topic: Going out the door sometime in January.  (Read 1803 times)

money_bunny

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Going out the door sometime in January.
« on: November 30, 2016, 05:19:36 PM »
Hello Everyone:

I was sat down on Tuesday and told that my job of 3.5 years will be changing the next day. We had another employee resign and because of that I was being pulled from my position immediately to cover their position. All my patients would be reassigned to other providers and I would be doing float coverage wherever needed for the foreseeable future. I've been reassured that this is not a punishment (though it feels like it) and my job is secure.  Overall in the last year or so we have been persistently just staffed enough to get the work done. There are two of us in my former position and the other person is getting all of my patients.

I also have a friend who has a chronic progressive health problem and would like to do some travelling with them in the USA over the warmer months before they are unable to walk. This looks inevitable in the next 5 years or so.

I intend to go back to work part time, and may go back full time if that is what required to get health insurance after the ACA is dismantled. I also may consider leaving the country for a while.

I'm not 100% ready to FIRE. I do have a low cost of living, and want to find the balance of not being on Medicaid and keeping my income in the sweet spot as described by MMM and the GoCurryCracker site (http://www.gocurrycracker.com/obamacare-optimization-early-retirement/) and my own tax research. I do too much dangerous stuff to take a chance on not having insurance.

I can leave any after January 2nd. I need to be employed on the first workday of the year to get the 403B match for the last year. I have to give a month notice. I make about 100k. (Or about 8K a month) I'll have about a month of vacation to get paid out for as well. If I leave Feb 3rd that's about 13,500 earned for year 2017. Plus the dividends from the VOO I own, and then some of the Roth Pipeline. That will get my earned and interest income to about 25K. I need about 25-30K cash per year.

Any ideas for optimization for next year?

We are so short staffed that I probably could give notice next week to be out the first week of January. I don't think my manager would dismiss me early to get the 403K contribution out of me. I don't trust HR though. I could probably bear it through March though not much longer.

I usually max out my 403B in equal payments per year. I could accelerate them even taking no income home for a bit. I also usually max my Roth, but I think this is a year that I should wait on that since my income is going to be much lower.




ender

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Re: Going out the door sometime in January.
« Reply #1 on: November 30, 2016, 07:08:29 PM »
An easy optimization for next year is to figure out whether Roth contributions make the most sense or a Roth pipeline makes the most sense.

It feels like you should probably take some deep breaths and give it more than 24 hours before making this sort of decision, though. Your post reads pretty "ahhh change, need to quite ASAP" and feels like a reaction, rather than a plan.

money_bunny

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Re: Going out the door sometime in January.
« Reply #2 on: December 01, 2016, 04:15:25 AM »
I can see why it reads like that. I've had "Give notice" in my calendar on Jan 3, 2017 for at least 2 months. I was hoping to do more wrap up and hand off at that point.

rayt168

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Re: Going out the door sometime in January.
« Reply #3 on: December 01, 2016, 07:08:24 AM »
Will you have any sick days that you get right at the beginning of the year?  If you do, could you take those days just to burn them?  Besides, front end loading your 401K, I can't think of anything else.   I did sell some of my long term gains recently so that my AGI next year would be lower in the event that I did FIRE.

I am in a similar position (waiting to FIRE).  However, with ACA repeal looming, I am waiting to see what happens before I do.

money_bunny

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Re: Going out the door sometime in January.
« Reply #4 on: December 01, 2016, 05:12:02 PM »

I am in a similar position (waiting to FIRE).  However, with ACA repeal looming, I am waiting to see what happens before I do.

I was going to wait for the same reason. My rationale is that it has to be around for 2017. If my job was good and solid I would wait it out. Since it's not and there may be no good deals on private insurance in 2018 and onward I want to do some things now.

Metric Mouse

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Re: Going out the door sometime in January.
« Reply #5 on: December 03, 2016, 08:23:44 AM »

I am in a similar position (waiting to FIRE).  However, with ACA repeal looming, I am waiting to see what happens before I do.

I was going to wait for the same reason. My rationale is that it has to be around for 2017. If my job was good and solid I would wait it out. Since it's not and there may be no good deals on private insurance in 2018 and onward I want to do some things now.

This might be a good point. Travel and live now while ACA is predictable - who knows what the future holds.