Quit and Retire? Or take a break?
Been working for about 20 years. Really don't have the motivation anymore (not sure if I am burnt out, depressed or it's mid life crisis). Strong desire to quit and focus on family and mental and physical health. But work has been my identity for so long, so it's hard to give it all up. Net Worth ~5.2M. Monthly Expenses: 18-20K Married, 2 kids. TC: 450K Wife is planning to work but her income will be about 150K (non tech). Not sure what to do?
Breakdown on the monthly exp?
Mortgage 2 kids Credit card spend
Whats your age ? Why is monthly expense high? Mortage?
42. Live in HCOL. Mortgage. 2 kids. Send some money to my parents periodically.
Find low TC , less stress job - if on visa Else, take a break or sabbatical whatever works Totally disconnect from useless showoff social circles and networks. Find a hobby that gives you peace. Do soul searching.
What’s your plan after retirement. I will prefer working unless I know what I am going to do with my free time. No work is more dangerous more work as it affects your mental health.
Life is to live happy. Do it whichever you want. Your thoughts to spending time with family(kids & parents) are very good. I am also having same plans for future. Now I am in early 30's.
You would need about 100K from investments as your wife gets 100k after tax. So about 3M+ in non-retirement brokerage accounts or alternate cash flow. Do you have that?
If you stop working how are you going to sustain those monthly expenses?
Move to another job to coast to retirement. My spouse is finishing his career as a government contractor. He works a,4x10 schedule (remote) and has zero stress and politics. The pay is a lot lower than yours but the benefits are excellent.
Get your expenses down first, then quit, life is too short.
Updated.