A Potted Plant
Honorary Sod
This, I have been in a few interview processes and wfh is a must. Life is dumb cheap wfh, it also helps that I am at minimum getting a 25% pay bump.
How the hell are we supposed to retire?
- Thread starter Red Mosquito
- Start date
This, I have been in a few interview processes and wfh is a must. Life is dumb cheap wfh, it also helps that I am at minimum getting a 25% pay bump.
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A Potted Plant
Honorary Sod
The days of @rick81721 are dead you can't be at a place for 30+ years and expect to move up financially. I'm turning 30 this year and plan on jumping jobs every three years to increase my earning potential.
The additional earning potential will go to retirement funds, I have no interest of working if I actually get to retire. I never understand owning property in retirement. I don't want to be a fuckin landlord and deal with all that shit once I'm done working. Covid shat on that idea, you got a property, your tenet can't pay rent, and have to go through all this shit just to get the earning potential back.
If I have to work past transferring money I'm not interested in it as an investment. Rather by into a housing REIT since all these forms are buying single family homes.
The additional earning potential will go to retirement funds, I have no interest of working if I actually get to retire. I never understand owning property in retirement. I don't want to be a fuckin landlord and deal with all that shit once I'm done working. Covid shat on that idea, you got a property, your tenet can't pay rent, and have to go through all this shit just to get the earning potential back.
If I have to work past transferring money I'm not interested in it as an investment. Rather by into a housing REIT since all these forms are buying single family homes.
rick81721
Lothar
I don't know about that - I can't believe long-term careers at one company are no longer feasible. If you keep getting promoted, you get more $$$ + benefits.
Not sure what your second paragraph is about. You don't want to own your own home during retirement or you don't want to own rental properties? Who wants to own rental properties at any time of their lives? Too much hassle IMO.
Companies seem to enjoy training people because I can confirm Max's take on staying at one company. For reference my job will undoubtedly offer me a 5% raise in a week for my annual raise. I can get 10-15% tomorrow by reaching out to a few recruiters without trying super hard.
The employer-employee relationship is eroding more by the day.
Im sure this is at least company specific, if not industry specific. Iv been at the same company for 9 years now with no plans to leave, promotion potential is reasonable (not great) but benefits are awesome, i get a pension when i retire, the longer i stay the more that pension is. The more i make at retirement, the more that pension is. o yea, in that 9 years my salary has grown significantly, idk if i could have beat the growth (up to this point) by jumping around.
My wife is in another job which is similar, she gets a pension, shes had no problem moving up, and the salary is good so no reason to leave.
EDIT: should probably mention that we are both in engineering, as that could be part of it.
Well looky there lol. The correlation between those two things (tenure at a company and the benefits you get from staying long, specifically pensions) are probably a perfect straight line. The teachers and cops I know don't job hop either.
A Potted Plant
Honorary Sod
I currently own, but I only ever intend to maintain the home I live in and never intend to own rentals. I have been at my company for 5 years I'm moving onto my 4th promo(phone rep<Sr. Phone rep< tech support< Business Analyst < Data Analyst 2). I've jumped career tracks and produce outstanding work(Yes I know I'm an idiot here I'm different when I'm getting paid), from my first job as a phone rep to a business Analyst I've doubled my salary and now I'm getting another 10% to 15% moving over to a data Analyst. Jumping to another company opens me up to 25%+ increase and additional benefits like signing bonus perm WFH and I will negotiate to maintain my seniority of 5 years at my new job which will provide me additional vacation, 401k match, and education reimbursement as I'm going for my masters next year to better suit me for my field.
Now I mentioned I'm getting minimum 25% at where ever I land, because of my mix background I've also applied to some moon shot jobs that I've progressed to a second round interview. This would put me close to 200k I would never in my fucking mind believe I could make that at my company or in my life without a position starting with C followed by 2 letters.
Idk if this was a thing when you were in the workforce but you hit "Max Salary" after being in your seat after some time. I've never experienced that but its another strike against staying in one place.
our pension does get a slight bump at the 30 year mark (that straight line correlation you speak of, the slope changes if you make 30 years), but that makes sense, they want to retain talent. There is certainly other red tape and obstacles to getting stuff done that are aggravating (i never said anything was perfect) but (at least in my case) the benefits here outweight the negatives.
A Potted Plant
Honorary Sod
You give me a pension I'm staying put but I'm not seeing it, maybe I'll run into this soon but I also don't want to stay somewhere for 15 years for the company to be bought out, pensions to be killed off along with those holding them. My life expectancy is like 65 so I don't need that much lol
one piece crank
1pc Cranky
Other factors at play - if work isn't fun (or an enjoyable challenge), then why be there? And if no WFH, work local. Why would I drive more than 20 miles?
A Potted Plant
Honorary Sod
Cuz the pay is as good as you will get and the field your in doesn't translate.
I'm well on my way to becoming a data scientist, and love what I do but I'm lucky. I went to school for something unrelated that doesn't translate and being a phone rep is a miserable existence.
Lucky my job sucked with reporting so I got shoved into that and I ran away with it
when they drop a six figure stock option grant into your account every year, and it vests over 4 years, it becomes difficult to leave unless you can get a signing bonus to cover it.
not impossible. also 401k matches vest over some number of years, so that gets left on the table. I'm sure you'll take this all into account when making a move.
real money is working for a start-up and they go public - and you were there from the beginning. (ie the paypal story)
or do your own thing.
@cassinonorth - you mentioned you aren't into your "money making" years yet. When you get there, do you think your lifestyle will stay the same?
money buys time to do other things (like paying for an oil change, or make more $$?) - it is hard to go back.
Staying in cheap, no-name hotels isn't happening anymore. Moving to a better seat at the ball game. Less ramen, much less.
Yes, accelerate the savings, and debt reduction should be a priority - you've got that spot on. The personal cost of living does go up to meet income.
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I (and EVERYONE else) said that 23 years ago and here I am at the same place. Had jobs before that, but this one stuck. Know several people with the same story. Nothing wrong with jumping. Depends on the job.
Now old school pensions...they're mostly dead. Good luck getting one of those.
this is the line im currently working, salary goes up, cost of living stays the same, it has crept up bc like you said, who doesnt like nice things, another bike, a new car instead of fixing the old one, ect ect.
A Potted Plant
Honorary Sod
I don't get money making years, it's like writing checks on an account you haven't opened yet. My money making years are now, it's up to me to go get it.
I subscribe to you will only want things you know. I have a narrow scope of what I like, I could live my life style living off SS, the wife on the other hand wouldn't enjoy it.
Health and minimizing my financial appetite I think is the key for my successful financial retirement.
I subscribe to you will only want things you know. I have a narrow scope of what I like, I could live my life style living off SS, the wife on the other hand wouldn't enjoy it.
Health and minimizing my financial appetite I think is the key for my successful financial retirement.
A Potted Plant
Honorary Sod
I think y'all are setting your expectations too high and will end up working forever trying to have that fairytale retirement.
I need to stop reading this thread or I'll be there too
I need to stop reading this thread or I'll be there too
Maybe I don't have a problem with the cheap no-name hotel because it's a step up from sleeping in the back of the car, or at a campsite.
As my salary has gone up, my expenses actually have not gone up that much. While I may try to travel a lot throughout the year, it's not really THAT much. Multiple trips around the US for national parks, city trips, biking trips staying at inexpensive hotels and campsites is probably cheaper than some people's single Disney trip.
Just because I get older and make more money doesn't mean I have to spend much more. Not until healthcare becomes an issue...
tonyride
Don't piss off the red guy
Exactly the same with me and I'm also an engineer. I've been getting consistent promotions and raises and the longer I stay, the more I'll get in pension since it is calculated based on my gross pay and number of years there. I hit 32 years earlier this month. If I stick it out until I'm 62 my pension calculations automatically jump by 10%. This is in addition to matching my retirement contribution dollar for dollar up to 5% of my gross pay.
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