Rukh O'Rorke
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Post by Rukh O'Rorke on Aug 30, 2021 12:30:10 GMT -5
Rukh even if you do quit, wouldn’t it be wiser not to burn that bridge? You could offer to consult for them via Rukh Inc … I'm not planning on burning a bridge at all. Will give notice, etc. I can offer RI but I doubt they'd take it.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Aug 30, 2021 12:36:30 GMT -5
I may be ready! I think I'd make it. ETA: I'm being shamefully taken advantage of right now, and I'm starting to be ashamed at myself for letting it drag on this long. I think it is more adult to stand up for myself than to continue to ask for what I've already earned and not even being given the curtesy of being told no. Just wait for this, wait for that, I'll check with this person, check with that, not right now, next fall, next fiscal, maybe in a month.....well over a year now. I'm tired of this! Maybe giving your resignation may bring the problem to head and they will have to decide if they will give you the promotion. Good luck with whatever you decide. There is only so much you can take and you have been responsible for a long time. That could happen! Since I am gearing up with all my words and phrases and plans, I might be disappointed if they do just give it to me this week, lol!
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Rukh O'Rorke
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Post by Rukh O'Rorke on Aug 30, 2021 12:43:27 GMT -5
so - the HDHP premium would be $680/month without employer contribution. Seems a lot of HDHP.
This is for me and 1 dependent. DD is getting her own via employer, need to check effective date and drop her from mine.
DDs insurance is effective Oct, so I think if I do quit now I'd have to cobra on the existing plan of 680. Not the worst case.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Aug 30, 2021 12:46:06 GMT -5
Maybe giving your resignation may bring the problem to head and they will have to decide if they will give you the promotion. Good luck with whatever you decide. There is only so much you can take and you have been responsible for a long time. That could happen! Since I am gearing up with all my words and phrases and plans, I might be disappointed if they do just give it to me this week, lol! adding on to this - I think quitting in a huff would be the best chance of actually getting them to move through on something. promotion - raise - retention bonus? Something. If it results in nothing, would likely be best for me if I quietly decided to quit and got my ducks into a row over a month or so, but this will be my point of leverage if I can get anything they are less than willing to give up but could.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Aug 30, 2021 12:47:15 GMT -5
1. cobra then ACA? 2. yeeeessssss - and I can give myself a year to see if I can expand RI or the stock market is good. If both fail - I may need another job. Then I say go for it! Then report back on how awesome it is to not be a working stiff so I can live vicariously/seethe with jealousy.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Aug 30, 2021 12:49:42 GMT -5
Can you take some vacation time instead? While there is a grind, its more of a principle of a thing at the moment.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Aug 30, 2021 13:06:55 GMT -5
I guess another alternative is to just start phoning it in? I just have never been able to do that, no matter how hard I try not to be excellent. I could try harder this time?
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debthaven
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Post by debthaven on Aug 30, 2021 13:44:13 GMT -5
I'm not planning on burning a bridge at all."Quitting in a huff" didn't really sound like that ...
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Post by Deleted on Aug 30, 2021 13:45:45 GMT -5
My view of working has slowly changed over the years, more rapidly since the beginning of last year.
From what you’ve shared about yourself over the years, if seems to me that you’ll probably still have options even if you do resign. If you quit and find you need more money, you can focus on Rukh Inc and it’s growth. You can also sell your house and downsize and net some extra cash, if you ever need to and it makes sense for your life. Or, if you need or want to, you could just get another job, which I’m convinced you could do, whether it’s in your field of expertise or teaching.
If your current employer refuses to get with the program and treat you like a valued employee, well right now, I’m rooting for anybody that chooses to walk away from that kind of employer. I’m happy for you, that it’s even an option. And I really think it is for you.
Good luck to you, whatever you end up doing!
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giramomma
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Post by giramomma on Aug 30, 2021 14:56:25 GMT -5
I guess another alternative is to just start phoning it in? I just have never been able to do that, no matter how hard I try not to be excellent. Phoning it in at the end is very popular at my work place.
I had a conversation with my old supervisor. My work output while one chemo was pretty much comparable to everyone else's normal output.
The only ones that noticed that I wasn't working at my normal level was myself and my old supervisor.
If you asked my other colleagues, they'd never say that operating differently than normal while on chemo. Shoot, one of my old bosses phoned it in for about 5 years or so before he died. In all total, it's been about 7 years, and we're just now realizing the consequences of him phoning it in. He wouldn't phone it in majorly, it was one small decision here and there. Maybe deciding to take his PTO instead of not vacationing, that sort of thing.
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debthaven
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Post by debthaven on Aug 30, 2021 15:07:10 GMT -5
I completely agree with @pinkcshmere ... you have options.
I'd stick around long enough to make sure DD has her own health insurance though.
Are there end-of-year bonuses? If so, I'd plan to stay through EOY, then make 2022 The Year of Rukh Inc!
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NoNamePerson
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Post by NoNamePerson on Aug 30, 2021 15:13:02 GMT -5
I always ask myself “what’s the worst that can happen?” And I have quit in a huff before but I think my definition of a “huff” differs somewhat from yours. what is your definition? Driving to work on Monday and thinking “not going thru another tax season”! Go straight to bossy mans office and saying I know it’s short notice but Wednesday is my last day! Going in to bossy mans office at 10 on Tuesday and saying I will be leaving at 11 to evacuate with son (hurricane getting to close for comfort) I turned in time sheet and had finished my work and left nothing unfinished. I was in a huff about not working so I just quit. Spontaneous combustion.
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Post by busymom on Aug 30, 2021 15:16:58 GMT -5
I had a job years ago that I just hated. They were abusive to their employees, were constantly challenging former employees on unemployment claims (and losing), you get the idea. I put a date on the calendar, and circled it, that if I couldn't find a job by that date, I was just going to quit. Well, by the Grace of God, and a lot of job hunting, I'd actually managed to find another job, you guessed it, just before the date I'd circled on the calendar. Maybe by quantifying it, and setting a date, helped me get out the door, and onto something better.
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resolution
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Post by resolution on Aug 30, 2021 16:22:57 GMT -5
I imagine if you posted a retirement budget, people would be happy to tell you if you should quit in a huff or not. My mom quit in a huff about 20 years ago and has really enjoyed retirement, but one of my friends quit in a huff and her husband had to get a second job, so that didn't work out quite so well. I think I need about 75k a year - depending on health insurance. Maybe 90k tops? Can you do HDHP/HSA on the exchange? I have 1.6 million in retirements, 100k for house improvements, 20k HSA, 30k a year mortgage payments (360 balance), 100k student loan balance. Home worth 540k on redfin. Trying to keep but don't mind selling if need be. Expect to be an empty nester by EOY/EOP (end of pandemic) at the latest. About 25-30k annual RI income past 2 years. Thinking of taking up golf..... Throwing your 1.6 mil into www.firecalc.com/ with a 75k expense budget and 25k in Rukh Inc income gave you a 96% chance of success. That is without projecting for social security. You could probably fiddle with the expenses or the income side of the equation and make it work. Something to consider is how comfortable will you be on that budget and how likely are you to follow it. Do you have any large expenses coming up that may come out of your principle? If you quit the other job, can you spend more time on Rukh inc and bring in more income that way?
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Rukh O'Rorke
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Post by Rukh O'Rorke on Aug 30, 2021 16:25:59 GMT -5
I'm not planning on burning a bridge at all."Quitting in a huff" didn't really sound like that ... I guess I'm thinking when boss says - no no promotion right now mabe when...... and I say thank yu for advocating for me but I'm going to have to resign..... I'm calling that a huff?
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debthaven
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Post by debthaven on Aug 30, 2021 16:29:08 GMT -5
Rukh O'Rorke I edited my post above to suggest staying till EOY if there are any EOY bonuses on offer. But it sounds like DD will be independent (ie health insurance plus out of the house) soon. I'd wait for that. And like another poster mentioned, IF you quit, I'd revisit how much of DD's loans you take responsibility for. Also, the free time would allow you to take care of your house, whether you decide to stay or sell. Sounds like the house needs it. Doing the necessary maintenance will increase the value, if/when you ever decide to sell.
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debthaven
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Post by debthaven on Aug 30, 2021 16:30:48 GMT -5
I guess I'm thinking when boss says - no no promotion right now mabe when......
and I say thank yu for advocating for me but I'm going to have to resign.....
I'm calling that a huff?Yes I eventually realized that ... but it's NOT "leaving in a huff". It's "resigning" or "giving notice". You're calling it a "huff" because if you do it, you'll finally have been pushed beyond your limits. But if you're giving them notice, checking benefits, potentially staying on longer if you decide it's worth your while for whatever reason ... it's not "leaving in a huff".
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Lizard Queen
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Post by Lizard Queen on Aug 30, 2021 17:12:19 GMT -5
I guess another alternative is to just start phoning it in? I just have never been able to do that, no matter how hard I try not to be excellent. Phoning it in at the end is very popular at my work place.
I had a conversation with my old supervisor. My work output while one chemo was pretty much comparable to everyone else's normal output.
The only ones that noticed that I wasn't working at my normal level was myself and my old supervisor.
If you asked my other colleagues, they'd never say that operating differently than normal while on chemo. Shoot, one of my old bosses phoned it in for about 5 years or so before he died. In all total, it's been about 7 years, and we're just now realizing the consequences of him phoning it in. He wouldn't phone it in majorly, it was one small decision here and there. Maybe deciding to take his PTO instead of not vacationing, that sort of thing.
Um, taking PTO instead of not vacationing is NOT phoning it in--it is living your life!!!
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Lizard Queen
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Post by Lizard Queen on Aug 30, 2021 17:20:57 GMT -5
I think I need about 75k a year - depending on health insurance. Maybe 90k tops? Can you do HDHP/HSA on the exchange? I have 1.6 million in retirements, 100k for house improvements, 20k HSA, 30k a year mortgage payments (360 balance), 100k student loan balance. Home worth 540k on redfin. Trying to keep but don't mind selling if need be. Expect to be an empty nester by EOY/EOP (end of pandemic) at the latest. About 25-30k annual RI income past 2 years. Thinking of taking up golf..... Throwing your 1.6 mil into www.firecalc.com/ with a 75k expense budget and 25k in Rukh Inc income gave you a 96% chance of success. That is without projecting for social security. You could probably fiddle with the expenses or the income side of the equation and make it work. Something to consider is how comfortable will you be on that budget and how likely are you to follow it. Do you have any large expenses coming up that may come out of your principle? If you quit the other job, can you spend more time on Rukh inc and bring in more income that way? How does that work? I've got $64000 just on the $1.6M @ 4% WD, add $25k is $89000. A 3.5%WD should be golden, adding $25k is $81000.
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Post by Deleted on Aug 30, 2021 17:31:14 GMT -5
I'm not planning on burning a bridge at all."Quitting in a huff" didn't really sound like that ... I guess I'm thinking when boss says - no no promotion right now maybe when...... and I say thank you for advocating for me but I'm going to have to resign..... I'm calling that a huff? I'd call it "quitting abruptly". I did something similar when the politics got ugly- I think the boss was just relieved but everyone else around me was pretty shocked. I was 61, so had fewer years to go till Medicare (DH had been on my employer's policy so was already eligible and had had continuous coverage, so no penalty for signing up late for Part B and the prescription plan). Your numbers look good from what you've posted- as others have noted, health insurance will be the wild card but I can't see ACA being dismantled without some reasonable substitute. You've also got the potential to expand Rukh, Inc. One other thing to look at: you've given us your expected annual spending but how does that break down between needs (mortgage, utilities, food) and wants (travel, charitable donations, entertainment)? One thing I found reassuring in my decision was that about 40% of our spending could be cut back in a bad year. Fortunately that's never happened other than COVID cutting back travel.
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CCL
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Post by CCL on Aug 30, 2021 20:47:08 GMT -5
That could happen! Since I am gearing up with all my words and phrases and plans, I might be disappointed if they do just give it to me this week, lol! adding on to this - I think quitting in a huff would be the best chance of actually getting them to move through on something. promotion - raise - retention bonus? Something. If it results in nothing, would likely be best for me if I quietly decided to quit and got my ducks into a row over a month or so, but this will be my point of leverage if I can get anything they are less than willing to give up but could. But even if they give you what you are owed, would you want to stay on? Are you 59 and a 1/2 yet or close to it? That would make it easier to access retirement accounts without penalties. If I were in your shoes, I'd go for it. I wouldn't burn my bridges and it doesn't sound like you will.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Aug 30, 2021 21:54:46 GMT -5
adding on to this - I think quitting in a huff would be the best chance of actually getting them to move through on something. promotion - raise - retention bonus? Something. If it results in nothing, would likely be best for me if I quietly decided to quit and got my ducks into a row over a month or so, but this will be my point of leverage if I can get anything they are less than willing to give up but could. But even if they give you what you are owed, would you want to stay on?Are you 59 and a 1/2 yet or close to it? That would make it easier to access retirement accounts without penalties. If I were in your shoes, I'd go for it. I wouldn't burn my bridges and it doesn't sound like you will. i am pretty soured to be honest.
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alabamagal
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Post by alabamagal on Aug 31, 2021 6:12:50 GMT -5
adding on to this - I think quitting in a huff would be the best chance of actually getting them to move through on something. promotion - raise - retention bonus? Something. If it results in nothing, would likely be best for me if I quietly decided to quit and got my ducks into a row over a month or so, but this will be my point of leverage if I can get anything they are less than willing to give up but could. But even if they give you what you are owed, would you want to stay on? Are you 59 and a 1/2 yet or close to it? That would make it easier to access retirement accounts without penalties. If I were in your shoes, I'd go for it. I wouldn't burn my bridges and it doesn't sound like you will. You can access 401k without penalty at 55 but only in the account of the job you leave after 55 (most plans allow this).
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giramomma
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Post by giramomma on Aug 31, 2021 6:16:46 GMT -5
Well, at our work place that's not quite so. You can bank 40 hours of vacation time a year. And then use it when ever. Typically, retirements at my workplace are two-fold. You have your "soft" retirement where you use up all your PTO (banked or otherwise) but stay covered by health insurance and all that. For most folks, that's 3-5 months, give or take. (If I start banking 40 hours a week now, I'll have three months saved by the time I retire).
Then after all the PTO time is used, then folks actually retire. During the slide this person was not banking any vacation time.
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resolution
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Post by resolution on Aug 31, 2021 6:50:04 GMT -5
Throwing your 1.6 mil into www.firecalc.com/ with a 75k expense budget and 25k in Rukh Inc income gave you a 96% chance of success. That is without projecting for social security. You could probably fiddle with the expenses or the income side of the equation and make it work. Something to consider is how comfortable will you be on that budget and how likely are you to follow it. Do you have any large expenses coming up that may come out of your principle? If you quit the other job, can you spend more time on Rukh inc and bring in more income that way? How does that work? I've got $64000 just on the $1.6M @ 4% WD, add $25k is $89000. A 3.5%WD should be golden, adding $25k is $81000. It makes an assumption that part of her money remains in the market so it includes added risk. I think she is good as long as she doesn't have a bunch of large expenses coming up that would deplete her principal.
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Lizard Queen
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Post by Lizard Queen on Aug 31, 2021 6:52:25 GMT -5
Well, at our work place that's not quite so. You can bank 40 hours of vacation time a year. And then use it when ever. Typically, retirements at my workplace are two-fold. You have your "soft" retirement where you use up all your PTO (banked or otherwise) but stay covered by health insurance and all that. For most folks, that's 3-5 months, give or take. (If I start banking 40 hours a week now, I'll have three months saved by the time I retire).
Then after all the PTO time is used, then folks actually retire. During the slide this person was not banking any vacation time.
So? It's pretty messed up to believe the only way to do a good job is to work yourself into an early grave.
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Lizard Queen
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Post by Lizard Queen on Aug 31, 2021 6:58:47 GMT -5
How does that work? I've got $64000 just on the $1.6M @ 4% WD, add $25k is $89000. A 3.5%WD should be golden, adding $25k is $81000. It makes an assumption that part of her money remains in the market so it includes added risk. I think she is good as long as she doesn't have a bunch of large expenses coming up that would deplete her principal. That's always the case, though, unless you need all your money to live on. Or, I guess if it's all in cash, but then you have inflation risk. I've heard of firecalc and kinda know what it looks at, but something isn't adding up if she only needs to withdraw $50k out of a $1.6M portfolio. That's around a 3% WDR,
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resolution
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Post by resolution on Aug 31, 2021 7:11:45 GMT -5
It makes an assumption that part of her money remains in the market so it includes added risk. I think she is good as long as she doesn't have a bunch of large expenses coming up that would deplete her principal. That's always the case, though, unless you need all your money to live on. Or, I guess if it's all in cash, but then you have inflation risk. I've heard of firewall and kinda know what it looks at, but something isn't adding up if she only needs to withdraw $50k out of a $1.6M portfolio. That's around a 3% WDR, You are right. I just reran the numbers in there and it came out 100, so I must have entered something wrong yesterday.
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minnesotapaintlady
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Post by minnesotapaintlady on Aug 31, 2021 7:33:43 GMT -5
It makes an assumption that part of her money remains in the market so it includes added risk. I think she is good as long as she doesn't have a bunch of large expenses coming up that would deplete her principal. That's always the case, though, unless you need all your money to live on. Or, I guess if it's all in cash, but then you have inflation risk. I've heard of firecalc and kinda know what it looks at, but something isn't adding up if she only needs to withdraw $50k out of a $1.6M portfolio. That's around a 3% WDR, The 4% withdrawal "rule" isn't a guarantee though, neither is 3.5%. Especially when you extend it from it's intended 30 years to up to 45 which is more what Rukh is looking at. You could end up with 10's of millions at death or could end up destitute. You just have to play the odds a little and ideally adjust as you go. Worst case is market tanking in your first few years of retirement.
For a 64K withdrawal
For a 56K withdrawal
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CCL
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Post by CCL on Aug 31, 2021 7:58:36 GMT -5
But even if they give you what you are owed, would you want to stay on? Are you 59 and a 1/2 yet or close to it? That would make it easier to access retirement accounts without penalties. If I were in your shoes, I'd go for it. I wouldn't burn my bridges and it doesn't sound like you will. You can access 401k without penalty at 55 but only in the account of the job you leave after 55 (most plans allow this). Yes. I've been doing it for years. I did not see where she specified how the retirement funds were allocated, so I assumed a portion is in IRAs, although there are ways to withdraw those early without penalty, too. When we first retired, I figured if we started running out of money we could get jobs. I keep our expenses low, so it hasn't been an issue. If I were retiring right now, I would be a bit concerned the markets might drop on me. How long can they keep going up, up, up? I guess Phil would say forever?
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