+1There is usually some way to afford to change jobs or scale back work or to retire early. In your case, this may or may not involve no change in your current lifestyle, or a deep cut of expenses, or your spouse working until a late age (assuming they can remain employed), or potentially running out of money in your later years, etc.
Also discuss with your spouse in detail what you retiring or going part time will entail - will you take on all household and child care responsibilities, is your spouse willing to work another 15+ years while you are retired/part time, is your spouse willing to make spending cuts now or live a more modest retirement lifestyle, are you both okay if your children need to take loans if needed for higher education, etc.
Consider doing a deeper dive on your finances to determine your expense run rate, your reduced income/expenses/savings if you make a job change, your annual retirement income $ and expense $, and portfolio growth based on reasonable real returns.
If your spouse becomes the sole family wage earner, be sure she has adequate life and disability insurance in place.
Concurrently, consider taking vacation time or a sabbatical from your job to recharge, explore the job market, etc.
Statistics: Posted by Parkinglotracer — Fri Apr 19, 2024 7:01 am — Replies 6 — Views 680