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Thoughts about retiring at 55
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You must have a pension to pull in greater than $200k with only a 2mil net worth. The rest of your post i completely agree with. Put every single check towards your mortgage and wait for the severance check!!
If you have a geographically close territory, a good boss, nice customers and an achievable goal I'd prob stay a year or two more. I'm 61, with a similar company and in a similar financial position. Working beyond 55 provided significant income both from salary/bonus as well as from 401k contributions & match. Adding into the 401k and having the stock market increase so much has added a lot of value. You will also increase you social security if you work longer. If, however, the job in intolerable, I would prob quit bc who needs the bs. You might want to use vacation to avoid meetings, ride-alongs, and displays. Good luck!
I was financially ok at 55 but kept going to 61; one month post retirement I was involved in a significant accident that has greatly curtailed my physical ability to be active and do the things I had enjoyed... hindsight is 2020 but I’d gladly take 1/2 of my net worth if I could have my life back.
HAHAHA. This moron thinks you pay tax on the gains today. No MORON you only pay tax when you withdraw. Which for me would be at 72 when i am in a lower tax bracket. I hope you don't manage your own money what a clown.
PS If you have a pension and it's still accumulating value staying a year or two could add ~$300-$500 per month to that. I'm not familiar with your plan but most plans are back-loaded so the benefit of collecting at a higher age with a higher avg. salary really pays off.
I retired, 15 years ago, as a Senior Professional after 30 plus years with Sandoz, Novartis, etc. My wife and I jointly had 2 million. We've lived and denied ourselves nothing since then. I removed everything I had through the corporate plan the first day I could after retirement because I did not trust the company to handle it plus I wanted to sever all ties. I turned it over to Zachs to convert and handle into an average risk 401k.. My wife had her own pension plus my 401k and Social Security. We took my wife's health care plan and LTC because Novartis's was terrible and way too expensive.
We do and get whatever we want and when we want. No problems and we've yet to touch the principle. It's grown to 3 million just from market gains and taking 5 percent each year.
I saw this thread and wanted to add our situation. 2 million with 2 solid pensions or 401k plans will give you all you want and more. Home is paid off, New cars, travel first class etc. We both saved 16 percent in our respective plans while working and raising our family. We lived beneath our means also. Now in our early 70's, life is good, don't worry and be happy.
Many thanks for keeping me informed about the industry and the company.
We do and get whatever we want and when we want. No problems and we've yet to touch the principle. It's grown to 3 million just from market gains and taking 5 percent each year.
I saw this thread and wanted to add our situation. 2 million with 2 solid pensions or 401k plans will give you all you want and more. Home is paid off, New cars, travel first class etc. We both saved 16 percent in our respective plans while working and raising our family. We lived beneath our means also. Now in our early 70's, life is good, don't worry and be happy.
Many thanks for keeping me informed about the industry and the company.
what an inspiring and thoughtful post. thank you for sharing. hope for a lot of us
Even at 70, I would be so (f'ing) bored not working. It's not about the money, it's about keeping the mind busy. Furthermore, I wouldn't trust my money in an over inflated market. Research what is going on in Venezuela. Some will laugh and that's fine. If history has taught us anything about greed, it has taught us that it doesn't work forever. The entire world is over leveraged, a majority don't live within their means, and nothing is too big to fail.
There is so much to do, I can't imagine being bored. Travel, volunteer, take up a new sport, study a new topic. Sad that your only way to keep your mind busy is doing a mundane job
Ok Boomer. Work until 85. WTF is wrong with these old guys
I am 64 year old, just retired, still full of piss and vinegar. I don't know whether I will ever go back to work, (don't have to) but one thing is for sure: NO MORE PHARMA!!!!! Total shit-show compared to what it used to be! And the old days will never come back!!
I worked in Pharma for 17 years. Retired at 42. There are other jobs to transition to outside of Pharma. Start a small business. Pharma was nothing more than to pay the bills and produce money to invest. The few companies I worked for showed very little loyalty to many of their employees. I disliked my job probably 3 years after I started. I stuck it out for the free time the sales job could give me. Now 5 years removed from Pharma, my days are fun and I make my own schedule and run my own business. I can't believe anyone actually enjoys the mundane pharma rep job. I equate the job like buying a boat. It was a great day when I got into the business at 25 years old. It was a better day when I left at 42. The burden was gone and I could make decisions instead of relying on a clueless manager who was really a babysitter. If I didn't invest properly I would be in my late 40's waking up every day saying 15 more years of being unhappy.
I retired from Novartis at 45. At first I just rested. Then I went to law school, although I have never practiced law. I like staying active so I became a high school science teacher. If I told you how much money I had, you would not believe me. I made all of my millions at Novartis. I could buy myself a island if I wanted to. I was one of the four 2010 whistle blowers.
I have yet to meet anyone above 23 who "loves" pharma sales. Most stay because they have found a way not to work, or they can't make any more in another industry. This is especially true in rural states that still have a minimum wage of $7..75. Sadly, too many have been locked in this reality.
I would say smart. Used the job for investment money. Was not emotionally involved in the job. Had a goal. Goal was to leave 20 years before retirement age. Achieved goal. Disliked job like many, many people. But instead of bitching or leaving used the opportunity to set and achieve an individual goal. I know the company hates to hear these success stories but I love stories where an employee uses the company more than the company uses the employee.