Personal Finance

I'm 52 making $100k and and am being offered a role making twice as much money but with more headaches - should I take it?

Joey Frenette

Published: November 22, 2024 2:45 pm

Being offered a more lucrative opportunity can be a blessing and a curse for many, especially those approaching the final decade of their careers before retirement. Undoubtedly, a much larger paycheck, responsibilities, benefits, and all the sort can make taking such a new role a no-brainer. That said, some people value greater work-life balance rather than the sheer size of a paycheck. And if one needs to take to Reddit in search of answers on what they should do, there’s a high-stakes dilemma that one should think very carefully about before committing.

When it comes to this Reddit poster who sought advice from r/ChubbyFIRE (a subreddit for prospective early retirees), they’re currently in a job that’s “chill” and “flexible.” With two children in the picture, the flexibility of one’s work, I believe, should be a priority.

At the same time, it’s tough to turn down a job that provides a chance to make more cash so that one can accelerate their retirement plans and spend more time with the youngsters later on. And let’s not forget that a bigger payday means more spoils until the retirement date is hit. I’ll admit that this Reddit poster faces a very difficult choice. And neither I nor Reddit knows the move that would be best for them.

Key Points About This Article

• Worklife balance or paycheck maximization? One Reddit must choose what they value most.
• The new role has no shortage of perks. But will the added stress and hours be worth it in the end?
• Also: Take this quiz to see if you’re on track to retire ^(Sponsored)

When opportunity comes knocking, does one answer the door?

On the one hand, the poser already has familiarity with their current role, flexibility, and a pretty good salary ($100,000 per year) that could help them achieve their retirement target of $5 million. However, on the other hand, there’s an opportunity to travel, make more than double ($250,000 per year), and level up one’s retirement road map such that a $10 million nest egg is possible.

Arguably, I’d say the poster is doing incredibly well in their current role. But one could always do better, right?

As the poster enters their prime working years, there’s an opportunity to double the size of their nest egg, allowing them to enjoy a much more comfortable retirement. Not to mention, they’d be leaving a supersized sum to the children. Further, the chance to work for a Fortune 50 firm doesn’t come along too often.

The good news is that the new role would allow hybrid work and some degree of flexibility. Nonetheless, the hours would be grueling, with 50-60 work hours expected per week. And, as you may know, senior positions can be profoundly stressful, not to mention the potential for pressure to keep working until one’s mid-to-late 60s.

Indeed, the poster may very well be locked into a pair of so-called “golden handcuffs” a decade or so from now. Breaking out of a set of handcuffs seems far easier said than done, especially if they give into “lifestyle creep” and starts spending more on luxury goods.

The bottom line

It’s the old-fashioned time-for-money dilemma.

The poster faces a tough choice, but it’s one that I believe they can make confidently once they’ve had the opportunity to discuss things more in-depth with their family and perhaps a financial adviser.

Of course, the adviser would encourage one to take on the higher-paying role if they’re willing to put their nose to the grindstone in the final years of their career. That said, it never hurts to get as many second opinions as one can, even if it means taking to Reddit.

In any case, I think it comes down to what the family wants and whether the poster is willing to give up a perfectly good job that’d allow them to “cruise” smoothly into a solid retirement for what could be a tough few years (or more than a decade) of overwork for a shot at a much “fatter” retirement.