I’m 52 and just learned I’ll inherit millions someday – should I leave my job now?

Receiving an inheritance can change people’s priorities. Some people opt to retire after receiving vast fortunes, while others use the money to pay off debt.

This topic came up in a Fat FIRE Reddit post. A 52-year-old married male has approximately $3 million in investments and lives in a VHCOL area. He earns about $240k per year, which doesn’t include RSUs, while the wife earns around $40k-$50k per year. The company the Redditor works for is approaching an IPO.

The Redditor worked hard to get the job but doesn’t really like it. He is due to receive an inheritance soon, and since he also has a chronic medical condition, he’s wondering if he should pull out. I will share my thoughts, but it is good to speakwith a financial advisor if you can.

Expenses Are Reasonable

The Redditor has a few hobbies, but the couple also doesn’t have any children. Furthermore, they don’t travel since the wife still works and enjoys her job. The couple has a fully paid-off apartment and no cars since they live in a walkable city.

We don’t know how much the Redditor spends each year. However, one of the comments suggested that the Redditor can leave his job if he spends $100k-$120k per year.

It doesn’t sound like the Redditor’s expenses will skyrocket if he retires. That will help him get more mileage out of his $3 million, and it should last long enough for the inheritance to arrive.

Take More Time Off

You don’t have to quit your job right away. Taking more time off or getting a sabbatical, if you can, may make the job more manageable. Sticking it out until the IPO can lead to a massive payday, but the Redditor has to be happy. Finances are also important, but based on what we know so far, it seems like the Redditor can cover their expenses.

It’s also possible that the Redditor can find a part-time job or do remote work instead of committing to the current job. These options allow the Redditor to work less while generating some income. Working a part-time job can also prevent you from feeling too bored during retirement.

While a part-time job can make it harder for the couple to travel, the wife still works, which makes it difficult for traditional retirees to travel. The Redditor mentioned this detail in his post.

Find a Similar Job That Is More Enjoyable

One of the commenters suggested that the Redditor looks for a more enjoyable job in the industry that pays $300k per year. If the Redditor secures this job and sticks with it for four years, he can retire more easily. 

The commenter mentioned $300k/yr since the Redditor said he is currently working for less money than what he could be earning. Bringing that type of income for a few more years means the Redditor doesn’t have to stretch his money as much before receiving the inheritance. 

A key piece to the puzzle is the inheritance’s size. We don’t know how much the Redditor is set to receive, but it sounds like it will be enough to cover retirement costs. The Redditor has put himself in a good position and has the open to retire early. However, it’s important for the Redditor to consider what he will do in retirement and if leaving the workforce will translate into losing his purpose.