I hate my $150K corporate job but I can’t pull the trigger on retirement – is my savings and military pension enough to quit?

A Redditor is looking to get out of his corporate job but isn’t sure if he has enough cash to pull the trigger. He is a 45-year-old who currently earns $150k per year at his job and has $1.2 million in investments and crypto. 

He shared some of his financial details in a Chubby FIRE Reddit post. He spends around $8k per month but has a military pension that gives him $4k per month. That pension is a big reason why retirement looks more realistic since the former veteran only has to withdraw $4k per month.

The Redditor’s wife makes $100k per year, so it’s not just him. Furthermore, the couple doesn’t have any kids. If they don’t plan on having kids, it’s much easier to retire, but is it still feasible for the Redditor? I will share my thoughts, but it is good to speak with a financial advisor if you can.

It’s Too Early to Retire

The Redditor has put himself in a good financial position, but retiring too early can undo his progress. While he can live comfortably now, it’s hard to predict how much living expenses will go up. Furthermore, a big medical bill in the future can put a big strain on his finances, even with the pension.

He is young enough that he can continue to work productively for a while. When people get into their 70s and 80s, it’s harder to return to work, especially with a big gap in your resume. The Redditor should aim for a bigger nest egg before he considers retiring.

A Different Job Is Also Feasible

Although the Redditor shouldn’t retire, he has the financial flexibility to leave his corporate job and look for a more attractive opportunity. Since the couple doesn’t have any kids, it’s easier for the Redditor to take a few months off to find a better job. The Redditor may be seeking a job that pays a little less but isn’t as demanding as a corporate job.

The wife also brings in some money so the couple can comfortably keep up with their expenses. One of the top comments came from a Redditor who encouraged the original poster to look for an enjoyable job instead of disappearing from the work scene completely.

What Do You Want Retirement to Look Like?

The Redditor mentioned that he has $8k in monthly expenses. These are current expenses, but they can go up in the short run if the Redditor wants to travel. Retirement gives people more flexibility, and some people want to spend more money during their initial retirement years. Other people want to build a strong financial cushion, so they only have to withdraw 2%-3% of their portfolios each year instead of following the 4% withdrawal rule.

If you know what you want your retirement to look like, it’s easier to estimate how much money you need in your portfolio. The Redditor may want to continue working until they reach that number instead of rushing for the exit. The best advice for this man is to find an enjoyable job that offers a similar salary. A small pay cut may be worth it if the Redditor feels fulfilled at work.