At different stages of life, it’s possible to find yourself stuck in a dead-end job. It could happen in your 20s, when you’re first starting out, or in your 40s, when you’re midway through your career.
It could also happen in your 60s. And from there, you may reach a point where you want to call it quits.
That’s where this Reddit poster is at. They’re 62 with a net worth of about $2 million and are stuck in a job they can’t stand. They’re open to different options that include doing the bare minimum and waiting to be let go or pursuing early retirement. And they’re not sure what’s best.
The poster may be in a decent position to retire right now. But there are other options they can look at.
The mental health impact of a dead-end job
The problem with a dead-end job is that it can make you miserable. The monotony of doing the same dull tasks day in, day out can get to you.
For this reason, I don’t think the poster should just stick out the job in the hopes of being let go. Sure, they might get some severance and unemployment out of the deal. But how many more months are they going to have to bear being miserable? It could three months, or six, or 12, or more.
At some point, it’s okay to prioritize your mental health. And for this poster, that point might be age 62 — an age where they’ve clearly put in their time and deserve a break.
But that doesn’t mean the poster should retire. They have decent savings, but health insurance can be expensive. And retiring at 62 will mean having to cover that cost for three years until Medicare kicks in.
The poster also won’t be eligible for their full Social Security benefit until age 67. So they may want to push and work a bit longer — but not at their current job.
Rather, I think the poster should think about the sort of job they’d enjoy and try to spend the last few years of their career doing something different. If they can earn just enough to cover their costs, it’s not such a big deal if they don’t keep saving — they already have $2 million.
But this way, they can stretch their nest egg a bit more, avoid having to claim Social Security too early, and perhaps lock in employer health coverage until they’re able to get Medicare.
It could pay to talk to a financial advisor
The poster here shouldn’t feel compelled to stick out a bad job at 62. And they probably have enough savings to stop working now. But before they make that call, they should discuss the situation with a financial advisor.
A financial advisor can help them weigh their options and give them guidance on how to invest their $2 million so their portfolio produces steady retirement income. An advisor can also walk the poster through the pros and cons of retiring right away versus continuing to work in some capacity so they can make a more informed decision.
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