January 21, 2013 8:34 am
Fed up and tired of this industry, been here for almost 18 years and now want to quit my job at age of 44.
I liked your last response – semi retirement is an excellent option for some one who has sufficient passive income to support their expenses. After all, even after retirement, the first couple of months shall look flowerly, but after that the boredom shall be killing.
Dear R2i, ‘ll you settle in India or abroad after this retirement thing. What about financial liabilities towards your kids? Do you feel 1.3Cr. wealth is enough to run you till age 80-85. Yes due to advancement in medical science, you can easily live till that age.
Please think over for the inflation & kids’ laibilities first.
Thanks Ashal for response. Somehow I missed to include this in my earlier post.
I have no kids and no plans to have as well. No other financial obligations by next year. As for inflation, the rental income should be inflation proof and should increase very year by 10%-12% Correct me if I am wrong.
Dear R2i, as you do not have kids right now & no planning i future also, in a sense, a lot of financial liabilities are not there on you. Now in the givemn situation, my take – please opt for semi retirement. I.e. resign from the current job & indulge yourself in a job where income is less but it belongs to you passion. if you ‘ll follow your passion, this negativeity that you are feeling right now ‘ll not be there with you & who knows after some years you may get far higher money out of your passion.
Please do not think of stopping money earning completely. I’m asking to divert yourself from pure money earning to money + passion. what’s your passion or how you can manage, only you can answer.
Dear R2i, please provide some back ground for your query. Do you need a financial counselling or psycological counselling? Is it the work culture or monotony in your job or just the rat race in your office from which you are tired off. Please clarify.
If it is R2i and 18+ years experience – my guess most likely – this person is in IT. Unfortunately IT skills (even at Senior Management level) are not greatly portable across industries the way the IT industry is structured today unfortunately. . I know I am jumping into conclusions here about your industry.
If your company allows a sabbatical try it. Very few companies in India have started providing sabbatical on a case-to-case basis for seniors in the org.
Next, you need to see if your finances will support you if you stop working today. Will you have a passive income to sustain your livelihood or live off your investments. If not you have little chance but to put up with the work for some time. Providing more details will sure help this forum.
Which Industry are you talking about and can you give more background about your finances , your other areas of skills which you can take ?
Lets see if we all can give you some pointers on how to think ?
Thanks all for your quick response. Correct, I am in IT and have reached a point where I want to get away from this rat race. Nothing wrong with this industry, it has given me a lot… I guess it’s just me tired and burnt out.
Have been reading this forum for a while and thought of getting some advise/opinion/views.
I will be 44 soon and have been seriously thinking of quitting my currect job and do something which I would enjoy.
I work aboard and been here for 11 years. Manage to buy an apartment here (currently on loan with 15% in since 1 year.
Let me know your thoughts if it’s good time to quit without worrying about the monthly cheque and do things you want to. Looking at my family health history, I expect myself to live upto 70 years. So will have around 30 years to live for both me and my spouse.
Looking forward for your responses.
Without any knowledge about your assets and liabilities, how are we supposed to give any answer?
Still may be this will help you:
I work aboard and been here for 11 years. Manage to buy an apartment here (currently on loan with less than 1.5% interest)
Financial status by next year
Real estate India: 1.8 crore
Cash: Rs. 1 crore
Other investments: Rs 30 lacs
Term Insurance: Rs. 1 crore
Health insurance : Rs. 10 lacs (family floater)
Passive income ( Rental India and Overseas – EMI) : Rs. 60,000 pm
Expected expenses : Rs 6 lacs pa
No plans to pay off overseas property as interest rate is very low and Rent covers EMI plus genarates some income.This property has appreciated 15% in since 1 year.
Use this financial freedom calculator to check for yourself when you can stop working
1. Your current passive income (60k) is more than your expected expenses (50k). So first thing up, you can retire technically.
2. And if you do that, you will not have to continue your Term Insurance cover too. Which frees up some money too.
3. You can set up your other liquid assets (30L and 1cr) in a proper manner to give you a nice cushion.
4. In my opinion, you can quit without worrying about the monthly cheque and do what you want to, which can be a lot of things. Your thinking of living upto 70 years does not matter. You will need to consider the life span of your spouse too. And like any other thing, you should have a decent Safety Margin.
5. Considering your background (in IT), what Manish will say will also be very helpful, since he has also done more or less in a similar direction. 🙂
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