Rejoin corporate world to keep from falling behind?

[EEinNJ]

I left a mid-level corporate engineering job almost 10 years ago. I didn't seem to be going anyplace, and didn't need the salary & benefits so much. I went to work for a start-up, which failed, then bounced around as a contractor, re-married along the way, until landing at a small company 4 years ago. Low stress, fun job in a great location, but I make less than 80% of what I could be. The big kicker is health benefits- they don't pay for my wife (no kids), and it will now be over $700/month post-tax for her. Currently she's on subsidized Cobra, due to run out. She's been unable to find any decent, lasting employment for the last 4 years.

The ideal solution would be for her to get a good job, but it's not happening. I could afford (barely) to pay for her coverage, but it seems like a rip-off. I'm considering giving up on the job I enjoy to make a competitive salary and benefits again, even though I doubt I'd enjoy it as much. I have to think long term, too, as my company's owner will probably retire in 3 years, and I'm only late 40's. Being a 50 year old unemployed engineer is not a good place to be, either.

Thoughts on this trade-off?

[wincrasher]

You don't think the owner will just close up shop and retire do you? Don't you think it would be a good idea for you to run his practice and keep his checks rolling in during his retirement?

Think outside the box, buddy. There may be opportunity lurking.

[jIM_Ohio]

If you have a job you like, do not switch just because of one benefit.
If wife is having problems with job search, look outside the box and its possible she can get insurance another way.

For example, many retail jobs pay excellent benefits, and if wife has a 4 year degree, she would be prime candidate for promotions to management.

[readytorock]

I own my own small business and have private health insurance for around $250/month. Perhaps she can get an independent plan outside of the company you're working for that would be less than the $700 they want to charge you now? That seems really high unless there is some pre-existing condition.

[EEinNJ]

All good input, but all these things have been looked into.

The owner of my company has held out the carrot of taking over the business eventually, but we are in a declining industry, with one good customer. While we have work now, we often have lengthy dead times, and there's no way to pass along increased costs.

That doesn't address the short term problem, Health insurance is a huge cost issue. Because of NJ "health reform" years prior to the Feds botching it, small group and individual plans are comparable- and exorbitant. The wife was under-employed as a retail ass't. mgr. for a while, but that ended badly (hence the COBRA).

I realize I'm caught in a trend, the decline of manufacturing, the squeeze on small business, while insurance and other big companies get rich.

[adyboy]

hmm interesting insights..i understand your pain of the dead end job. I have been working for about 4 years and i am already pissed off. Same routine same people and same cubbyhole. Nobody really notices, its like being a fly on the wall. Anyways hope things pan out for you well... and i think it's better to work at a smaller company where at least you are appreciated and wanted rather than just being a fly on the wall in a big corp.