Promoted

[tripods68]

Last Monday, I went on a promotional interview with my current job; they interviewed at least 4 internal candidates from my division. As I was getting ready to walk down in the elevator to go home, the hiring manager began running towards me, figured he was late for a meeting. Turned out, he was unofficially offering me the position but it has to go through Human Resource first. Yesterday, he called and officially offered the position. The position will pay me 25% more on top of any bargained COLA increase for the next several years.

I can officially celebrate this weekend.

[kork13]

That's excellent, congrats!

[bjl584]

Congrats!

[disneysteve]

Excellent! Congrats!

[Nutria]

I'll just Like your post...

[msomnipotent]

Congrats!

[tripods68]

Thanks guys....with the new raise I have to re-eavalute my retirement date. Originally I was planning to retire at 55 (I can still retire) but with this new job and increased responsibility im looking to retire at 58, 59, or 60. My monthly pension payout would be significant then.

[kork13]

Thanks guys....with the new raise I have to re-eavalute my retirement date. Originally I was planning to retire at 55 (I can still retire) but with this new job and increased responsibility im looking to retire at 58, 59, or 60. My monthly pension payout would be significant then.

That's interesting. You're making 25% more, so you want to delay retirement for a few years. A little backwards from a strictly "X is my number" perspective that's common with early retirees, though if it's a job you really enjoy, or the higher savings & pension will dramatically boost your QOL in retirement, it's totally understandable.

[amarowsky]

That's interesting. You're making 25% more, so you want to delay retirement for a few years. A little backwards from a strictly "X is my number" perspective that's common with early retirees, though if it's a job you really enjoy, or the higher savings & pension will dramatically boost your QOL in retirement, it's totally understandable.

I concur. If I had a 25% pay increase, my number would definitely lower to a much sooner date.

[snafu]

WhoooHoo, cheering this excellent news. You are a thoughtful planner so I wonder how you anticipate allocating income with the added net. How does it affect various deductions, particularly this late in the taxation year? I hope you'll choose a special one time reward as a milestone marker for being 'invited' to your new position

another voice adding congratulations

[tripods68]

The equation has definitely changed. I just have to keep an open mind what will be my role and responsibility. Also, when I rerun the number and I stick to retire at age 55, I am leaving so much money on the table than if I continue to work at 58; hence my financial dilemma. It's almost a "crime" if I decide to retire at 55 should jailed for my own stupidity. I don't know if I could do that to my wife and kids. Sounds harsh over-dramatic mambo Jambo! But it is what it is!

[tripods68]

WhoooHoo, cheering this excellent news. You are a thoughtful planner so I wonder how you anticipate allocating income with the added net. How does it affect various deductions, particularly this late in the taxation year? I hope you'll choose a special one time reward as a milestone marker for being 'invited' to your new position

another voice adding congratulations

We've already maxed my 401k contributions including my wife for the year. So the increase will be just going to savings. But next year, we plan to add more $$ contributions to our taxable account VTSAX.

[snafu]

A savings account seems fraught with negatives in your circumstances failing to keep up with even modest inflation. Worse, it adds to tax payable, no capital gain, no challenge, no celebratory feature, no 'reward' for wife for her past support pop to mind. Would DW and DKs be more receptive to your continuing in your new position with a bit of 'bribery' or proxy like an important vacation to a memorable location or a newer vehicle for example?

[LivingAlmostLarge]

congratulations!

Tripod show us the numbers between 55 and 58. I'm curious. Please.

[tripods68]

A savings account seems fraught with negatives in your circumstances failing to keep up with even modest inflation. Worse, it adds to tax payable, no capital gain, no challenge, no celebratory feature, no 'reward' for wife for her past support pop to mind

Even with this raise, we are still saving at least 50% of our income. We are still scheduled to hit a million net worth in 2.4 years from now. Although next year we have two kids that will need braces finally!. So I need to shore up our immediate cash flow to pay for all that in January. Other than that, we have no other lifestyle inflation challenge or looking for a celebratory occasion. Just a steady boring lifestyle!