So Intel has a "Rule of 75" for retirement - you can retire when your age + years of service equal to 75.
For employees like me, who started our career at the company right after college - it means that before we turn 50 (48 in my case :)), we "CAN" possibly retire (does not mean you can afford to).
I was chatting with a colleague about college funds and retirement planning, and he said: "According to the rule of 75, I can retire at 49. I plan to quit Intel and start an alternate career".
That's when the light bulb blinked inside me. I could capitalize on this rule too.
I've long contemplated about changing my career. But what next? Is the million dollar question. I choose to live quite frugally in many aspects of life, and could really cut down on expenditure even more drastically if the needed arises. But still, I have a family to raise and kids to send to college. So I need income on a consistent basis.
Alternate Careers that interest me: Nursing, Therapist, Owning/running a preschool (Age 3-6), small business owner (I have some ideas here), writing (although not full time).
So maybe I just carry on for the next 12-13 years with my current career, and then pursue one of these alternate professions? Or do I start working on an alternate path right now? No spare time on my hands so not sure how to accomplish that.
I'm thinking out loud here and looking for some brainstorming.
Playing at the End of Summer
1 day ago
4 comments:
Lady - even if the rule of 75 says you can retire at 48, you still have 32 years to go. So what's the hurry to decide :):)
You'll know what to do closer to the time. My theory is that post 45, anyone can afford a "slower paced career" which will still be commercial (that is with the objective of financial rewards), but with some strictures (maybe location wise, or no travel, or refusing relocation , etc etc). There would then be a time for work which do not have financial rewards as a motive, but are purely for emotional satisfaction - that is more like the nursing, school teacher types of options.
One thing I can certainly say. Venture out into your own business after lots and lots of thought. Its very very hard work and most new business ventures fail. Its a high risk, high stress option. Not for everybody.
Anyway this is all too premature. You have 32 years to make up your mind :):)
Owning/running a preschool sounds exciting. I actually think that anything you love doing is exciting… :-)
The word "alternate career" itself sounds so exciting ;)You can definitely think about other options as you still have almost a decade to think about them! Owning/running pre school sounds great as I guess it comes naturally to you. Also you are not someone who would go into it just for fun or retirement pass time. Definitely think about it -- and your small business ideas as well :)
If you like one of the things that you have mentioned above, even justa little bit than your current job, the I think you should go for it as early as possible.
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