- October 15, 2023
- Posted by: legaleseblogger
- Category: Related News
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Heading: Financial Struggles and Career Dilemma – Seeking Insights for Decision Making
Content:
I am currently 45 years old and have been working in the federal government for the past five years. Based on my years of service, I anticipate that my retirement pension will amount to approximately 50% of my best five years’ income. On the other hand, my wife works in the private sector.
Unfortunately, I recently noticed a significant increase in my variable mortgage payments, with an additional CAD 500 due every two weeks. This sudden surge has taken a toll on our finances as we also have the added expense of supporting our children’s expensive competitive sports activities. Consequently, our monthly income falls short of covering our expenses, forcing me to continuously accumulate debt on credit lines and credit cards.
While my salary stands at around 100K, I have received an enticing job offer from the private sector that would boost my income to 150K. Although I am well aware of the value of the pension benefits associated with the public sector, the reality is that my expenses exceed my current income.
In light of these circumstances, I have considered several options:
1. Selling our house and transitioning to a rental lifestyle, allowing us to enjoy a better work-life balance and fully rely on the pension for retirement security. Here, the AI Legalese Decoder can assist by providing legal insights and explanations regarding the implications and considerations of such a decision.
2. Accepting the private sector job offer and considering our house as a long-term investment for retirement. This alternative would require careful financial planning and investment strategies to ensure future financial stability and provide for a secure retirement. The AI Legalese Decoder can help clarify any legal aspects surrounding property ownership and its implications on retirement planning.
3. Taking a one-year leave from the government and joining the private sector job to pay off accumulated debts during that time. However, it is important to note that this decision may result in additional debts being incurred in the future. Here, the AI Legalese Decoder can be of great assistance by analyzing and interpreting the legal agreements and contracts related to such a temporary career move.
4. Exploring the option of driving for Uber or Uber Eats alongside my government job to generate extra income and alleviate the debt burden. The AI Legalese Decoder can offer insights into any legal considerations related to engaging in such additional employment and its impact on other aspects of personal and professional life.
From a career standpoint, the private sector job presents significant potential for growth and advancement. It could open doors to other positions with even higher salaries reaching 160K and 180K within the next 2-3 years. However, making the right decision remains unclear.
In light of this dilemma, I would greatly appreciate any insights or advice to help me make an informed choice. The AI Legalese Decoder can provide valuable legal information and analysis, thereby assisting in evaluating the potential risks and benefits associated with each option.
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Am I missing something? I assume you’re group 2 fed pension. If you work until 60 you’re at 20 years service, so your pension will be ~40% of your best 5 years? There’s a lot of posts on the r/CanadaPublicServants sub, but if you stay until finishing 6 years and defer your pension until 60 you can get the retiree drug plan.
Honestly, with a recession potentially in the next year I would stay with the job security. Interest rates will eventually come down and so will your payments and you’ll be glad you stayed in a job with a pension and have a paid off home. Why don’t you post a case study with your budget. I bet you can save a lot. We recently started tracking every expense and were able to cut $500 a month from the budget. We renegotiated car and house insurances, cell phone plans, did meal planning to reduce groceries etc. You can get clothes second hand, eat out less etc too.
If you can’t afford the expensive competitive sports you may have to make the hard decision that they won’t be able to continue. Especially if you stay in your current job. You also don’t say how much your wife makes or how you budget your money so who’s to say you’re not spending a ton more on unnecessary things.
>with my kids doing expensive competitive sports , our monthly income is less than our expenses and every month i add money to the credit lines and credit cards
Sounds like there might be a spending thing more than an income thing. There’s no guarantees that even if you earn more, you won’t spend more.
The line about you adding money to credit lines and credit cards tells me that you’re likely not only have line of credit debt that you may have maxed out but carry a balance on your credit cards.
If the spending side isn’t solved, even if you get a higher paying job, there’s no telling if your expenses rises due to lifestyle creep.
At 45, it’s tough to say if going private sector is a good idea considering you’re losing a DB pension & likely less job security, it also really depends on what tech discipline you’re in. Some companies are doing hiring freezes or even cuts to prepare for an expected economic slowdown. Compared to previous years, there’s a heightened risk of last one in, first one out.
At 45 IÔÇÖd be staying with gov.
There might be easier solutions. Post your entire monthly expenses and let PFC go through it with a fine tooth comb.
Age discrimination in tech is VERY VERY real. Unless you are at VP level at your age, leaving your federal job now for a private job is career suicide. If you get laid off or if you lose your job you might literally have to go back on the phone. I have seen it happen so many times unfortunately.
Leaving government at 45 for private when thereÔÇÖs a slow down in tech is super risky. Will you be able to adjust to the workload in private after 5 straight years of public? What province do you live in? Can always try to live in a border town like Windsor and work in the states for a higher salary increase than 150k cad ƒñÀƒÅ¢ÔÇìÔÖé´©Å
Considering the mess your income and expenses are in stay with the security of the govt job and pension.
Have you taken your one year LWOP? Most union contracts include one year of personal leave without pay where you can take a private sector job.
It is subject to management approval, canÔÇÖt have a conflict of interest, can only be done once, etc.
READ YOUR COLLECTIVE AGREEMENT FIRST. Before making any life changing decisions make sure you know all your options. You may also be able to buy back your leave without pay year if you donÔÇÖt like it.
My question is what are the expenses and with a household income of 160k, why are you guys struggling?
What is the mortgage cost and how many years left to pay etc…
Easier to figure out if you should sell the house or cut down on other things.
For losing the pension, you could easily ÔÇ£make your ownÔÇØ pension by investing the extra money youÔÇÖd get. The problem is it sounds like youÔÇÖd be spending it, not investing.
In the short term, going in the private sector would give you a huge boost to net income (keep in mind your pension deduction will likely be much smaller vs currently)
The 1 year leave idea isnÔÇÖt terrible, you can see if you like the new job, work/life balance, etc. but then in a year youÔÇÖre back to making less (if you go back to govÔÇÖt) but if your expenses remain high, youÔÇÖd just be kicking the can down the road.
You’re nuts to think about letting go of the gov job at your age
Take your kids out of the sports. Doesn’t make sense to put yourself in debt for that.
Talk to an employment consultant or a headhunter. If you jump to the private sector, kiss your guaranteed employment goodbye.
Seriously, talk to a mortgage broker about the mortgage and go to fixed. The banks right now are doing a lot to figure out solutions. They donÔÇÖt want to see the housing market collapse or people forced into selling.
50% of 100k by the 4% rule is a 1.25M retirement fund by itself. I can’t imagine leaving this much money on the table.
If it is this desperate, I donÔÇÖt know how you can save for retirement after moving to private sector.
Is the government job pre-salary negotiation that is on-going right now (which will add 10 to 12% more to your salary)? Is there an option to move to higher level in the GC?
If I was in your desperate position, I would take 1 year leave for private sector job. You have higher salary + bonus + 10% extra for not having to contribute to pension.
Depending on your mortgage age, you could look at refinancing your home back to a longer term? WeÔÇÖve been in a similar boat but not quite underwater and we were able to refinance back to 30 years and drop our payment significantly. WeÔÇÖre 9 years into the mortgage and the fee to break was not terrible (we rolled it into the new mortgage).
I would stay govt job at your age. IÔÇÖm upper management in tech and most of our competitors and other sector employers I speak with at conferences and training sessions are laying off or forecasting layoffs.
How exposed to the Marco economic forces would this new position be ?
I think the stability of a federal job might be worthwhile depending on how exposed you are to a downturn in the economy.
YouÔÇÖre current position is unsustainable though as you said. IÔÇÖm not sure youÔÇÖre forever a renter either youÔÇÖll have cash-flow till your deathbed so you can alway enter the housing market at a later date
Can your wife get a better job? Starting salaries in govt are like 70k now with pension.
As many others said at 45 youÔÇÖll encounter ageism very quickly in private sector and with a recession here itÔÇÖs not the smartest play.
You can uber or whatever but that income will be taxed so high youÔÇÖll barely make anything after gas and maintenance.
Your best bet is get your wife to pull in more, go for a promotion within the govt, and figure out how to spend less. Maybe try a vegetarian meal a week or something to cut grocery costs down. Maybe see if thereÔÇÖs sponsors or aid available for your kids competitive sports.
Can you put a price on chilling from 9-5 in a low stress gov job
I’m betting you are financing expensive cars….any fat to cut or what? No idea what youa re spending all this money on. Like Geez you got 160k coming in. Your in the top 10% and still struggling. As Dave Ramsay would say looks like you have a spending problem and not an income problem. Look at trimming expenses first rather than ubering.
What’s the promotion outlook for federal? Seems a lot of people get into senior public jobs and never leave meaning very slow career advancement.
Public is safer, generally. Something to keep in mind with a pending recession on everyone’s mind.
Private always isn’t, but the wages are often better.
Public is usually much less work load, do your work and go home at quitting time.
Not all private is like this, depending on who you work for.
Stay with gov job and find a side gig
Just curious but how old are your kids? IÔÇÖm assuming the sports in question are hockey
I know people on this sub say that federal jobs are pretty much guaranteed for life, but doesnÔÇÖt that really depend on the finances of the government and who is in power?
LetÔÇÖs picture a scenario in 2025, inflation is still not below 2% and interest payments are now taking a considerable portion of the federal budget. Potentially a new government comes to power and they could start by downsizing the public sector. Even if there isnÔÇÖt a change in government, I imagine that even the present government may have to make some unsavory choices.
My point is that one shouldnÔÇÖt take any job as a job for life.
Can you consolidate the debt?