I’m not yet 50, have close to $5m saved up, and want to retire but my job is holding me back. What are my options?

The decision to leave a job you love is not an easy one. It can be difficult to not only break from your routine, but stop having daily interactions with the colleagues you’ve come to respect and care about.

Plus, mentally, it can be difficult to transition into retirement, no matter your age. Many retirees struggle with a loss of identity after leaving their jobs. And if you do work you’re passionate about, you might end up feeling the same.

In this Reddit post, we have a 48-year-old with a net worth of almost $5 million. They want to retire for a couple of reasons.

First, their job is very demanding. Secondly, they and their spouse have parents who passed away at a young age. So they want to ensure that they have time to enjoy certain experiences while they’re still on the planet.

The poster wants to retire but feels that their job is holding them back. And that’s understandable. But with a net worth that large, the poster may have more options than the typical person their age who’s burned out at work.

Use your money to your benefit

It’s not an easy thing to get to age 48 with $5 million. Clearly, this poster has had a very successful career, and has also done a good job of saving their money.

A big reason the poster has so much money is that they never inflated their lifestyle as their income increased. And I give them credit for that, because so many people fall victim to lifestyle creep. This also leads me to believe that they’re capable of a fairly modest lifetime in retirement.

The poster is stuck on their decision to retire early because their job is meaningful and impacts millions of people. And I can understand why it would be hard to leave. But I also think the poster has some options.

First, rather than retire completely, one thing the poster could try to do is work part-time or consult in their field. That gives them the option to keep doing what they love while freeing up time to travel and enjoy other experiences with their spouse.

Plus, even though they have a lot of money, retiring at 48 could mean having to stretch savings a long time. So the extra income could be helpful.

If scaling back on hours or moving into a consulting role isn’t doable, another thing this poster could do is take a year or two off. That gives them an opportunity to do the things they’ve always wanted to with their spouse. But it also leaves the door open to return to work.

A decision not to make solo

The poster here has a lot going for them, but they don’t have an easy decision on their hands. So their best bet is to consult some key people.

First, they should discuss their decision with their spouse and make sure they’re on the same page. It may be that their spouse isn’t ready to retire yet, which could change their thinking.

Secondly, they should consult a financial advisor. The reality is that an almost $5 million portfolio could run out if it’s not managed carefully.

The poster is talking about retiring at a time when they’re more than a decade away from being able to get on Medicare and Social Security. They do need to be careful about how they withdraw from their nest egg despite it being large.

Finally, the poster needs to understand the mental impact of retirement. They might end up unhappy and feeling that their life lacks meaning without a job. So it’s important to talk things through with the right people. And that could also include a therapist whose expertise is helping people with tough choice and transitions.

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