I earn a low six-figure income. I have been unhappy at my job for some time and want to quit, but I carry all our health-insurance benefits at my job. Do you have any advice, Moneyist?
Dear Quentin, I would like to quit my job in the beginning of 2022, but I’m trying to figure out if I am foolish and/or selfish to do so. Here’s our situation:
I earn a low six-figure income, plus I teach online classes because I enjoy it, but that only grosses me about $25,000 per year and is not guaranteed income. My husband’s income is variable because it’s 100% commission based. Our financial adviser has done a great job running different scenarios for us trying to estimate how we’re doing for retirement savings. Most scenarios look just fine, especially the one where I work at my current position until I am 65.
However, Congress passed a law in the American Rescue Plan due to COVID-19 that eliminates the “subsidy cliff” for 2021 and 2022. I could quit my job and we could afford to buy insurance on the exchanges for 2022. My husband will support whatever I want to do, but I don’t think he would do the same if the situation were reversed.Dear Trying, It would be more helpful if we changed your question from “trying not to be selfish or foolish.” What is behind Door No.
Your Social Security Benefits are based on the 35 years of work when you paid the most in Social Security Insurance. As such, you are heading into the middle of that last leg of your working life that will determine your benefits, and you would lose that money if you were to give up work now. “If these subsidies expire, though, middle and upper-middle income people who lose subsidy eligibility will not only have to make up the difference in the subsidy; they will also be on the hook for any increase in the “sticker price” of the premium between now and Jan. 1, 2023,” KFF says.
Stress-test your retirement plans with your financial adviser — giving you a road map in five-year increments so you at least have something to aim for — and stress-test your emotional life with a therapist. If you gave up work next year, it may not address your underlying unhappiness, and merely introduce a new set of problems.
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