Plan B - Undoing Early Retirement

After reviewing our Q2 2008 financial status, I am seriously considering going back to a "real" job. For the first half of 2008, our retirement savings has declined by 21.3% (or about 4.5 times my pre-retirement salary), which has been a major stress test of our retirement plans.

At this point, we still are not panicking. However, we are considering some alternate options to our primary choice of full retirement.

Same industry, same job. If I wanted to do the same work, I would have stayed and not taken early retirement. However, if I really do need to go back to work, this would be likely be the "fastest" option. I rank this option third.

Same industry, different job. If I wanted to work in the same industry, I'd want the advantage of having the same type of job. I rank this option fourth.

Different industry, same job. While I enjoyed doing research and development (R&D), I think I would enjoy a job more directly involved with the end product and the customer. I rank this option second.

Different industry, different job. I rank this option first, since it may give me the opportunity to work in areas for which I have passion. One option I've started investigating is a government financial service job, in the Department of the Treasury. The seasonal part time work I did earlier this year has provided some relevant experience.

Based on an Internet search, there are some openings in my current location. Even though they are full time positions, my spouse pointed out that it would still be about 60% of hours I used to work in a week:-)

I'll be submitting an application to my first choice job later this month. However, since I don't expect the first try to be successful, I will continue to explore other opportunities for my first choice of different industry, different job.

For more on Reflections and Musings, check back every Saturday for a new segment.

This is not financial advice. Please consult a professional advisor.

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