7 ms·

I didn’t see retirement addressed, that would be among my top priorities personally. Unless he’s already financially independent and can retire at will, taking

by dahdum 5y ago

I didn’t see retirement addressed, that would be among my top priorities personally. Unless he’s already financially independent and can retire at will, taking a 30% paycut off FB’s top 5% comp could mean delaying retirement by many years. Given fixed living costs, retirement savings could easily drop by much more than 30%. I’m not disagreeing with his choice, it’s a personal one and he may not want early retirement, but I would find it extremely difficult.

eropple 5y ago
If you like what you do for a living, retirement is less of a factor. And "30% less" is still a truckload of money. I've never worked for a FAANG and I don't live in a particularly cheap area, nor am I particularly budget-conscious, but a comfortable retirement isn't even close to being a problem at an early age.
- chii 5y ago
  Retirement at early age doesn't mean you stop doing things - it means you get to do things without having to regard financial consideration.
  - eropple 5y ago
    Yes. So does a career where you make stupid money almost no matter what you do. I've made less money than most of my contemporaries. I've also taken much more time off to do other things and had much more fun along the way. Sustainability is a real thing. You don't have to wait until "FIRE status" or whatever the cool kids want to sell you podcasts about in order to have a life.
jjulius 5y ago
It's entirely circumstantial and boils down to, "Is it worth sacrificing my [mental health/happiness/whatever] just to retire a couple of years sooner"?
- dahdum 5y ago
  If he had a $330k salary, 30% is roughly $100k. Take 50% for marginal income taxes and he’s banking an extra $50k/year into retirement savings. That’s almost enough to support a comfortable year of retirement for most FIRE people, even before compounded investment returns kick in. As someone mid career and planning on early retirement, I look at this situation as a choice between working X more years at Facebook being mildly fulfilled or 2*X years elsewhere for only a chance at being happier. Again that’s my personal view based on my own retirement goals and savings rate. I’m sure he made the right choice for himself.
Spooky23 5y ago
I work at a place with a defined benefit pension that is sweet. But, I’ve watched colleagues who get and stay miserable because they just need another 15/10/5/3 years. Misery is tough and I’ve seen people really destroy themselves chasing the end goal. Point is, find your happiness first.
deleted 5y ago
[deleted]
xmprt 5y ago
On the other hand, one could easily work at Facebook for 10 years and have enough saved up to retire immediately depending on what their living expenses look like. So taking a 30% paycut to work on something that you find more interesting is less about being able to retire and more about working on something interesting until you decide that you'd rather retire.
- dahdum 5y ago
  The kicker for me is based on my age, savings rates, and planned spending, a 30% drop from FB level comp could put retirement nearly twice as many years in the future. I’d have to really hate my job to give that up, especially since he noted it’s easy to rest and vest with a few hours of work per day.
  - floodyberry- 5y ago
    If a 30% drop from insanely overpaid to highly overpaid doubles how long you have to work until you "retire" _and_ you feel the need to whine about this fact in public, the solution is simple: thank god every day that being an entitled asshole is not a crime
  - gcampos 5y ago
    "twice" is not that much when you are already close to retire (like 2 years).
rsynnott 5y ago
I find it kind of fascinating how into the idea of early retirement many people on this site are. I mean, there’s nothing wrong with it as such, but… I don’t really get it. I don’t think I actually know anyone who has early-retired. What would you do with yourself? Is it not better to work for a longer time at a job you like than a shorter time at a higher paying one that you dislike?
- magicroot75 5y ago
  Work purely on something I'm passionate about.
- Aperocky 5y ago
  That's a good perspective, I'm fortunate enough at where I am that I have considerable say in determining what and how I am going to work. I still look forward to weekends but don't find this work as something I want to get away from. Able to work from home might have significantly sweetened the deal.
- smallerfish 5y ago
  Travel, surf, garden, build and fly drones, make music, enjoy time at the beach, sculpt metal, write interesting programs that occur to me, write a novel, play poker... I could go on. You'd rather be working? You only have 40 or 50 years left on the planet and then that's...it.
  - jakear 5y ago
    I think the critique is that you should be perfectly able to do all those thing and more, while working, if you have a job that properly respects work/life balance. On the other hand, if you spend a decade or two constantly grinding on work at the expense of all else, so that when you’re 40 you can do those things, you might find that your body isn’t up for the task.
    - blocked_again 5y ago
      I have friends who retired at age 25. Retiring early should be the number one focus you have in your life. Everything else is bullshit, noise and propoganda.
ojbyrne 5y ago
9 years at facebook, maxing out 401k and Roth Megabackdoor ~= $450k in tax-sheltered retirement accounts. That is a hell of a good start for retirement. EDIT: forgot the employer match. More like $600k.
- doopy1 5y ago
  That won't carry you very far if you live in a major city.
  - ojbyrne 5y ago
    As I said, a hell of a good start.
- loeg 5y ago
  You can save in ordinary taxable accounts, too. The sky is the limit.
- erik_seaberg 5y ago
  Matching is great, but the total limit on 401(k) contributions for the year ($61–67k) is the same whether it’s withheld from your wages or matched by your employer. (This is not financial or tax advice; listen to me and I will definitely lose all your money and send you to club fed.)
erobbins 5y ago
He was at Facebook since 2012... has got to be rich. I gotta wonder why not just retire completely at that point, or at least start your own company? For those of us not in that situation it's a lot harder, especially if you want to work now so you don't have to work later and can retire asap.
- okhobb 5y ago
  Starting a company is not fun for most engineers. Way more fun to get paid (a smaller amount, but way above "average") to hack at a company that has already found product-market fit. Replit doesn't have a Facebook-size audience, but it's still millions of people who you can reach with your work.
daxfohl 5y ago
Do note that bonus and promotion are tied to performance, which is huge at senior level. So if you're not motivated to perform, you may actually be better off taking a pay cut to follow your passions, both emotionally and financially.
deleted 5y ago
[deleted]

by dahdum 5y ago

eropple 5y ago

If you like what you do for a living, retirement is less of a factor. And "30% less" is still a truckload of money. I've never worked for a FAANG and I don't live in a particularly cheap area, nor am I particularly budget-conscious, but a comfortable retirement isn't even close to being a problem at an early age.

chii 5y ago
Retirement at early age doesn't mean you stop doing things - it means you get to do things without having to regard financial consideration.
- eropple 5y ago
  Yes. So does a career where you make stupid money almost no matter what you do. I've made less money than most of my contemporaries. I've also taken much more time off to do other things and had much more fun along the way. Sustainability is a real thing. You don't have to wait until "FIRE status" or whatever the cool kids want to sell you podcasts about in order to have a life.

jjulius 5y ago

It's entirely circumstantial and boils down to, "Is it worth sacrificing my [mental health/happiness/whatever] just to retire a couple of years sooner"?

dahdum 5y ago
If he had a $330k salary, 30% is roughly $100k. Take 50% for marginal income taxes and he’s banking an extra $50k/year into retirement savings. That’s almost enough to support a comfortable year of retirement for most FIRE people, even before compounded investment returns kick in. As someone mid career and planning on early retirement, I look at this situation as a choice between working X more years at Facebook being mildly fulfilled or 2*X years elsewhere for only a chance at being happier. Again that’s my personal view based on my own retirement goals and savings rate. I’m sure he made the right choice for himself.

Spooky23 5y ago

I work at a place with a defined benefit pension that is sweet. But, I’ve watched colleagues who get and stay miserable because they just need another 15/10/5/3 years. Misery is tough and I’ve seen people really destroy themselves chasing the end goal. Point is, find your happiness first.

deleted 5y ago

[deleted]

xmprt 5y ago

On the other hand, one could easily work at Facebook for 10 years and have enough saved up to retire immediately depending on what their living expenses look like. So taking a 30% paycut to work on something that you find more interesting is less about being able to retire and more about working on something interesting until you decide that you'd rather retire.

dahdum 5y ago
The kicker for me is based on my age, savings rates, and planned spending, a 30% drop from FB level comp could put retirement nearly twice as many years in the future. I’d have to really hate my job to give that up, especially since he noted it’s easy to rest and vest with a few hours of work per day.
- floodyberry- 5y ago
  If a 30% drop from insanely overpaid to highly overpaid doubles how long you have to work until you "retire" _and_ you feel the need to whine about this fact in public, the solution is simple: thank god every day that being an entitled asshole is not a crime
- gcampos 5y ago
  "twice" is not that much when you are already close to retire (like 2 years).

rsynnott 5y ago

I find it kind of fascinating how into the idea of early retirement many people on this site are. I mean, there’s nothing wrong with it as such, but… I don’t really get it. I don’t think I actually know anyone who has early-retired. What would you do with yourself? Is it not better to work for a longer time at a job you like than a shorter time at a higher paying one that you dislike?

magicroot75 5y ago
Work purely on something I'm passionate about.
Aperocky 5y ago
That's a good perspective, I'm fortunate enough at where I am that I have considerable say in determining what and how I am going to work. I still look forward to weekends but don't find this work as something I want to get away from. Able to work from home might have significantly sweetened the deal.
smallerfish 5y ago
Travel, surf, garden, build and fly drones, make music, enjoy time at the beach, sculpt metal, write interesting programs that occur to me, write a novel, play poker... I could go on. You'd rather be working? You only have 40 or 50 years left on the planet and then that's...it.
- jakear 5y ago
  I think the critique is that you should be perfectly able to do all those thing and more, while working, if you have a job that properly respects work/life balance. On the other hand, if you spend a decade or two constantly grinding on work at the expense of all else, so that when you’re 40 you can do those things, you might find that your body isn’t up for the task.
  - blocked_again 5y ago
    I have friends who retired at age 25. Retiring early should be the number one focus you have in your life. Everything else is bullshit, noise and propoganda.

ojbyrne 5y ago

9 years at facebook, maxing out 401k and Roth Megabackdoor ~= $450k in tax-sheltered retirement accounts. That is a hell of a good start for retirement. EDIT: forgot the employer match. More like $600k.

doopy1 5y ago
That won't carry you very far if you live in a major city.
- ojbyrne 5y ago
  As I said, a hell of a good start.
loeg 5y ago
You can save in ordinary taxable accounts, too. The sky is the limit.
erik_seaberg 5y ago
Matching is great, but the total limit on 401(k) contributions for the year ($61–67k) is the same whether it’s withheld from your wages or matched by your employer. (This is not financial or tax advice; listen to me and I will definitely lose all your money and send you to club fed.)

erobbins 5y ago

He was at Facebook since 2012... has got to be rich. I gotta wonder why not just retire completely at that point, or at least start your own company? For those of us not in that situation it's a lot harder, especially if you want to work now so you don't have to work later and can retire asap.

okhobb 5y ago
Starting a company is not fun for most engineers. Way more fun to get paid (a smaller amount, but way above "average") to hack at a company that has already found product-market fit. Replit doesn't have a Facebook-size audience, but it's still millions of people who you can reach with your work.

daxfohl 5y ago

Do note that bonus and promotion are tied to performance, which is huge at senior level. So if you're not motivated to perform, you may actually be better off taking a pay cut to follow your passions, both emotionally and financially.

deleted 5y ago

[deleted]