Psychology of Retirement: Paralyzed By Not Earning and Saving | YMYW Podcast

Question:
(Jim, IL)
I have lived with personal financial management principles of delayed gratification, little debt and low fee investments, as a result I've saved and invested for many years and I've been able to accumulate a net worth of about $5.7 million made up of $4.7 in taxable investments ($2.3 in 401K, $2.4 in index funds), $500K in liquid money market and $500K in home equity. I will also have a small pension of about $1,800/mth, and social security conservatively estimated at $2K/mth. I make a base of about $350K/yr. I have stock options but let's ignore those because it's a start-up and who really knows. Lastly, I have $670K in 529s for my two kids' college, it's over funded but it makes me feel good to know that they are covered. So, on paper things look good and I should be a happy guy but I'm miserable. I hate my job, I want out and I'm paralyzed by the idea of not having an income and not being able to save money. Over 25 years I've been wired to save and invest for the future and now the future seems to be here but I'm fumbling around listening to your show, and others, and I'm confused. What advice do you have for people like me who have done well but the psychology of managing their finances without an income or with a smaller income of semi-retirement is making them miserable? I've made a career of always trying to have answers for problems, but I now seem to have a problem of my own and it's painful for me to admit that I don't know how to solve it. Is this a familiar issue for you guys with your clients? If so, what spitballs of advice can you throw my way?

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