I also understand the immense quality of life improvements gained by working from home and they’re worth so much money to me personally. If you feel the same, I wouldn’t hesitate to make the change.
It’s not like you’re taking an obvious financial step back by doing this. By all measures, your life will be better in the present and long run.
Working remotely is the only reason I began looking for jobs. It's hard to put a price tag on it, but I know it is worth a lot to me.
I think you are right regarding not taking a financial step back. I did consider the fact I'd be putting a lot of my income into the 401k, but I would still be in a better position than the guaranteed 5-6% gross contribution into the pension fund when considering the bonus for meeting reasonable objectives.
It’s a tough call. Think you will be A-ok either way. Congrats on putting yourself in a strong position.
Something else to consider is that it’s very tough to get fired or laid off from most government jobs, but the private sector is way more willing to take such actions. Might be worth thinking about where you see the for-profit sector of your particular industry going over the next few years.
I heard it's really hard to fire a government employee. For me the job security is worth a ton. Plus all those other benefits you laid out, by being a government employee. But working remote is nice. Tough call
Make sure you fully understand the conditions of the pension.
For example if you work under CALPERS making $100k, leave right after being vested, then decide to retire at 52, your pension would be as low as $400/month:
Service Credit (5 Years worked) x Benefit Factor (1% at 52) x Final Compensation (100k for the last 3/5 years worked) = $5k/year
adjusted for 26 years of the historic inflation average and thats more like $200/mo and $2.5k/yr in today's dollars
Yeah, I have not vested yet so currently I would not be eligible for anything. It really only benefits me significantly if I stay with my current employer until retirement age of 63 to maximize the potential benefits.
Edit* at 5 years it would amount to just a few hundred bucks here and there as you stated.
ThePornoGil t1_iuin5rm wrote
Life is short and not guaranteed.
I also understand the immense quality of life improvements gained by working from home and they’re worth so much money to me personally. If you feel the same, I wouldn’t hesitate to make the change.
It’s not like you’re taking an obvious financial step back by doing this. By all measures, your life will be better in the present and long run.