Personal Finance (Not Investing) • Switch jobs at 58 or wait for a package?

Hi Bogleheads - I need some advice. I am 58 years old. There is a very high chance of a layoff at my current company (FinTech) in the next few months, which may impact me due to my seniority/age. My current job is remote. I have an offer from a FAANG, but know that the culture, working hours (expecting 60+ hours a week), 3 days RTO with commute (2 hours each way) will take a heavy mental and physical toll. The FAANG pays 15% more than my current job. I have been searching for other opportunities both remote and hybrid for the past 8 months but have not received any other offers. The job market for a senior engineering manager doesn't seem to be good. My Financial situation is as follows:

Spouse: 52 (non-working)
Adult working/independent child
Home: Paid off. We live in the Northeast (HCOL). Property taxes are 15K per year.
Cars: Two - Paid off. No plan to replace for the next 7+ years.
No other Debt

Assets: ~5MM (excluding home which is worth 800K). Retirement accounts: 1.6MM, non-retirement accounts:3.4MM
Portfolio: 55 Equities/15 Bonds/30 Cash (High Yielding CD's/T-Bills)
Expenses: 115K per year including Federal & State taxes
SS: Eligible for 26K per year at 62 (more if I wait till age 65/70)

Should I just wait it out at my current company and wait for a package or take the new FAANG job? I am looking to retire by 62 ideally.

Thanks in advance for all your guidance/support.

Statistics: Posted by darkenergy — Sun Aug 18, 2024 9:30 am — Replies 13 — Views 480

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