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Set my first career reduction goal on my way to RE: Dropping down to 3.5 days/week (okay, 7 days biweekly) as soon as we have our renovations paid off.
Should be doable before the end of 2024!
Sounds nice, fewer hours isn’t a realistic possibility for my industry so I’m just grinding it out.
Do you know what’ll happen compensation wise when you drop down?
Yep! Everything is proportional based on the FTE.
I technically have an underlying hourly rate, but am salaried in the sense that I am guaranteed a certain number of shifts equivalent to my FTE if that makes sense. Currently my FTE is 1.0 and I work 10 shifts biweekly. 0.7 would be seven shifts biweekly and so it would be 56 hours times my hourly rate. 401k match is 6% of whatever I get paid regardless of FTE. This kinda setup is common in healthcare.
Insurance cost would rise a few bucks a month. Nothing crazy.
Nice! My company went to 3 day weeks for a few months of 2020 and it was the perfect amount of work IMO. Enough to keep a decent schedule, but plenty of time off. If I'd been closer to leanFIRE, I never would have wanted to go back to full time.
That would be perfect. Fortunately we’re in healthcare and our jobs are pretty accommodating to adjustments in our FTE. My wife already dropped down to 8 shifts biweekly. As the money tracker of the couple, I’m not quite ready to let of the accelerator to FIRE… (one more year 🤣)