Jake
Wholenote
Posts: 573
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Post by Jake on Feb 27, 2021 9:16:10 GMT -5
So as to assure I won't chicken out I am telling everyone besides work people about this. I give two weeks notice in about 48 hours. I am 60.5 yo, so I think it's a neat trick. I will try DIY at first and see how that goes.
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Post by Leftee on Feb 27, 2021 9:18:08 GMT -5
😎
Congrats!!!
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Ayns
Wholenote
Posts: 767
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Post by Ayns on Feb 27, 2021 9:35:14 GMT -5
Cool. I retired in December, also aged 60.5 y.o.
No regrets..... So far ;-)
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Post by budg on Feb 27, 2021 9:44:55 GMT -5
62 and retired. One of my co workers retired and left a note on my bosses desk 4th of July weekend .
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Post by Laker on Feb 27, 2021 10:01:42 GMT -5
Congrats!
Retired eight years ago at 66 1/2 and miss the people I worked with but not the stress.
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Post by hushnel on Feb 27, 2021 10:02:53 GMT -5
Congratulations, I was 59 when I bailed. I did give the boss about 5 years notice though.
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Jake
Wholenote
Posts: 573
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Post by Jake on Feb 27, 2021 11:24:35 GMT -5
Thanks all! About the DYI I think I am good shape for a year or two, the plan assumes that I don't take SS until 7 or later which I can do save some big change (which I realize can happen). Since this year will be very little taxable income (will live off of big checking account) I am looking into doing a Roth IRA conversion to the point that I will be just at the 20% bracket. There is risk that when I get to the point of Required Minimum Distributions, my tax bracket could skyrocket to the highest it's ever been. This strategy mitigates that risk. Also Medicare premiums rise with taxable income, so another reason there. Much of this is possible because I remain a bachelor, spend very little saved and invested the rest. Index funds are the center of the strategy, I am pretty agressive still towards stocks, but I have been systematically tapering back that percentage into the bond fund.
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Post by HenryJ on Feb 27, 2021 12:05:04 GMT -5
Congrats! I worked to age 69. I have no desire to get a job.
My wife laughs when I call her "sugar mama."
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Post by Think Floyd on Feb 27, 2021 13:22:14 GMT -5
Congrats! It's great that you have a plan.
I'm also 60.5 years old, and just signed my retirement papers on Thursday, effective in 2 weeks. What a coincidence!
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Post by tahitijack on Feb 27, 2021 13:55:27 GMT -5
Too early. I tried that and missed the daily buzz. Went back to work a few months later consulting for a major automotive dealership, then offered a position with a major international corporation and finished with five more years with another international corporation... The last one was the most fun and rewarding and got me back home to the OC from Seattle.
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Post by 6l6 on Feb 27, 2021 14:09:26 GMT -5
Fully retired in 2004 at age 58. Been loving life ever since!
CONGRATS!
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Post by Sharkie on Feb 27, 2021 14:15:53 GMT -5
Congrats Jake!
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Post by LTB on Feb 27, 2021 14:22:31 GMT -5
I retired over a year ago at 67
Best thing I ever did. I miss some people at work but not work its self.
Perfect timing since covid and back related issues occurred . Hope you enjoy it!
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Post by Ricketi on Feb 27, 2021 15:36:37 GMT -5
Congrats! I was just looking at SS to see what I need to do to start collecting in June.
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Post by Think Floyd on Feb 27, 2021 15:59:33 GMT -5
Although I posted that I'll be retired (due to medical reasons) from my current job at the Jail in 2 weeks, I can't retire completely... yet. I'll need to look for another full-time job that will give me health insurance. I don't want to pay out-of-pocket for it; it's too expensive! I figure that I'll work until 65, then fully retire with Medicare (+ supplemental insurance) and a larger SS payment than I would collect at 62 to go along with my pension. Looking at the numbers, even a lower-paying $10-$15 per hour job (with health benefits) plus my pension would give me a higher monthly take-home pay than if I stayed working at the Jail. These next 4 1/2 to 5 years with a higher monthly income would allow me to greatly reduce or pay off all or most of my debt before age 65. That's my plan.
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Post by walshb 🦒 on Feb 27, 2021 19:40:25 GMT -5
Congrats Jake! I hope you love it like I do.
I retired 6 months early, at age 65.5. It didn't affect my SS amount enough to make a big difference. The reasons I retired were twofold, but part of it was my wife turning 62, so we could both collect SS right away. She wasn't working anyway.
I never thought that living on retirement would be as easy as it is....so far anyway. Hopefully you'll have similar results!
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Post by jhawkr on Feb 27, 2021 20:59:47 GMT -5
I would have retired at 62 but insurance and pre-existing conditions prevented me retiring before 65. Then it was just a matter 1 more year until full retirement age. If the company hadn’t been sold I might have hung around a little longer. I salute you guys that were/are able to go early.
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mikem
Wholenote
Musician soundman musician soundman
Posts: 233
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Post by mikem on Feb 27, 2021 21:44:48 GMT -5
I retired at 58 (four years ago). I could have worked two/three more years but my supervisor had changed my schedule in a negative way... When I told him that I was done (3 months notice) he told me that he could change my schedule back to what it was next (school) year. I had make up my mind - I was through.
btw
My wife (6 years younger than I) is still working .........so it's a "real retirement"...lol
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Post by LTB on Feb 27, 2021 21:55:20 GMT -5
I retired at 58 (four years ago). I could have worked two/three more years but my supervisor had changed my schedule in a negative way... When I told him that I was done (3 months notice) he told me that he could change my schedule back to what it was next (school) year. I had make up my mind - I was through.
btw
My wife (6 years younger than I) is still working .........so it's a "real retirement"...lol
I can relate lol |
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JDC
Wholenote
I STILL say: "If it ain't broke, don't fix it"
Posts: 528
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Post by JDC on Feb 28, 2021 5:00:31 GMT -5
I pulled the plug at 62 and have never second guessed the decision.
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Jake
Wholenote
Posts: 573
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Post by Jake on Feb 28, 2021 14:55:05 GMT -5
Thanks all, maybe some of us can talk about certain thing, tactical and strategic movessay. Since I have a lot of cash on hand this year and next should be low tax years, suggesting that it would be advantageous to do some Roth conversions. Just an example. How many of you are doing this DIY like I am? I am under no illusions and will engage pros where I think I need to, I think I need a tax adviser as opposed to a financial planner, short run.
The "gut check" I got with a couple pros suggests that I am good into my 90s. My dad died at just shy of 69. RIP Richard Henry Newton.
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Post by Mikeyguitar on Mar 1, 2021 9:44:08 GMT -5
Is there something "magical" about 60.5 years? I saw it mentioned as a retirement age about 3 times...am I missing something?
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Ayns
Wholenote
Posts: 767
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Post by Ayns on Mar 1, 2021 11:23:13 GMT -5
Is there something "magical" about 60.5 years? I saw it mentioned as a retirement age about 3 times...am I missing something? Not for me. I was going to go at 60 as I can access part of my pension with no reductions at that age, but I hung on for another 6 months due to nothing to do due to lockdown and I was about £1k better off every month I stayed. |
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Post by Seldom Seen on Mar 1, 2021 11:31:26 GMT -5
Congratulations and be sure to rock on in retirement!
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Post by themaestro on Mar 1, 2021 12:18:06 GMT -5
Is there something "magical" about 60.5 years? I saw it mentioned as a retirement age about 3 times...am I missing something? 60-1/2 is when you officially hit "crotchety old man age". That's when you just hit the wall with your job and all you can think of is "What can I do to get out of here before I go crazy or go postal."
I retired at 60.5. I was just plain burnt out and done. I was on a mild anti-depressant. Every morning was a struggle to go to work. Things fell together. I was eligible to start taking my pension, although I took a monthly amount hit to start early. We had enough savings to bridge the 1.5 years until social security. The wife was still working at the local elementary school and I was able to get medical insurance through her. With my wife's blessing, I called it quits. I was doing IT Network Security. I didn't really enjoy it, but they got me into it because I was trusted and conscientious. I did give 60 days notice because I had a bunch of essential duties with various levels of lack of backup that needed to be transferred to others.
I walked out of the building on my last day and the weight of the world lifted from my shoulders.
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Post by jhawkr on Mar 1, 2021 12:39:02 GMT -5
I gave 4 months notice because I was a department manager and had held the position for 27 years. They took 2 months to hire and then had him work alongside me for 2 months. I heard they let him go recently so he didn’t make it 2 years. I’m not surprised, as 2 years is average in the business.
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Jake
Wholenote
Posts: 573
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Post by Jake on Mar 1, 2021 12:52:54 GMT -5
Two weeks notice given, I offered that I would "consider" some additional time, if it were helpful. I was a bit nervous for sure. More than one "WHAT!?!?" reactions.  Sounds like they may try to get some additional time. This would be conditional though, I would like to reduce their pain "within reason". But the numbers say I don't need to work anymore so every day working is one day not retired. I realize most anything can happen, I work for an insurance company after all. Thanks again everyone. |
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Post by jhawkr on Mar 1, 2021 13:06:57 GMT -5
Jake? From State Farm? 😁
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Post by Leftee on Mar 1, 2021 13:09:26 GMT -5
Sitting in an online meeting now.
The one thing that will drive me around the bend to retire is the buzzword bingo that young managers embrace.
It
Drives
Me
Nutz
Admittedly, it’s a short trip.
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Post by themaestro on Mar 1, 2021 14:27:59 GMT -5
Buzzword Bingo and management program du jour. These schemes don't get fully implemented before the next hot management style hits.
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Sounds like they may try to get some additional time. This would be conditional though, I would like to reduce their pain "within reason". But the numbers say I don't need to work anymore so every day working is one day not retired.