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This will be for my second and (hopefully) final retirement; effective date to be Monday Jan 20, 2020.
Using my 15 days of 2020 vacation allotment to "Vacation Out", this places my final working day on Friday Dec 20, 2019.
(FYI - My current employer starts the following year's vacation window effective with Monday of the Christmas Holiday week, so a vacation day taken by any employee on Monday Dec 23, 2019 will be deducted from their 2020 bank, and remaining 2019 vacation days as of Dec 22nd will either be paid out or transferred into the employee's 2020 bank as additional days. So my Dec 23rd, 26th, 27th, and 30th of 2019 planned vacation days will actually be within the 2020 vacation window)
My wife has had a horrible week at work, and as of Saturday she can retire at any time by having reached the magic milestone age which qualifies us for the lowest cost threshold of post-retirement health care benefits on her plan. She previously was talking of retiring in Aug of 2020, this morning she was considering April of 2019.
Both of you could give notice now, retire in a few months and enjoy retirement during the summer months. Forget about bank days and the like. They are not important.
My date is April 30, 2022. I can retire now but my numbers really look well at 62 and we arranged our mortgage to be paid off to coincide with my retirement (22 year note).
We won't be rich but we will be able to live comfortably within our modest lifestyle and have the ability to afford most day to day emergencies.
I never regretted moving up my retirement a year before I had originally planned, and a few months short of Medicare age (paid COBRA, ouch). It was related to a lot of logistics of building a house and selling a house, driving cross-country in appropriate weather, etc., but it worked out very well.
Both of you could give notice now, retire in a few months and enjoy retirement during the summer months...
Congrats, MI-Roger. In reference to the above, I'd like to advise on one item where I made a big mistake in my retirement. Due to the nature of my work and the need to adequately find and train a replacement, I gave my employer a 18-month notice that I was going to retire. I planned to relocate and my financial advisor urged me to get a mortgage because interest rates were low and the 403(b) was earning so much more than mortgage rates. However, because I informed my employer of my retirement date, the mortgage company could not use my income to qualify for a loan.
So, if you expect to obtain a mortgage loan, do so before you tell your employer you are going to retire.
Both of you could give notice now, retire in a few months and enjoy retirement during the summer months. Forget about bank days and the like. They are not important.
My formula is complicated:
I need to work till at least October 1, 2019 or I will lose 20% of my employer's total contributions into my 401(k) plan. The 20% forfeiture could be $10K
I need to work until Nov 15, 2019 to qualify for 100% of the 2019 Corporate Performance Bonus to be paid in Spring of 2020. The partial forfeiture by leaving early would be at least $2.5K
If I delay my official retirement date into 2020 then I qualify for my 15 days of 2020 Vacation. These 15 days of paid vacation are worth ~$7K.
So yes, I am in a financial position to retire earlier, but choosing to retire in Jan and leave in December represents a gain of $20K +/-.
I do hope my wife leaves earlier as she is under too much stress in her job. Some self-imposed but most is put upon her by others.
Congrats! I too have my date set but it looks as tho I'm the longest out from those who've answered. Jul. 31, 2025 is mine. That will be 33 years of service, and I will be 57 which is the age I need to hit to qualify for all my job retirement perks. I'm going to try to save up as much vaca time as I can to sell back, but we'll see how that works out. The older I get the harder I find it to not take a week off here and there. Anyway I'm jealous...enjoy your retirement!
So, if you expect to obtain a mortgage loan, do so before you tell your employer you are going to retire.
I did exactly that when preparing to retire the first time! The mortgage was only a re-finance to take advantage of record low interest rates, but I and a fellow co-worker retiring at the same time both did our re-financing prior to the start of the formal Off-Boarding process for precisely this reason.
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