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Old 06-14-2019, 06:09 AM
 
Location: Wooster, Ohio
1,036 posts, read 788,097 times
Reputation: 1490

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I could have retired at the age of 55 with a reduced pension. By staying 17 more months, until I had 30 years, I gained 0.45% a month. The first 30 years earn 2.2% a year in pension, while additional years earn 2.5% a year. It made sense to stay at least 4 more years.

I was grandfathered, and neither paid into Medicare nor earned Medicare credits. Since I had 35 credits through other means, I wanted to earn the additional credits before I turned 65. That way I would not have to depend on OPERS keeping their promise to grandfathered employees that they would pay for Medicare A.

I retired after I turned 61, with 34.75 years. I then began looking for a part-time job, which I found with the library. I now have my Medicare credits. If I got a private job that paid into Social Security for 5 quarters, I would then be eligible for a reduced Social Security retirement payment. We'll see if I decide to do that. Since I don't need the money, it would have to be a low-stress job.

I recently looked up the cost of Medicare A. For 30-39 credits, it is $240 a month. Getting the part-time job ensured that I would never have to pay for this. If I stay with the library job after I turn 65, I would lose $375 a month that would otherwise be paid into a healthcare medical fund. I'm planning on quitting before then.
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Old 06-14-2019, 06:15 AM
 
52 posts, read 15,393 times
Reputation: 111
Public pension here.


I take a hefty hit if I go before 55...so if I don't want to take any deduction I can retire on October 31st, 2023 with 29 years and 4 months of service...and get 88.25% of my high 5 years. I may stay an extra 8 months to hit 30 years...and my pension would go up 2%. I get 3% of pay of my high 5 per year of service. This is where it get fun:


88% = 100% because I'm not paying 12% into my pension fund anymore. So I will retire at 55 with basically 100% of my pay.


Just have to figure out health insurance...which my employer doesn't offer retirees at a reduced rate. I'll figure something out.


And if I move out of Minnesota....I won't have to pay $450 per month into the state coffers...I'll be moving to a state with no tax on public pension. WY/TN/FL/SD. Anywhere but the Land of 10,000 taxes.
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Old 06-14-2019, 10:47 AM
 
396 posts, read 716,583 times
Reputation: 441
I retired December 30 2010, That date was chosen by the county as the last date in a retirement incentive offer.

I realty wanted to hold out till the first week in January to take my 2011 vacation as pay but I then would have lost the retirement incentive.

It hurt to let 6 weeks of vac pay go but I have already made it up in incentive bonus
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Old 06-14-2019, 10:55 AM
 
12,025 posts, read 5,136,942 times
Reputation: 18852
What I'm seeing in this thread is that most or almost everyone responding has a pension which was in a large way the determining factor.
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Old 06-14-2019, 11:01 AM
 
6,603 posts, read 1,364,850 times
Reputation: 16691
As strange as this will probably sound to most people, our pets will probably decide for us.

We could retire as early as August 2020 (when our custom out-of-state retirement home will probably be finished), but we have a 16-year-old cat and a Lab who is almost 14, and we are not sure if we will want to move them then -- assuming that they are still alive, of course -- unless they are still about as healthy as they are now. (We are talking about a 1,200 mile road trip.)

However, if we do decide to wait because of the pets, my husband will probably continue to work, and we will just take monthly trips (extended weekends) to our new home, using it as our vacation home, until at least our dog passes. (We have a great boarding place to put them when we vacation, btw.)

Last edited by katharsis; 06-14-2019 at 11:12 AM..
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Old 06-14-2019, 11:14 AM
 
Location: Emerald Coast, FL
5,322 posts, read 8,368,517 times
Reputation: 8667
I turn 65 in July. On July 1, Medicare kicks in. I'm retiring at the end of June. Also, at that point I can get retiree health benefits which supplements Medicare for me, and extends full coverage for my wife, at lower cost and lower deductibles than she'd pay elsewhere.

My savings will fund my retirement, and in a year or so Social Security will supplement that nicely.

I considered working another year, but our area was devastated by hurricane Michael, and we want to leave here ASAP.
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Old 06-14-2019, 12:30 PM
 
12,025 posts, read 5,136,942 times
Reputation: 18852
Quote:
Originally Posted by katharsis View Post
As strange as this will probably sound to most people, our pets will probably decide for us.

We could retire as early as August 2020 (when our custom out-of-state retirement home will probably be finished), but we have a 16-year-old cat and a Lab who is almost 14, and we are not sure if we will want to move them then -- assuming that they are still alive, of course -- unless they are still about as healthy as they are now. (We are talking about a 1,200 mile road trip.)

However, if we do decide to wait because of the pets, my husband will probably continue to work, and we will just take monthly trips (extended weekends) to our new home, using it as our vacation home, until at least our dog passes. (We have a great boarding place to put them when we vacation, btw.)
I totally get that although I don't talk to people about it. I have a feral cat that I rescued who is probably mid teens. She been with me for 2-3 years and is now an only indoor cat. She's very afraid of people except for me. She loves me and I am her life. I could never turn my back on her or abandon her. Taking her across country to where I wish to move to would be extremely difficult to do. Anyway, if I need to push back retirement for her I will.
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Old 06-14-2019, 01:02 PM
 
Location: Southwest Washington State
21,906 posts, read 14,397,959 times
Reputation: 30801
I retired as soon as I qualified for a pension. I worked through my birth month and after that, I was retired. I did take two or three days of vacation at the end of the month, so I could leave on a Friday.
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Old 06-14-2019, 01:31 PM
 
Location: Albuquerque NM
1,661 posts, read 1,527,824 times
Reputation: 3650
Quote:
Originally Posted by marino760 View Post
What I'm seeing in this thread is that most or almost everyone responding has a pension which was in a large way the determining factor.
True but many large companies have specific times of the year or years of service that impact profit sharing, stock options, bonuses, eligibility for retiree health benefits, when vacation days for the year become available, when employer contributions to the employee's 401k or HSA kicks in, etc. My brother retired from a Fortune 500 company when he became eligible for their gold Rolex watch - a symbol of pride for the company retirees. It is not just about the pension. As one of my manager's told his younger employees, "When you retire, don't leave anything on the table." And the other issue is taxes. You don't want to end up paying extra taxes the year you retire because you cashed in annual leave, etc.
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Old 06-14-2019, 01:53 PM
 
294 posts, read 78,785 times
Reputation: 710
I retired at 58 and could collect my pension. Then worked part time for the next 6 years.
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