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Old 09-28-2019, 05:42 PM
 
Location: Coastal New Jersey
57,710 posts, read 55,905,400 times
Reputation: 68786

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Quote:
Originally Posted by otterhere View Post
Some employers provide continuation of your health insurance as part of the retirement package. Taking a lump sum payment usually negates it. Once Medicare-eligible, it converts to a supplemental policy.
Yes. That is one of the reasons employees stayed for life where I worked. A state pension and great health insurance that you take with you in retirement.

It was also one of the factors in deciding to retire. We had always gotten our health insurance at no cost, and it's a better plan than most people in the country get.

Around 2010, they changed the policy so that current employees with 25 years or more would still get the benefits for free in retirement (coincidentally, the HR Director had 25 years that year). We would have to start paying toward our health insurance, but it would be done gradually over four years until we hit the level they had set for us to pay, based on salary and individual/family factors, etc.

At 57 with 37 years, I sat down and figured out numbers, what my pension would be and what it cost me in public transportation to get to work, as well as the health insurance cost, which would go away in retirement.

I figured I was schlepping back and forth almost two hours each way to the city for about $10K - $15K a year. It was time to go.
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Old 09-28-2019, 07:45 PM
 
Location: North Alabama
845 posts, read 1,883,971 times
Reputation: 837
When you have been working four years from dawn to dark six and seven days under incredible stress, blood pressure is averaging 190/110, and the organizational boss advises that we are soon going to absorb another organization with a workload comparable to what we were already doing, and that we would be offered early outs to get us down to the same employee strength that we were before the arrival of the new employees, you take the early out! Seven years before full retirement, 14 percent reduction in pension amount, and I applied immediately. It has been great! Blood pressure now 125/80, no headaches at all in the 22 years since I walked out the door. Happy, happy, happy!
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Old 09-29-2019, 05:43 AM
 
Location: Spring, Texas
144 posts, read 70,217 times
Reputation: 296
I have been planning to retire effective 1-Jan-20 at age 60 for the last ~10 years.

Best we can tell, based on tracking expenses and preparing a detailed Retirement Budget over the years - We have our finances in order to support our desired lifestyle in retirement.

Work stress(s) and megacorp politics combined with "Do More With Less" certainly do weigh more heavily upon one after 40+ years in the business.

I think for ms gamboolgal and I, the fact that we are financially ready to retire combined with the above factors - just makes sense for us to start the new chapter in our life together.

And, as others have pointed out - leaving on your own timing and terms is a nice thing.

We are on vacation until end of Oct and then return overseas for 2 months. Will fly out from Lagos for the last time on 30-Dec-19.

Lifes A Dance And You Learn As You Go....
gamboolman

[IMG][/IMG]
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Old Today, 11:50 AM
 
Location: Minnesota
1,610 posts, read 1,380,696 times
Reputation: 2140
I clearly remember the feeling the day I decided to leave my job of 22 years. Things had been going along with a few bumps in the road along the way. We got merged into a new company twice, and our compensation plan changed a time or two, company policies changed....nothing major, but negative none the less. Then there was the day my boss told me all of us in my position needed to grant him access to our company Outlook email accounts, so he could look in at will and see our email correspondence with clients etc...

I still remember the bomb going off in my head, and thinking to myself, all of these changes over the past few years I've accepted, but you've just pushed me to far....bye, bye! I plotted my strategy, but knew I had another job available with another firm who'd been after me for some time. I've now been with them for 16 years.

The new firm has been very good to me, and I appreciate that. I'm within months of a planned retirement, but when people ask me when I'm going to retire, which is a flexible date I'm still mulling over in my head....I just tell them I'm one bad management decision, or one bad work day away from retirement. Quite honestly, it's a nice place to be when you have that option.

I have a lot less stress and no fear of pending company changes. My boss is slowly losing control of me...and he (well "they" actually) don't even know it! That makes me smile! I will leave on good terms however. I do owe them that.
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