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Old Yesterday, 12:31 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
23,170 posts, read 40,694,611 times
Reputation: 24573

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Quote:
Originally Posted by recycled View Post
I'm approaching the 2 year retirement anniversary, and it turned out to be a good choice. I turn 65 in a couple of months, but since retirement I've been covered by health insurance from my employer's retiree health plan. Without that coverage, it would have been a risky story to get HC insurance on my own to cover until medical kicks in.
...
Otter (OP) if you are under age 65, do you have access to your employer's retiree health plan coverage, if you decide to pull the plug on your job and head for the retirement exit door? Having enough money to live on is one thing, but health insurance coverage to bridge until medicare can take away a big chunk of income if you buy on your own.
Pre age 65 HC options (if required); (my costs (for a couple(2)) as example)
  1. Cobra $2200/ month
  2. ACA exchange (non-subsidized) $1770
  3. ACA subsidized <$65800 MAGI ($3.31 for HDHP for 2 in my state)
  4. Private group (small business) $1500 (HDHP)
  5. College plan as a student (if available, no longer in our area) $120 / month
  6. Medivacation (overseas, 15m people use this method) - self pay ~ 1/10th USA costs https://www.patientsbeyondborders.com/
  7. USA Health cost sharing networks ($300 - $400, NOT insurance but works for millions (including my extended family)
  8. FT travel insurance ($100 / month, not to be considered 'primary', but can work for necessary coverage (while away from home) CANCELS the moment you return home. )
  9. Move overseas (several examples in C-D retirement thread) (~$80 / month - $800/ month)
  10. Other Choices...
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Old Yesterday, 04:18 AM
 
Location: Ypsilanti, MI
2,568 posts, read 3,768,037 times
Reputation: 5101
Default Pluses and Minuses of advance notice

I believe in giving advance notice, notified my first employer in mid-November that I would be leaving April 1 of the following year, and notified my current employer in mid-Summer that I will be leaving at year-end (which has since stretched to end of June next year, but may shrink back to end of March).

But be aware that once your employer knows you will be leaving, your name is excluded from any Raise List and potentially a Bonus List depending how they are calculated. The next year's raise you are anticipating will be split between your fellow co-workers since your employer no longer has a need to encourage you to stay.

This really bothers some retirees, but it is life. Be aware of it and prepare for it.

Time your departure to accommodate employer bonus eligibility dates (see my above time stretch, if I am not a regular employee on the 2019 Bonus Pay-Out Date in March, I will receive nothing for 2019 profitability!) and vacation eligibility dates. Even if you don't need the extra money, why leave it on the table when you leave? If your vacation time is "Earned As You Go" be sure you have earned enough to cover all vacation days already taken.

Also be aware that today's 1-800 Off-Site HR Departments will need 3 months to process your retirement papers. Leave in a huff and wait 3 months for the first pension check, or retirement Health Care, or penalty-free withdrawals from your 401(k)? Not for me.

Last edited by MI-Roger; Yesterday at 05:45 AM..
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Old Yesterday, 06:23 AM
 
Location: Central CT, sometimes NH.
3,540 posts, read 5,212,384 times
Reputation: 3631
Quote:
Originally Posted by otterhere View Post
Was anyone's planned retirement suddenly triggered -- or at least greatly accelerated -- by a particular event or an upheaval in the workplace that you just weren't able to roll with? I can tell, with changes in mine, that I'm about to hit that wall and am beginning to fantasize about just walking out. It would benefit me financially to hang in there a bit longer to fully maximize my pension package, but I'm under no obligation to and think it's time to run a cost/benefit analysis. That is, more money in the monthly check versus months of what is beginning to feel like torture. Economics aside, it would feel so liberating and empowering to just pull the plug with no warning. The last job is the one job you can quit without repercussions. Who's done that? Share your story.
I came to that realization about 3 years before I was eligible to retire and made adjustments to ready myself for my post employment income. I took an early retirement at 55 and have no regrets. I was ready to retire from my profession but not necessarily ready to retire from working.

After 1 1/2 years I'm starting back part-time doing something new. I have spent the past 1 1/2 years completing my to-do lists, skiing, a little bit of traveling, and relaxing. Most of my friends and family are still on a 40-hour work schedule so many of these activities have been done solo.

I am excited to take on some new challenges and learn something new. It is liberating knowing that I choose to do this not that I have to.
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Old Yesterday, 07:35 AM
 
2,586 posts, read 941,537 times
Reputation: 6752
I haven't read the whole thread- I'm on a trip to Chicago with my 5-year old granddaughter and that keeps me busy, but..

One Friday morning I was in a meeting in which my boss pretty much threw me under the bus- I was being raked over the coals for not making enhancements to a project that he and I had agreed could wait till the next quarter. He said nothing. I kick myself now for not publicly confronting him but I was socialized to be "nice". There had been problems leading up to this (having a hard time getting into meetings covering the project, not being kept updated, etc.). I called DH and said, I think I'm going to quit my job on Monday". We talked about it over the weekend. Monday, I walked in and told Boss that while I really loved the project I was working on (which was true), it appeared that issues had arisen that couldn't be resolved and it was time to discuss the circumstances of my departure, The weasel- his face flooded with relief. I walked out for the last time that Friday. That was 5 years ago and life is good.

Two zingers they flung at me: I signed a paper acknowledging that I was not eligible for re-hire (I thought they did that only if you embezzled from the company or sexually harassed your coworkers) and when I asked if I could keep the company-issued iPhone 4, which was a year old and a generation behind the latest, they said I'd have to pay $500 for it. I told them to keep it and bought a new iPhone 5 for $550.

My picture may still be posted in the reception area. I haven't been back to check.
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Old Yesterday, 08:14 AM
 
Location: Loudon, TN
6,132 posts, read 5,055,725 times
Reputation: 21055
I had been "running the numbers" for our pensions and other retirement income for about a year when DH's employer (the state) announced that due to budget issues the 1 day per month unpaid furloughs that they had imposed would be increased to 3 days per month, reducing their salaries by 15% per month. Since he'd been there for 34 years, I did the math on that and figured out that, at least until the furloughs ended, he would make as much money staying home on pension as he would working! And there was no telling how long the furloughs would last, if they would ever be reimbursed, or if the situation might even get worse. He put in his retirement paperwork literally the next day.

At that point, I had been increasingly unhappy at my job, due to some personnel changes and my workload. I knew that I was leaving a huge amount of money on the table in terms of my pension amount, but since I was not even able to sleep at night from the stress, I decided my mental health was more important than the money. I knew that with a few changes (like a big move to a lower COL state) we could manage quite nicely. We were tired of living where we were due to the increased population, traffic, air quality, and just the fact that it was all "been there, done that". So I sat my boss down and told him that I was leaving in 6 months at the end of the year. I knew it would take at least 3 months to get a job posting for my replacement, interview, and hire them, and that I would need a couple months to train the person. Unfortunately my boss seemed to think I was just having a bad day, and did nothing to start the ball rolling. Meanwhile I was turning in my paperwork and making plans. At the 3 month mark I asked him why we had no job posting yet, and he said that since I hadn't put it in writing he thought I wasn't serious. I took a piece of paper from his desk and wrote out my written notice as he sat there, and handed it to him. He was dumbstruck.

I've not regretted it for one minute. Yes, we left money on the table, but we live a great life and we have a little money left at the end of every month, so I don't see how more money would make us a whole lot happier. We do pretty much what we want, and we have enough to buy what we need, and even what we don't need, so we're happy. And I can sleep now.
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Old Yesterday, 08:42 AM
 
Location: Tennessee
24,520 posts, read 18,267,023 times
Reputation: 28806
My mother is retiring next month when she turns 62. She is planning on giving the employer just a two week notice. She's been there at least ten years.

She's saying she's retiring due to health reasons. That's part of it, but I think she sees being 62 and taking SS as just an exit ramp to stop working. They bought a new car with payments last year. None of this seems very well thought through. I don't know if I'd go so far to say she's retiring out of "protest," but she's definitely in a hurry.
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Old Yesterday, 08:57 AM
 
Location: Ypsilanti, MI
2,568 posts, read 3,768,037 times
Reputation: 5101
Quote:
Originally Posted by Serious Conversation View Post
My mother is retiring next month when she turns 62. She is planning on giving the employer just a two week notice. She's been there at least ten years.
Encourage her to talk to HR as early as possible to get the paperwork flowing - if she hasn't already done so. The SS Administration requests 3 months notice for processing too.
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Old Yesterday, 09:21 AM
 
5,466 posts, read 3,556,609 times
Reputation: 13874
Quote:
Originally Posted by MI-Roger View Post

Encourage her to talk to HR as early as possible to get the paperwork flowing - if she hasn't already done so.
I quit a huge law firm of over 400 lawyers and over a 1000 other law firm employees all in one office, giving two or three week notice - it isn't a big deal to HR to not give more notice - it made no difference to give this amount of notice to HR. And then I even decided to leave one week earlier than the notice given - and it made no difference to HR.

(yes, for those in the military it is different)

Last edited by matisse12; Yesterday at 10:49 AM..
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Old Yesterday, 09:29 AM
 
5,466 posts, read 3,556,609 times
Reputation: 13874
Quote:
Originally Posted by Serious Conversation View Post

My mother is retiring next month when she turns 62. She is planning on giving the employer just a two week notice. She's been there at least ten years.

She's saying she's retiring due to health reasons. That's part of it, but I think she sees being 62 and taking SS as just an exit ramp to stop working. They bought a new car with payments last year. None of this seems very well thought through. I don't know if I'd go so far to say she's retiring out of "protest," but she's definitely in a hurry.
Sometimes the lure and possibility of stopping work upon reaching age 62 and being able to collect Social Security at 62 becomes an overwhelming strong feeling, desire, and great opportunity to begin a different life.

Add in health problems and it seems even a greater opportunity and for some, a necessity.
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Old Yesterday, 09:29 AM
 
Location: equator
3,915 posts, read 1,710,941 times
Reputation: 9793
Quote:
Originally Posted by StealthRabbit View Post
Pre age 65 HC options (if required); (my costs (for a couple(2)) as example)
  1. Cobra $2200/ month
  2. ACA exchange (non-subsidized) $1770
  3. ACA subsidized <$65800 MAGI ($3.31 for HDHP for 2 in my state)
  4. Private group (small business) $1500 (HDHP)
  5. College plan as a student (if available, no longer in our area) $120 / month
  6. Medivacation (overseas, 15m people use this method) - self pay ~ 1/10th USA costs https://www.patientsbeyondborders.com/
  7. USA Health cost sharing networks ($300 - $400, NOT insurance but works for millions (including my extended family)
  8. FT travel insurance ($100 / month, not to be considered 'primary', but can work for necessary coverage (while away from home) CANCELS the moment you return home. )
  9. Move overseas (several examples in C-D retirement thread) (~$80 / month - $800/ month)
  10. Other Choices...
You must make too much money. Our ACA was only $80.

Why don't you retire to Thailand since you live part-time there?
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