Retirement as Protest (best, wife, security, medical insurance)
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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 would say, if the bolded works in your favor – as a "protest" – then, fine. Do it. Even if it throws the department into temporary "Oh, what will we do?" – no one will care about it shortly thereafter. Seriously.
Except you.
They'll close ranks and struggle along somehow. After all, companies cut people every day who actually fill a real need and are "good workers" – and keep the less-capable (and even kooky!) with lower paychecks, etc. "Salary savings" will beat you every time. Everybody left puts their head down to stay out of the line of fire.
Personally, that happened to me. At this point, it doesn't do me any good to tote up what was "left on the table" unless I want to make myself miserable. I didn't get "a retirement" though I am now retired. What I had was several years of cobbling things together to get to that place. I'm okay and will be, but if not for a particular VP who dumped several people in their late 50s and got a promotion and a bonus equal to two of our salaries ... well, things would have shaken out differently.
So, if you can vamoose into retirement with a decent (even if not the most) amount of money a little early, I'd do it. You will be in control. You could still find a way to make some more money if necessary, but you can't generate more time. And your mental health will be worth it.
"...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."
Yes, I'm fully covered. I chose to work another year because I got an unexpected pay raise and knew it would increase my pension amount. To fully maximize my benefits, I'd "have to" work another ten months but, to retire safely, I need not work another day...
"So, if you can vamoose into retirement with a decent (even if not the most) amount of money a little early, I'd do it. You will be in control. You could still find a way to make some more money if necessary, but you can't generate more time. And your mental health will be worth it."
Great advice. I definitely feel like I'm "on the ropes" currently and don't like it. Feeling in control of my life is important, at least to me. As for earning more money, I (probably irrationally) worry about my recommendation for that piddly part-time job in retirement from a boss who would be ticked off if I just walked out. Do future employers actually check those for the over-the-hill gang?
It's actually not an issue since most employers are forbidden, by their own HR departments, to give any reference other than dates of employment and salary to any potential employers. And most employers of PT workers aren't going to bother to call on references at Big Money Corp, LLC where 55 year old Otter worked 4 years ago.
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.
This is one of the major premises of the Financial Independence movement. They basically say it's worth the sacrifice to save your butt off in your 20s and 30s so you don't have to wait until 60 or 65 to walk away from a bad employment situation.
Not me. I had planned early on in my career to retire early...55 was my goal and I met it.
3 months after I hit 55 I officially retired. Been 7 years now and I have no regrets at all.
Just curious since you retired at 55 - before being eligible for Medicare - what did you do for medical insurance?
This is one of the major premises of the Financial Independence movement. They basically say it's worth the sacrifice to save your butt off in your 20s and 30s so you don't have to wait until 60 or 65 to walk away from a bad employment situation.
I have plenty of savings and could've retired (with a full pension and medical benefits) several years ago but, being fiscally responsible and even frugal/cheap/greedy, my plan was to maximize my income for life since I have no intention of returning to work full-time (or even part-time, unless I want to). Granted, I should have "walked away" before all the Millennials took over, had I only known, but too late now!
Just curious since you retired at 55 - before being eligible for Medicare - what did you do for medical insurance?
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.
Dang, after reading this thread, I feel guilty. I liked my job. Sure, I had an occasional Manager that was demanding, but I was sometimes demanding of folks that reported to me. That's just the way it is.. It was that way in the Army and that way for the company I did my time with. At age 55 I was offered a nice early out package and I turned it down. At age 57, I was offered it again and accepted. My company covered my health insurance till I was 65. I have been retired 25 years now and I enjoy retirement, but I also enjoyed my job.
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