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Talked to my boss this morning to lay out a retirement plan. I'll be a little over 67 years when I start my adventure into semi-retirement.
Starting January 1st I will see my hours, days really, cut from 40 to 32 and from then on I will always have either Mondays or Fridays off. Of course I will see a 20% reduction in pay but I don't care, I'm getting tired and just as soon start taking Mondays or Fridays off.
Six months later on July 1st I'll take another day off and another 20% cut. I would love to have Mondays and Fridays off.
After this six months later you guessed it, another day off and another 20% reduction in pay. Do I want Monday's, Tuesday's and Friday's off or do I want Monday's, Thursday's and Friday's off?
My wife will be collecting her FRA social security shortly and we're really at the place where I don't have to work anymore. If all I work is 2 days a week we'll be just fine without my having to draw social security and my biggest goal is to put off collecting until I hit 70.
After 70 I'll work one day a week just for the extra money and a place to go have coffee while I keep up with what everyone is doing.
Talked to my boss this morning to lay out a retirement plan. I'll be a little over 67 years when I start my adventure into semi-retirement.
Starting January 1st I will see my hours, days really, cut from 40 to 32 and from then on I will always have either Mondays or Fridays off. Of course I will see a 20% reduction in pay but I don't care, I'm getting tired and just as soon start taking Mondays or Fridays off.
Six months later on July 1st I'll take another day off and another 20% cut. I would love to have Mondays and Fridays off.
After this six months later you guessed it, another day off and another 20% reduction in pay. Do I want Monday's, Tuesday's and Friday's off or do I want Monday's, Thursday's and Friday's off?
My wife will be collecting her FRA social security shortly and we're really at the place where I don't have to work anymore. If all I work is 2 days a week we'll be just fine without my having to draw social security and my biggest goal is to put off collecting until I hit 70.
After 70 I'll work one day a week just for the extra money and a place to go have coffee while I keep up with what everyone is doing.
Sound like a good plan?
keep in mind going below 32 hours makes you not eligible for company medical benefits under the current laws ..
that is why i didn't go to 3 days . i would have had to cobra like i am now that i am retired as of thursday . you can't participate in a company plan with less than 32 hours .
They can calculate the hours using a look back period which can help extend it a bit.
Last edited by mathjak107; 07-27-2015 at 04:15 PM..
The OP's plan is ideal, from where I sit. He is fortunate to have that kind of flexibility on the part of his employer. I also did some part-time work after retirement, but it wasn't planned ahead of time and it wasn't so regular. But I enjoyed it and I didn't mind the occasional work - a couple of weeks here, three weeks there, punctuated by a good amount of time off. When I tired of those special assignments after a few years, I gave them up.
"Work" doesn't have to be all or nothing, or, looking at it from the other direction, "retirement" doesn't have to all or nothing either!
Edited to add: Good point by Mathjak just above about employer provided medical care. However I assume the OP has already given that some thought.
Actually, I've wondered. If my FRA for So. Sec. is 66 and I take Medicare at 65, how am I billed for it, rather, how do I pay for it if it's not being subtracted from my Soc. Security?
Actually, I've wondered. If my FRA for So. Sec. is 66 and I take Medicare at 65, how am I billed for it, rather, how do I pay for it if it's not being subtracted from my Soc. Security?
Oh don't worry, they will bill you for it, quarterly, I believe. They are not about to give it to you as a freebee! I was billed the one year my Medicare Part B premium amount exceeded my Social Security retirement benefit. They cancelled the SS payment and billed me for the balance owing.
If I recall correctly I received the bills in the U.S. Mail, but that was a few years ago and I cannot claim to be up to date on their procedures.
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