Done gone and did it [Retire]
- Earl Lemongrab
- Posts: 7270
- Joined: Tue Jun 10, 2014 1:14 am
Done gone and did it [Retire]
I was clicking some stuff on the Megacorp web site and next thing you know I've submitted a retirement notice for January 31, 2018.
Getting set up for hand-off of duties and whatnot over the coming weeks. A new chapter.
Getting set up for hand-off of duties and whatnot over the coming weeks. A new chapter.
- Sandtrap
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Re: Done gone and did it
congratulations and best wishes
j
- Taylor Larimore
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Re: Done gone and did it
Earl:
Congratulations for making the big decision to retire!
I made the same decision at age 57 with apprehension. It turned out to be one of my better decisions (I've made many bad ones).
Best wishes.
Taylor
Congratulations for making the big decision to retire!
I made the same decision at age 57 with apprehension. It turned out to be one of my better decisions (I've made many bad ones).
Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle
- JDCarpenter
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Re: Done gone and did it
Congrats, Earl!
We exited at end of July (at 57/56), so still in newlywed phase ourselves.
Given the amount of planning/thinking you seem to have done (from my remembrance of prior posts), you should be good to go.
Enjoy!
We exited at end of July (at 57/56), so still in newlywed phase ourselves.
Given the amount of planning/thinking you seem to have done (from my remembrance of prior posts), you should be good to go.
Enjoy!
Our personal blog (no ads) of why we saved/invested: https://www.lisajtravels.com/
Re: Done gone and did it
Congradualtions!
At some, but not all companies, your healthcare benefits continue through the end of the month of when your last day is. If possible you might want to make the effective date February 1st to get that paid through the end of February.
At some, but not all companies, your healthcare benefits continue through the end of the month of when your last day is. If possible you might want to make the effective date February 1st to get that paid through the end of February.
- SmileyFace
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Re: Done gone and did it
Congratulations!
For your megacorp - is there any difference between resigning and retiring? Just curious.
For your megacorp - is there any difference between resigning and retiring? Just curious.
Re: Done gone and did it
Earl Lemongrab,Earl Lemongrab wrote: ↑Mon Dec 11, 2017 10:57 am I was clicking some stuff on the Megacorp web site and next thing you know I've submitted a retirement notice for January 31, 2018.
Getting set up for hand-off of duties and whatnot over the coming weeks. A new chapter.
I hope it works out for you. My friend's co-worker told her employer that she is quitting in 2 months' time. The employer laid her off immediately so that she cannot qualifies for retiree's health benefit.
KlangFool
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Re: Done gone and did it
I think this is the first time I've ever seen someone intimate that they retired by accident. Congrats though
Re: Done gone and did it
Congratulations! and best of luck.Earl Lemongrab wrote: ↑Mon Dec 11, 2017 10:57 am I was clicking some stuff on the Megacorp web site and next thing you know I've submitted a retirement notice for January 31, 2018.
Getting set up for hand-off of duties and whatnot over the coming weeks. A new chapter.
You beat me to it by a few days, my last day is Feb 9th
Once in a while you get shown the light, in the strangest of places if you look at it right.
- oldcomputerguy
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Re: Done gone and did it
Come on in, the water is fine!
Congratulations!!
Congratulations!!
There is only one success - to be able to spend your life in your own way. (Christopher Morley)
- Earl Lemongrab
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- Joined: Tue Jun 10, 2014 1:14 am
Re: Done gone and did it
Yes, but pension payments must begin on the first of the month following termination. So if I waited until Feb 1, I'd miss a month of pension, and that's larger than an insurance payment.
- Earl Lemongrab
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Re: Done gone and did it
Not much. You have to retire to get pension benefits. Everything else is the same.DaftInvestor wrote: ↑Mon Dec 11, 2017 11:59 am Congratulations!
For your megacorp - is there any difference between resigning and retiring? Just curious.
- Earl Lemongrab
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Re: Done gone and did it
As we don't get retiree health coverage (other than COBRA of course) that's not a factor. Megacorp doesn't work that way at any rate. Retirement is a common and celebrated event.
- Earl Lemongrab
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Re: Done gone and did it
My small joke. I did it about 15 minutes before my year-end performance review. As I went in, the Boss said, "Something you want to tell me?" As I figured, the system sent him an email.
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Re: Done gone and did it
There's got to be a back story on this. Otherwise I would think the company is ripe for a lawsuit.KlangFool wrote: ↑Mon Dec 11, 2017 12:04 pmEarl Lemongrab,Earl Lemongrab wrote: ↑Mon Dec 11, 2017 10:57 am I was clicking some stuff on the Megacorp web site and next thing you know I've submitted a retirement notice for January 31, 2018.
Getting set up for hand-off of duties and whatnot over the coming weeks. A new chapter.
I hope it works out for you. My friend's co-worker told her employer that she is quitting in 2 months' time. The employer laid her off immediately so that she cannot qualifies for retiree's health benefit.
KlangFool
Every day I can hike is a good day.
Re: Done gone and did it
Earl Lemongrab,Earl Lemongrab wrote: ↑Mon Dec 11, 2017 12:28 pmAs we don't get retiree health coverage (other than COBRA of course) that's not a factor. Megacorp doesn't work that way at any rate. Retirement is a common and celebrated event.
This event just happened right before Thanksgiving. And, it is a megacorp.
KlangFool
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- Earl Lemongrab
- Posts: 7270
- Joined: Tue Jun 10, 2014 1:14 am
Re: Done gone and did it
I have to finalize my pension benefit. The choices are:
Lump sum: $534,707.76
Single Life Annuity: $3,376.15
I'm single, so no beneficiary option. Running SPIA calculators, they come up with about $2500/month for that lump. I think the annuity makes the most sense. I have a substantial "lump sum" in the form of my investments. Building around the monthly pension makes sense to me.
Lump sum: $534,707.76
Single Life Annuity: $3,376.15
I'm single, so no beneficiary option. Running SPIA calculators, they come up with about $2500/month for that lump. I think the annuity makes the most sense. I have a substantial "lump sum" in the form of my investments. Building around the monthly pension makes sense to me.
- Earl Lemongrab
- Posts: 7270
- Joined: Tue Jun 10, 2014 1:14 am
Re: Done gone and did it
Carefreeap,Carefreeap wrote: ↑Mon Dec 11, 2017 12:32 pmThere's got to be a back story on this. Otherwise I would think the company is ripe for a lawsuit.KlangFool wrote: ↑Mon Dec 11, 2017 12:04 pmEarl Lemongrab,Earl Lemongrab wrote: ↑Mon Dec 11, 2017 10:57 am I was clicking some stuff on the Megacorp web site and next thing you know I've submitted a retirement notice for January 31, 2018.
Getting set up for hand-off of duties and whatnot over the coming weeks. A new chapter.
I hope it works out for you. My friend's co-worker told her employer that she is quitting in 2 months' time. The employer laid her off immediately so that she cannot qualifies for retiree's health benefit.
KlangFool
Yes, the person is engaging a lawyer to pursue this. But, she could avoid all this problem by not giving a 2 months notice. She was being careless and nice.
KlangFool
30% VWENX | 16% VFWAX/VTIAX | 14.5% VTSAX | 19.5% VBTLX | 10% VSIAX/VTMSX/VSMAX | 10% VSIGX| 30% Wellington 50% 3-funds 20% Mini-Larry
Re: Done gone and did it
Congratulations.
Last edited by Nicolas on Tue Dec 12, 2017 8:15 am, edited 2 times in total.
Re: Done gone and did it
Earl Lemongrab,Earl Lemongrab wrote: ↑Mon Dec 11, 2017 12:36 pmI didn't intend to express doubt. I'd take a layoff if I could get it. That would be better for me. After all, I don't get any severance or unemployment.
She was laid off before the end of the year. Hence, she lose her bonus, 401K matching contribution plus retiree's health benefits.
KlangFool
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Re: Done gone and did it
This seems retaliatory. If she gave written notice I would think she's got a good case.KlangFool wrote: ↑Mon Dec 11, 2017 12:40 pmEarl Lemongrab,Earl Lemongrab wrote: ↑Mon Dec 11, 2017 12:36 pmI didn't intend to express doubt. I'd take a layoff if I could get it. That would be better for me. After all, I don't get any severance or unemployment.
She was laid off before the end of the year. Hence, she lose her bonus, 401K matching contribution plus retiree's health benefits.
KlangFool
My DH gave about 3 months notice. Company reorganized his position so that hurt his ego but at least he kept his pay and other benefits.
When to give notice is so dependent on the situation.
Every day I can hike is a good day.
Re: Done gone and did it
The only missing piece of information is how long you will live for?Earl Lemongrab wrote: ↑Mon Dec 11, 2017 12:35 pm I have to finalize my pension benefit. The choices are:
Lump sum: $534,707.76
Single Life Annuity: $3,376.15
I'm single, so no beneficiary option. Running SPIA calculators, they come up with about $2500/month for that lump. I think the annuity makes the most sense. I have a substantial "lump sum" in the form of my investments. Building around the monthly pension makes sense to me.
"PSX will always go up 20%, why invest in anything else?!" -Father-in-law early retired.
Re: Done gone and did it
Carefreeap,Carefreeap wrote: ↑Mon Dec 11, 2017 12:47 pmThis seems retaliatory. If she gave written notice I would think she's got a good case.KlangFool wrote: ↑Mon Dec 11, 2017 12:40 pmEarl Lemongrab,Earl Lemongrab wrote: ↑Mon Dec 11, 2017 12:36 pmI didn't intend to express doubt. I'd take a layoff if I could get it. That would be better for me. After all, I don't get any severance or unemployment.
She was laid off before the end of the year. Hence, she lose her bonus, 401K matching contribution plus retiree's health benefits.
KlangFool
My DH gave about 3 months notice. Company reorganized his position so that hurt his ego but at least he kept his pay and other benefits.
When to give notice is so dependent on the situation.
1) This person had worked for this employer for 10+ years. She was being nice. She paid for her naiveness.
2) Someone else will retire from this employer next year. She will only give 2 weeks' notice.
KlangFool
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Re: Done gone and did it
However, she is now eligible for unemployment. Win for her in that regard (obviously may not offset other losses).KlangFool wrote: ↑Mon Dec 11, 2017 12:38 pmCarefreeap,Carefreeap wrote: ↑Mon Dec 11, 2017 12:32 pmThere's got to be a back story on this. Otherwise I would think the company is ripe for a lawsuit.KlangFool wrote: ↑Mon Dec 11, 2017 12:04 pmEarl Lemongrab,Earl Lemongrab wrote: ↑Mon Dec 11, 2017 10:57 am I was clicking some stuff on the Megacorp web site and next thing you know I've submitted a retirement notice for January 31, 2018.
Getting set up for hand-off of duties and whatnot over the coming weeks. A new chapter.
I hope it works out for you. My friend's co-worker told her employer that she is quitting in 2 months' time. The employer laid her off immediately so that she cannot qualifies for retiree's health benefit.
KlangFool
Yes, the person is engaging a lawyer to pursue this. But, she could avoid all this problem by not giving a 2 months notice. She was being careless and nice.
KlangFool
Re: Done gone and did it
Okay "oldcomputerguy: you're gonna have to explain this one:
Anybody know why there's a 20-pound frozen turkey up in the light grid?
Very funny, but I no get!!
Anybody know why there's a 20-pound frozen turkey up in the light grid?
Very funny, but I no get!!
- Earl Lemongrab
- Posts: 7270
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Re: Done gone and did it
Yes, that is always the question.TheHouse7 wrote: ↑Mon Dec 11, 2017 12:53 pmThe only missing piece of information is how long you will live for?Earl Lemongrab wrote: ↑Mon Dec 11, 2017 12:35 pm I have to finalize my pension benefit. The choices are:
Lump sum: $534,707.76
Single Life Annuity: $3,376.15
I'm single, so no beneficiary option. Running SPIA calculators, they come up with about $2500/month for that lump. I think the annuity makes the most sense. I have a substantial "lump sum" in the form of my investments. Building around the monthly pension makes sense to me.
Re: Done gone and did it
runner3081,runner3081 wrote: ↑Mon Dec 11, 2017 1:00 pmHowever, she is now eligible for unemployment. Win for her in that regard (obviously may not offset other losses).KlangFool wrote: ↑Mon Dec 11, 2017 12:38 pmCarefreeap,Carefreeap wrote: ↑Mon Dec 11, 2017 12:32 pmThere's got to be a back story on this. Otherwise I would think the company is ripe for a lawsuit.KlangFool wrote: ↑Mon Dec 11, 2017 12:04 pmEarl Lemongrab,Earl Lemongrab wrote: ↑Mon Dec 11, 2017 10:57 am I was clicking some stuff on the Megacorp web site and next thing you know I've submitted a retirement notice for January 31, 2018.
Getting set up for hand-off of duties and whatnot over the coming weeks. A new chapter.
I hope it works out for you. My friend's co-worker told her employer that she is quitting in 2 months' time. The employer laid her off immediately so that she cannot qualifies for retiree's health benefit.
KlangFool
Yes, the person is engaging a lawyer to pursue this. But, she could avoid all this problem by not giving a 2 months notice. She was being careless and nice.
KlangFool
She is 50+. The retiree's health benefit will make or break her early retirement budget.
KlangFool
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- alpine_boglehead
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Re: Done gone and did it
Congratulations - life's too short anyway. I can only wish you the life expectancy and spirit of John Bogle, Warren Buffet, Charie Munger and Taylor Larimore.
According to grok87's tagline "...people always live for ever when there is any annuity to be paid them- Jane Austen", a SPIA would make sense
According to grok87's tagline "...people always live for ever when there is any annuity to be paid them- Jane Austen", a SPIA would make sense
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Re: Done gone and did it
one BH has 4 mil in VT indexed and one late start at 40 with zero saving, who should worry about retirement the most?
- triceratop
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Re: Done gone and did it
Earl,
Thank you for the help in the past, and good luck in retirement. I wish you success in your secondary career of moving assets around betwixt brokerages.
Thank you for the help in the past, and good luck in retirement. I wish you success in your secondary career of moving assets around betwixt brokerages.
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."
Re: Done gone and did it
Congratulations you lucky lemon!
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Re: Done gone and did it
No more One More Years?
Re: Done gone and did it
Good on your friend for getting a lawyer. Section 510 of ERISA makes it "unlawful for any person to discharge, fine, suspend, expel, discipline, or discriminate against a participant or beneficiary ... for the purpose of interfering with the attainment of any right to which such participant may become entitled under the plan, this subchapter, or the Welfare and Pension Plans Disclosure Act."
- Earl Lemongrab
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- Joined: Tue Jun 10, 2014 1:14 am
Re: Done gone and did it
One thing I had been kicking around with the pension situation is ACA. Right now, with a 40k pension and dividends off the taxable investments, I wouldn't qualify for any subsidy. However, I'm not that worried about it. I'll be taking COBRA to start and with the uncertainty around the whole thing it's hard to say what the situation with be in a year or so.
Re: Done gone and did it
Thanks.Helvetica wrote: ↑Mon Dec 11, 2017 1:53 pmGood on your friend for getting a lawyer. Section 510 of ERISA makes it "unlawful for any person to discharge, fine, suspend, expel, discipline, or discriminate against a participant or beneficiary ... for the purpose of interfering with the attainment of any right to which such participant may become entitled under the plan, this subchapter, or the Welfare and Pension Plans Disclosure Act."
KlangFool
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Re: Done gone and did it
Good to see an active poster retiring so he can devote more time to help other folks. Earl, be sure to let us know which pension benefit option you selected. I would go the annuity route if the company is solid.
TravelforFun
TravelforFun
- TheTimeLord
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Re: Done gone and did it
Shucks, I thought this was going to be another Bitcoin thread. Congrats.Earl Lemongrab wrote: ↑Mon Dec 11, 2017 10:57 am I was clicking some stuff on the Megacorp web site and next thing you know I've submitted a retirement notice for January 31, 2018.
Getting set up for hand-off of duties and whatnot over the coming weeks. A new chapter.
IMHO, Investing should be about living the life you want, not avoiding the life you fear. |
Run, You Clever Boy! [9085]
Re: Done gone and did it
Earl,Earl Lemongrab wrote: ↑Mon Dec 11, 2017 12:35 pm I have to finalize my pension benefit. The choices are:
Lump sum: $534,707.76
Single Life Annuity: $3,376.15
I'm single, so no beneficiary option. Running SPIA calculators, they come up with about $2500/month for that lump. I think the annuity makes the most sense. I have a substantial "lump sum" in the form of my investments. Building around the monthly pension makes sense to me.
Congratulations! Just a quick question: Is it possible for the life annuity providing company to go bankrupt?
"I don't worry too much about pointing fingers at the past. I operate on the theory that every saint has a past, every sinner has a future." -- Warren Buffett
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Re: Done gone and did it
Congrats!
dreaming and working toward my own accidental sendoff.
dreaming and working toward my own accidental sendoff.
Don't let your outflow exceed your income or your upkeep will be your downfall.
- Taylor Larimore
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Re: Done gone and did it
Each state in the U.S. has a Guarantee Association to protect against an insurance company going bankrupt:Just a quick question: Is it possible for the life annuity providing company to go bankrupt?
Guarantee Associations
Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle
Re: Done gone and did it
Thank you, Taylor. I am always learning!Taylor Larimore wrote: ↑Mon Dec 11, 2017 3:34 pmEach state in the U.S. has a Guarantee Association to protect against an insurance company going bankrupt:Just a quick question: Is it possible for the life annuity providing company to go bankrupt?
Guarantee Associations
Best wishes.
Taylor
Edit: It appears that the general guaranty for annuity is for up to $250K. Earl's state might have a different limit but Earl can walk away with $534K now.
Last edited by Shikoku on Mon Dec 11, 2017 4:08 pm, edited 2 times in total.
"I don't worry too much about pointing fingers at the past. I operate on the theory that every saint has a past, every sinner has a future." -- Warren Buffett
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Re: Done gone and did it
Congratulations.
And since I think you're in my state, I'll be looking forward to hearing how the post-COBRA insurance search goes. We'll be heading down that path soon.
It is nice to have the pension income, future SS, and investments. But that first step....
And since I think you're in my state, I'll be looking forward to hearing how the post-COBRA insurance search goes. We'll be heading down that path soon.
It is nice to have the pension income, future SS, and investments. But that first step....
Re: Done gone and did it
Congrats Earl!
Every day that ticks off the calendar is one LESS you have to live.
Make the most of the ones remaining.
Best wishes
Don
Every day that ticks off the calendar is one LESS you have to live.
Make the most of the ones remaining.
Best wishes
Don
Re: Done gone and did it [Retire]
Congratulations!! Best way to start 2018.
Have you thought about what will you do with all the time? Or you will use that time to figure out what to do?
Have you thought about what will you do with all the time? Or you will use that time to figure out what to do?
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Re: Done gone and did it [Retire]
Congrats! It’s a great feeling.