Big day for me today!

[Like2Plan]

Today is the day I become eligible to retire!

My long range plan was to retire at the end of this month, but I have not submitted my paperwork, yet. I have been told the paperwork lead time is about 2 months in order to get a retirement check in a timely manner, so by in-action I guess you could say I am waffling. (There are a lot of what have-yous and what nots in the decision to retire. )

[disneysteve]

That's a big milestone, whether you actually retire or not. That won't happen for me since I'm not in a job or career that has a set retirement date like that. For me, it will be totally based on money. When we have enough saved, I will be able to stop working. I'm shooting for 62 but can't be sure at this point as that is still 16 years away and lots can change in that amount of time.

[Like2Plan]

Steve,
It is amazing how fast the time goes by.
One of the reasons I wanted to retire at the end of this month was because my place of work is relocating and my commute will be extended. But, the move has been delayed 'til the end of March (and I have heard rumors there may be a further delay to May! ). I am also in the middle of a big project that I want to see finished before I leave. Finally, my co-workers were able to negotiate a pretty nice AWS work schedule (4-10 hr days) with the boss which they have been told they will lose if I go because there will be too many gaps in the schedule without me (no pressure! )

On the other side of things, work gets in the way of my travel plans. But other than that (and the expected longer commute) there really is nothing pressing.

For the most part I have always loved my current job. I wonder if in a few years I will wonder what was my big rush to get out the door (right now, I am having a hard time imagining that--though ).

[disneysteve]

Do you do the type of work that would lend itself to part-time/temp/consulting later on if you find that you miss it?

As a physician, one thing that is open to me in retirement is locum tenens work, basically temp work for doctors. I could take an assignment as short as a few days to as long as a few months to keep my hand in things if I want to. Some docs do the temp thing just a few months per year and relax and travel the rest of the year.

[snafu]

Anyone whose has a job they love is in a unique position. Since you have work you love, are in the midst of a major project, without an onerous commute, and have not set aside a time ordered travel plan...why not take a wait 'n see' attitude until the project is completed. Even if it takes 2 months to get your 1st retirement cheque...you can always dip into emergency funds temporarily.

Unless you have specific plans, a travel itinerary, a lengthy 'bucket' list you will likely find retirement a genuine bore after 90 days when you've done all those 'set asides.' This also gives you time to prioritize your list of retirement activities and work out the specifics. Should you wish to work part time or as a consultant, you have time to build-up your network and let them know of your availability. Where do you really want to go? Do you want to drive, fly, skipper? Who do you really want to see? When are the special events? Time for more research etc.

I hope you will re-consider leaving the workforce. it has little to do with money and all with attitude.

[disneysteve]

Originally Posted by snafu

Unless you have specific plans, a travel itinerary, a lengthy 'bucket' list you will likely find retirement a genuine bore after 90 days when you've done all those 'set asides.'

I hope you will re-consider leaving the workforce. it has little to do with money and all with attitude.

Not me. As soon as I've got the cash, I'm out of here. I absolutely will not be bored in retirement. There are so many things I do not have adequate time for due to work. As long as I am in good health, I will love every minute of retirement. And if I'm not in good health, I wouldn't be working anyway. So either way, for me it is all about the money.

[Like2Plan]

Originally Posted by disneysteve

Do you do the type of work that would lend itself to part-time/temp/consulting later on if you find that you miss it?

I've seen others step out the door and then become consultants or go to work for another company and start a second career. But, I think that would tend to interfer with my travel plans, too.

[Like2Plan]

Originally Posted by snafu

Where do you really want to go? Do you want to drive, fly, skipper? Who do you really want to see? When are the special events? Time for more research etc.

We do have a list of things to which we are always adding--like the Alburquerque Internation Balloon Festival. But, we try to do as much as we can right now. Last year, we were on the road quite a bit (mostly over long weekends). I love parades, fireworks and flower festivals--DH loves military history. Also, in the last year we started geneology research--so that is going to take some more travel. Sometimes we just pick a city we've never been to which is a lot of fun.

I hope you will re-consider leaving the workforce. it has little to do with money and all with attitude.

As it stands, I plan to work a couple more months at a minimum--possibly 3. That way I will find out how crazy the commute is before I make a decision.

[doxie]

In my job when you reach eligibility we call it KMA time (kiss my a**!). A lot of people stick around until they get moved to an assignment they don't like, or a supervisor they don't like and then...KMA!

Oh how I daydream about that day, 15 years from now! I don't know if I'll be able to financially, but I think that freedom of knowing I could scoot would just be heaven.

Congrats, enjoy yourself!

[bjl584]

Congrats.

For me, I will retire when I have enough money to do so. I'm 32, so I'm a long way away.

[Like2Plan]

Originally Posted by doxie

In my job when you reach eligibility we call it KMA time ...

One of my supervisers mentioned that to me a few months ago (first I'd ever heard the term )---he said I'd be getting my KMA card... (I think that is hilarious)

[Like2Plan]

I am working on my "exit strategy". I have been trying to figure out the best day to retire this year--balancing the various pros and cons... I checked in with the person in personnel who will process my paperwork for retirement (for whenever I decide ). I found out the optimum lead time for submitting my paperwork is 6-8 weeks, although she has had folks drop the paperwork on her desk on the way out the door (I would love to know the back story on those. )
She also said that no matter how far in advance the paperwork is submitted, I should plan on not seeing my first retirement check until 60-90 days after the day I retire-apparently there are a lot of what-have-yous and what-nots involved with the process. I have been thinking about what I should do about this. (I have talked to recent retirees and they said it was more like 30days in reality). But, just to prepare myself I thought I should have a plan in place.

[Like2Plan]

Being a cautios person by nature I have several options available to me for a 60-90 day wait:

1. I have vacation time that I plan to cash out which I believe will easily cover 90 days.

2. Dip into emergency funds. (Replace EF $$ when pay kicks in.)

3. Stop contributions to my 401K altogether and start stockpiling $$ instead. It seems a shame to give up contributions to cover a relatively short peiod of time--so I don't think this one is a good option.

[Frugal]

Congratulations! I am sure retirement is an exciting time, although it is a ways away for me...I guess saving money does certainly pay off when you reach the point of retirement! All those years saving...

[snafu]

Congratulations on getting ready to retire. I'm sure you'll be fine, you needn't overthink the process if you have holiday pay and an emergency fund. Do you have a lot of bills to pay? If so, you might feel more secure by paying down debt.

What is your post retirement plan? Wat will you do to fill all those hours? Will you have friends who are available for visits, golf, bike rides etc? Will you travel? Will you work on your home to update/upgrade for future re-sale?Will you take classes and learn how to fix your car yourself or do woodworking or landscaping? All these factors would likely be part of the retirement date planning I suspect.

[canada94]

Originally Posted by Like2Plan

Today is the day I become eligible to retire!

My long range plan was to retire at the end of this month, but I have not submitted my paperwork, yet. I have been told the paperwork lead time is about 2 months in order to get a retirement check in a timely manner, so by in-action I guess you could say I am waffling. (There are a lot of what have-yous and what nots in the decision to retire. )

Whatever you do, just enjoy the things you love to do, im sure you will 'retire' when you feel ready.

good Luck


Kevin

[khosta]

Congrats to you!!!! That's a huge life accomplishment!!! Be proud of yourself!!!

[Like2Plan]

Originally Posted by Frugal

Congratulations! I am sure retirement is an exciting time, although it is a ways away for me...I guess saving money does certainly pay off when you reach the point of retirement! All those years saving...

Frugal,
Thanks. Retirement sneaks up on you in no time. I'll tell you one thing that is really hard to get used to--and that is after saving for my retirement for so many years--I find it difficult to think about spending the money saved for retirement.

[Like2Plan]

Originally Posted by snafu

Congratulations on getting ready to retire. I'm sure you'll be fine, you needn't overthink the process if you have holiday pay and an emergency fund. Do you have a lot of bills to pay? If so, you might feel more secure by paying down debt..

Snafu,
Thanks. I like using this board as a sounding board for my plans. We don't have a lot of bills to pay. As part of the plan for retirement, we paid off our mortgage a few years ago. We already set aside money for our son's college (he's almost finished ). We don't carryover any CC debt. The only debt we have is a car loan that is scheduled to be paid off in a year.

What is your post retirement plan? Wat will you do to fill all those hours? Will you have friends who are available for visits, golf, bike rides etc? Will you travel? Will you work on your home to update/upgrade for future re-sale?Will you take classes and learn how to fix your car yourself or do woodworking or landscaping? All these factors would likely be part of the retirement date planning I suspect.

DH and I love to travel. Last year I had the weekends off and combined with a pretty sweet alternate work schedule (which gives me an extra day off each week), we were able to stretch out weekend travel. This year, I still have AWS but I have to work Saturday-- so it has put a real crimp into our travel plans--Holidays are the only thing that has saved me so far. Since January, we've gone to Orlando FL, Panama City FL, Birmingham/Huntville AL and New York City and a couple of other shorter trips. In the future if our flight is oversold and they are looking for volunteers with flexible plans--I want to be that volunteer!

I also want to put together photo albums (photos are all in shoe boxes--never had time to put them together).

I also want to get back into designing quilt tops. I have a couple of unfinished projects.

DH and I walk an hour a day--almost without exception. In addition to that, I would love to do that and just walk up to the local Starbucks (that is a mile away) for a coffee. Sit down and people watch while I drink it. It seems that I never have time to do that now.

[Like2Plan]

Originally Posted by canada94

Whatever you do, just enjoy the things you love to do, im sure you will 'retire' when you feel ready.

good Luck


Kevin

Kevin,
Thanks.