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Hi... I'm eligible to retire soon...
Old 03-09-2012, 05:42 PM   #1
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Hi... I'm eligible to retire soon...

Hi, After 34 years with the same company, I'll turn 60 in August and can retire Sept.1 with a pension. I am ready... the thing is... if I work on till the end of this year, I can collect 8 weeks of vacation and sick pay in addition to pension check. I'm leaning toward working 4 extra months to get the 2 months free pay. That would be a nice piece of change to help me transition into my free time. So; it's Sept. or January.... Talk to me.!
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Old 03-09-2012, 06:11 PM   #2
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Can you work through year end and then go on "vacation" for January and February 2013?

I recently ER'd and worked through December and then went on vacation. Doing that pushed my unused vacation into 2012 and I changed my 401k to be 100% of my net pay so it pumped up my 401k and reduced my taxable income.

Unless you really HATE your j*b I think I would stick it out for an additional 4 months.
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Old 03-09-2012, 06:39 PM   #3
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Congratulations on your upcoming retirement !! Assuming you don't need the extra money to cover your 30 - 35 year retirement I would work the extra time and take an extra special vacation (or two or three) with half the money. I'd save the other half for some future need that you haven't thought of yet.
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Old 03-09-2012, 09:39 PM   #4
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I'm in a similar boat as you...I am eligible to retire in January 2013 at 55 with a COLA pension. At that time, I'll also get paid for 240 hrs vacation time @ $32 per hr = $7440. However, each additional 2 weeks I work in 2013 will give me an additional 8 hrs vacation time or $256, up till the end of the year, meaning I could stay until December & collect $14336 (gross) in vacation pay, plus accumulate a little more sick leave which might add a little to my pension, depending on how the calculation falls. My thought is the vacation money would be a nice booster for my post-retirement cash-on-hand stash. It would also increase my pension by 2%, which isn't a fortune, but since we (fed employees) have taken (so far) a 2 year pay freeze, it would help a little. There's a current proposal to freeze us again...making it a 3 year freeze. Every freeze knocks my pension down....and that's the biggest reason I'm considering working a little longer.
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Old 03-10-2012, 02:46 AM   #5
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Originally Posted by pb4uski View Post
Unless you really HATE your j*b I think I would stick it out for an additional 4 months.
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Old 03-10-2012, 02:54 AM   #6
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I'd hang on until January if it was me. I really love summer and would prefer to retire "going into" summer than "coming out of" summer. Everyone has their own perspective on this, but, I figure if I'm gonna be stuck inside due to rain or snow I'd rather be getting paid for it. Full disclosure: my rampdown will start at Christmas next year, and I'll work about 7-10 days per month incl travel time (usually one trip, per month, leaving on Saturday morning, getting back the following Saturday or Sunday, most months, with the occasional second trip). So I'll get a full year of work, qualify for the bonus, the stock options will vest, qualify for the deferred comp match, and will start 2014 with time to catch up on chores around the house between spurts of work, and will look forward to a fun and activity filled spring and summer.

Just my two or three cents, FWIW.

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Old 03-10-2012, 05:15 AM   #7
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Quote:
Originally Posted by spudowns View Post
Hi, After 34 years with the same company, I'll turn 60 in August and can retire Sept.1 with a pension. I am ready... the thing is... if I work on till the end of this year, I can collect 8 weeks of vacation and sick pay in addition to pension check. I'm leaning toward working 4 extra months to get the 2 months free pay. That would be a nice piece of change to help me transition into my free time. So; it's Sept. or January.... Talk to me.!
Hi spudowns, and welcome. Have you run your numbers through FIRECalc yet to see how staying another 4 months would impact your retirement?
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Old 03-10-2012, 06:14 AM   #8
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I think I would work the extra four months. You get the extra $ and extra transition time to put the final touches on your re plan. And like Rambler said - its good to retire going into summer than coming out of summer.
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