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Linny says hi!
Old 02-20-2013, 02:09 PM   #1
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Linny says hi!

Hi everyone. I'm Linny and my hoped retirement date is December 31, 2013. I may have to stay until June of 2014 but I am trying every which way to make it the end of this year. There would be a difference of $145 a month in my pension by going early but I would start closing that gap in a year when I would start getting 2% COLA every May. I've just reached the BS Wall at work! I could make it comfortably either way - I live pretty simply anyway. But everyone is telling me to wait. Mostly because none of them are anywhere near retirement!

My 93 year old mother died last month and I had been her caretaker for 9 years. Am I just reacting to that by wanting to get out and start a new life?

Retirement workshop planned for the end of the month.

Thanks!
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Old 02-20-2013, 02:13 PM   #2
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Welcome. Sounds like you are ready for the next chapter.
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Old 02-20-2013, 02:19 PM   #3
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As the young folk say:

GO GIRL!!!!!!!!!!!!!!
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Old 02-20-2013, 02:26 PM   #4
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Welcome aboard, Linny727
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Old 02-20-2013, 02:34 PM   #5
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Linny -

First, my sympathy on the loss of your mom. Even when "expected" it is tough.

Re retirement, it is complicated. Such a personal decision. Run the numbers, and see what looks good. On the COLA issue, if you are CalPERS, remember it is May AFTER one full year of retirement. Retire 12/31/2013, first COLA 05/2015. Retire the next day 01/01/2014, first COLA 05/2016. Plan accordingly.
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Old 02-20-2013, 02:42 PM   #6
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Hi all:

Thanks! Yes, AW, I am PERS - the COLA is complicated and all my retiree friends all tell me the date is the most important part. I guess I had a monthly figure in mind and now I would be changing it - psychologically it would mean something but financially I would be ok, though who wouldn't always want more a month? I do not own a home and my debt is almost gone so my money would be going to travel and savings and whatever else I wanted. Thought I would want to buy a home for the first time then had a $5000 dental bill and said, WTF?! Why would I want a mortgage! Will be buying into a townhouse cooperative instead - my own 3 bedroom, 2 bath place for a buy-in of $30k, in the Davis area.
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Old 02-20-2013, 03:16 PM   #7
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Davis is nice. You can bike every where! Too bad they renamed Murder Burger to Redrum. Oh well.

The only point about the COLA is staying till June will delay the COLA by a year. Just be sure to figure that in. If you are contributing to a 401 or similar, that helps minimize the difference between paycheck and CalPERS annuity check.

Are you a State employee or School District (classified) or
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Old 02-20-2013, 04:05 PM   #8
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I'm a city employee. So even with the lesser monthly amount, December may be a better bet than waiting until June based on the COLA schedule. Lots of think about! Thanks
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Old 02-20-2013, 04:14 PM   #9
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One final thing - dunno if you are contributing your part (I worked for SMUD and part of our benefits package - since discontinued - was that SMUD picked up the employee contribs to CalPERS. The effect of that is that there is what they call EPMC (Employer Paid Member Contributions). The EPMC is in fact another form of "salary" and amounts to about a 7 - 7 1/2% bump in your CalPERS annuity. Lastly, if you have sick time on the books, verify that it gets properly converted to additional service credit. CalPERS wants it reported in either days or hours, I forget now, and SMUD reported in the other. Resulted in many folks getting shortchanged by 7/8 of their sick time. Go talk to the CalPERS folks downtown. They are really pretty friendly.

Happy retirement!!!!!!!!!!!

(my own goal is to live SO LONG that when the time comes, CalPERS sends a representative to my funeral "to be SURE that he is finally dead")
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Old 02-20-2013, 08:55 PM   #10
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Welcome, linny.
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Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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