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Old 10-30-2009, 01:27 PM   #21
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I agree. If I could swing the same deal, I would.
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Old 10-30-2009, 02:11 PM   #22
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If you are lucky you might find this is even a better deal than you think. I know some places that still expect part-time people to work a full-time workload, in which case you are getting a lower salary and taking more work home to do on your non-work hours. On the other hand, I know some places that think it's expected to give extra assignments to full time people, but are careful not to assign work beyond the agreed work hours to part timers. In which case, you might be trading a 50-60 hour uncontrolled workweek for a 36 hour controlled work week and only giving up 10% of pay. Good luck.
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Old 10-30-2009, 03:29 PM   #23
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I punched out (resigned) the minute I realized it was possible financially. I went from having all the money I needed to being on a fixed budget, but a lot of things improved for me healthwise and emotionally. No brainer.

It all depends on how toxic your w*rk environment is and how the situational stress is affecting your health and sanity.
Ask your doc for an opinion next time you go for a physical.
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Old 10-30-2009, 10:47 PM   #24
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Ask your doc for an opinion next time you go for a physical.
I didn't ask mine for his opinion. I just told him I retired. He was a bit surprised. I couldn't tell if he was envious. He shouldn't be, because he was young (probably not more than 40), and has not paid his dues.
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Old 10-31-2009, 12:47 PM   #25
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I did something similar to this 2 years ago. I went to 80% time, but the deal I got was not as favorable as yours. My vacation and sick leave is pro-rated as is my additional pension years of service. The pay rate for my pension calculation is the full time rate though. I expected to get no raises, but have been pleasantly surprised the last two years and got average to slightly better than average raises. However, I recently changed to a less visible, but more interesting internal position and I don't expect this to continue.

I have really liked this arrangement. I have two young children (under 10) and my husband works full time (until very recently when I convinced him to pursue a similar arrangement). The reduction in my stress level is significant and my enjoyment of life is greatly enhanced.

If I hadn't been very close to FI, I would most likely not have pursued this arrangement. I have 200 days left to work until I qualify for retiree medical, but may decide to work longer since I have better work/life balance, the pay and pension benefits are quite good and the kids are tied to a school schedule much of the year.

It has worked for me and seems to be working for my husband.

200 days to go (but can't figure out how to change my name!)
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Old 10-31-2009, 02:48 PM   #26
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I have really liked this arrangement.... The reduction in my stress level is significant and my enjoyment of life is greatly enhanced.
That says it all! Good for you.
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Old 11-06-2009, 11:11 AM   #27
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Good for you! You seem to have an ideal situation for semi-retirement; a job and coworkers you like, plus the flexibility to cut hours and enjoy life outside or the workplace. This may be a good opportunity for you to develop other areas of interest, such as hobbies, community involvement or travel, that you will want to expand when you are fully-retired.
Congratulations!
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Old 11-06-2009, 01:07 PM   #28
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I was lucky enough to get a 6% reduction in pay, however they neglected to reduce my hours any. I think I'm getting screwed here??
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Old 11-06-2009, 01:43 PM   #29
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We got no raises this year (across the board) and anyhow we barely keep up with the cost of living. They also cut about 10% of the IT staff - but not any of the projects. So we are expected to do more work in the same amount of time. We are terribly understaffed right now.

They used to let us work 3 days a week but I don't know if that's still the case. For me - I'd retire today (totally) to get away from the stress. Working longer would be for the health insurance only. I'll be 62 in June and just hanging on... wondering what will happen after COBRA runs out.

I think for me a gradual easing into retirement is not necessary. I'm up for a full-blown watch-me-as-I-sprint-for-the-door type of exit I haven't discussed it with my manager because I don't really know for sure if I will retire at 62. Discussing it with someone who is 34 will be entertaining, to say the least. And I'd be leaving in the middle of some big projects. Tempting (I am into vengeance today!)

I do work from home one day a week (today) and I can work from home if the driving is dangerous (like ice in the winter) or I feel sick and don't want to share it. I really have a good deal in that regard. But I'm sick of working!!!
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Old 11-11-2009, 03:18 PM   #30
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I don't really know for sure if I will retire at 62. Discussing it with someone who is 34 will be entertaining, to say the least.
A 34-year-old probably thinks that a 62-year-old is ancient and should have retired years ago ... I doubt you'll be asked to reconsider.

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And I'd be leaving in the middle of some big projects.
No longer your problem!
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Old 11-11-2009, 03:43 PM   #31
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A 34-year-old probably thinks that a 62-year-old is ancient and should have retired years ago ... I doubt you'll be asked to reconsider.

No longer your problem!
Yes - I just have to be SURE that I'm leaving before I do it. The 34 year old isn't sure I'm ready for promotion. LOL!
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Old 11-11-2009, 09:50 PM   #32
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The 34 year old isn't sure I'm ready for promotion.
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Old 11-11-2009, 10:19 PM   #33
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Yes, DEFINITELY too funny! Hence the I'm-SO-out-of-here approach to retirement
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Old 11-20-2009, 04:25 PM   #34
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Gradual Retirement

I reduced my hours to part-time before I fully retired last year at the age of 45.

In 2001, after my company moved from Manhattan to Jersey City, New Jersey, I was able to negotiate a part-time arrangement which included mostly telecommuting as part of my 20 hours per week. I had been working 37.5 hours per week. I lost some of my benefits but kept my health insurance and limited vacation time. I also kept my all-important and rapidly growing company stock in my retirement plan.

In 2003, my company pulled the telecommuting arrangement companywide but allowed me to retain the part-time hours. I just had to haul my butt to the office 3 days a week to fulfill my hours. I hated the commute a lot.

In 2007, worn out from the commute, I switched to a 12-hour week consisting of two 6-hour days. While I was hopeful this would help, I always knew it might not. I lost my health insurance and went on COBRA. I lost my vacation time and the right to get any additional shares of my still-growing company stock but retained those I still had and watched them grow within my retirement plan.

In 2008, I had finally had enough of the commute. My two-days-a-week workweek had become a hindrance to my other activities. Also, the value of my company stock hit the $300k mark, an amount (before taxes) I figured out was enough to be able to take with me if I were to leave the company and invest elsewhere as part of my retirement plan. I had also found an affordable health insurance plan, as my COBRA was about to expire. The taxes on the $300k company stock were rather mild, only about 25% federal+state combined, less than I had originally anticipated.

I have just begun my second year of retirement and all is going just fine. In fact, the economic downturn late last year was a terrific break for me in boosting my dividend income in retirement.
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