There is no turning back now

[GT1 Doug]

Greetings all

First, I want to thank everyone for all the information I have read here over the years. And now, the rest of the story. Well, today I turned in my retirement papers with my last day being May 11, 2012 after 32 years at Megacorp. I'll turn 55 the week before. I started looking (lurking) at this site in early 2006 when I was burned out from working endless hours and wanted out. At that time I figured I could work part time doing contract work and be ok with a FIRE date between 55 and 59-1/2. So I turned in my resignation in September of 2006. After initially refusing the bribe, I mean incentive award to stay, my manager asked me to stay at least to the end of the year until they could find my replacement. They seriously sweetened that deal so I agreed to stay until the end of 2006. They also made concessions to lighten my workload. And for the next few months, the job was good and dare I say fun. Well I had a few projects that weren't quite done at the end of the year and I wanted to finish them, so I kept on working into 2007. January soon turned to March when we get our annual performance review and I received a great bonus without asking for a dime. I figured I would be done in another month and that would be it. Well, they made some promises, added a promotion and more incentives (who knew quitting would be so lucrative). Well, work was reasonably good, so I fell for it. Bad Doug. Fast forward to a year later; you know the story; the promises didn't quite pan out (the money did though). So by early 2008, I was ready to leave again. I was working on a project for a good friend of mine so I decided to stay until it would be completed in September of 2008. September of 2008 comes along and I see my portfolio is devastated. A big chunk of my "paper" savings are gone and the contract jobs have dried up. Now I have to stay and "they" know it. The low point of 2009 comes along and I felt I would have to work a lot longer. The only good thing I did was not panic and sell off all of my mutual funds and stocks. Time drags on at work, but by 2011, the market starts to look a little better. And if I make it to 55, I will qualify for a partially subsidized medical retirement benefit. So here I am, I made it.

It feels a bit weird dealing with issues that I won't be completing. It just doesn't feel right. Oh well, I guess I need to get use to the idea and move on. So the countdown begins!

Doug

[easysurfer]

Congrats Doug!

May 11 is just around the corner. You definitely need a countdown calendar

[Brett_Cameron]

Quote:

Originally Posted by easysurfer Congrats Doug! May 11 is just around the corner. You definitely need a countdown calendar

+1

[travelover]

Well done.


You won't regret it.

[donheff]

Congratulations. Sounds like things worked out well.

[pb4uski]

Quote:

Originally Posted by GT1 Doug .....It feels a bit weird dealing with issues that I won't be completing. It just doesn't feel right. Oh well, I guess I need to get use to the idea and move on. So the countdown begins! Doug

Congratulations!!!

The reality is that no matter when you leave there will inevitably be some issues that you will leave to others. What was important to me is to have those issues in a good place and have a smooth transition to the new "owners".

Enjoy your remaining time, and welcome to the club.

[Meadbh]

Congratulations Doug! Great "just one more year" story! You sound soooooo ready for ER.........

[Nords]

Quote:

Originally Posted by GT1 Doug Well, today I turned in my retirement papers with my last day being May 11, 2012 after 32 years at Megacorp. I'll turn 55 the week before. I started looking (lurking) at this site in early 2006 when I was burned out from working endless hours and wanted out. At that time I figured I could work part time doing contract work and be ok with a FIRE date between 55 and 59-1/2. So I turned in my resignation in September of 2006.

Quote:

Originally Posted by Meadbh Congratulations Doug! Great "just one more year" story! You sound soooooo ready for ER.........

Congratulations.

Not only do you win the board's "Just One More Year!" longevity medal from Rich_in_Tampa, but you came dangerously close to claiming the "Just One More Decade!" category as well...

[obgyn65]

Congratulations, Doug.

[Midpack]

Quote:

Originally Posted by Nords Congratulations. Not only do you win the board's "Just One More Year!" longevity medal from Rich_in_Tampa, but you came dangerously close to claiming the "Just One More Decade!" category as well...

+1, congrats Doug!

[FreeAtLast]

Everything will work out just fine. Enjoy!

[martyp]

Congratulations. However, don't worry too much about work left undone or issues unresolved. Every organization, and particularly a MegaCorp, has people leave all the time. They knew you were looking at the door for a long time and you've given a decent amount of notice for your final exit. Stay professional to the end and enjoy the new life ahead of you.

[sheehs1]

Congratulations Doug!

[BigE]

Mucho congratulations Doug. Never tire of hearing about a persons early retirement plan, the almost invariable modifications to the plan, and the end success. Gives me hope. Thanks for sharing your story.

[GT1 Doug]

Thanks for the words of encouragement. The shock of last week has started to wear off. I am preparing summary documents for my three main projects as well as a list of industry contacts. That should help. The rest of the time, I am doing my job as I always have. The boss is starting to grumble about finding my replacement. Even he doesn't like dealing with Inhuman Resources.

[Chuckanut]

Yea. I know the feeling. Already I am being asked to participate in certain things designed to be implemented, used, or relied upon, next school year. I try to avoid them for several reasons: 1) I won't be there to experiences the consequences, whatever they are and, 2) They require putting in more extra hours than I already do. Short timer's attitude is a powerful thing.

[GT1 Doug]

I received my retirement "package" from HR today. There was a (relatively) pleasant surprise. Apparently, I am entitled to some free life insurance. It appears they are going to pay me to die, not a benefit that I will enjoy much.

News of my impending retirement has been distributed around the organization today. I have received a sudden influx of emails from coworkers. I am starting to realize, I am going to miss a bunch of people. After spending so much time at work for the last three decades, these folks are my family, friends and community all rolled into one. I can see there is going to be an adjustment period here.

[Nords]

Quote:

Originally Posted by GT1 Doug News of my impending retirement has been distributed around the organization today. I have received a sudden influx of emails from coworkers. I am starting to realize, I am going to miss a bunch of people. After spending so much time at work for the last three decades, these folks are my family, friends and community all rolled into one. I can see there is going to be an adjustment period here.

If they're truly family/friends/community, then your retirement won't change that. You'll still keep in touch and get together to enjoy each others' company.

Or else they're co-workers who'll gradually drop away after a year or two, while you go on to make new friends as you pursue your new interests.

A few co-workers are "friends" only to the extent of shared misery and mutual defense...

[Ron0731]

Congrats Doug!!!

[GT1 Doug]

Nords, I guess I had a lesson in shared misery and mutual defense after working twelves on Easter weekend. The boss has named my temporary replacement and I can see he is definitely not happy, more work and no more pay. I've prepared three good turnover packages as suggested here, so that should go reasonably well or at least as well as can be expected. I have done well avoiding STS (Short Timer's Syndrome) until today. I was assigned some work that I can't possibly finish before I leave and I hate the work that was assigned anyhow. I will let it go to my successor so that he may craft it in any way he sees fit.

HR has informed me that I can take some sort of present value addition to the cash basis pension plan in lieu of the life insurance benefit. The only wrinkle I see with this is that one would pay taxes on the benefit payed out as a pension whereas it appears my beneficiary would not pay any taxes on the life insurance payout. I figured this would mean I would lose an amount equal to my tax rate if I took it as a part of my pension but at least I would get to enjoy the benefit. My plan was to roll the cash basis pension over to a qualifying 401K annuity sometime within the next ten years when the interest rates go back up. Does that sound about right or have I missed something?