Class of 2020

Last day is Friday March 6th. Wife also. Using vacation to take off two days per week until then.

Question: can I contribute to an IRA after my final day of employment or do I have to make the contribution whilst still employed? We’ll be maximizing our 401k contributions but will have room for IRA too for the first time since it’s a partial year.
 
Long-time lurker here. I’ll be out in 2020 @ age 50-51. Plan was to work till 55, but my company is going through layoffs and when I saw the severance plan, I raised my hand high. Working to determine my final day, but will be between March and May.

Wife and I had a plan to retire to the Caribbean and will be moving to St. Croix, US Virgin Islands later this year if all goes to plan. Even before we knew this would be my last year of employment, we took the step to sell our home in October to downsize and free up our equity to buy our next home in St. Croix. The plan was we’d rent in CT for the next few years and use our St. Croix home as a rental/vacation home. We’re planning to fly back down to St. Croix later this month to find that home and the bonus of getting a nice severance from work is we can move down now versus 4 more years of working.

With 4 years less work than originally planned, retirement balances aren’t quite what we planned for, but more than enough to FIRE.

Thanks to everyone who posts in this forum. While I’ve always just been a consumer of your posts, you played a part in making our plan happen. While I had the investing/accumulation phase of our lives down, now we have to start thinking about how, when, and why to draw down our savings. So stay tuned for lots of upcoming questions.
 
Jan 2 was my last day at work...

I am 61 and will go with a pension of $5400/ mth. I will take SSI at 66 ($2600) and not touch 401k ($600,000k)until 70 1/2. I had enough years in where the company will pay my health insurance. My wife will continue work for at least 5 more years ($60,000)We have about 100 k in stocks and savings . She has another 150k put away for retirement. We also have a couple rental properties. It might be a little tight until I take SSI but I am not worried since we have no debt.

The 3 days of retirement have been wonderful so far btw. No Sunday blahs so far.
 
Last edited:
Congrats to all who have met their retirement dream!
I'm still on track for June 1st
Just booked a trip to visit Dad in Venice FL.
Return back north will be optional :dance:
 
51notout said:
Question: can I contribute to an IRA after my final day of employment or do I have to make the contribution whilst still employed? We’ll be maximizing our 401k contributions but will have room for IRA too for the first time since it’s a partial year.
Click to expand...

You have until 4/15/2021 to make a Traditional or Roth IRA contribution (assuming you qualify income-wise) for income earned in 2020. The maximum contribution is the lesser of the 2020 limit ($6,000 or $7,000 if over 50) or your earned income.
 
Class of 2020 (Un)Official list... (I don't know, I just like lists! :) ):

  • dingo - 1/2/2020 (Congrats! (snuck in front of Ergragg1)) {CHECK}
  • Erbragg1 - 1/3/2020 (Early bird... Teacher's pet... ;) ) {CHECK}
  • INTJ10 - 1/9/2020
  • Out_the_Door - 1/24/2020 (Adjusted as favor to Boss)
  • nobodyspecial - 1/31/2020 (waiting for the extras!)
  • nobody - 3/6/2020 (anyone want a house?) (Buyer pending!)
  • 51notout - 3/6/2020 (Two posts and counting!)
  • mattwallace24 - 4/2020 (Placeholder between March & May)
  • Grimelowe - 4/4/2020 (45yo - Nice!)
  • Dalmore - 4/30/2020
  • jaharrer - 4/30/2020
  • HNL Bill - 5/1/2020 (Subject to change)(but It's gonna happen! ;) )
  • kingkarmann - 6/1/2020 (newest newbie)
  • OTDasap2020 - 6/1/2020
  • ugeauxgirl - 7/1/2020 (Class ringleader :))
  • COcheesehead - 7/10/2020
  • Draggon - 11/1/2020 (Leaving 9/23/2020 w/PTO)
  • Mr. Vacation4us - 11/2/2020
  • Mrs. Vacation4us - 12/15/2020 (Mr. V cut in front of her!)
  • retire202052 - 12/2020 (I may have figured out the pattern of your UserID ;) )
  • gamboolman - ??/2020 (pick a date, any date... :) )
  • RxMan - ?? (Class of 2020 Official Stalker) :LOL:

Anyone else want to post their target? Also, lemme know if I miss one.
 
Flying back north tomorrow after attending a retirement party. 302 more days for Mr. V. Starting to see the light. Can’t come fast enough for me, but finally see DH’s plan coming together! We will be set for a wonderful future. Now we need to plan his 2 retirement parties. 1 in NorCal and the fun one in SoCal.

Looking for a Bartender!!!
 
Yea thanks. I was a little unsure if that had been enacted.
 
mattwallace24 said:
Long-time lurker here. I’ll be out in 2020 @ age 50-51. Plan was to work till 55, but my company is going through layoffs and when I saw the severance plan, I raised my hand high. Working to determine my final day, but will be between March and May.

Wife and I had a plan to retire to the Caribbean and will be moving to St. Croix, US Virgin Islands later this year if all goes to plan. Even before we knew this would be my last year of employment, we took the step to sell our home in October to downsize and free up our equity to buy our next home in St. Croix. The plan was we’d rent in CT for the next few years and use our St. Croix home as a rental/vacation home. We’re planning to fly back down to St. Croix later this month to find that home and the bonus of getting a nice severance from work is we can move down now versus 4 more years of working.

With 4 years less work than originally planned, retirement balances aren’t quite what we planned for, but more than enough to FIRE.

Thanks to everyone who posts in this forum. While I’ve always just been a consumer of your posts, you played a part in making our plan happen. While I had the investing/accumulation phase of our lives down, now we have to start thinking about how, when, and why to draw down our savings. So stay tuned for lots of upcoming questions.
Click to expand...
I love Carribean Life- and you're living it! I'm so envious. Congratulations to you!
 
I got my retirement package paperwork today. The compensation was better than what I considered to be the worst case scenario, but not quite as good as I hoped for. It's more than enough to live on for the next few years so we won't have to withdraw anything from the portfolio. It came with some scary legal paperwork. I read and signed. Transition begins February 29. [emoji16]
 
ugeauxgirl said:
I got my retirement package paperwork today. The compensation was better than what I considered to be the worst case scenario, but not quite as good as I hoped for. It's more than enough to live on for the next few years so we won't have to withdraw anything from the portfolio. It came with some scary legal paperwork. I read and signed. Transition begins February 29. [emoji16]
Click to expand...


Congrats!
 
ugeauxgirl said:
I got my retirement package paperwork today. The compensation was better than what I considered to be the worst case scenario, but not quite as good as I hoped for. It's more than enough to live on for the next few years so we won't have to withdraw anything from the portfolio. It came with some scary legal paperwork. I read and signed. Transition begins February 29. [emoji16]
Click to expand...

:dance::dance::dance:
 
ugeauxgirl said:
I got my retirement package paperwork today. The compensation was better than what I considered to be the worst case scenario, but not quite as good as I hoped for. It's more than enough to live on for the next few years so we won't have to withdraw anything from the portfolio. It came with some scary legal paperwork. I read and signed. Transition begins February 29. [emoji16]
Click to expand...



Congrats! Happy for you!
 
Draggon said:
Class of 2020



Anyone else want to post their target? Also, lemme know if I miss one.
Click to expand...

This week I have my appointment to file all the needed paperwork for my 3/31/20 final day. Gave notice a while back but the paperwork portion is that final step - then just the countdown!
 
My "final clearance notification" went out today to managers of the company. Really "final clearance", just throw me on the discount rack to get rid of me.


In addition I got a workflow for my "off boarding process". Sounds like I'm being kicked of the Island.



Where does HR come up with these ridiculous terms?
 
If I get through my OMY anxiety, I will hand in notice in June for a Sept 10th official day. Last day in office to be July 10th using PTO.
 
nobody said:
My "final clearance notification" went out today to managers of the company. Really "final clearance", just throw me on the discount rack to get rid of me.


In addition I got a workflow for my "off boarding process". Sounds like I'm being kicked of the Island.



Where does HR come up with these ridiculous terms?
Click to expand...
Congratulations! Sounds like you're leaving Star Trek, not mega Corp...
 
Notified those who need to know that I will be retiring May 1st. It was nerve racking getting it done, but now that I am past it, I feel much, much better. I did leave the door open for some part-time projects (1-2 days a week), but that is it.
 
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