Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 05-25-2014, 03:52 PM   #21
Full time employment: Posting here.
Join Date: Jan 2008
Posts: 738
Originally Posted by BBQ-Nut View Post
How much time do I need to give my 401k plan administrator to start periodic withdrawals?

Who else besides my supervisor do I give notice of resigning for purposes of benefits?

Is it better to wait until the end of the year to max Megacorp 401k matching?

Should I also wait until the beginning of the 2015 to make any after tax sales to possibly benefit from lower LTCGs?
RE: Taxes. When I retired we donated a slug of appreciated securities to a donor advised fund while my tax rate was high (last working year). I put about 10 years worth of our normal charitable donations in since I knew our tax rate would be much lower for the next 10 years.

jebmke is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-25-2014, 06:02 PM   #22
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 39,206
Here's a good checklist: How do/did you prepare for ER?

Numbers is hard.

Retired in 2005 at age 58, no pension

REWahoo is offline   Reply With Quote
Old 05-25-2014, 07:10 PM   #23
Thinks s/he gets paid by the post
Join Date: Nov 2009
Posts: 3,129
Many of the things I did in the ~18 months leading up to my ER in late 2008 have been mentioned already. But I'll mention all the things I did anyway.

(1) I knew I was going to lose my dental insurance coverage so I made sure to get some costly (and postponed) dental work done before I lost it. This included a crown and 2 wisdom teeth extracted.

(2) I was working only 12 hours per week in my last 17 months so I had little down time from the one main project I was working on. In that time, I automated and simplified several of the programs I oversaw. This became more critical when a key coworker in another division retired 4 months before I did, leaving nobody with expertise in running my programs around. Similarly, I made sure to write up documentation for my many existing programs to hand off to someone else.

(3) It took me a few weeks to get all the paperwork relating to cashing out my ESOP and rolling over my IRA set up. This included getting a medallion signature for the ESOP's proceeds and a notary stamp on something else. I also needed an account number for my Rollover IRA even though I had not deposited anything into it yet.

(4) I made sure to keep email contacts with my HR contact and payroll contact in the event I needed to contact them after I left. That did happen with the HR rep.

(5) I had a large pile of scrap paper at my desk, so I took piles of it home in the weeks before I resigned. I would use it to print on the back (blank) sides for anything not critical (which is most of what I print). That pile of paper lasted me until a few months ago, or more than 5 years!

(6) I made sure to suspend my pretax mass transit deductions a few weeks in advance because I would not be able to redeem them the following month after I left. Similarly, I made sure I had no leftover, unused train tickets or fares left on my automated fare card.

(7) As for the timing of my departure, I wanted to make sure it came after I got my April bonus. I knew I wasn't getting any ESOP shares in December so that was no longer an issue. That left me with more freedom to leave before the commute (the thing I hated the most about working) became lousy with the onset of the winter.

(8) I made sure to clear out all of my personal emails from my various email folders.
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is online now   Reply With Quote
Old 05-25-2014, 07:38 PM   #24
Dryer sheet wannabe
Join Date: May 2014
Posts: 12
If you plan to roll over your 401K to an IRA you might want to check which funds can be rolled in kind vs. cashing out.
DTCS is offline   Reply With Quote
Old 05-25-2014, 08:15 PM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
Join Date: Jul 2008
Posts: 15,933
Here was my checklist.

* Annual expenses < 3.5% WR? Checked!
* Children off payroll? Checked!

Off I went.
"Old age is the most unexpected of all things that can happen to a man" -- Leo Tolstoy
NW-Bound is offline   Reply With Quote
Old 05-26-2014, 05:08 PM   #26
Recycles dryer sheets
cranberryjoe's Avatar
Join Date: May 2013
Location: Western US
Posts: 103
If you have a pension, find out what it takes to get the monthly payments started or to get the lump sum. My company required something like 60 days to process a pension request, so don't wait until the last minute if you need a payment the month you retire.

Do you have enough cash saved up for living expenses when the paycheck stops? How many months/years of expenses do you want in a liquid stash like a savings account before you need to tap your investment accounts? You may want to redirect part of your final few months of paychecks to build up your cash reserves.

Decide if you need to adjust your 401k contributions based on your retirement date. If you're retiring before the end of the year, you may want to increase your contributions to hit the max by your retirement date.

If you have an HSA with employer contributions, check into its rules to see if you want to adjust your contributions.

Save a copy of your co-workers' email addresses, at least for those you may want to contact later. Establish professional connections in LinkedIn.

Prepare your farewell email in advance so on your last day all you have to do is hit 'send'. This gives you time to word it properly to not leave out anything important and to avoid saying something you may regret. Decide in advance who you will be sending it to.

While you still have access to the company's intranet, are there any HR documents you want copies of? Benefit plan descriptions that you may need to refer to after you've left?

Originally Posted by W2R View Post
6. Things to do. Make a list of a dozen or two things you really want to do in retirement. You will probably file this away and never use it, but if you need it then it will be there for you. Mine is still sitting on my computer desktop, untouched. I may NEVER learn Spanish or take up piano again, at this rate.
THIS! I spent plenty of idle time during my last few months of work creating my retirement todo list. Nine months in and I haven't looked at it yet!

Now the fun begins
cranberryjoe is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Please Check my Coolant Flush Checklist TromboneAl Other topics 20 08-21-2010 09:06 AM
ER checklist nun Life after FIRE 9 11-24-2009 07:21 PM
Checklist for getting ready to ER RunningBum FIRE and Money 6 10-06-2007 01:45 PM
All In One Retirement Checklist From Schwab Patrick FIRE and Money 14 11-17-2006 09:11 PM
Checklist for last working months? Roger_R FIRE and Money 3 10-21-2006 10:44 AM


All times are GMT -6. The time now is 10:58 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.