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Old 02-12-2016, 05:53 PM   #41
Recycles dryer sheets
Join Date: Aug 2015
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I planned to retire at age 58 - 59 but falling from a ladder for a second time within my last 3 month of work, changed my plans. On my doctor advise to stop doing HVAC work or any other highly physically demanding job (what I did for 34 years) I resigned at 55 at least 3 years earlier then planned.

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Old 02-12-2016, 09:18 PM   #42
Full time employment: Posting here.
hankster's Avatar
Join Date: Jan 2008
Posts: 609
Hi everyone. I haven't posted for a long time, but I thought I'd chime in on this thread since ER is fast approaching and the final planning is coming together.

My intended date is July 1, 2017. First of all, the numbers all look good as far as monthly pension payment, retirement account balances,etc. It will leave a reasonable gap between my career and SS eligibility at age 62 during which withdrawals should pull the balance down <5%. Additionally, I turn 59 1/2 in June, 2017.

My job is also fairly undemanding from January through the end of June. I want to coast out the door before all the chaos starts in mid summer and the BS meter gets pegged . It will also be nice to get settled into our new place during the warm weather.

"There is no dignity quite so impressive, and no independence quite so important, as living within your means." Calvin Coolidge
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Old 02-12-2016, 09:22 PM   #43
Dryer sheet wannabe
Join Date: Sep 2013
Posts: 19
I had wanted to retire before I was 50 years old - a completely arbitrary desire. I turned in my notice with my last day at 49.98 years old with FIRECALC giving us 95% success rate at our expenses as tracked for 2 years.

A time deadline rather than a money deadline gave us a lot more incentive to git-r-done.
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Old 02-12-2016, 09:31 PM   #44
Recycles dryer sheets
Join Date: Oct 2012
Location: Houston
Posts: 56
It was picked for me -went to work at 7 shown the door by 8.00
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Old 02-13-2016, 05:24 AM   #45
Recycles dryer sheets
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Join Date: Feb 2004
Location: Switzerland
Posts: 152
Senator, I am in awe of your ability and determination to squeeze out every dollar possible before ending the w**k life!

My Retirement Benefits Package includes: 6 months vacation, twice a year.
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Old 02-13-2016, 05:43 AM   #46
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
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Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 6,904
Originally Posted by Midpack View Post
My date was tied to a bonus payment, that simple.
Same for me and to hand hold my replacement through the year end audit.
Full time wuss............
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Old 02-13-2016, 05:50 AM   #47
Recycles dryer sheets
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Join Date: Feb 2004
Location: Switzerland
Posts: 152
For me. It was based on the date I would be eligible to convert my w**k permit in Switzerland to a permanent residency permit (you need 5 years uninterrupted living in CH if European or N. American). Generally you are still employed during this process, but don't necessarily have to be once you have the permanent residency permit in hand.

I got a scare when, after I announced the date to my employer (one year in advance) and a replacement was recruited, the processing times for the conversion were lengthened, putting my end date two months or so before my expected date of decision for the permanent residency permit. Would my recent termination of my j*b make me a risky case for approval?

The Swiss can be tough about letting new people join their club. So, unasked, I presented the immigration office with a detailed financial summary (assets and income) of how my wife and I were going to support ourselves without a j*b and they said, "OK, you're good to go." One of the happiest days of our recent life was the one that saw the postal carrier come to our door with the shiny new permits in hand.

During that last w**k year we visited locations in Italy and France that might prove to be good candidates in case we were eventually turned down by the Swiss. Great "vacations with a purpose" that seriously ramped up the usual "it would be cool to live here" conversations to "could we really make a go of it here".

Now we are very happy residents of Switzerland!

My Retirement Benefits Package includes: 6 months vacation, twice a year.
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Old 02-13-2016, 05:51 AM   #48
Confused about dryer sheets
Join Date: Dec 2015
Posts: 1
My case is pretty simple. My selected date will be the first day the month following my 55th birthday, which is my vesting date for retirement benefits. Notice will be given after my birthday as my company frequently shows people the door upon notice and I'll take no chances of not vesting by giving notice before that date.
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Old 02-13-2016, 06:23 AM   #49
Thinks s/he gets paid by the post
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Join Date: Feb 2014
Location: Eagan, MN
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Originally Posted by Bryan Barnfellow View Post
Senator, I am in awe of your ability and determination to squeeze out every dollar possible before ending the w**k life! Bravo.
Thank you for the compliment!

When I first set my date, it was not much more than a SWAG. After reading several posts here, and reading my company documents, I learned about the pension hours and other advantages to staying until July 5. “Leave no money on the table” is a great attitude to have.

The mental preparation is huge for leaving a job. Especially at 56. Knowing when you leave, it’s over. Coming back is probably not likely. Especially if you have specialized skills, and may be worth more to your employer than the market. Once you leave, others fill in the vacuum, and you are no longer needed. Being a nice guy with a positive attitude at work only goes so far.

Looking back, I probably only needed 12 months of mental preparation, not 24+…
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
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Old 02-13-2016, 07:19 AM   #50
Dryer sheet aficionado
Join Date: May 2013
Location: Southern California
Posts: 29
I have picked March 15 as the date to give two weeks notice. At that point, I will be eligible for a modest retiree health insurance subsidy and annual bonus should be deposited into my savings account.
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Old 02-13-2016, 07:27 AM   #51
Thinks s/he gets paid by the post
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Join Date: Feb 2010
Location: Cavalier
Posts: 2,140
Originally Posted by Mulligan View Post
Pension with cola covered 167% of my monthly spending needs based on previous 5 year spending patterns.
I was pretty much the same but mine was 150% and my first day of eligibility was my 60th birthday. I retired the day after I turned 60.
"Don't take life so serious, son. It ain't nohow permanent." Pogo Possum (Walt Kelly)
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Old 02-13-2016, 09:35 AM   #52
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Posts: 3,126
I had several pieces of my ER plan falling together in 2007 and 2008 which enabled me to ER at the end of October of 2008.

First, I knew in early 2007 I would probably leave by the end of 2008 so when I asked for a reduction in my weekly hours worked from 20 to 12 and probably could not resume to working 20 hours per week to regain eligibility in the company's group health plan, that was okay. I went on COBRA for 18 months starting in July of 2007.

In early 2008, I met with my first Account Executive at Fidelity who helped me input my data into their RIP (Retirement Income Program) and ran the simulations. She told me I was good to leave and ER at any time.

I was trying to find a reasonable affordable individual health insurance plan starting in 2009 and found one although I didn't know at the time its premiums would rise by 50% by the start of 2011.

I was waiting for the value of my company stock to hit a certain mark which it did that July (at the time, it was evaluated once every 3 months). The green light went on at that time and I began looking for a resignation date.

I was working on a complicated project which I liked and wanted to get it done by the time I left. I was also working on some smaller projects that summer to help transition the ER of a key worker in another division who used many of my programs.

I was no longer receiving any new stock shares because I failed to work 1,000 hours a year. That incentive was gone. My annual bonus I got in April but I didn't want to stick around another 5 months beyond just for that. The thought of commuting even 2 days a week during another winter was a terrible one.

I predicted at the end of September that I would be able to get that one big project done by the end of October so, after I learned the stock price dropped by only 1% in its 3rd quarter (9/30) evaluation (I was worried it might drop more with the markets crashing everywhere), I gave my notice for a 10/31 final date, only 9 more working days after I left for the day. I barely finished that big project on 10/31, packed up my stuff, had all my paperwork in order (which was considerable, for the rollover of my 401k and liquidation of the company stock), and went home for the last time.

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!"
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