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My upcoming 12 hour retirement
Old 11-12-2007, 08:39 PM   #1
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My upcoming 12 hour retirement

I and hundreds of my colleagues work for one entity (Employer A) and are switching to work for another employer (Employer B). The reasons are boring, and deal with ... guess what... money and politics. In effect, I'm changing employers but not jobs.

I was lucky enough to realize that I was about to lose retiree health insurance access as a result of this (even though I'd have to pay on my own, at least I had access to do so in early retirement). In the nick of time, I discovered that I could retain that insurance if I retired from employer A rather than resign. I have to actually take a 403b payment in order to "prove" that I am retiring (one payment only, that I'll quickly roll over to my IRA). Employer B will reimburse me for my premiums for Employer A's retiree health plan (grossed-up for taxes, since it was previously a pre-tax benefit).

Point of all this
: from 12/31/07 to 1/1/08 there will be a 12 hour period during which I will be retired and unemployed.

What am I gonna do all day?
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Old 11-12-2007, 08:47 PM   #2
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You'll have to let us know how it works out. If you enjoy it enough you might someday, eventually, ultimately, finally, actually do it on a longer term basis. Say 24 or even 48 hours.
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Old 11-12-2007, 08:54 PM   #3
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You'll have to let us know how it works out. If you enjoy it enough you might someday, eventually, ultimately, finally, actually do it on a longer term basis. Say 24 or even 48 hours.


Do you think I'll experience phases? Like elation for 45 minutes, then denial for a couple hours, remorse, acceptance, and finally... go back to work?
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Old 11-12-2007, 09:03 PM   #4
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You gonna get a pension check and SS?

Watch the SWR, remember only 4%.

The bad part is you'll probably sleep through most of your first retirement. Better plan on pulling an all-nighter just to enjoy it.

Remember sleeping in cuts in to your loafing time.
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Old 11-12-2007, 09:08 PM   #5
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that should be just about enough time to pack up the travel home for a nice trip, and then get all unpacked before you have to be ready for work.
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Old 11-12-2007, 09:21 PM   #6
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I retired the end of June.

And now... I don't know where I found the time to work !

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Old 11-12-2007, 09:24 PM   #7
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You guys are killing me.

SWR: I figured it's best to look at this as an hourly deal. There are 8760 hours in a year, so 4% SWR is about 0.00047% per hour. If I don't over-do it that should get me through to the morning of Jan 1. At that point, I'll probably be doing less travelling and I should be alright.

LG4NB - good point. What better way to enjoy early retirement than to pull the RV from the front of the driveway to the rear, and back. Then dump the sewers.

My only fear is that we'll have an early bear market, say from 7:30 am to about 9. Well, that's why we diversify, I guess.

Any advice on short-term care insurance?
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Old 11-12-2007, 11:03 PM   #8
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You guys crack me up.
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Old 11-12-2007, 11:17 PM   #9
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Rich, why go back to work July 1? Escape while you can.......the RV is calling your name
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Old 11-12-2007, 11:21 PM   #10
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Post here about your New Years.
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Old 11-13-2007, 06:30 AM   #11
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I will be retired and unemployed.
OK - which is it? (you can't be both )...

I'm retired, with no interest, desire, or need to be employed (ever, again...).

- Ron
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Old 11-13-2007, 07:10 AM   #12
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Originally Posted by Rich_in_Tampa View Post

I was lucky enough to realize that I was about to lose retiree health insurance access as a result of this (even though I'd have to pay on my own, at least I had access to do so in early retirement). In the nick of time, I discovered that I could retain that insurance if I retired from employer A rather than resign.
This is a little off point, but why is it that employers keep the little details, that can make a huge difference in retirement, a virtual secret. I ran into a similar thing when my plant closed and I was ending service with the company. Were it not for an OC afflicted close friend with the company in another part of the country, I would have taken the pension at 50% just to get the health insurance. HR and all the "outsourcing people" never mentioned I could take them independently and delay the pension, which I did.
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Old 11-13-2007, 07:20 AM   #13
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This is a little off point, but why is it that employers keep the little details, that can make a huge difference in retirement, a virtual secret.
I know what you are asking, and you're right. In this case, I think that unless you were retiring, it didn't matter; and if you were retiring, it didn't matter. It's only when you were retiring, moving to a new job for a short term, and then re-retiring. So I guess I can't really expect them to have seen the "gap" the way I did (I did not share my FIRE plans).

But still, you have to look out for your own individual issues when you FIRE - no one else will, especially if it's out of the mainstream.
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Old 11-13-2007, 08:19 AM   #14
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Your FICA will kick in again....so be sure to get the overage refunded on your tax return.
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Old 11-13-2007, 09:52 AM   #15
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This is a little off point, but why is it that employers keep the little details, that can make a huge difference in retirement, a virtual secret.
HR and all the "outsourcing people" never mentioned I could take them independently and delay the pension, which I did.
I wouldn't ascribe to consipracy or malevolency what can be more simply ascribed to ignorance and negligence.

They're probably focused on the "big picture" while overlooking/ignoring those glaring little errors that could screw it up for everybody and land them on the front pages of the local media.

It'd be a lot different if they had to man the call center a morning a week or actually cope with their own "interactive" voice "response" systems or personally be subject to having the newest HR employee step through the process of the changes they're implementing with that person's own pensions or healthcare insurance...
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Old 11-13-2007, 12:15 PM   #16
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Originally Posted by Rich_in_Tampa View Post

...
from 12/31/07 to 1/1/08 there will be a 12 hour period during which I will be retired and unemployed.

What am I gonna do all day?
Have a wild retirement party on New Year's Eve and sleep off unwanted memories from it (or maybe prolong fun memories in your dreams) the next day!
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Old 11-13-2007, 12:41 PM   #17
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Your FICA will kick in again....so be sure to get the overage refunded on your tax return.
Oops...I now see your's is at the turn of the year. Nevermind.

I was the victim of this twice...late in the year each time, and had overwithheld FICA each time. Had to get excess back on tax return. As you were.
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Old 11-13-2007, 05:14 PM   #18
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Isn't your wife going to be jealous that you are just hanging around the house for an extra twelve hours while she's working ?
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Old 11-13-2007, 05:36 PM   #19
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Isn't your wife going to be jealous that you are just hanging around the house for an extra twelve hours while she's working ?



Yup.
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