|
|
03-12-2019, 05:42 PM
|
#61
|
Recycles dryer sheets
Join Date: Dec 2017
Location: Gillette
Posts: 162
|
Quote:
Originally Posted by Canoesmith
Knowing you are all very good at this I'd love your thoughts - Annuity or Lump Sum?
I appreciate your comments. I have waffled both directions over the past few weeks.
|
Depending on what you want to leave as a legacy, I would think the lump sum may be the way to go if it allows you to meet your retirement needs with a withdrawal rate of 5% or less. Chances are good there will be money left over to leave to the kids or grandkids. Once you and your significant other pass with a pension, it is often times gone.
|
|
|
|
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 Early-Retirement.org 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!
|
03-12-2019, 08:13 PM
|
#62
|
Confused about dryer sheets
Join Date: Jan 2013
Location: Lafayette
Posts: 2
|
Part-time
One option to possibly explore is to see if they would allow you to work part-time, maybe as a consultant. I 'retired' from full-time work 5 years ago but began consulting 3-4 hours a day and working from home. This provides me with plenty of time for my many hobbies but also keeps my 'head in the game'. My gross income fell from $500K+ to a little more than $200K but that's enough for us to live on without touching our retirement savings. The part-time work was one of the best decisions that I've ever made.
|
|
|
03-12-2019, 09:15 PM
|
#63
|
Recycles dryer sheets
Join Date: Apr 2017
Location: Winters in N. Scottsdale, summers in Alpine, AZ
Posts: 57
|
OP here.
The deal is done. I will retire on 12/20 (Last day of 2019 payroll), with a vac/sik lump sum cashout first day of 2020 for tax purposes
Between now and then I will telecommute 22 weeks, and be on the road to nice places for work, another 9 weeks for a total of 31 weeks - not in the office.
This will allow me a great deal of freedom to complete my career and earn a very nice financial boost by staying to the years end.
I can honestly say that the advice I received here, from all of you, helped me push my Board a bit to gain this result.
Thank you!
__________________
To abstain from the enjoyment, which is in our power, or to seek distant rather than immediate results, are among the most painful exertions of the human will.
N. W. Senior, 1836
|
|
|
03-13-2019, 03:32 AM
|
#64
|
gone traveling
Join Date: Dec 2010
Posts: 538
|
Not familiar w/ phrase Top Hat
|
|
|
03-13-2019, 06:04 AM
|
#65
|
Dryer sheet aficionado
Join Date: Dec 2018
Posts: 48
|
Quote:
Originally Posted by Canoesmith
Yeah, I know. I’m designing a large garage and shop that has gotten a bit out of hand size and feature wise, and the “extra” money started to be appealing.
It’s hard to let go. Very hard. But it will happen. There will be a 19 departure!
|
I feel your pain. My self imposed announcement date is fast approaching and I'm getting a bit frazzled. Really a conflicting dilemma. I think it's mostly fear holding me back but who knows...
|
|
|
03-13-2019, 10:31 AM
|
#66
|
Dryer sheet wannabe
Join Date: Aug 2013
Location: Manhattan Beach
Posts: 20
|
I had the same circumstances - gave tentative notice for july 4 and they let me stay till end of the year - that was 7 years ago.
Those last 6 months were wonderful - i made up a list of extra items on my wish list - which I'm still fulfilling. I enjoyed working those last months.
Those extra months gave me also over $300k considering severance and full retirement benefits which i would not have received if i left earlier on July 4.
|
|
|
03-13-2019, 10:33 AM
|
#67
|
Full time employment: Posting here.
Join Date: Oct 2017
Posts: 717
|
Quote:
Originally Posted by ckelly78z
I take it that you have planned accordingly to retire happily on July 5th ? There will always be $$ left on the table, and bosses that don't want to start the search process of replacing you.
|
++1
__________________
Whatever failures I have known, whatever errors I have committed, whatever follies I have witnessed in private and public life have been the consequence of action without thought... - Bernard Baruch
|
|
|
03-13-2019, 12:53 PM
|
#68
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2013
Location: Limerick
Posts: 5,655
|
Quote:
Originally Posted by Canoesmith
OP here.
The deal is done. I will retire on 12/20 (Last day of 2019 payroll), with a vac/sik lump sum cashout first day of 2020 for tax purposes
Between now and then I will telecommute 22 weeks, and be on the road to nice places for work, another 9 weeks for a total of 31 weeks - not in the office.
This will allow me a great deal of freedom to complete my career and earn a very nice financial boost by staying to the years end.
I can honestly say that the advice I received here, from all of you, helped me push my Board a bit to gain this result.
Thank you!
|
Congratulations!! The year will go fast, and the following year even faster!
|
|
|
03-14-2019, 05:59 AM
|
#69
|
Dryer sheet aficionado
Join Date: Dec 2018
Posts: 48
|
Congratulations!! Awesome result!
|
|
|
03-15-2019, 04:54 AM
|
#70
|
Full time employment: Posting here.
Join Date: Mar 2019
Posts: 765
|
Quote:
Originally Posted by Canoesmith
OP here.
The deal is done. I will retire on 12/20 (Last day of 2019 payroll), with a vac/sik lump sum cashout first day of 2020 for tax purposes
Between now and then I will telecommute 22 weeks, and be on the road to nice places for work, another 9 weeks for a total of 31 weeks - not in the office.
This will allow me a great deal of freedom to complete my career and earn a very nice financial boost by staying to the years end.
Thank you!
|
Very nice! They must really like you.
|
|
|
03-15-2019, 07:53 AM
|
#71
|
Recycles dryer sheets
Join Date: Apr 2017
Location: Winters in N. Scottsdale, summers in Alpine, AZ
Posts: 57
|
Win-win
It’s a win win. I work to the end of the year and enjoy it’s associated rewards, but from my happy place and the company gets a longer glide path towards the unknown with a proven commodity at the helm. I get to close out several ongoing efforts and put together the process to facilitate my replacement.
I’m sure there will be more than a few days after 7/5 that I will wonder why I did this 😝. But for now, we have a plan, everyone is happy with the plan and 9 months and 4 days from now I’ll be retired.
__________________
To abstain from the enjoyment, which is in our power, or to seek distant rather than immediate results, are among the most painful exertions of the human will.
N. W. Senior, 1836
|
|
|
03-15-2019, 07:54 AM
|
#72
|
Moderator
Join Date: Nov 2015
Posts: 13,928
|
I was in the "go, now" camp, but the deal you struck with the summer out of town is a good enough prize. Grats!
|
|
|
03-15-2019, 07:58 AM
|
#73
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,526
|
Nice decision on taking the lump sum.
|
|
|
03-15-2019, 09:31 AM
|
#74
|
Thinks s/he gets paid by the post
Join Date: Jul 2015
Location: Beaverton
Posts: 1,382
|
Quote:
Originally Posted by Canoesmith
I’ve posted here before with all of my situation particulars.
I Have my July 5th retirement date set, but have only told my staff, not my Board of Directors whom I work for. I’m good to go July 5th. I have enough.
But.
My CFO walked into my office Friday and told me (and I knew this (mostly)) that by leaving July 5th, versus December 31st - wait for it...... that I’m leaving $300,000 gross on the table (salary, bonus and Top Hat).
But when does it end? Wait til Dec 31, why not wait til next July when my pension goes up another 2%.
So. I can stay six more months for $300k (which is a lot) but miss the summer mountain home (it’s hot in Scottsdale) again. When I’m dying - will the $ matter?
WW you do?
Sigh.
|
Our CFO came up to me and said "you'll never retire" as I decided to go to work P/T. Great package. Retired shortly after.
The person I hired that eventually took my spot has had several years of huge financial benefits on some projects I was working on prior to retiring. Last week I told my wife "if I had still worked we'd have another $250k in the bank". Then I told her that I am so happy to have retired and I don't care about what was left on the table.
__________________
Jump in, the water's warm.
|
|
|
03-16-2019, 10:57 AM
|
#75
|
Full time employment: Posting here.
Join Date: May 2013
Posts: 609
|
For $300k I’d probably stay for six months if I somewhat enjoyed the folks surrounding me.
__________________
Saved 8 figures by my mid-40's as a professional bubble-spotter. Beware...the Fed creates bubble after bubble after bubble.
|
|
|
03-16-2019, 06:07 PM
|
#76
|
Recycles dryer sheets
Join Date: Apr 2017
Location: Winters in N. Scottsdale, summers in Alpine, AZ
Posts: 57
|
I love my job
Quote:
Originally Posted by RenoJay
For $300k I’d probably stay for six months if I somewhat enjoyed the folks surrounding me.
|
Six more months will at times be tough, but it will really put me over the top $$ wise. Didn’t “need” it, but it will be very helpful. And being allowed to spend much of that time, where I want to be, will make it very palatable.
And while I love my job, and the people I work with...I’ve realized that I love my future freedom more. So, time to go and hand the reins over to the young, brash and hungry. Just like I was 20 years ago.
__________________
To abstain from the enjoyment, which is in our power, or to seek distant rather than immediate results, are among the most painful exertions of the human will.
N. W. Senior, 1836
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|