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Three Months from My Retirement and......
Old 03-04-2016, 11:33 AM   #1
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Three Months from My Retirement and......

my wife was notified yesterday that her position is being eliminated at the end of May. She had planned on working several more years and her salary, etc. was figured into our 30 year plan. And, of course, those numbers allowed me to RE.
She was told that they would find her another position but no guarantee of salary.
Not a good Friday
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Old 03-04-2016, 12:01 PM   #2
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that stinks!


hope you get it figured out
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Old 03-04-2016, 12:29 PM   #3
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my wife was notified yesterday that her position is being eliminated at the end of May. She had planned on working several more years and her salary, etc. was figured into our 30 year plan. And, of course, those numbers allowed me to RE.
She was told that they would find her another position but no guarantee of salary.
Not a good Friday
What a punch in the gut - I am so sorry to hear this.

Having said that, was your employer already aware of your plans to leave - had you already given notice? If not, can you reevaluate your plan and stick it out a bit longer at your j#b, at least until you see how things shake out with your wife's new salary?

Best of luck to you as you go forward.
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Old 03-04-2016, 12:41 PM   #4
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What a punch in the gut - I am so sorry to hear this.



Having said that, was your employer already aware of your plans to leave - had you already given notice? If not, can you reevaluate your plan and stick it out a bit longer at your j#b, at least until you see how things shake out with your wife's new salary?



Best of luck to you as you go forward.

Agreed, what a bummer! I agree with Calico, depending on your status with your employer, the timing of this might be fortuitous, since it could allow you to flex your plans based on what happens with your wife's position/salary. Certainly better than happening the day after you retire.

Good luck.
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Old 03-04-2016, 12:56 PM   #5
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Ouch. Sorry to hear this.
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Old 03-04-2016, 12:57 PM   #6
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Definitely a bad deal.

That is why a contingency plan needs to be in effect, no matter when you retire. Your wife losing her job was always a possibility, and if you really need her income you are not really retired. You are a stay at home dad, or similar.

Factor a retirement plan that you can both work, and both leave at the same time. If you still want to work, that is a lot different than if you have to work.
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Old 03-04-2016, 01:19 PM   #7
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What a punch in the gut - I am so sorry to hear this.

Having said that, was your employer already aware of your plans to leave - had you already given notice? If not, can you reevaluate your plan and stick it out a bit longer at your j#b, at least until you see how things shake out with your wife's new salary?

Best of luck to you as you go forward.
OP gave his notice 1/20 or thereabouts to set pension start date, per another post: Class of 2016 Sounded like a fairly large/paper-driven workplace, but with some possibility of flexibility for him.

Agree with all of the above OP, bummer, good luck, and hopefully you have some flexibility...
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Old 03-04-2016, 01:19 PM   #8
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That's just bad luck, and yet one more story that proves my point relying on any employer is a mistake.

Wade Pfau does an excellent job of analyzing retirement risks below. Your wife's job loss is an example of such risk:

Breaking down retirement risks - MarketWatch

Quote:
for households relying on part-time work in retirement, this human capital is part of the assets on the household balance sheet. But there is a risk of losing one's job involuntarily before the planned retirement date, or being unable to maintain desired part-time employment in retirement. Such unexpected job loss could be further compounded if it becomes necessary to sell assets at depressed prices to meet expense needs.
Substitute "part-time" with "wife's job" and you have your situation exactly. It's a lesson to all to regularly assess retirement risks before and after retirement.

See this for a better breakdown of Pfua's analysis:

Retirement Risks - Longevity and Taxonomy
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Old 03-04-2016, 01:57 PM   #9
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OP gave his notice 1/20 or thereabouts to set pension start date, per another post: Class of 2016 Sounded like a fairly large/paper-driven workplace, but with some possibility of flexibility for him.

Agree with all of the above OP, bummer, good luck, and hopefully you have some flexibility...
Oh dear - that's unfortunate. Here's hoping the OP's wife's new salary will allow them to stick to the original plan, and if not, then perhaps his employer will work with him.
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Old 03-29-2016, 08:46 PM   #10
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Update-
My wife was offered a contract for about 7% less in salary. Not life or death, She is not thrilled about the position as it is a position she had 25 years ago, but will make it work.
My FIRE is still on for June......yeah!
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Old 03-29-2016, 08:58 PM   #11
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Congrats on moving ahead with your plan to retire. Perhaps if you have dinner on the table every night when your wife gets home, that will take the sting out of the 7% drop!
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Old 03-30-2016, 07:37 AM   #12
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Congrats on moving ahead with your plan to retire. Perhaps if you have dinner on the table every night when your wife gets home, that will take the sting out of the 7% drop!

A bit OT from the OP's post, but I'll second this idea. It doesn't have to be dinner, but if you take over any of the household chores it will be appreciated by your DW. I speak from experience-- DH retired before me, and (without prompting from me) took over the vacuuming and dusting. It sure was nice to come home to a clean house!
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Old 03-30-2016, 07:45 AM   #13
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Update-
My wife was offered a contract for about 7% less in salary. Not life or death, She is not thrilled about the position as it is a position she had 25 years ago, but will make it work.
My FIRE is still on for June......yeah!
Well, once you remove your salary, maybe the marginal rate decrease will make up for it? (Depending upon relative size of your pension.)

Agree with others--dinner on table, clean house, etc. (Many years as Stay at Home Parent--I learned what DW liked!)
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Old 03-30-2016, 07:54 AM   #14
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One more reiteration, here, about having the house neat when DW gets home. My DW was fully supportive of my ER,but nevertheless I didn't want to "flaunt it."
In my first week or so I made it a point to not be home when she was scheduled to get home from w*rk - I just didn't want her to see a blatant reminder of my ER as she comes home and maybe seeing me in front of the TV.
But more importantly, I made sure the dishes were in the dishwasher, or clean ones unloaded from the dishwasher, no clutter, etc.
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Old 03-30-2016, 09:26 AM   #15
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OK- great suggestions, but I already do pretty much all of the housework. I have done all of the cooking and grocery shopping for the past 26 years. I also do the laundry and the general house cleaning.
My wife is referred to as "Princess"!

Believe it or not, I enjoy taking care of the household so that part of retirement, I am really looking forward to.
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Old 03-30-2016, 09:31 AM   #16
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OK- great suggestions, but I already do pretty much all of the housework. I have done all of the cooking and grocery shopping for the past 26 years. I also do the laundry and the general house cleaning.
My wife is referred to as "Princess"!

Believe it or not, I enjoy taking care of the household so that part of retirement, I am really looking forward to.

Another off topic comment, but if you ever decide to start consulting might I suggest you coach other husbands??
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Old 03-30-2016, 09:35 AM   #17
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Definitely a bad deal.

That is why a contingency plan needs to be in effect, no matter when you retire. Your wife losing her job was always a possibility, and if you really need her income you are not really retired. You are a stay at home dad, or similar.

Factor a retirement plan that you can both work, and both leave at the same time. If you still want to work, that is a lot different than if you have to work.
Straight forward and directly to the point. Your points are very valid and real world for sure!!

Congratulations to the OP for his plan on retiring. Hold it down on how you spoil your wife it may get out to our wives. Lol
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Old 03-30-2016, 09:36 AM   #18
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Another off topic comment, but if you ever decide to start consulting might I suggest you coach other husbands??
Uh oh see what I mean it's catching on already.
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Old 03-30-2016, 10:12 AM   #19
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Update-
My wife was offered a contract for about 7% less in salary. Not life or death, She is not thrilled about the position as it is a position she had 25 years ago, but will make it work.
My FIRE is still on for June......yeah!
A little bit of a red flag, in your wife's mind she had been moved downward, which always stings. After over 25 with the company it probably really stings.Be prepared for her to decide she wants to join you in ER. I get your yeah!!! but your DW is probably not very happy right now.
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Old 03-30-2016, 11:52 AM   #20
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A little bit of a red flag, in your wife's mind she had been moved downward, which always stings. After over 25 with the company it probably really stings.Be prepared for her to decide she wants to join you in ER. I get your yeah!!! but your DW is probably not very happy right now.

Very true. I should temper my enthusiasm around her. She said she does not want to retire now because being with me full-time might result in my death!
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