Class of 2013

[eytonxav]

Need some quick advice as I just found out 6 more weeks. Should I put all my income for the next 6 weeks into 401k? There won't be a match, it would just be for tax purposes - but are there any tax advantages over the year? I don't need the cash, and it would bring my income down to nearly nothing for next years Obamacare - will have enough income above for non Medicaid band. Or should I take it as cash as I won't have much taxable income? Any advice? What should I be considering?

I'm no tax expert, but I am planning to max 401K $ for my final months which should save on FICA.

 

[Ronstar]

Ace- Last year I tried to withhold 100% for a while, but I was convinced not to in order to contribute some tax and FICA. But i was working more than enough time to max out. It may be different for you only working 6 weeks. You may want to check with a CPA/ tax person.

 

[cjacks]

Well, tomorrow is 2013, the year we in this thread have been waiting for. When I go back to work on Jan. 2, I will have 43 more get up days left. I think it's time for me to take my foot off the pedal a little. No more going in early or staying late. I can start directing the real messes to my replacement. I can start looking at all the people who think work is full of life and death decisions with a smile on my face and as much indifference as I can muster.
My energy and attention will be directed to my retirement plan. The farm, my family, hobbies, and the bucket list. No rush, just in my time, do what I want, when I want, as I want. Except of course when the DW needs something done. Anyway I always find new things interesting and a little different then imagined. So I wonder how I will feel on December 31,2013.

 

[Helen]

It's finally here, the year most of us have been waiting for for a long time. Congratulations class of 2013!!!

Happy New Year!

 

[ChainsBeGone]

Happy New Year to all the 13'rs!

I'm joining the club and my last day of work will be 31 May, 2013, age 48, and officially retired from 26+ years of Army life on 31 Aug, 2013. My wife has been a stay-at-home mom for all but a few months of our military career, so she already has tons of interests and talents to keep her occupied. My "get a life tree" is a work in progress, but I can already see it growing. Can't wait.

Last summer I originally thought I'd be in the 2012 class, but punted a year. Now, retirement orders are in hand! No more "just one more year!"

Cheers!
ChainsBeGone

1. martyb - 55
2. DFA - 54
3. Chris2008 - 54
4. mystang52 (Glenn) - 60
5. SteveNU - 56
6. T-bird - 58
7. misty57 (DH) - 55
8. Coaster - 53
9. Helen - 56
10. Rita-61
11. KM - 55 - March 15, 2013
12. Lau_Ann - 55
13. Ronstar - 57
14. Spokane2303 - 56
15. Donna - 58
16. ChrisC (and DW) - 58
17. Bikeknit - 60
18. Traineeinvestor - 47
19. Sheehs1 - 58
20. smurray5991 - 57
21. obgyn65 - 48
22. DFW_M5 - 63
23. Cjack-49
24. ChainsBeGone-48

 

[Lazarus]

Congratulations to this years class!

 

[kyounge1956]

Happy New Year to all the 13'rs!

I'm joining the club (snip)
ChainsBeGone

1. martyb - 55
2. DFA - 54
3. Chris2008 - 54
4. mystang52 (Glenn) - 60
5. SteveNU - 56
6. T-bird - 58
7. misty57 (DH) - 55
8. Coaster - 53
9. Helen - 56
10. Rita-61
11. KM - 55 - March 15, 2013
12. Lau_Ann - 55
13. Ronstar - 57
14. Spokane2303 - 56
15. Donna - 58
16. ChrisC (and DW) - 58
17. Bikeknit - 60
18. Traineeinvestor - 47
19. Sheehs1 - 58
20. smurray5991 - 57
21. obgyn65 - 48
22. DFW_M5 - 63
23. Cjack-49
24. urn2bfree - 52 - December 1, 2013
25. ChainsBeGone-48
26. Seraphim - 57
27. Sarah in SC's DH -50 6/28/2013
28. BTravlin - 55
29. kyounge1956 - will be 57 - spring

FIFY, I think. Did I leave anyone out?

 

[Alan]

Happy New Year to the 13'ers

 

[HeatherB]

Joining the class! I was a member of the Class of 2014, but I'm done and we are pulling the trigger.

My personal trigger will be on May 23, 2013, the second the students leave!

(age 50 for the list, lol)

 

[Nikita]

Add Nikita (age 59) to the class of 2013. Its going to happen before I turn 60 in April.

 

[Rickochet]

Feb. 1st I join the retiree ranks at 58! Congrats to all of our "2013 classmates!"

 

[misty57]

I can't wait to add a date for DH. He hasn't even told his VP yet. Now with sequestration being pushed out, he's wondering whether to wait to see what the fallout is from that.

 

[Dreamer]

I'm no tax expert, but I am planning to max 401K $ for my final months which should save on FICA.

One's 401K contributions do not lessen the amount of FICA taxes.

 

[T-bird]

One's 401K contributions do not lessen the amount of FICA taxes.

Was looking into the same thing for my annual leave payout and found that to be the case for 457 accounts too. Uncle wants his bone!

T-bird
Class of 2013 (it's finally here)
DW Class of 2012

 

[T-bird]

One's 401K contributions do not lessen the amount of FICA taxes.

Was looking into this for my annual leave payout and found that the case for 457 accounts also. Looks like Uncle wants his bone.

T-bird
Class of 2013 (it's finally here)
DW Class of 2012

 

[eytonxav]

One's 401K contributions do not lessen the amount of FICA taxes.

Thanks, I didn't realize that

 

[GoneFishing]

Jan 4th was my date... was looking at sept; however, just did not pay to stay. So congrats to my fellow 2013 classmates and may you stay healthy and prosper for many many years.... by the way... only 55 and loving it...

 

[T-bird]

Jan 4th was my date... was looking at sept; however, just did not pay to stay. So congrats to my fellow 2013 classmates and may you stay healthy and prosper for many many years.... by the way... only 55 and loving it...

Well done and a big congrats. Fifty something working days for me and I'm out the door!

T-bird
Class of 2013
DW Class of 2012

 

[mystang52]

3 WEEKS TO GO FOR ME! Wellllllll, sort of.....in 3 weeks it'll be only 2 more weeks before I give my 2 weeks' notice....
But 3 weeks sounds a lot nicer to me.

 

[T-bird]

3 WEEKS TO GO FOR ME! Wellllllll, sort of.....in 3 weeks it'll be only 2 more weeks before I give my 2 weeks' notice....
But 3 weeks sounds a lot nicer to me.

I like your reasoning!! It sounds like you are ready!!

53 w*rking days for me!!

T-bird
Class of 2013
DW Class of 2012

 

[martyb]

My boss is 200 miles from where I work, so I only see her a couple of times a year when she comes to do my supervisory reviews. She was here a couple of days ago, and let it slip that she was planning to retire at the end of this year. Since I haven't yet said anything about my plans, I told her I was thinking along the same lines. She requested that I please not retire before she does! I guess she doesn't want the hassle of replacing me....

I didn't say whether I would let her go first...

I'm thinking not.

 

[GoneFishing]

My boss is 200 miles from where I work, so I only see her a couple of times a year when she comes to do my supervisory reviews. She was here a couple of days ago, and let it slip that she was planning to retire at the end of this year. Since I haven't yet said anything about my plans, I told her I was thinking along the same lines. She requested that I please not retire before she does! I guess she doesn't want the hassle of replacing me....

I didn't say whether I would let her go first...

I'm thinking not.

good to beat the boss out the door... that way they realize just what you do.

 

[urn2bfree]

I don't know why, but I am chomping at the bit to let people know I am leaving but am not supposed to until much later this year. Somehow it seems it would feel better to let others know, and meanwhile the waiting for my eventual freedom seems that much harder in just not being able to tell anyone yet.

 

[Throwdownmyaceinthehole]

I did it, I did it, I did it!!! Today I had "the talk" - they wanted me to take on another high profile position (working 80+ hours probably) and I told them no. That I was winding down and would only work part time remotely and would not commute the horrid 2 hour drive. I heard alot of gulping on the other end, even tho I had made my intentions clear. I am on my way to FREEDOM!!!!

 

[obgyn65]

Well done. I wish I had the courage to do the same.

I did it, I did it, I did it!!! Today I had "the talk" - they wanted me to take on another high profile position (working 80+ hours probably) and I told them no. That I was winding down and would only work part time remotely and would not commute the horrid 2 hour drive. I heard alot of gulping on the other end, even tho I had made my intentions clear. I am on my way to FREEDOM!!!!