First retirement check

[PERSonalTime]

Can anyone remember what it was like to receive their first retirement check? It sure is an exhilarating occasion. It's really mind blowing to think that you're getting paid when you've been nowhere near your office, desk, or computer at work. Please describe how you felt on this joyous occasion.

 

[Major Tom]

Well, I'm currently paying myself from my own savings and investments. No pension for me, and I'm still 12 years away from being able to claim SS (if I claim it early), but I think that first SS check is going to feel great!

 

[REWahoo]

My first retirement check showed up in February of 2009, four years after I retired. It was a SS check and I received it with a huge sense of relief as the portfolio I had been drawing from was plunging toward unknown depths...

 

[Meadbh]

What are these "checks" that you speak of?

I do not receive checks (or funds of any kind) from external parties, apart from some occasional consulting work. I make electronic transfers of my own funds into my current account.

The way your question is phrased, you must have one of those "pensions", like my father had.
If so, rejoice!

 

[PERSonalTime]

Whether it's a pension or SS, it sure feels strange to get a check when you haven't had to suffer the immediate trauma associated with the stress and turmoil of work. In reality, it feels quite good.

 

[Turboslacker]

Gotta feel good

 

[just walk away]

I've received four pension checks and still can't quite get used to being paid for not working.......It is great!

 

[gardenfun]

Whether it's a pension or SS, it sure feels strange to get a check when you haven't had to suffer the immediate trauma associated with the stress and turmoil of work. In reality, it feels quite good.

You are so right, PERS!

For the past couple of years, I have been receiving my portion of my ex's megacorp pension (he is 7 years older than me--we were married 21 years). In 5 years, I'll receive my much smaller pension from the same megacorp (also split with him via the divorce QDRO).

After all those years slaving away, it's nice to get that little deposit every month. Hey, it's there just now for this month!

Not exactly the same feeling as getting monthly distributions from the IRA...it does seem somehow more connected to the w*rk done all those years...

 

[powerplay]

It feels great to get my pension payment each month.

 

[Sarpy]

Whether it's a pension or SS, it sure feels strange to get a check when you haven't had to suffer the immediate trauma associated with the stress and turmoil of work. In reality, it feels quite good.

Very true. Although my little check is not quite as robust as the original salary, it is still nice to know I get this for sleeping in, lazing around, doing what I want to do. Not for hosting meetings and managing drop-dead deadlines (which would eventually cause me to drop dead).

 

[pb4uski]

I have not yet started drawing my pension. Letting it grow. SS is at least 4 years away, and more likely 12.

However, my "paychecks" are my quarterly dividend deposits from my taxable account investments and my monthly transfer from my investments. And they still feel good even though I realize it is just shifting money from one pocket to another.

 

[akck]

I'll let you know in about 2 weeks. Retired Jan 1st, but first check takes 6 weeks to get it. They then are regular at the end of the month.

 

[Hermit]

Retired on 6/30/13. Got my first pension check for July on 6/30/13. Got my last pay check on 7/5/13 and my vacation pay out on 7/12/13. The last one was big. That's the last I will see of all those big bucks rolling in. That monthly pension check sure is nice though. But I do work hard for it. I have to breathe a lotta air to keep that puppy coming in.

 

[Huston55]

My first retirement check showed up in February of 2009, four years after I retired. It was a SS check and I received it with a huge sense of relief as the portfolio I had been drawing from was plunging toward unknown depths...

REW-I'd be interested in hearing how you analyzed whether to take SS early, if you considered the payback/restart option after the market recovered, etc. One of the back-up options we have considered is collecting SS early so, I'm interested in how others have made that decision.

 

[REWahoo]

REW-I'd be interested in hearing how you analyzed whether to take SS early, if you considered the payback/restart option after the market recovered, etc. One of the back-up options we have considered is collecting SS early so, I'm interested in how others have made that decision.

My analysis on taking SS at 62 was done at the most basic level - financial survival. We'd been living entirely off our investments for four years, and by early 2009 the value of our portfolio had declined by more than 30% with no end to the free-fall in sight. We cut back our spending but I felt it was essential that we reduce our withdrawal rate even more, and taking SS early would allow us to cut our withdrawals by a third.

As to consideration of the SS payback/restart option, yes I did consider it but missed the window. By the time our portfolio recovered to the point I felt comfortable with a "do-over", the SS Administration had changed their policy and I was no longer eligible: http://www.early-retirement.org/forums/f28/social-security-take-back-rip-53563.html

Hindsight indicates we may have been financially better off to delay until FRA or age 70. However, the psychological benefit at the time was more than worth whatever future benefits I may forgo.

YMMV...

 

[SteveNU]

Today is payday

Sent from my XT1049 using Early Retirement Forum mobile app

 

[Walt34]

All my life I had to do something useful for money so the first couple of years it brought on a sense of surreality. I mean, all I have to do is keep breathing and they send me money every month? Can this be true? What's the catch? There must be one!

Like everything else, one gets used to it after a while. But it still makes me grin.

 

[rescueme]

No SS, no Pension.

Just getting by (me & DW) on our investments and an SPIA, purchased at retirement back in 2007 with some of the "profits" from our long term holdings. BTW, we're both age 66, and both retired (old pharts).

I'm not an expert on the market, but I/we have been in it since '82 (some 32 years). We take our profits (e.g. add to our cash bucket) during the good years and just sit back during the down years.

It's not rocket science; it's just the history of the long term equity marketplace. If you're a short term player (e.g. less than 10 years) then you will always have worries.

As for us? We're at peace ...

 

[DUFUS]

I've received four pension checks and still can't quite get used to being paid for not working.......It is great!

Same number of pension checks received for me, and same sentiment. Keep 'em coming, and I'll keep ing at each one.

 

[Sue J]

DH retired with a pension in 2010. When I posted about his retirement someone here remarked that if he has a pulse at the end of the month he gets another check. Of course, it's really a direct deposit, but I still get that same feeling of "nice to know it's in the bank".

Congratulations on your first one! Enjoy your freedom!

 

[JakeBrake]

When I retired from MegaCorp in 2007. I received my severance check and my lump sump pension check within a few days. These are the largest paper checks I've ever seen with my name on them.

No sense of elation because I knew I had to get the paper checks to Vanguard ASAP and manage the proceeds from then on. In hindsight I would have done better to put the checks in the drawer instead of in the market until after the market crash of 2008.

DW and I both filed for SS at FRA and now we get direct deposits on the second and third Wednesday of each month.

 

[Dreamer]

Can anyone remember what it was like to receive their first retirement check? It sure is an exhilarating occasion. It's really mind blowing to think that you're getting paid when you've been nowhere near your office, desk, or computer at work. Please describe how you felt on this joyous occasion.

This is exactly how I felt, even before I retired. It is amazing to think that you can receive a check every month and not work for it. I had been working since age 15 and if you did not work, you did not get paid. I retired from my career job in 06/06. My DH retired in 2010 and received severance pay for 18 mos and his pension doing that time. He also received a prior year bonus that the company decided to pay. Boy was it nice receiving his pay check and the pension check for 18 months. I probably would never have felt comfortable retiring on just our portfolio alone, and my hat is off to the many here who have done so. I am now one of the people who are working a part-time $10.00 per hour job and that is after working there for over 3 years. I made a goal of finishing the job of getting my social security credits. I have 7 more to go, so will finish the middle of 2015, if I live that long. The amount that I will receive from SSA will be teeny, tiny due to WEP. My family laughs at me for working and can't understand why I am doing this, but a goal is a goal. Assuming I make this goal, my next goals are going to be travel related!

 

[NYEXPAT]

Been 26 years without a "paycheck" , got 22 months to go till SS kicks in. I have dreamed nightly about it for the past 8 or so years!

 

[audreyh1]

Been 14.5 years without a "paycheck".

I just pay myself! The monthly back transfers kind of feel like a paycheck - cause it's spending money!

So far (knock on wood) the net worth is beating inflation even though I'm drawing on the funds each month.

That feels good!

 

[scrabbler1]

When I ERed back in late 2008, I cashed out the $300k I had in company stock and put it into a bond fund which pays me a nice, fat dividend check every month. I always look forward to the changing of the months (such as now) when I get my "paycheck" for doing nothing but having my money work for me instead of vice versa.