First retirement check

[PERSonalTime]

My first retirement check coincided with paying off my mortgage and the end of alimony payments to the ex-wife. It brought a few famous quotes to mind. "Free at last, Free at last, Oh thank God, I'm free at last!" also "Never again".

Great!

Just wondering, has anyone else paid off their mortgage?

 

[LinCella]

I just got my first full pension check this past Friday and was so giddy I could hardly stand it. I didn't have to look at my old boss' nasty face for a whole month and I got paid not to!!

It ain't a huge amount of money but it's huge enough for me - it has given me incredible freedom.

 

[Amethyst]

I retired from Fed service (CSRS) on 3 January (supposedly "the best day" for CSRS people). My agency closed me out a couple of weeks ago, but I've not heard from OPM, and can't get through on their phone line. I expected at least to get a CSA Number by now, if not an interim partial payment. My application was "vanilla," so I don't know what the hitch is.

Because OPM is not communicating, I'm filling the empty space with worrying and speculation. It is frustrating not to hear anything.

Amethyst

 

[Dash man]

I retired March 29, 2013 and received my first pension payment April 1, 2013. My last paycheck and vacation payout came a week after that. I was surprised when they didn't make me wait a month to start my pension, but I started the process early enough to make it happen. Life is good!

 

[Idnar7]

Four months into retirement I had my severance money and my regular pension and was feeling pretty flush. Then a large amount was deposited to my account. I had forgotten that I had a profit sharing check due. It turned out to be five times the normal amount. I kept a spreadsheet of what I spent it on - new computer, wills for wife and I, home improvements - so I wouldn't later say where did it all go. Those were all things I needed to do, but being able to pay with cash, was incredible.

 

[scrabbler1]

I retired March 29, 2013 and received my first pension payment April 1, 2013. My last paycheck and vacation payout came a week after that. I was surprised when they didn't make me wait a month to start my pension, but I started the process early enough to make it happen. Life is good!

There does seem to be a connection between one's retirement date within a calendar quarter and eligibility for receiving the first pension check soon thereafter. I recall when my dad retired in 1994 he was going to leave on July 1st but was advised to leave on June 30th because the earlier retirement date would not be in the third quarter, enabling him to receive his first pension check right away instead of waiting 3 months. Similarly, a coworker of mine (different company) was going to leave on October 1st (2003) but later changed it to September 30th for exactly the same reason.

So, good move for you to retire in late March instead of early April.

 

[audreyh1]

Great!

Just wondering, has anyone else paid off their mortgage?

We paid off our mortgage before retiring.

One reason we did, is that we paid with appreciated company stock, the same stock we were holding and hoping to appreciate more so we could retire early. It was a way to lesson the risks we were taking - if the company stock thing didn't work out, at least we wouldn't have to worry about the house payments and were debt free.

It all worked out, and having paid off the house meant we were able to put aside more each month as we waited to reach our magic number.

Of course we were taking a massive risk in the first place, but paying off the house definitely helped with the psychology.

 

[scrabbler1]

Great!

Just wondering, has anyone else paid off their mortgage?

I paid off my mortgage in 1998, 9 years after I got it (and 6 years after I refinanced it, reducing my monthly payment by 40%). This was a key step on the way to my ER in 2008. Paying off the mortgage greatly lowered my monthly expenses to the point that only 1 biweekly (full-time) paycheck per month more than covered my expenses. Seeing that, I knew I could easily switch to working part-time (at the same company) which I eventually did 3 years later. After 7 years of working PT, including a second reduction in weekly hours worked, I had had enough of work altogether and stepped up my ER plan so I could quit the job in 2008.

 

[Mulligan]

Great! Just wondering, has anyone else paid off their mortgage?

I already had an existing mortgage when I retired at 5%. I refinanced down to 3.785% on 30 year a couple years ago, as I still had about 22 years left on the mortgage at refinance. I can now pay off my mortgage, but I will not for the extended future. Even though this may sound contradictory, I would never refinance to extract money to invest in any way. I just refinanced the existing balance.

 

[jon-nyc]

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.

Mind sharing what the fund is?

 

[Hermit]

Just wondering, has anyone else paid off their mortgage?

Sold the house, paid off the note, (happens when you sell the house.) Now I am happy to be both j*bless and homeless!

I'll keep this short. There's another thread discussing the RV life.....

 

[redduck]

I received my first social security check (direct deposit) almost 2 1/2 years ago (age 67 1/2 ish). I remember being pretty darn happy, but, mostly being pretty darn relieved that social security was actually working--at least for me). And even now when the monthly deposit shows up, it's like a gift for being old. An enlarged prostate is also like a gift for being old, but perhaps that's off topic.
__________________
Married, both 58. DH retired June, 2010. I have a pleasant, little part time job.

 

[Sue J]

Great!

Just wondering, has anyone else paid off their mortgage?

Our mortgage was already paid off by the time DH retired. His final paycheck included an additional 500 hours of accrued vacation time minus a whole lot of Federal and State withholding tax. Still, it was the biggest hunk of money we had ever seen in the checking account.

We paid off the remaining small balances of 2 credit cards and both sons' student loans. Those had always been understood to be our debt. Then we took them out for dinner and gave them their Paid In Full receipts for their records.

So we entered DHs retirement debt free and both of our sons were also debt free.

Two days later the first pension deposit landed in the checking account.

 

[akck]

No first check yet, but I got my benefit analysis stating what we'd be getting. It ended up being about $10 more than I expected. I should get something within the next 10 days.

 

[LinCella]

I'm still waiting for PERS to process my sick leave into service credit but they said that could take 6 months. I think it will be around $10 more but that's a couple of beers!

 

[PERSonalTime]

I just got my first full pension check this past Friday and was so giddy I could hardly stand it. I didn't have to look at my old boss' nasty face for a whole month and I got paid not to!!

It ain't a huge amount of money but it's huge enough for me - it has given me incredible freedom.

Congrats Linny727! The freedom thing really is great. Also, the reduced stress is incredible. I bet you can hardly wait for the second full check (me too!)? The second check will prove that we're not dreaming, but are in fact "living the dream."

 

[Mulligan]

I'm still waiting for PERS to process my sick leave into service credit but they said that could take 6 months. I think it will be around $10 more but that's a couple of beers!

Good for you Linny. My experience from my pension system was the opposite. My first pension check was about $150 more a month than I was guessing it to be, but of course I didn't mind.... Until my second check when it was $300 less than the first one, because they stated they accidentally added my sick pay into my pension income and needed to remove it. At least they didn't determine this a year later and take it back, I guess...

 

[akck]

Well, I'm now an official member of the retirement community. I got my first check! All future checks should be direct deposited around the 25th of each month. I couldn't be any happier, especially since I did things I wanted to do last month, instead of going to work.

 

[LinCella]

That's harsh, Mulligan!

I will be receiving new amount with my sick leave added in. Gross amount is $27 added in. Unfortunately I had a very bad few years health wise and had almost no sick leave left. Still, $27 is $27.

 

[LinCella]

PERSonal time, you said it, the freedom is worth it! I retired 6 months earlier than planned because I couldn't stand it anymore. The pain outweighed the extra money I would have gotten.

 

[Dcharles]

I saw my first check deposited and almost cried! I can't believe I am finally being paid with our savings and retirement plan. It is an awesome feeling!

 

[martyp]

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.

It feels like magic . . .that's what it feels like.

 

[Alan]

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.

I am now receiving 3 pension checks from 3 different sources, and they all feel great every month. Over the next 11 years DW and I should experience that first time pension check another 4 times

The quarterly dividend check from Vanguard is also pretty nice

 

[Chuckanut]

I sleep later. Drink more coffee. Read the paper. Meet friends for lunch. Eat better food. Avoid rush hour traffic. Travel off season. And at the end of the month they send me a check. What a great life!

 

[PERSonalTime]

I saw my first check deposited and almost cried! I can't believe I am finally being paid with our savings and retirement plan. It is an awesome feeling!

When I got my first check and went to the bank to withdraw some cash, I walked slowly toward the door waiting for someone to stop me and say there was some mistake with the retirement deposit to my account. When that didn't happen, I jumped for joy all the way to my car! It was great.