Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Post retirement checklist?
Old 08-05-2015, 05:06 PM   #1
Full time employment: Posting here.
 
Join Date: Aug 2014
Posts: 555
Post retirement checklist?

Left Megacorp yesterday for the last time as an employee yesterday! Is there some sort of post retirement checklist anyone has put together? I'm checking on health insurance first. Have a plan but numbers seem subject to revision...

Paperwork for rollovers won't follow for a couple weeks. Been planning how to distribute those.

Megacorp made an offer for me to do some consulting but I think we are way apart on payment. Happy to let that slide for now.
__________________

__________________
ArkTinkerer is offline   Reply With Quote
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!

Old 08-05-2015, 06:52 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,874
Be sure to steal a lifetime supply of pencils and staples.
__________________

__________________
Yes, I have achieved work / life balance.
travelover is online now   Reply With Quote
Old 08-05-2015, 07:09 PM   #3
Recycles dryer sheets
 
Join Date: Jun 2014
Posts: 406
Congrats

Paperwork for rollovers in terms of 401K? If you are between 55-59 you might not want to. If you are employed by a company and are participating in the company’s 401(k) plan and you leave employment with that company at any time during or after the year in which you reach age 55, there will be no penalty for taking distributions from the plan. This doesn't work for IRA's so if you roll it over you cannot take advantage of it. If you are less than 55 or greater than 59......


Nevermind
__________________
If money is the root of all evil I want to be a bad man
nuke_diver is offline   Reply With Quote
Old 08-05-2015, 07:38 PM   #4
Thinks s/he gets paid by the post
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 3,240
Monitor closely your correspondence from your old company in the next few months. At the end of the year I retired, my Megacorp canceled my company provided health insurance (I pay for it, but at a reduced rate.) Some sort of glitch, but I caught it right away and got it fixed. As you and your old empl*yer extricate from each other, you need to be your own advocate. YMMV
__________________
Ko'olau's Law -

Anything which can be used can be misused. Anything which can be misused will be.
Koolau is offline   Reply With Quote
Old 08-05-2015, 07:49 PM   #5
Thinks s/he gets paid by the post
frayne's Avatar
 
Join Date: Oct 2002
Location: 19th Hole
Posts: 2,528
I think you mean pre-retirement checklist, don't you ?
__________________
A totally unblemished life is only for saints.
frayne is offline   Reply With Quote
Old 08-05-2015, 09:20 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
 
Join Date: May 2008
Location: Following the nice weather
Posts: 6,421
Quote:
Originally Posted by frayne View Post
I think you mean pre-retirement checklist, don't you ?
Affirmative. Spend your time on this while someone is paying you for it.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Will Rogers, or maybe Sam Clemens
DW and I - FIREd at 50 (7/06), living off assets
harley is offline   Reply With Quote
Old 08-05-2015, 10:59 PM   #7
Full time employment: Posting here.
 
Join Date: Aug 2014
Posts: 555
Quote:
Originally Posted by harley View Post
Affirmative. Spend your time on this while someone is paying you for it.
Nope. Planned all I could before that last day. Stupid policy of not providing paperwork until AFTER you leave. I'm asking here because I've never done this before. I hope to never do it again!

Healthcare calls are on the list first like I said. Already had several options picked so I'm just double checking and should pull the trigger tomorrow. Do want to confirm the backup plan in case I get hurt and have to take them up on Cobra since there is almost 30 days (and possibly 60) before the new plan would kick in. Almost certainly a high deductible policy so I will be able to fund a HSA via transfer from an IRA.

Pension and 401K will roll into IRAs. Have a pretty simple plan for a few index funds. Will take some time and try to do transfers to 2 or 3 different brokers to maximize their cash incentives. Company stock already moved out and will liquidate next year when I should be in a lower bracket. Some of it will have to wait another year to avoid being considered regular income.

Extremely unlikely to do a Roth transfer this year but it is something I will check at year end. Will be close enough to the tax and ACA limits I'm planning as it is.
__________________
ArkTinkerer is offline   Reply With Quote
Old 08-06-2015, 07:22 AM   #8
Thinks s/he gets paid by the post
frayne's Avatar
 
Join Date: Oct 2002
Location: 19th Hole
Posts: 2,528
You may want to consult others who have gone before you. One would think you should know everything and anything about retiree health insurance if it is offered.

Don't really have any thoughts about post retirement checklist but probably would not be a bad idea to have the group here generate one, very generic as everyones situation is very different.
__________________
A totally unblemished life is only for saints.
frayne is offline   Reply With Quote
Old 08-06-2015, 09:15 AM   #9
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,827
Quote:
Originally Posted by frayne View Post
You may want to consult others who have gone before you. One would think you should know everything and anything about retiree health insurance if it is offered.

Don't really have any thoughts about post retirement checklist but probably would not be a bad idea to have the group here generate one, very generic as everyones situation is very different.
I don't have any thoughts about a post retirement checklist, either. I spent years ferreting out information and making decisions before I retired. What else does one do during the last few years of work? Three years before I retired, I took a year to slowly move my portfolio into my planned retirement asset allocation.

I did spend some time on government retiree forums before and after I retired, getting an idea of the timeline until I would get my last paycheck, my leave compensation, and until my pension would kick in. Before I retired I also got some reassurance about my FEHB health insurance continuing seamlessly, which I had read but was concerned about.

Quote:
Originally Posted by ArkTinkerer View Post
Left Megacorp yesterday for the last time as an employee yesterday! Is there some sort of post retirement checklist anyone has put together? I'm checking on health insurance first. Have a plan but numbers seem subject to revision...

Paperwork for rollovers won't follow for a couple weeks. Been planning how to distribute those.

Megacorp made an offer for me to do some consulting but I think we are way apart on payment. Happy to let that slide for now.
I found out as much about retiree health insurance as I could, both from the usual sources and from other federal retirees on that message board. I did that long before I retired.

I didn't do a rollover so no tips from me on that.

My agency asked me before I retired to do some consulting after I retired. I laughed at them and said that the agency did not have enough money to get me to consult for them. Then a higher up asked me too, and I told him the same. After that, they stopped bugging me about it. But for me, all this happened before I retired, not after.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 08-06-2015, 09:46 AM   #10
Full time employment: Posting here.
 
Join Date: Aug 2014
Posts: 555
Everyone, including HR, was pretty clear that the company health plan, while available for retirees, was a poor choice in today's environment.

Arkansas has an oddball arrangement for ACA but I don't really think it will affect us much. One of the new options our insurance broker found was something labeled "multistate" which I'm getting more info on. Hopefully that will help with one of our sons who is out of state and for our travels.
__________________
ArkTinkerer is offline   Reply With Quote
Old 08-06-2015, 09:48 AM   #11
Thinks s/he gets paid by the post
Live And Learn's Avatar
 
Join Date: Feb 2012
Location: Tampa Bay Area
Posts: 1,688
My Mega had a pamphlets for those leaving and those retiring. They included gobs of info plus a checklist. See if your Mega has something similar; mine was very useful.
__________________
"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
Hebrews 12:11

ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
Live And Learn is offline   Reply With Quote
Old 08-06-2015, 02:05 PM   #12
Full time employment: Posting here.
 
Join Date: Aug 2014
Posts: 555
Quote:
Originally Posted by Live And Learn View Post
My Mega had a pamphlets for those leaving and those retiring. They included gobs of info plus a checklist. See if your Mega has something similar; mine was very useful.
They had a pre-retirement checklist which mentioned a lot of what you hear on this forum. Lots of company specific garbage where they had you filling out paperwork to do HR's job for them.

They did have a retirement information session about a month before I left. They brought in the SS admin, the 401K representative, and they talked about healthcare options the company had (and how bad they were!). Somewhat useful but after reading forums like this for the last year or two much of what they said seemed incomplete or inaccurate. Certainly not aimed at an early retiree. Might have been appropriate for those over 60 at full retirement. But I guess that is really the target audience.

I got to do a couple private questions with the experts after the presentations and it was clear the folks here know an awful lot more than the "experts". Kudos to you all! Or in the southern tongue "y'all".
__________________
ArkTinkerer is offline   Reply With Quote
Old 08-07-2015, 01:07 AM   #13
Thinks s/he gets paid by the post
Huston55's Avatar
 
Join Date: Jul 2011
Location: The Bay Area
Posts: 1,800
Quote:
Originally Posted by ArkTinkerer View Post
Left Megacorp yesterday for the last time as an employee yesterday! Is there some sort of post retirement checklist anyone has put together? I'm checking on health insurance first. Have a plan but numbers seem subject to revision...

Paperwork for rollovers won't follow for a couple weeks. Been planning how to distribute those.

Megacorp made an offer for me to do some consulting but I think we are way apart on payment. Happy to let that slide for now.
As many have already said, most of the checklists you'll see here are PRE-retirement. However, when you're on the cusp of FIRE or just FIREd, the Pre/Post actions kind of blend together. Below are a few things I think are important to consider. Hope this is helpful.

Retirement Checklist
1. Make sure employment records are straight: benefits, 401k, transfer life insurance, etc. (Note: This is a pre-retirement action that should be at the top of your post-retirement list if not yet done, while you still have the opportunity to correct any errors or qualify for any benefits.)
2. Develop a rough FIRE/Semi-FIRE weekly schedule; monitor/adjust accordingly based on your experience and desires.
3. Establish retirement income portfolio; determine and sell/buy into new AA and investments.
4. Set investment accounts (and pensions if applicable) to deposit into your MM/checking/savings account. (Note: some set up to have dividends deposited into MM/checking/savings account.)
5. Finalize retirement budget, if you've not already done so. Begin tracking expenses versus budget. (Note: suggest using 'Mint' or some similar tool to automate this task.)
6. Determine what retiree benefits you're entitled to receive; examine health care options carefully. (Note: This is a pre-retirement action that should be at the top of your post-retirement list if not yet done.)
7. Determine if you want part time employment; take action accordingly.
8. Determine if you're going to relo or not. (If you are, that's a whole new subject & checklist.)
9. Find a Financial Advisor if you want one and don't already have one. (Many do this to prep for a surviving spouse who's not financially savvy.)
10. Complete a 1-2 page "When I'm Gone" list which includes all key information and instructions. (Account numbers, passwords, points of contact, other instructions.)
11. Calculate (using available tools) whether or not to do back door Roth conversions and/or capture untaxed LTCG, now that your taxable income is likely lower.
12. Complete/update your will/estate documents as necessitated by FIRE.
13. Make an informed decision about 401k rollover(s). It's not always best to do them so, study this before acting.

PS: Congrats on your FIRE!
__________________
You may be whatever you resolve to be.
Huston55 is offline   Reply With Quote
Old 08-07-2015, 09:08 PM   #14
Recycles dryer sheets
cranberryjoe's Avatar
 
Join Date: May 2013
Location: Western US
Posts: 114
Others have covered the financial and healthcare tasks necessary post-retirement. Here is the first item that should be at the top of your post-retirement checklist:

1. Turn off alarm clock

Enjoy your new freedom!
__________________
Grow older, not up
cranberryjoe is offline   Reply With Quote
Old 08-07-2015, 09:38 PM   #15
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: Florence, AL/Helen, GA
Posts: 2,089
Retirement checklist:
Monday: Report to the state unemployment office that you're not working and that you're actively looking for a job every day.
Tuesday to Friday: Up early. Fix breakfast. Watch Let's Make a Deal. Watch Price Is Right. Fix Lunch. Take Nap. Wake up and play with the dogs. Watch news.

Just kidding. I'm working so hard in my ER that I never really had time to work anyway. Though I'm 6 years into retirement, I've yet to get to the bottom of the Honey Do list--with a house on 4 acres, a lake house, 2 boats and too many cars.
__________________
Bamaman is offline   Reply With Quote
Old 08-08-2015, 07:54 AM   #16
Full time employment: Posting here.
 
Join Date: Aug 2014
Posts: 555
Quote:
Originally Posted by Huston55 View Post
As many have already said, most of the checklists you'll see here are PRE-retirement. However, when you're on the cusp of FIRE or just FIREd, the Pre/Post actions kind of blend together. Below are a few things I think are important to consider. Hope this is helpful.

Retirement Checklist
1. Make sure employment records are straight: benefits, 401k, transfer life insurance, etc. (Note: This is a pre-retirement action that should be at the top of your post-retirement list if not yet done, while you still have the opportunity to correct any errors or qualify for any benefits.)
2. Develop a rough FIRE/Semi-FIRE weekly schedule; monitor/adjust accordingly based on your experience and desires.
3. Establish retirement income portfolio; determine and sell/buy into new AA and investments.
4. Set investment accounts (and pensions if applicable) to deposit into your MM/checking/savings account. (Note: some set up to have dividends deposited into MM/checking/savings account.)
5. Finalize retirement budget, if you've not already done so. Begin tracking expenses versus budget. (Note: suggest using 'Mint' or some similar tool to automate this task.)
6. Determine what retiree benefits you're entitled to receive; examine health care options carefully. (Note: This is a pre-retirement action that should be at the top of your post-retirement list if not yet done.)
7. Determine if you want part time employment; take action accordingly.
8. Determine if you're going to relo or not. (If you are, that's a whole new subject & checklist.)
9. Find a Financial Advisor if you want one and don't already have one. (Many do this to prep for a surviving spouse who's not financially savvy.)
10. Complete a 1-2 page "When I'm Gone" list which includes all key information and instructions. (Account numbers, passwords, points of contact, other instructions.)
11. Calculate (using available tools) whether or not to do back door Roth conversions and/or capture untaxed LTCG, now that your taxable income is likely lower.
12. Complete/update your will/estate documents as necessitated by FIRE.
13. Make an informed decision about 401k rollover(s). It's not always best to do them so, study this before acting.

PS: Congrats on your FIRE!
Thanks! Most of this was done pre-FIRE but its a good list.

Any specifics on what you think might change in a will due to FIRE? I can see that if one owned a business but for a lackey like me I don't see it having much affect on who gets my rifle.

Southern list additions:

14. Make sure porch rocking chair is in good shape. (I'm going to have to build a porch!)
15 Acquire hound dog to sit with you on the porch.
__________________
ArkTinkerer is offline   Reply With Quote
Old 08-08-2015, 07:55 AM   #17
Full time employment: Posting here.
 
Join Date: Aug 2014
Posts: 555
Quote:
Originally Posted by Bamaman View Post

Just kidding. I'm working so hard in my ER that I never really had time to work anyway. Though I'm 6 years into retirement, I've yet to get to the bottom of the Honey Do list--with a house on 4 acres, a lake house, 2 boats and too many cars.

DW tells me I'm not allowed to die until I finish all chores around the house. I should be around until I'm at least 90!
__________________
ArkTinkerer is offline   Reply With Quote
Old 08-08-2015, 10:06 AM   #18
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,856
Before I ERed, I had a lengthy checklist of things to do, many of them relating solely to the 401k/ESOP account I had at my old job. There was a 10-page form I had to complete (some pages had nothing to fill out) in order to specify what I wanted to do with each part of the account. The account included company stock, pre-tax funds, and after-tax funds. I also wrote some special instructions to make sure everything was handled properly, which, to the 401k administrator's credit, it was. Some of the more unusual things I had to do was to get a medallion stamp from my bank because I was transferring more than $100k electronically to the bank, and to get one of the pages notarized.


After I left the company, I had to wait about a week until I was ready to make a visit to Fidelity to deposit all the account's proceeds, some of them into a Rollover IRA and some of it into the bond fund whose dividends would fund my everyday expenses. I wanted to do this in person, with my Fidelity Account Executive because the amounts were quite large (totaling over $500k). I had a small checklist for that, too.


Then I was set to begin my ER.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is offline   Reply With Quote
Old 08-08-2015, 12:13 PM   #19
Thinks s/he gets paid by the post
 
Join Date: Feb 2014
Posts: 1,045
Quote:
Originally Posted by ArkTinkerer View Post
Healthcare calls are on the list first like I said. Already had several options picked so I'm just double checking and should pull the trigger tomorrow. Do want to confirm the backup plan in case I get hurt and have to take them up on Cobra since there is almost 30 days (and possibly 60) before the new plan would kick in. Almost certainly a high deductible policy so I will be able to fund a HSA via transfer from an IRA.
COBRA is retroactive to your last day of coverage on your job. You have 60 days to decide and 45 days to pay it. Since it is retroactive I skipped two months and got an Exchange policy, saved $1230 in COBRA premiums.
__________________
jim584672 is offline   Reply With Quote
Old 08-09-2015, 07:26 PM   #20
Thinks s/he gets paid by the post
Huston55's Avatar
 
Join Date: Jul 2011
Location: The Bay Area
Posts: 1,800
Quote:
Originally Posted by ArkTinkerer View Post
Thanks! Most of this was done pre-FIRE but its a good list.

Any specifics on what you think might change in a will due to FIRE? I can see that if one owned a business but for a lackey like me I don't see it having much affect on who gets my rifle.

Southern list additions:

14. Make sure porch rocking chair is in good shape. (I'm going to have to build a porch!)
15 Acquire hound dog to sit with you on the porch.
Nothing special if you & DW already have it the way you want it. Mostly, FIRE is just a good time to confirm/adjust your will/estate docs.
__________________

__________________
You may be whatever you resolve to be.
Huston55 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Pre retirement checklist nuke_diver Life after FIRE 25 11-08-2014 08:44 PM
ER checklist nun Life after FIRE 9 11-24-2009 08:21 PM
Checklist for getting ready to ER RunningBum FIRE and Money 6 10-06-2007 02:45 PM
All In One Retirement Checklist From Schwab Patrick FIRE and Money 14 11-17-2006 10:11 PM
Checklist for last working months? Roger_R FIRE and Money 3 10-21-2006 11:44 AM

 

 
All times are GMT -6. The time now is 02:37 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.