Jumped Off the Cliff Today

[Koolau]

Congratulations Irishgirlyc58. I wouldn't worry about the "early" part of EarlyRetirment. The key is Retirement. It sounds like you have prepared financially, got the income you need, got the all-important health insurance taken care of in preparation for Medicare and have back-up in your 457b.

Now, consider stuff like Roth conversions and tweaking your portfolio - but mostly, decide what you will now do with all that free time. Celebrate and enjoy!

 

[Irishgirlyc58]

Congratulations Irishgirlyc58. I wouldn't worry about the "early" part of EarlyRetirment. The key is Retirement. It sounds like you have prepared financially, got the income you need, got the all-important health insurance taken care of in preparation for Medicare and have back-up in your 457b.

Now, consider stuff like Roth conversions and tweaking your portfolio - but mostly, decide what you will now do with all that free time. Celebrate and enjoy!

Ha! My 91 year old mother asked me what I was going to do.
My standard answer is clean the garage.

I know nothing about Roth or their conversions. Where would one find Roth for dummies?

 

[1242Vintage]

Congrats from another CalPERS retiree.

I retired 18 months ago from a long career with the State of CA. The team at CalPERS made the transition very easy for me. Hope yours is similar.

Enjoy the ride.

 

[Koolau]

Ha! My 91 year old mother asked me what I was going to do.
My standard answer is clean the garage.

I know nothing about Roth or their conversions. Where would one find Roth for dummies?

The best source I've found is "Fairmark Guide to the Roth IRA" You can also search here on the Early Retirement site and see what others are doing.

https://www.amazon.com/Fairmark-Gui...irmark+roth+ira&qid=1632758870&s=books&sr=1-1

Check around and see if there is a later version - there may have been some changes since 2004.

In short: If you can convert from 457b (or a traditional IRA or a 401(k) etc.) to a Roth, there are many potential advantages. BUT you will likely have to pay the taxes due - just as if you had "cashed out" the money. The idea is to pay taxes when you are in a lower bracket and then when Required Minimum Distributions happen, you may be in a higher bracket. So, it's not a given that Roth conversion is right for you. You have to do the math. Many here (including me) have found reasons to convert. YMMV

 

[Irishgirlyc58]

The best source I've found is "Fairmark Guide to the Roth IRA" You can also search here on the Early Retirement site and see what others are doing.

https://www.amazon.com/Fairmark-Gui...irmark+roth+ira&qid=1632758870&s=books&sr=1-1

Check around and see if there is a later version - there may have been some changes since 2004.

In short: If you can convert from 457b (or a traditional IRA or a 401(k) etc.) to a Roth, there are many potential advantages. BUT you will likely have to pay the taxes due - just as if you had "cashed out" the money. The idea is to pay taxes when you are in a lower bracket and then when Required Minimum Distributions happen, you may be in a higher bracket. So, it's not a given that Roth conversion is right for you. You have to do the math. Many here (including me) have found reasons to convert. YMMV

Very helpful! Thank you.

 

[eleighj416]

So, today I gave my 3 month notice that I am retiring at the end of this calendar year. There is no going back now!
3-4 months notice is typical for my position.

So, a little about me.
I turned 63 this month and identified that December of 2021 maximized my CalPERs benefits about 5 years ago.
There were several times I thought I was going to cut bait and leave early but I hung in there. Until today. It felt like I was jumping off a cliff but after I submitted my notice it also felt like a huge weight was lifted from my shoulders.

I've had a 35+ year career in social services/health and human services and reached the top position of my career field.

I am single (divorced many years ago) and raised 2 kids who have been adults for many years! 2 grandkids.

For income I will get about 110% of my current salary when I add my CalPERS retirement benefits and SSA. This will cover my expenses and leave enough left for extra expenses or savings.
I'm not an investor like many of you are. I do have a 457b account with sufficient funds to cover if something really drastic happens. I don't intend to really touch this account until I have to though.

I will continue with the health insurance I have through my employer but I will pay the premium. It's a high deductible plan so the premium is reasonable and I have an HSA for the deductible-but I think I can cover it with my regular income.
In 2 years when I am medicare eligible my employer health insurance becomes my supplement from what I understand.

63 really isn't early retirement in my world. Many people retire at 55-but I wasn't mentally ready to retire at 55. I am now though! I can't wait to not have anything to do-or think about. It's a new adventure at the bottom of that cliff I've jumped off!

Thanks for reading.

Good Job!

 

[Months.in.Wyoming]

It felt like I was jumping off a cliff but after I submitted my notice it also felt like a huge weight was lifted from my shoulders.

That sentiment was well worded and received… I haven’t done it yet, I sort of did but they said to “just do what you like and stay here a while.” so as I’ve internalized that it’s become a bit of a relief… But I still have people depending on me to show up for them… So I know that when I go back and say I’m just done… it will be a great weight. I would do that now, but then again - if I can just do the parts I like and delegate all the rest… the pay is worth the occasional meeting that I must do where I’d rather not…

CONGRATULATIONS to you for finally just doing it. Safe and Happy trails ahead.

 

[cnocmmz]

Congrats on your decision to walk away-
I am 61 and gave my notice a month ago to retire on 1 Dec. enough is enough, time to enjoy on your own time!

 

[Deuce]

Congratulations!

 

[Bryan Barnfellow]

I love posts like this. They conjure for me the feelings of excitement, optimism, and relief that came with my own fire decision 6 years ago!

Congrats and best wishes!

-BB

 

[arch57]

Thanks RobbieB.
I can’t wait. These next three months are going to be torture.

I was a product manager at a big company and gave 2 months notice in 2015. I noticed that suddenly I was not being invited to meetings, planning spreadsheets weren’t being sent my way, it was a blast!
Any meetings I did attend everyone looked at me with a bit of envy, knowing I wasn’t signing up for any more work. Enjoy the ride it will be over quickly.

 

[rmcelwee]

Congrats!

 

[Chuckjim]

So, today I gave my 3 month notice that I am retiring at the end of this calendar year. There is no going back now!
3-4 months notice is typical for my position.

So, a little about me.
I turned 63 this month and identified that December of 2021 maximized my CalPERs benefits about 5 years ago.
There were several times I thought I was going to cut bait and leave early but I hung in there. Until today. It felt like I was jumping off a cliff but after I submitted my notice it also felt like a huge weight was lifted from my shoulders.

I've had a 35+ year career in social services/health and human services and reached the top position of my career field.

I am single (divorced many years ago) and raised 2 kids who have been adults for many years! 2 grandkids.

For income I will get about 110% of my current salary when I add my CalPERS retirement benefits and SSA. This will cover my expenses and leave enough left for extra expenses or savings.
I'm not an investor like many of you are. I do have a 457b account with sufficient funds to cover if something really drastic happens. I don't intend to really touch this account until I have to though.

I will continue with the health insurance I have through my employer but I will pay the premium. It's a high deductible plan so the premium is reasonable and I have an HSA for the deductible-but I think I can cover it with my regular income.
In 2 years when I am medicare eligible my employer health insurance becomes my supplement from what I understand.

63 really isn't early retirement in my world. Many people retire at 55-but I wasn't mentally ready to retire at 55. I am now though! I can't wait to not have anything to do-or think about. It's a new adventure at the bottom of that cliff I've jumped off!

Thanks for reading.

I pulled the plug and retired 3 weeks ago at age 51. Kids are grown and traveling now for the next month. I’m sure at some point it will sink in that I’m not going back to a job. Congrats!!

 

[mtheulen]

I left 3 years ago at 59
Best decision I have ever made!

 

[Dalmore]

Congrats! DW retired Oct 2020 with CalPers and it has been a smooth ride. Enjoy your new adventures.

 

[mcbraemer]

Get ready to immediately become "invisible" to most all management and upper mgmt beginning Monday morning.?. It could be a long 3 mos

 

[Lvus101]

Congratulations IrishGirl. Now get busy living!!!

 

[patela6]

Congrats on what sounds like an amazing career, getting to the top role with an org that really is intended to help people.

Now, on to your retirement fun. ��
I hope you get to explore your Irish roots and try real Guiness in Dublin. I'm not Irish, but that's on my list �� �� �� ��

 

[old medic]

Congratulations. I'm standing right beside you, knees bent and arms swinging. 35 more 12 hour shifts to go... Unless I pick up a few extra...Dec 17 my last day.

 

[67walkon]

Congrats. I retired at 63 too and while that isn't as early as some, it is much earlier than most. 9 years later, its still fantastic. I don't have any pensions, not does my wife, but we have adequate savings to maintain a comfortable life style with two homes and we've been to Europe twice (before Covid).

Enjoy your new lifestyle. Don't feel guilty. Don't try to understand your friends who are still working and who seem puzzled about why you aren't working. Take advantage of your relative youth and do all those things you haven't had time for.

When I retired at 63, most of my friends expected me to be back at it after a few months. More than 9 years later, I cherish the experiences of the last 9 years. And the vast majority of my friends from back then are still working. I don't get it.

 

[HGTVFanatic]

I’ve got to say I’m a little jealous of all the posters here who got to choose their retirement date. It must feel so empowering. I was not given that opportunity. I was “retired” against my will at 59 1/2 along with many others (downsizing/getting rid of the oldsters). It was supposedly voluntary but they made it clear that if you didn’t take the severance package and if they didn’t get enough “volunteers,” you would forfeit the package. Unfortunately for them, they guessed wrong the number who would take the offer and had to do some rehiring. After freaking out, we looked at our numbers and realized we’d be ok. Thankfully, my husband is getting a pension. They actually did me a favor because my daughter had twins a couple of days before my last day and we were able to help since her husband was deployed.

 

[Chuckjim]

I tell people I’m unemployed instead of retired. They seem to wrap their head around the idea of me being unemployed at 51 vs retired. They are more likely to offer to buy you a drink as they feel sorry for you

 

[Dtail]

I tell people I’m unemployed instead of retired. They seem to wrap their head around the idea of me being unemployed at 51 vs retired. They are more likely to offer to buy you a drink as they feel sorry for you

Just another way of keeping up the LBYM lifestyle.

 

[Jim59]

I’ve got to say I’m a little jealous of all the posters here who got to choose their retirement date. It must feel so empowering. I was not given that opportunity. I was “retired” against my will at 59 1/2 along with many others (downsizing/getting rid of the oldsters). It was supposedly voluntary but they made it clear that if you didn’t take the severance package and if they didn’t get enough “volunteers,” you would forfeit the package. Unfortunately for them, they guessed wrong the number who would take the offer and had to do some rehiring. After freaking out, we looked at our numbers and realized we’d be ok. Thankfully, my husband is getting a pension. They actually did me a favor because my daughter had twins a couple of days before my last day and we were able to help since her husband was deployed.

No need to be jealous, in fact most would be jealous of you getting a nice “golden cheerio”

 

[old medic]

I tell people I’m unemployed instead of retired. They seem to wrap their head around the idea of me being unemployed at 51 vs retired. They are more likely to offer to buy you a drink as they feel sorry for you

LMAO.... In talking with a friend I came up with my reply...
I'm an unemployed Workaholic....