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Old 03-21-2021, 10:51 AM   #21
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#3 is a big mistake, odds are it will backfire. There are lots of people here with very bad first hand experiences with giving too much notice. I have 3 months, and it was an avoidable grind.

I’d choose #1. You’re going to live about 960 months, you can certainly suck it up for 9 months. Don’t give more than 2-4 weeks notice. Everyone is replaceable no matter who you are, we all like to think otherwise - but CEOs, doctors, lawyers, politicians come and go everyday and the world still turns.

You didn’t say if you liked your job/career irrespective of the new boss. That would be a big consideration to me. Bad bosses come and go to...it would be a shame to quit a job over a boss who won’t be there forever. The worst boss I ever had was for three years in my mid-30’s and I thought about quitting a lot. But I enjoyed the work and my career outlook, so I’m glad I waited him out - although I realize waiting in your 30’s is different than 60ish. I flourished after that, the asshat boss lost his job and his marriage/family by cheating on his wife.
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Old 03-21-2021, 10:59 AM   #22
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But this also doesn't account for the 9 months of pension paid out now of approx $38,000 (3/4 of $51,000). Now the difference is only $22,000; not including any calculation in regard to time value of money. So instead of $6,666 each month, it is only $2444 for sticking it out each month. Not as much incentive. Kind of like the when to take SS decision, there is a crossover point where one option does become better, if you live longer past the crossover age.
A
BUT, that 9 months of pension you cite, of about $38000 is only a ONE TIME amount. Its is not for the rest of his life! So the rest of your calculations are faulty. And as someone else mentioned, OP would be also getting salary during that period, likely a higher amount for salary than the pension he will get.

I still advise sucking it up for 9 lousy months and retire at his planned target date. OP does not mention if he is married, but if so his DW will greatly appreciate the extra $2000 in retirement income for the fun things they are likely thinking about!
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Old 03-21-2021, 11:08 AM   #23
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@Midpack +1
DW's HR requires 4 weeks, and they will get that and no more. She also outlasted a couple of bad bosses along the way. It is sweet when you enjoy your job and they " go spend time with their family" LOL. That was her corporate speak for being walked out.
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Old 03-21-2021, 12:58 PM   #24
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I had to make this same decision just a few months ago.
I would get ~$200/month more in my pension if I retired in September instead of March.
I calculated the time vs money- and it came out to exactly the same percentage! Ack!
I ultimately decided not March. Now it’s either June or September. Leaning heavily to September unless they really piss me off.

In my position it is standard to give 3-4 months notice. I work for local county government so don’t have to worry about them pushing me out after submitting my retirement notice unless they really want a lawsuit. That’s not going to happen.

What might happen- I might get a significant raise in July which would increase my pension if I worked one more year.
First time in my life I really hope they don’t give me that raise!

My advice is to look at your budget and see how much of your budget is essential expenses for your family and what percentage is non essential. If you feel comfortable about the need to adjust your budget with the non essential expenses then I say retire now. If it makes you feel queasy or anxious work the additional 9 months.

Good luck and let us know what you decide.
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Old 03-21-2021, 03:20 PM   #25
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Do you have any savings aside from pension ? (like $1 - $2 mil ) ?
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Old 03-21-2021, 05:02 PM   #26
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Do you have any savings aside from pension ? (like $1 - $2 mil ) ?
I agree. If there's a healthy portfolio already, waiting around for a bit more pension may not make the most sense.

Is your retirement plan just this pension + Social Security?
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Old 03-21-2021, 08:40 PM   #27
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Option 2. Time > $. Give minimum notice - 2 weeks sounds good to me. If you are indispensable then you can negotiate with the micro manager.
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Agree with other about killing option 3
Old 03-22-2021, 11:58 AM   #28
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Agree with other about killing option 3

In my experience those types of bosses, i.e. the p.i.t.a. micro-managers don't like not having control at all.

If you tell them you're retiring he/she will likely just put a bigger microscope on you and professionally flog you daily for the remaining 9 months.

So I would go with either 1 or 2.

I am wrestling with a similar choice but I may OMY it until early 2022. My work situation is not miserable though - if it was I'd pull the plug.
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Old 03-23-2021, 10:14 AM   #29
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In my experience those types of bosses, i.e. the p.i.t.a. micro-managers don't like not having control at all.

If you tell them you're retiring he/she will likely just put a bigger microscope on you and professionally flog you daily for the remaining 9 months.

So I would go with either 1 or 2.

I am wrestling with a similar choice but I may OMY it until early 2022. My work situation is not miserable though - if it was I'd pull the plug.
I dunno, the OP could start with option 3 and see how it goes. If it doesn't go well, the OP could deploy option 2 at that time. The OP could say the change was due to health reasons. No reason to explain further, saying it's personal.
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Old 03-23-2021, 10:23 AM   #30
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I dunno, the OP could start with option 3 and see how it goes. If it doesn't go well, the OP could deploy option 2 at that time. The OP could say the change was due to health reasons. No reason to explain further, saying it's personal.
If OP did as you suggest and was asked to explain, I'd think it would be a great time to state the health reason was due to anal glaucoma*.



* https://www.early-retirement.org/for...ml#post2440690
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Old 03-23-2021, 10:51 AM   #31
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It’s easy to offer conjecture in hindsight.
Now that I’ve been retired a few years (forced to resign) and things have gone spectacularly well, I’d add a fourth option.

4. Walk in and quite tomorrow! Get on with the rest of your life. You’ve worked there 37 years. Go do something else. Life is short, money is not everything. With a $50K pension you will not be reduced to eating cat food unless you want to.
Things will work out great for you. Thirty seven years is a long time to do anything. Sure, you’ll miss it but you’ll get over it.
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Old 03-23-2021, 11:32 AM   #32
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Option 2. Time > $. Give minimum notice - 2 weeks sounds good to me. If you are indispensable then you can negotiate with the micro manager.
Big +1 for that and the new option #4 above!
Too many of our friends are just at 60 and dying off. I never regret retiring at 61, but I do regret not retiring sooner. TIME>$, believe me its really true.

I had all those petty struggles with small impacts to pensions, income, and in the end it is just noise. We are on the obese side of retire, but even if we were just comfortable in assets/income I would still do it sooner than I did.

You have to look at what is possible to enjoy now, that in even 10 years will not be.

For my last days working I did a lot of early morning work from home conference calls. The young engineers would note sometimes that they had a Happyras siting in the office. Take the pressure off your self and let your boss go boss someone else. You can make the last weeks of working fun, and get out of there and on with a great life.
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Old 03-24-2021, 08:39 PM   #33
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Old 03-25-2021, 05:56 AM   #34
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Is it possible that the new manager was put there to purposely make you miserable so you would leave early being you've been there a long time? That the company is trying to push you out and save money? Are there others who have been there a long time feeling the same way as you? My boss was so glad (he hid it well) when I told him I was stepping down to part-time (because we did not get along). He was so glad, he left me full-time until I got all my vacation pay. Maybe your boss will be glad to know you are retiring soon enough. Hard for us to determine. You may have to go with your gut. Just the fact that you are considering leaving earlier than you wanted says the situation is almost untenable. Good luck to you!
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Old 03-25-2021, 06:44 AM   #35
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Do not inform the company of your retirement. I have a friend that did that. The company gave buy outs to other people, but did not give him on because they knew he was going to leave. It was a budget reduction and to get the buy out, the manager had to actually eliminate the position. They didn’t want to eliminate his position and wouldn’t work around it so he ended up just retiring as planned.

Put me in for either quitting now or recognizing that you have FU money and change your attitude. Micro manager my butt. Do you the way you want to do you and just ignore him while maintaining your professionalism. Heck, he might encourage you to leave early.

However, as Gallaher points out, option 4 is the best.
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Old 03-25-2021, 07:17 AM   #36
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....Put me in for either quitting now or recognizing that you have FU money and change your attitude. Micro manager my butt. ...
What FU money does:

Quote:
You want me to do what? and by when? Yeah... good luck with that.

You wanna fire me? Make my day!
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Old 03-25-2021, 08:05 AM   #37
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I was with rare company I guess that didn't throw me under the bus when I gave them one year notice. That is what my company asked of me, when I was going to retire.

I had know issues and problems after I gave my notice to retire one year ahead of time. It was all about transitioning and training for a the new individual. I was treated maybe more then fair.

I could see this attitude wouldn't be a norm for this type of notice.
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Old 03-25-2021, 08:54 AM   #38
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What FU money does:
Don't forget your leverage as well. Hard to fire or layoff an older employee. I would assume there is a company severance benefit. If they lay you off, do you get 2 weeks pay for every year of service? If so, leverage that as a buyout if you simply chose to retire or force them to lay you off.

I have no experience with such matters (uhm, well maybe a little)
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Old 03-25-2021, 10:45 AM   #39
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OP - don't tell the boss more than 2 weeks in advance, and be prepared to walk that day.

Also be sure to use your vacation days, especially if you don't get paid out on vacation time.
You could also think of using some sick days to ease your time while remaining.

Knowing your current actual expenses for a few years, and other savings (if any) would help a LOT.
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Old 03-25-2021, 10:55 AM   #40
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Need your advice on when to retire!

Nearly everyone is going to leave $ on the table to FIRE. How much those bucks are worth to continue living in one’s particular pool of toxic waste and for how long is their responsibility to decide.
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