merlin3942
Recycles dryer sheets
- Joined
- Jun 9, 2014
- Messages
- 67
Well, after being in OMY mode for the last 4-5 years, the decision of how/when to retire has been irrevocably made for me. I have been informed that, as of October 31st, my current position is being "eliminated". I had been in my (now annual) mode of thinking I would retire at the end of this year anyway ... but since I'd not mentioned that possibility to anyone in the office, I still kept the option of "backing out" once again if I got cold feet. But now, the decision has been made for me.
I was informed last week, so I had the long holiday weekend to let it sink in. My first and lingering reaction has been like grieving a deep loss. I've been at this organization for 39+ years (first/only job since graduating college). Guess how I feel about "change"? ;-) I guess the biggest "negative" is essentially being told that you're just not needed anymore - that's a pretty big blow to my ego. But, in the end, it was the easiest (and maybe only) way to get me past "OMY", and get on with life.
They've been pretty nice about it. I have 2 months notice, plus I'll receive an additional 2 month "severance package", which they offered to pay out after the first of the year if I prefer, to avoid a big "tax hit" this year. I'll also be receiving almost another half year's salary as payment for unused accumulated sick time (I've been pretty healthy for the past 39 years!), and that, too, can be deferred until after January 1.
I could use some advice about how to figure out if it's better to ask them to go ahead and make those payouts in 2016, and take the "tax hit" now (and then essentially have 0 income in 2017, so that I could start converting more of my 401K to a ROTH IRA). If I wait until after January 1, I'd be able to "max out" another full year of employee contribution to my 401K out of that, as well as max out another year's contribution to my HSA account). Is that something I-ORP would be able to tell me?
I'll also have to figure out what to do about health insurance between now and when I reach 65. I'll probably do COBRA to start with, since that's easiest, but that's only good for 18 months.
Financially, I probably could have left several years ago and been fine, so that's not my concern at this point. But I'm not really sure what life is going to be like going forward. I'm not married, and don't have any kids. I've thought about getting a dog ... but maybe I'll just start with a goldfish, and see how that goes! ;-) I do have a "hobby" playing music, and I always thought that once I retired, I might get more active doing that (I now have "paid gigs" once or twice a month, on weekends) ... but I don't ever want to get to the point where that starts feeling like w#rk !
I was informed last week, so I had the long holiday weekend to let it sink in. My first and lingering reaction has been like grieving a deep loss. I've been at this organization for 39+ years (first/only job since graduating college). Guess how I feel about "change"? ;-) I guess the biggest "negative" is essentially being told that you're just not needed anymore - that's a pretty big blow to my ego. But, in the end, it was the easiest (and maybe only) way to get me past "OMY", and get on with life.
They've been pretty nice about it. I have 2 months notice, plus I'll receive an additional 2 month "severance package", which they offered to pay out after the first of the year if I prefer, to avoid a big "tax hit" this year. I'll also be receiving almost another half year's salary as payment for unused accumulated sick time (I've been pretty healthy for the past 39 years!), and that, too, can be deferred until after January 1.
I could use some advice about how to figure out if it's better to ask them to go ahead and make those payouts in 2016, and take the "tax hit" now (and then essentially have 0 income in 2017, so that I could start converting more of my 401K to a ROTH IRA). If I wait until after January 1, I'd be able to "max out" another full year of employee contribution to my 401K out of that, as well as max out another year's contribution to my HSA account). Is that something I-ORP would be able to tell me?
I'll also have to figure out what to do about health insurance between now and when I reach 65. I'll probably do COBRA to start with, since that's easiest, but that's only good for 18 months.
Financially, I probably could have left several years ago and been fine, so that's not my concern at this point. But I'm not really sure what life is going to be like going forward. I'm not married, and don't have any kids. I've thought about getting a dog ... but maybe I'll just start with a goldfish, and see how that goes! ;-) I do have a "hobby" playing music, and I always thought that once I retired, I might get more active doing that (I now have "paid gigs" once or twice a month, on weekends) ... but I don't ever want to get to the point where that starts feeling like w#rk !