Class of 2020

[gamboolman]

We were planning on going end of 2019 but we've decided to work until 1-Jun-20.

With vacations I will work 11 of the remaining 15 months, so not too bad.

Can't wait to be retired and chasing Ms. gamboolgal around the house nekid full-time !

[Toocold]

We're still targeting 3/2020 after the final vestment and RRP.

I'm secretly wishing there would be a re-org and megacorp sends me off riding into the sunset this year.

I still need to figure out what I'm going to do after.

[MarieIG]

I had been planning for 2020; but DH has been after me to move it up. That may be a whole separate thread . . .

[lampshade]

After 10/2020. Thought it would be sooner, but we want a bit more cushion.

[Draggon]

Hey, howdy all! Finally found this 2020 thread. Ugeauxgirl suggested back in 11/18 that I drop in here, but when I searched I couldn't find it. Visited the site homepage yesterday, and voila, there's the link right in the "Recent Threads" sidebar - so now you're stuck with me! Anyway, a very firm retirement date of 11/1/2020 for me. Here's some of my story which (hard to believe) I posted in another forum back in 9/2018. Even though, as stated below, time feels like it's crawling in real-time, in retrospect, I can't believe it's been 5 months since I posted that! Down to 623 days (1.7069 years).

I've been wishing, dreaming, and planning for FIRE since I had my initial visit with a financial planner (fee-only, specific, short-term scope of work) back in 1995. I didn't really formalize and truly understand what I was doing until I read intercst's reports on the Motley Fool's old Soapbox back in 2000. I was 35 in 2000 and aspired to retire by the time I was 45.

Things change, mistakes are made, and life comes at ya fast. I'll turn 53 in a month, and I'm still working full-time. Overall, plans haven't changed, but the timelines have. I set a certain monetary goal several years ago based on the 4% rule and always thought that upon reaching that number, I'd check out of full-time work. I'm so, so ready.

I recently read The Mad Fientist's latest entry about his second full year of Early Retirement:

https://www.madfientist.com/second-year-of-freedom/

That got my attention again. It got me thinking about how much longer my days seem here than they used to. I stay busy, but my soul (such as it is) ain't in it anymore. I yearn for my freedom. The crazy part is - I reached my FI number over a year ago, but I can't pull the trigger just yet.

My "one more year" syndrome unfortunately has merit. My work benefits are now a curse. I'm too close to qualifying for "early retirement" (in company terms) to rationally throw away the benefits I'll receive when I get there in 2.1616 years (but who's counting?) versus leaving now. Upon turning 55 in two years, my pension immediately receives a bump as if I was 65 (i.e. nearly doubles the monthly payment at 55). On top of that, I still qualify for nearly-free post-retirement medical coverage to 65yo. It would be foolhardy to walk away from this when I'm so close. But I could. FireCalc shows that we'd have to essentially double our current spending budget in order to get below a 98% success rate.

Don't get me wrong... these are good problems to have. It's just that I know what I want, and it's hovering ever closer, but time has slowed to a crawl.

Sorry for the random thoughts - the Fientist's blog (and this thread) got me daydreaming again.

[2018]

Started my goal 10+ years ago to retire at 61 in 2020, but thanks to very aggressive investing and Amazon (stock) we pulled the trigger May 2018.


Company package helped us manage this.


Like others here I see a massive change in my stress, outlook, just plain having fun.

Vacation planning is more fun as we don't have to squeeze it into a week or two, although I still have to work around our youngest daughters schedule.


Very blessed to have enough .... and be content with that.

[Rianne]

Quote:

Originally Posted by 2018 Started my goal 10+ years ago to retire at 61 in 2020, but thanks to very aggressive investing and Amazon (stock) we pulled the trigger May 2018.

Sadly reminds me. My dad was given a huge opportunity with McDonalds @ 1960. He had a steak house and thought this fast food junk will never make it.

I recall thinking an online bookstore? Books are going out of style, never make it.

[bUU]

Quote:

Originally Posted by bUU If my company continues to be the veritable cesspool to work for that it is right now, I don't think I'll make it to 2020 (my original date), much less 2022 (my current plan).

Last week was eventful. We were on vacation and I had a second interview on Tuesday morning. They agreed to do it by video. An offer quickly followed by email from my soon-to-be-boss (the CIO), with great enthusiasm for my joining his team. It sounded like a great place to work - excellent online reviews of work/life balance from their staff.

I would be taking a further 10% pay cut (after taking a 35% pay cut when I joined my current employer a year ago). No problem. It's just money. The offer was silent about everything other than the salary rate. So I naturally asked for clarifications. He replied to my email pretty quickly.

They company offers no bonus. (I'm eligible for up to 20% bonus now.) Not a smart way of doing business, but okay - that's fine. Again, it's just money. 401k match is 25% of the first 6% (instead of 100% of the first 5%, as I have now). Not a problem. Again, it's just money.

What about vacation? His email indicated that they normally start people with two weeks of vacation but owing to my decades of experience he's sure they can start me with three weeks of vacation. Okay. I can live with that. We have a deal!

The next day the boss (who's the CIO, remember) comes back saying that he spoke out of turn, and he was "outvoted" with regard to offering me three weeks of vacation to start. I told him it was a hard part of my ask. (It was from the beginning - I didn't negotiate anything because all my must-haves, including the three weeks of vacation minimum, were satisfied, and I knew they wouldn't budge on the money.)

Long story short; I told him that with only two weeks of vacation I'll have to say 'no' to their offer. (He emailed back later to formally withdraw the offer - is that some kind of saving-face thing?)

Anyway, that just convinced me that even where there is so a great fit between my skills and experience, and even with a great place to work, the Gods of Labor are still working against me.

Anyway, my spouse was more upset than I was. That's pretty much it. Waiting an extra few years if this job panned out was okay, but after this nonsense it just isn't worth it.

As I mentioned in the 2022 thread a few minutes ago, we've sharpened the pencil and reflected in our budget our lower expenses during the last three years (since we last did a budget). We're spending a lot less in 2016-2018 than we did back in 2012-2015, and that reduction in expense brings us forward a couple of years.

My spouse is still retiring in July 2020. I'm probably going to try to withstand the cesspool through November 2020, and maybe March 2021 (just to get the annual bonus and 401k match, both of which require you to work for two or three months after the year ends before you see any of what you earned the year previous.)

[RenoJay]

I'm very seriously considering joining class of 2020, but haven't made a definitive decision. I'll be 48, kids' college saving in good shape, no debt except for a couple more years of alimony and healthy nest egg. I think it'll only take one or two negative w*rk experiences to push me over the edge on the decision.

[Kabowest]

Quote:

Originally Posted by gazelle 4.5 million in retirement savings? If I had that much I would retire tomorrow! As it is, I plan to retire in May 2020.

I'm with gazelle! Combined we have 2.1M and I plan to retire at the end of 2019.

[Perryinva]

Just found out from multiple sources that a voluntary buyout package may be offered next week. Here’s hoping I end up in Class of 2019...

[COcheesehead]

We’ll close on the retirement home in a LCOL area on Monday. We’ll live in dual locals for the last 18 months. It’s real. Tweaking the long term AA a bit. Thinking about the next steps...no need for business wardrobes, vehicles have been bought, bucket list trips planned. Friends are asking questions. Some say we are making them anxious in thinking about their own situations. Feeling confident now. Lots of hard, well thought out decisions behind us. Lots of deep breaths ahead. I am starting to see it.

[Perryinva]

Found out today! Leaving Class of 2020 for Class of 2019! Company wide VRP, Voluntary Retirement Package for 55 & over with 5 years of service+ offered for which at age 61, I am fully eligible for the max benefit. 12 months severance plus 2 months administrative leave, paid monthly. That means at most 9 months less pension (non cola) increase, assuming 7/31/19 end date, or about $270/mo loss, but the extra $170k+ I think more than makes up for it. They have the option to extend my date out farther, a few months, which may happen. Company health paid by them for the first 6 months, then $150/mo until I turn 65. Pension starts after the 2 months admin leave. Happy Dance here!!! Going First Class to Italy for 2 weeks very soon, so will be a nice mental adjustment for us. DW is very pleased. Time to blow some dough!

[conversationalphrase]

That sounds like a fantastic package! Congratulations!!

PS: Italy is awesome. Enjoy.

[Lienlord]

Planned departure date 2/20/2020 (leaving @ 2:20:20 PM).
Yes, I'm a numbers guy and wanted a memorable date! Haha
Haven't shared the news with my boss though, or completely decided when to. Had originally thought about a 1 year notice, but that seemed too long. Then 6 months, now kind of thinking 90 days is sufficient. They won't like not being given more notice, but there's no incentive in place to give more. Truthfully, a longer notice could only impact me negatively. So I figure even if they get upset, 90 days isn't a long time to be upset! So mid-November it will be, if I can hold out that long. I already feels weird going to work knowing that every day that goes by is one step closer and nobody has a clue. Been kind of hard to maintain my work focus, especially when talking about long term issues and plans in meetings.

[ugeauxgirl]

Quote:

Originally Posted by Perryinva Found out today! Leaving Class of 2020 for Class of 2019! Company wide VRP, Voluntary Retirement Package for 55 & over with 5 years of service+ offered for which at age 61, I am fully eligible for the max benefit. 12 months severance plus 2 months administrative leave, paid monthly. That means at most 9 months less pension (non cola) increase, assuming 7/31/19 end date, or about $270/mo loss, but the extra $170k+ I think more than makes up for it. They have the option to extend my date out farther, a few months, which may happen. Company health paid by them for the first 6 months, then $150/mo until I turn 65. Pension starts after the 2 months admin leave. Happy Dance here!!! Going First Class to Italy for 2 weeks very soon, so will be a nice mental adjustment for us. DW is very pleased. Time to blow some dough!

Congratulations!

[bUU]

Instead of seeing ER like I'm an aircraft speeding down a runway and taking off into the clear, blue skies, it seems to me that it's more like I'm driving down a road next to a lake, in a run down Jalopy towing a little houseboat, and I'm hitting potholes and stuff is flying out of vehicles in front of me hitting my Jalopy, and I know that at some point the Jalopy is going to lose its wheels and I'll have to make a mad jump from the car into the houseboat as it comes unhitched from the tow and (hopefully) glides into the lake.

We keep getting pushed to go earlier. I really could use another year or two of accumulation but circumstances are driving us to cut that short. I might not even make it to 2020 at this point though my spouse will. Fingers crossed.

[Dtail]

Quote:

Originally Posted by Perryinva Found out today! Leaving Class of 2020 for Class of 2019! Company wide VRP, Voluntary Retirement Package for 55 & over with 5 years of service+ offered for which at age 61, I am fully eligible for the max benefit. 12 months severance plus 2 months administrative leave, paid monthly. That means at most 9 months less pension (non cola) increase, assuming 7/31/19 end date, or about $270/mo loss, but the extra $170k+ I think more than makes up for it. They have the option to extend my date out farther, a few months, which may happen. Company health paid by them for the first 6 months, then $150/mo until I turn 65. Pension starts after the 2 months admin leave. Happy Dance here!!! Going First Class to Italy for 2 weeks very soon, so will be a nice mental adjustment for us. DW is very pleased. Time to blow some dough!

Congrats.
Check out if you could still receive unemployment insurance. Some states will pay it even though the severance is paid monthly.

[Perryinva]

Unfortunately because it is clearly defined as a Retirement Package, Unemployment Insurance is not an option, especially since I must start my pension at the same time.

One of the best features of this package, besides starting retirement 11 months earlier than planned, (61.25 vs 62.17) is that the severance is essentially equal to getting a net increase to my pension, with a larger portion than planned as a lump sum payable over 14 months instead of as an annuity. Originally pension would be either $52k/yr non cola, or $50k/yr with $52k lump sum rollover to IRA. NOW pension will be $46k/yr, with an essentially $125k rollover to IRA, so the severance not only delays any withdrawals, but allows me to add to the egg another $50k or so, even using the 4% as a guide, the added savings, earnings and rollover increases the real net pension to more than it would have been. With me retaining roughly $200k more under my control, that’s $8k income added to the $46k pension, making it even easier to delay filing SS at FRA ($36k/yr) or beyond.

[ugeauxgirl]

I'm having a hideous day, but I just looked at my retirement countdown timer and it says 299 days to go. Sounds better than 300+. I think I can, I think I can....