Made the leap!

[linkerbink]

I've been reading (and occasionally responding to) this forum for a while, all the while getting more and more excited about the prospect of ER. Well...I couldn't hold out any more. I put in my letter yesterday, with 12/31/06 as my final date. I was originally going to leave next June when I turn 60, but figured..what the hay...if I can afford to do it sooner, why not? I just wanted to be on payroll til the end of the year so I could collect my 9% 401K match. Also, if I leave prior to my anniversary date of January 18th, I can sell back my remaining 15 days of vacation. If I wait til after that date, I can only sell back the 5 I can carry over. A no brainer, IMHO. Anyway, the sense of relief is almost overwhelming...only 128 calendar days, or 84 work days to go!

 

[Rich_by_the_Bay]

Congratulations!

So, what's in store for the first few weeks of FIRE?

 

[sgeeeee]

Weeeeeeehaauuuuu. Have a nice celebration.

 

[linkerbink]

My sister in Maine wants me to come visit (I live in PA), then who knows?  I'll probably EVENTUALLY find part-time ahem...w**k... just to keep me in touch with people and for a little mad money.  But I'll be getting a state pension plus SS widow's benefit when I turn 60 in June, in addition to my investments, which will really put me in fine financial shape.  I may find out that even part-time is too much time!  I really want to just do something that I can leave behind at the end of the day and not dream/have nightmares about.  Right now, I AM the IT department for a non-profit that involves 12 locations over 4 counties.  Stress abounds...so making coffee at Starbucks sounds pretty appealing right about now.

 

[Dawg52]

My sister in Maine wants me to come visit (I live in PA), then who knows?  I'll probably EVENTUALLY find part-time ahem...w**k... just to keep me in touch with people and for a little mad money.  But I'll be getting a state pension plus SS widow's benefit when I turn 60 in June, in addition to my investments, which will really put me in fine financial shape.  I may find out that even part-time is too much time!  I really want to just do something that I can leave behind at the end of the day and not dream/have nightmares about.  Right now, I AM the IT department for a non-profit that involves 12 locations over 4 counties.  Stress abounds...so making coffee at Starbucks sounds pretty appealing right about now.

Congrats! 7 months 8 days to go for me. I can smell the Starbucks coffee from here. 

 

[shiny]

Congrats Linkerblink! That is awesome to have a date-certain to make plans around. And to think, a few months ago you were just dipping your toes in the water - awesome!

I *think* you were probably joking about the Starbucks job, so not to take it too literally, but... I waited tables when I was in law school and my worst nightmares were about that job, forgetting about a table or something, so I can imagine having dreams about making someone a non-fat, 1/2 caf, double shot carmel latte instead of the requested extra hot, single shot, soymilk cappacino, extra whip might induce some nightmares!

 

[linkerbink]

Yes...the Starbucks quip was just an example...actually, my DREAM job is school cafeteria lady. No work on weekends, holidays, summers, snow days. Just sling mashed potatoes (make that fries!) to the liddle kiddles. Who knows what might turn up. But having the freedom to pick and choose and hold out for something I can't refuse will be lovely!

 

[TromboneAl]

 

[sgeeeee]

The saddest part about this picture is that the cookie and the mashed potatoes probably taste the same.

 

[Spanky]

Great. linkerbink. It's amasing that you can give your notice so many days in advance. It's nice to switch to doing something else that is less stressful.

 

[LOL!]

Congrats!

Rather than last day being 12/31 ...
I was thinking that I would work in January and contribute 100% possible of paycheck to the 401(k) plan to get $20,000 tax-free. Anybody do that?

 

[73ss454]

LOL,

My DW could have retired last Dec. She chose to work until today and put a full $20k into her 403B.

If your saying that if you'll only have to work in Jan. to put 20K away I say it's a no brainer.

 

[Texas Proud]

Congrats!

Rather than last day being 12/31 ...
I was thinking that I would work in January and contribute 100% possible of paycheck to the 401(k) plan to get $20,000 tax-free. Anybody do that?

Like someone said... can you do that You have to earn the money to put it in... and most companies limit the percentage you can contribute.. it takes me almost a year to get the $14K in..

 

[honobob]

Texas Proud
I was limiting my contribution to $100 per paycheck this year cause I was anticipating a large purchase but since that fell through I just started contributing $2,000 every two weeks to reach the $20,000max and anticipate maybe staying around next year for about 16 weeks to get the $20K but haven't done the math yet to see if it's worth it. My ING guy said my work may not do it because they've had people max out only to file a hardship claim but it went thru. Within 15 minutes he called and said everything OK. I had done a $13K max the end of one year and the 13K max the first of the next year prior. My account is a deffered comp 403(b) I think. I did confirm that I can withdraw at any age as long as I'm retired which will be early 50's for me tho I don't plan on needing it.

I just got my first check with the $2,000 out and was surprised how much I was still getting. If I stay around the next year I'll push them on the most possible each pay period.

 

[BUM]

Way to go LB. Its almost party time

 

[linkerbink]

I've been at this agency nearly 14 years, and in spite of tremendous growth during that period, the staff, especially here at the administrative office, is like family. But lately I've been really feeling the stress...wanting to yell "leave me alone" when I get a phone call about a computer problem. But just making my intentions official has really lifted my spirits. With a specific goal in sight (83 work days!) I feel like I can get through these last few months fairly easily.

This forum has really helped me to make the decision. I think of my father, who died at age 61...not much older than myself. Or my husband, who died at age 54. If I can manage it financially now, which I can, I could see no reason to wait. Yes, party time is about to start!

 

[dumpster56]

I've been at this agency nearly 14 years, and in spite of tremendous growth during that period, the staff, especially here at the administrative office, is like family. But lately I've been really feeling the stress...wanting to yell "leave me alone" when I get a phone call about a computer problem. But just making my intentions official has really lifted my spirits. With a specific goal in sight (83 work days!) I feel like I can get through these last few months fairly easily.

This forum has really helped me to make the decision. I think of my father, who died at age 61...not much older than myself. Or my husband, who died at age 54. If I can manage it financially now, which I can, I could see no reason to wait. Yes, party time is about to start!

I also will be done as of 12/31/06

I am only gonna be 51 and have had enough, heck we already moved 500 miles away from my job, BUT I have to head back and finish my contract that 90 day clause. Funny how I have 200 sick days.

But they will pay me a % of them so hey it will pay off what debt I have left, then I IS DONE!

I will toast to ya!Tequlia?

 

[linkerbink]

Unfortunately, the agency doesn't pay for unused sick days. I went through all my time sheets from the past nearly 14 years, and have taken 3 1/2 sick days during that time (we can only have a max of 45 on the books). We can convert 5 of our sick days to personal days, so maybe I'll use mine at the end and actually take that last week off as well. I'll also be selling back my remaining 15 vacation days.

I can't complain...this agency has been good to me, the people are really great, and the pay is maybe a little above most non-profits. But I'm just plain tired of it all!!!

 

[setab]

Congratulations! I am almost exactly the same age as you are and I'm coming up on my six month anniversary of FIRE. I can't tell you strongly enough how good it feels. Do not plan anything for awhile. Just let the days sort themselves out; believe me, they will. I go to bed every night looking forward to the next day and the next day just flies by. It's a great cycle. Life has become exciting again and I feel more alive than I have felt in years. You made the right decision.

setab

 

[Outtahere]

the staff, especially here at the administrative office, is like family. But lately I've been really feeling the stress...wanting to yell "leave me alone" when I get a phone call about a computer problem.

Gosh are we living parallel lives? I feel that way everyday, have no date yet but it's getting close. Congrats on getting out.

 

[New Thinking]

Linkerbink - You may not be aware of this, but you should look at your options as a widower under SS. Jonathan Clements did a piece on this last month and I have a pretty good understanding. You should look to maximize your SS. You can of course, start your widow's benefit at 60, but take a permanent reduction. If you need the income, then you need the income..But if you have some savingsLet me offer to other options.

Instead of taking a a 28.5% permanent real reduction, you can wait until age 66 and take 100% of the widow's benefit. In the meantime, you can take your own SS worker benefit at age 62..So if you can use savings to bridge yourself for two years, you will most likely have much higher lifetime SS income.

Or, you can take the widow's benefit at age 60 and delay your own benefit from 62 to age 70 and "switch over" to that benefit at age 70 - assuming that it is higher at that point. Call the SS office to get full info about the amounts available and make sure you you understand that the amounts they tell you are in "Today's Dollars" and will increase by COLAs.

Here is the Clement's article as I don't believe you need user access - Look at the end. http://online.wsj.com/article/SB115...tml?KEYWORDS=Clements&COLLECTION=wsjie/6month

 

[linkerbink]

Hi, New thinking...I've already spoken with a SS rep. According to her, I will have a higher regular SS benefit than my husband (due to his many years with state pension that didn't pay into SS). She suggested I take the widow's at 60 and then delay mine til 66 or later...pretty much what you've already said. If you are both saying the same thing, it's good to get corroborating advice.

I got a logon screen for the article, so I couldn't read it.

 

[New Thinking]

You can go all the way to 70 which will more than double your age 62 benefits when you factor in anticipated COLAs. Don't rely on just one SS opinion..this is new for many of them, but I can tell you that we have gone to the top of SS to validate this info..Here is a cut of the article:

"Switching Benefits

Morbid as it sounds, the possibilities become even more intriguing after a spouse dies. If you are a widow or widower, you can take Social Security based on your own earnings' record or claim your deceased spouse's benefit as a survivor's benefit.

Unfortunately, you can't get both benefits at the same time. But you can swap between the two, thus getting extra money out of Uncle Sam.

For instance, you might take reduced benefits based on your earnings' record at age 62 and then claim your survivor's benefit at your full retirement age. Alternatively, you could take a reduced survivor's benefit at age 60 and then later claim Social Security based on your earnings record.

"You have to play with the numbers, to figure out which is best," Ms. Yarrington says. "Ask the Social Security Administration what you're entitled to at age 60, 62, 65 and 70 on each record and see which is the best way to go."

Got other questions about Social Security? Head to the site www.ncpssm.org/contact/ask to read Ms. Yarrington's answers to a host of questions."

 

[linkerbink]

Thanks for the article! Does someone sit up at night thinking of these crazy rules? The SS lady said I should come in for a personal interview a few months before I turn 60 (in June) and she can crunch the numbers for me. She was only able to give me some estimates over the phone. I'll take the article with me when I go in.

My late husband may not have accrued as much SS as I will, but because he died while still employed by the state, I get a pension from him for life. Then I will also start collecting my own from the state at age 60. Both are COLA'd, too...nice.