Not eligible to retire

[hakuna matata]

Like all things in life, to each their own.

Personally I would retire. Even a month from now I honestly doubt you will care about the official 'title'. Maybe you will as I don't know the reasons why the title is so important. For me, I can honestly say it wouldn't matter.

My wife had a friend who wanted to get 30 years in, she had like a year and a half left. Again not sure why, I think she liked the idea of 30 years, a nice round number. I also think she thought it would make a huge difference in her pension amount. They were on vacation in Hawaii, and her husband sat down with her and ran the numbers. She realized that that she was doing a horrendous commute for about $2.00 hr. Basically she was working for the incremental amount of her pension each year. She didn't need the money and I think when she saw the actual numbers it shocked her.

She called from the beach and gave notice

We were at their house this weekend (they just had a mortgage burning party) and she has no regrets. She in some respects I think is kicking herself that she didn't retire a year earlier when her husband did.

Good luck. Either way, you will be retired soon and that is good comfort either way.

[kaudrey]

You retire when you retire. You are in your 50s and no longer working. Hence, you are retired. No one outside that organization is going to say "but were you old enough to be an official retiree?". I am not even sure mentally what this does for you.

Now, having said that, I am planning to work until 57 because I have to in order to keep my federal health bennies, and those are valuable. But, if, before then, I figure out that the open market can give me something comparable for the same cost, I may go earlier. I don't think I'd stay just to earn medical benefits that cost me MORE. Like you, I am building up my taxable accounts in the event I can FIRE earlier.

[Zorba]

MuirWannabe. Three years is a long time. Have you considered that company benefits can change under pressure from political, financial and demographic forces. You and I were on a similar trajectory, i.e. retire at age 55 but our company changed its retirement eligibility rules. Nothing evil, we are a non-profit with a growing benefits burden (i.e. aging workforce). Now the eligibility age for company-paid medical is 60 years old, up from 55.

It sucks to have the goal posts moved as you charge in for that touchdown.

[Live And Learn]

Quote:

Originally Posted by W2R What I am reading in your initial post, is that it just doesn't quite feel like the right time to retire, somehow. Something seems a little "off" and you don't feel comfortable with it. <snip>. I'd go with your gut instincts, and retire when everything is telling you the time is right.

I read the same thing. I think this is OMY in a moderately clever disguise.

To the OP - the only people who will know if you are an "official retiree" are the people who still work there, and I'd bet most of them will say "how cool it is to be able to retire so early !"

[MuirWannabe]

Quote:

Originally Posted by Zorba MuirWannabe. Three years is a long time. Have you considered that company benefits can change under pressure from political, financial and demographic forces. You and I were on a similar trajectory, i.e. retire at age 55 but our company changed its retirement eligibility rules. Nothing evil, we are a non-profit with a growing benefits burden (i.e. aging workforce). Now the eligibility age for company-paid medical is 60 years old, up from 55. It sucks to have the goal posts moved as you charge in for that touchdown.

Zorba, that really does suck. I'm trying to move the goal posts in. Can't imagine having them moved out on me by 5 years. Hope you can find a way to go early.

[MuirWannabe]

Quote:

Originally Posted by Live And Learn I read the same thing. I think this is OMY in a moderately clever disguise.

I'm not that clever.

[Meadbh]

In my mind, the only issue that matters is the benefits. Is the package worth staying on for 3 more years? (Assuming it's still there at that time). The "official retiree" issue is very puzzling to me. Why in the world would you need the validation of a meaningless title from a company that you will be leaving behind?

[MuirWannabe]

Quote:

Originally Posted by Meadbh In my mind, the only issue that matters is the benefits. Is the package worth staying on for 3 more years? (Assuming it's still there at that time). The "official retiree" issue is very puzzling to me. Why in the world would you need the validation of a meaningless title from a company that you will be leaving behind?

I don't know Meadbh. It is weird. I can let it go. It's not worth 3 years of my life. It's just a disappointment. I'll be severing all ties with the company I've been a part of for so long. As an official retiree I would still have some linkage. That would be nice.

But I get it. In the grand scheme it don't mean much. And I agree. When ready I'll pull the plug regardless.

[Live And Learn]

Quote:

Originally Posted by MuirWannabe It's just a disappointment. I'll be severing all ties with the company I've been a part of for so long. As an official retiree I would still have some linkage. That would be nice.

There are other ways to continue to be associated with the firm. Do they have a LinkedIn Alumni group ? Do any of ther other people who have left the firm get together for holidays ? We call our "gang" the "old mans club". They get together every year at Xmas and have been doing so for 20 years. They are not all official retireees, and some didn't even work for the Corp for 10 years, but they are all very well respected throughout the org (for those of us old enough to remember them !).

Retirement is a tough mental transition for some. For me the challenge is that I will no longer be increasing my savings. That's scary to me.

I too will be 3 years shy of the "official retiree" moniker. By staying I'd be eligible for access to the group HC plan (unsubsidized). Since both DH and I have preexisting conditions that would be a nice Plan B if Obamacare is repealed. OTOH I would hope that even if it were repealed those provisions would get passed again in another law. It's a bit of a gamble.