Class of 2013

[W2R]

Well, I am formally exiting the class of 2012 and joining 2013. The annoyingly flat market of 2011 did us in. But to make 2013 more certain, I have applied for a second part-time job (in addition to my full-time job plus a bit of independent consulting). After today, if I could retire in an hour, I would! But, wisdom prevails, and May 2013 it will be.

Sorry to hear about the delay, but I'm sure the time will pass quickly (especially while working so much). You will be glad that you were absolutely sure before making such a major change as retirement.

 

[martyb]

Yeah, come on into 2013...we'll hold a seat for ya.

 

[Ronstar]

I'm going to try to hang on until 12/31/2013. I've been cutting hours for a few years without a reduction in benefits. I should be working 2-3 days a week later in 2012 and 2 days a week or less in 2013. Sooner or later someone higher up on the food chain will catch on and give me the ultimatum - either work more, cut benefits, or retire. Then I'll have a decision to make.

 

[martyb]

I'm going to try to hang on until 12/31/2013. I've been cutting hours for a few years without a reduction in benefits. I should be working 2-3 days a week later in 2012 and 2 days a week or less in 2013. Sooner or later someone higher up on the food chain will catch on and give me the ultimatum - either work more, cut benefits, or retire. Then I'll have a decision to make.

That's probably what I SHOULD do (12/31/2013). I'd be able to stick another $22k in my TSP, which is in need of some healing after last year. I'd also like to get paid for another year's worth of vacation time. I'm officially eligible on 1/18/2013. I've got some thinking to do....cause I really wanna go as soon as possible. I would feel a little more confident if I waited though.

 

[steelyman]

I'm going to try to hang on until 12/31/2013. I've been cutting hours for a few years without a reduction in benefits. I should be working 2-3 days a week later in 2012 and 2 days a week or less in 2013. Sooner or later someone higher up on the food chain will catch on and give me the ultimatum - either work more, cut benefits, or retire. Then I'll have a decision to make.

I probably shouldn't post on this thread (I'm so last year!), but I thought I might mention that it's a good idea to be able to leave with your head held high if you can

 

[cjacks]

I haven't picked an exact date but I'm 99.9% sure 2013 is my year. I am in the process of sorting things out. It will probably be either January or July. Right now I have several choices and options. I am still in the stages of enjoying the choices and options. It feels good to just be thinking about it.
CJ

 

[LauAnn]

I don't believe I have previously added my name to the Class of 2013 so I'm doing so now -- to be specific April 25, 2013 is the date I'm shooting for. The plan is to give the boss the news when we return from Christmas break 2012 so that I'll be giving about 3.5 months notice after 34 years at the same place of employment. Yeah -- pretty much my entire life. It's been mostly good and satisfying w*rk, though not overly lucrative, financially speaking. But after 30 years of LBYM I'll be able to ER @ 55.

 

[akck]

While I can retire on 12/31/2013 with full retirement benefits, my actual retirement date will be the following month. I don't want to take a chance on them screwing something up, like "helping me," by paying my last check and accrued leave on the last day of the year. I don't need to deal with a big tax hit in my last year of work.

 

[cholo57]

I'll be turning 56 on the 25th. of December, 2013 and then I'll be checking out on: Tuesday, December 31, 2013.

Let's hang in there gang.

 

[robjr100]

I turn 56 on May 30th and on May 31,2012 I will retire with 35.5 years of service.

Happy Birthday too me!

 

[kyounge1956]

I learned a great figure of speech from one of my coworkers the other day. I don't know if she is ex-military herself or picked up the expression from someone else, but she told me that a deployment on board ship is typically for a year—when there are under 100 days remaining and you start getting antsy to be finished, it's called the "two-digit fidget".

Except for those who don't plan to retire until after mid-December, all members of the class of 2013 have under 100 weeks of work remaining before retirement and should be on the watch for symptoms of the "two digit fidget", such as

• difficulty concentrating at work
• making checklists of what you need to do to prepare for retirement
• talking about your post-retirement plans
• repeatedly checking your financial calculations

 

[martyb]

I learned a great figure of speech from one of my coworkers the other day. I don't know if she is ex-military herself or picked up the expression from someone else, but she told me that a deployment on board ship is typically for a year—when there are under 100 days remaining and you start getting antsy to be finished, it's called the "two-digit fidget".

Except for those who don't plan to retire until after mid-December, all members of the class of 2013 have under 100 weeks of work remaining before retirement and should be on the watch for symptoms of the "two digit fidget", such as

• difficulty concentrating at work
• making checklists of what you need to do to prepare for retirement
• talking about your post-retirement plans
• repeatedly checking your financial calculations

I guess I've had the "two digit fidget" for 3 or 4 years....

 

[palomalou]

Me too, Martyb!

 

[Tom52]

I guess it is time to declare my intentions to retire Dec 31, 2013 at the latest. So for now, I will assume I will make it out with the class of 2013! I will be 61 and DW will be 59. Not exactly RE in comparison to many here but earlier than anyone I know.

I am close to or at FI now but want to add a bit more padding. Since I will be totally on my own, no significant pension or medical coverage, I want to be sure.

So right now I have 23 months to go!

Tom

 

[martyb]

Hey Tom52,

Congratulations on being able to see the light at the end of the tunnel...!

 

[pinejake]

2013 for me

Out in 453 days, short time after almost 30 years of same ol' same ol'.... but sometimes it seems far away and not real...

 

[palomalou]

I've done 23 years in a part of the country I hate, in two jobs that I have not enjoyed (there was one good year). Been in present job for 7 years. I try telling myself that in retrospect bad years just telescope--I can't tell you much about the last five years, for example, or being in the hospital years ago--so the next year or two will also seem to evaporate after they have passed, no matter how long they seem to take to go by.

 

[bikeknit]

I'm planning to cut the cord June of 2013. To keep myself from getting too antsy, I'm making a checklist - or rather 2 checklists, of things to take care of pre-retirement - and things to tackle once I'm free.

The pre-retirement list includes things like buying individual health insurance and reviewing our budget, focusing my clothing buys on things like hiking shoes rather than pumps.

the post-retirement includes a long vacation my husband and I plan to take once I'm done, cleaning the attic... Some fun, some things that have been horribly postponed.

I find some old threads on this topic, but nothing recent. Any of you 2013 retirees making a list?

 

[jclarksnakes]

DW has chosen July 1 2013 as her ER date. I regret that I could not convince her to ER when I did in 2009. At that time she enjoyed her job. Since then not so much.

 

[pinejake]

I am doing the same thing with lists- things that I want to get or do to be ready for retirement, and things I want to do once I get there, especially the first years. I'm getting out early to enjoy life, so I want to make sure I do that, the rockin' chair can come later.

Gee, the number has gone from 453 to 442 days since my last post, maybe it will go by faster than I thought.

 

[seraphim]

I'll be retiring sometime between January and June [2013]; precisely when depending on whether apathy or greed wins out.

 

[martyb]

I'm eligible in January '13, am leaning towards staying until later on in the year, though, for purely financial reasons.

 

[Huston55]

I haven't really established a budget, but I'm currently trying to track monthly expenditures. When I retire, my take-home income will be slightly more than when working. Wife will keep working for 3 more years after I retire, then call it quits at 55. That will allow access to her 401k account without tax penalty. We'll need to pull maybe $500 per month from that for about 2 yrs until I reach age 60, when my military pension kicks in. She'll have some SS which we'll tap at her age of 62. My SS will only be about $300 a month, so I'm not making big plans for that money. Maybe beer $$!

That's really good...fed retirees still have to pay their part of the health coverage. Currently, I'm paying $200 per 2 weeks, so roughly will be a little north of $400 per month when retired...not considering increases which of course happen every year. My pension will be around the 70% of high-3 average for me, with just under 36 yrs. Not gonna be rich but also won't have to sleep under a bridge...

Marty-

I might be answering my own question but, I'm curious how your pension take home pay is higher than your working take home pay.

Is it due to not having to:
- Save for ER
- Pay SS taxes
- Pay taxes in a higher bracket

 

[martyb]

Marty-

I might be answering my own question but, I'm curious how your pension take home pay is higher than your working take home pay.

Is it due to not having to:
- Save for ER
- Pay SS taxes
- Pay taxes in a higher bracket

I am currently maxing my TSP @ $22,500 a year. That stops when I retire, but unfortunately I will only see just a little higher take-home than while I'm working. My gross salary is only $63k per year, net currently is $27,500. If I retire in Jan '13, my net pay, is calculated to be approx. $28,500. Wife's income is less, at just $23k gross, $14,500 net. She currently contributes 25% to her 401k, but when I retire, we'll try to get closer to her max allowable. It'll be tight, but if we can tough it out for 3 yrs till she's 55, it will be worth the effort. I should mention that on this net income, we currently maintain 2 separate apartments due to my job being located 125 miles away. We still manage to eat out too much and have 2 newer vehicles which are paid off.

So the answer to your question would be your first guess above, Save for ER.
I don't pay into SS, because I'm a fed employee under CSRS. That means I'll get almost no SS when I turn 62, due to WEP. Wife does pay SS.

Note: I could substantially increase my pension by working 4 or 5 more years after retirement eligible, but because I will receive a military retirement starting at age 60, and due to the fact that we get by ok on our present income, although not extravagantly, I feel confident we can make it until the 2nd pension kicks in. I will be able to withdraw from my TSP a reasonable amount that will be a SWR starting anytime after Jan '13 (and after I retire), and in 3 yrs, wife's 401k will also be available if needed. Wife will begin SS at 62.

So basically, we'll be looking at $28500 (my pension) + $6000 TSP net SWR) = $34,500

+ $6000 net SWR from wife's 401k begining in 2016) = $40,500

+ $10,000 net from my military reserves starting in 2018 = $50,000

All the above is net income and could vary some but is probably very close. Both my pensions include deductions for survivor's benefits for my wife, life & health insurance, and all expected taxes.

I will get a small (approx. $250) SS payment @ 62 in 2020
Wife will get SS @ age 62 in 2023, but that's so far off, we don't think about it.

The only variable in the above would be if I decided to work longer, past January 2013.

 

[seraphim]

. I might be answering my own question but, I'm curious how your pension take home pay is higher than your working take home pay.

At the moment, our take home pay averages about 6800 a month. We're currently supporting our son's college for a few more months (after 5 years) to the tune of about 2500 a month. So we're living nicely on about 4300.

In retirement, our take home, with the minimal possible withdrawals from investments, will be 5900. Assume 1000 a month for health insurance and we'll be living on 4900 a month, with several extant loans paid off - so fewer obligations. Say 5300 vs our current 4300, taking health insurance into account.

That leav.es our investments room to continue growing.