FIRE'd myself today at 55

[coveredbridge]

So here I sit on what was supposed to be my last day forever. Instead, I allowed myself to get talked into asking for a LOA. Asked for 6 months and was offered 3 months. I don't really see any downside to the deal. I get the summer off, and if in October I decide I don't really want to work anymore, I come back and clean out my office. Or maybe offer to work part time to smooth the transition, if they want that. It will be a good opportunity to see if ER is really what I want right now.

 

[RockyMtn]

Congratulations! Today is my 7th year anniversary. It only gets better!

 

[BigBob]

So does the LOA include benefits as well?

I am 2 weeks away from giving my 3-week notice and I am preparing myself for any and all possible responses to that notice.

 

[coveredbridge]

So does the LOA include benefits as well?

I am 2 weeks away from giving my 3-week notice and I am preparing myself for any and all possible responses to that notice.

Participation in the benefit plans is included.

The main response I got was shock and disbelief, but everyone was gracious about it. After the initial shock the response seemed to be just another change for certain people to deal with.

 

[2017ish]

Coveredbridge, Congrats! I'm guessing the LOA won't cause you to waver, but enjoy the benefits while you get them.

Has anyone else run into what Green Hornet discusses?

...There are also a lot of people, I personally know several who think that even if you have the funds, it is morally wrong to retire before you are 65. I have had heated discussion on this topic. ...

We haven't heard anything like this. Although, maybe since mid-50s isn't that shocking?

 

[Backdraft57]

Congratulations! You are gonna love it!

Sent from my SM-G935V using Early Retirement Forum mobile app

 

[coveredbridge]

Wow! I can't believe it's been three months already! LOA ends October 5th. I haven't even scratched the surface of things I wanted to do instead of working. Still, DW and I have pretty much agreed that the sensible thing to do is to go back to work next week and try to make it to January 2nd, which will provide another year's retirement plan contribution (minimum 10% of W-2 wages) and 5 1/2 weeks paid vacation benefit. To be clear, I really don't want to go back to work, but it just seems stupid to leave all that money on the table for the sake of 3 months of work.

The LOA allowed me to find out that I really am ready mentally to retire. There is nothing about my job that I even remotely miss (aside from the bi-weekly paycheck ). I was not bored even for a minute, and not the least bit curious about what was going on at my employer. Over the summer it was like an extended vacation since DW was also off (school teacher), but even since she went back to work a month ago, I find that I have so much to do that I don't know how I ever had time to work.

I am quite content to begin a new career as domestic goddess, and I must say I think I am pretty good at it. Cleaning, cooking, laundry, grocery shopping is really enjoyable when you have enough time to do it right. I know DW has been enjoying coming home from school and doing what she wants instead of cooking, cleaning, or going to the grocery store. She actually tells people that I'm a much better homemaker than she ever was! I realize that's mainly because I have the time to do it right.

So, it's back to work next Wednesday, for how long I don't know. I'd like to make it to the beginning of next year, solely for the additional benefits, and under the right circumstances I could even see myself going until the end of May (possible year-end bonus in first quarter if I don't let the cat out of the bag). I know though that I am not working another summer away while DW is on vacation from school. However, if employer expects me to double down to make up for lost time upon my return (which I suspect may be the case), ER could be coming very soon.

I guess this is my version of OMY syndrome.

 

[BeachOrCity]

Good for you!
You now know you can work, then stop, then work again if you choose. The key is you can do what you want when you want. The whole idea of society that one works a long time then stops and never works again is one i disagree with.

 

[Koolau]

Heartiest congratulations. Enjoy your well deserved ER!

 

[O2Bfree]

There are also a lot of people, I personally know several who think that even if you have the funds, it is morally wrong to retire before you are 65.

One counterpoint is that by retiring you make room for someone else in the workforce, maybe an ambitious younger person who wants to get going on their FIRE dream. Or someone who wants to earn more money to spend to help our investments grow!

 

[Dreaming of Freedom]

What are you planning to do for health insurance in retirement?

 

[sickman]

What are you planning to do for health insurance in retirement?

With his wife being a schoolteacher and not stating she was retiring yet, am sure her health benefits will cover him for now.

Nice seeing these posts along with the updates.

 

[coveredbridge]

With his wife being a schoolteacher and not stating she was retiring yet, am sure her health benefits will cover him for now.

Nice seeing these posts along with the updates.

That's correct.

 

[coveredbridge]

FIRE Plan...Engaged!

So, I made it through the end of the year. By working through January 3rd, I earned my 2016 401k employer contribution (10% of total earnings for the year) and 5 1/2 weeks vacation pay for 2017. Plus, annual bonuses were paid today for 2016 (22.5% of salary), which I was able to bank in my 401k. Basically nine months' pay for 3 months work.

Still, it was a tough 3 months, because I didn't want to be there. It's funny though, how after the first week or so you just kind of fall back into the same routine, even if it is a miserable, despicable routine. Plus I felt like I had to go through the process of deciding to FIRE all over again, even though I knew it was time to go. So, once I knew my bonus was securely tucked away in my 401k account, I went to the boss and offered my two weeks' retirement notice. Not wanting to burn any bridges, I also offered to hold my retirement date open for as long as a few months to support a smooth transition, in exchange for a few "reasonable" accommodations.

He was very gracious, as I expected, and asked for the weekend to consider what he may want for a transition period, which I agreed to. I did make it clear that I need to be done by June 2, which is DW's last day of school.

So I guess I'll find out next week if they are interested in negotiating an extended transition period, or if I am FIRE'd on January 20th. Either way, Class of 2017, here I come!

 

[kimcdougc]

Just make sure you let them know you WILL BE GONE by June 2nd. Don't let them guilt you into the OMY. Congrats on finally making the decision to be FIRED. You will love it even more when you finally do pull the plug and don't have to go back in.

I have enjoyed reading this thread. Happy New Years also.

 

[coveredbridge]

Just make sure you let them know you WILL BE GONE by June 2nd. Don't let them guilt you into the OMY.

Yeah, I will be done by June 2, and if they want me to stay beyond Jan 20, they will need to provide certain accommodations. This last three months was my OMY. I have zero interest in doing that again.

 

[TNBound]

Most of all though, I'm really looking forward to doing the things that I want to do when I get up in the morning instead of trudging into work. I just wish everyone wouldn't act so shocked. For some reason, it makes me question whether I'm really doing the right thing.

I'm down to just 1 more week! Just turned 57 and I get the same reaction from folks. I understand what you say, because at times it has made me question my decision as well. I've teared up numerous times over the last month, primarily with my 2 co-workers I've been with for the past 16 years. My boss even jokes that he's not sure he's letting me go. I'm pretty sure I could stay on if I wanted and have thought about it for a minute. But then I remember that while I can always find a way to make more money, I can never find a way to make more time. My DH and I have lived responsibility both in our professional and personal lives and just want to live the rest of our years on our own terms.

Enjoy your retirement!

 

[CardsFan]

Yeah, I will be done by June 2, and if they want me to stay beyond Jan 20, they will need to provide certain accommodations. This last three months was my OMY. I have zero interest in doing that again.

Have you discussed the "certain accommodations" with your management? Don't leave it up to them. Provide a specific list of "reasonable" requirements.

In my case, I was asked to stay on for 4 more months, to the end of the year. My list of requirements included:
- 3 days/week at 60% pay, but full benefits
- 5 weeks of working remotely for only 1 day/week (had already planned an RV trip to FL). I used vacation time to stay at 60% pay for this time.
- Officially retire after the first of the year, so I would get the company contribution to my HSA on January 2.
- In the end, my last work day in the office was mid-December, but I was able to stretch the official retirement date to February 3, using accumulated vacation.

It was a win-win (sorry, only been out of Megacorp a year). They got a smooth transition, I got a little extra money, for very little extra work.

 

[coveredbridge]

Have you discussed the "certain accommodations" with your management? Don't leave it up to them. Provide a specific list of "reasonable" requirements.

In my case, I was asked to stay on for 4 more months, to the end of the year. My list of requirements included:
- 3 days/week at 60% pay, but full benefits
- 5 weeks of working remotely for only 1 day/week (had already planned an RV trip to FL). I used vacation time to stay at 60% pay for this time.
- Officially retire after the first of the year, so I would get the company contribution to my HSA on January 2.
- In the end, my last work day in the office was mid-December, but I was able to stretch the official retirement date to February 3, using accumulated vacation.

It was a win-win (sorry, only been out of Megacorp a year). They got a smooth transition, I got a little extra money, for very little extra work.

I included in my notice letter the list of accommodations I was seeking in exchange for extended notice period. Same type of things you listed for the most part. For example, to qualify for a employer contribution to my 401k for 2017, I must be employed through the end of the year. But with my bonus paid in January, I could earn nearly half a year of compensation by March 31 and receive no retirement contribution on those earnings. So I asked for that contribution whether I met the service requirement or not. It's still a net gain for them since whoever they replace me with will get no contribution in 2017. I don't know if they are smart enough to figure that out though.


I tried to make it clear that I was not promising to stay beyond Jan 20, but would consider it if they would consider granting the accommodations. They may or may not consider some of the things I requested to be reasonable, but they can't say I didn't offer to help them out by staying a while longer, and that was my main goal. If they decide the requests aren't reasonable, I won't stay beyond the 20th, simple as that.

 

[CardsFan]

I included in my notice letter the list of accommodations I was seeking in exchange for extended notice period. Same type of things you listed for the most part. For example, to qualify for a employer contribution to my 401k for 2017, I must be employed through the end of the year. But with my bonus paid in January, I could earn nearly half a year of compensation by March 31 and receive no retirement contribution on those earnings. So I asked for that contribution whether I met the service requirement or not. It's still a net gain for them since whoever they replace me with will get no contribution in 2017. I don't know if they are smart enough to figure that out though.


I tried to make it clear that I was not promising to stay beyond Jan 20, but would consider it if they would consider granting the accommodations. They may or may not consider some of the things I requested to be reasonable, but they can't say I didn't offer to help them out by staying a while longer, and that was my main goal. If they decide the requests aren't reasonable, I won't stay beyond the 20th, simple as that.

Sounds like a fair offer. Let us know the final outcome.

 

[coveredbridge]

Last day, January 20. They weren't interested in negotiating extended transition.

A-ok with me. Let the countdown begin. Eight more work days!

 

[ugeauxgirl]

congrats!