Well, I'm making the leap - Retirement is finally here

[G-Man]

Well, I was offered a severance package at work, and I accepted it. 15 months of severance pay then I will officially retire in April 2025. I probably will have more questions as time go by. But I'm excited but nervous at the same time. I really need to find a purpose and I still feel I want to do some part-time work during and after the severance period.

Will keep everyone posted.

 

[pacergal]

Congratulations and welcome to retirement!
You will love that first Monday morning of watching everyone else drive away while you leisurely sip your hot coffee

 

[Morgan22]

Congratulations on accepting the package.

 

[obsessed]

Congrats!

 

[MarieIG]

Congratulations on your retirement and package!

 

[Dtail]

Congrats on your retirement. Many severance packages are capped at 12 months, so good for you.
Now relax some more over the next 15 months and it will come to you as to next steps.

 

[Jerry1]

Good for you! I got a 12 month hand shake when I left. It’s a great way to say goodbye if you’re already planing on going. Don’t be in such a hurry to go back to work. Let life come to you.

 

[livingalmostlarge]

congratulations!

 

[Kings over Queens]

Thats a great package, congratulations.

 

[2017ish]

Excellent! Welcome to the club.

Although neither DW nor I were in such a situation, a close friend also went out after getting a great package. Nice to get a little extra cushion on the way out the door.

 

[Bigdawg]

I really need to find a purpose a

Why?

Congratulations. I played golf today. T time at 2:10 tomorrow. I did set up some Thanksgiving decorations. Oh, and cooked dinner. That's my purpose. LOL

Good luck and have fun.

 

[disneysteve]

Congratulations!

 

[G-Man]

I'm researching whether you can apply for unemployment benefits while taking a severance package. My package was considered an "involuntary separation" due to reduction in headcount in the department I worked. Even though, I had the option to "opt in". The timing was great since I had planned to retire in Q1 of 2024 anyway.

 

[Blue Poles]

I'm researching whether you can apply for unemployment benefits while taking a severance package. My package was considered an "involuntary separation" due to reduction in headcount in the department I worked. Even though, I had the option to "opt in". The timing was great since I had planned to retire in Q1 of 2024 anyway.

First, congrats!

Second, do you really want to start retirement by dealing with a government agency and jumping through hoops such as actively looking for employment? Your choice, but I recommend the drinking coffee on Monday morning without a care option. You won, time to stop playing.

 

[cyber888]

Congrats. Just do it.

 

[Healthy Lifestyle]

I'm researching whether you can apply for unemployment benefits while taking a severance package. My package was considered an "involuntary separation" due to reduction in headcount in the department I worked. Even though, I had the option to "opt in". The timing was great since I had planned to retire in Q1 of 2024 anyway.

First, congrats!

Second, do you really want to start retirement by dealing with a government agency and jumping through hoops such as actively looking for employment? Your choice, but I recommend the drinking coffee on Monday morning without a care option. You won, time to stop playing.

G-Man; Congratulations and the attractive severance package is much better than getting that gold watch. I was in a similar situation and was nervous about walking away after many years of working. Now a year later, I am enjoying life and every day truly is Saturday.

Blue Poles words ring true for me as I was ready to retire anyway, so did not want to "deal with a government agency and jumping through hoops such as actively looking for employment". I might be older than you and prepared in advance for the end game. I am thankful for the cash gift and benefits that came with the severance package.

 

[SurfMacJpMtb]

Congratulations!

unemployment should be YES

other than money....the big concern is healthcare insurance $$$$

Again congratulations on the generous severance

 

[GhostofTomJoad]

Excellent. A rebirth, for me. Hope it will be for you, too. ENJOY the time you DON'T have to be working. I enjoy the very FACT that I don't have to get up early and do trivial, meaningless things for money.

 

[Ronstar]

Congrats! But take it easy finding that purpose you speak of.

 

[G-Man]

Congratulations!

unemployment should be YES

other than money....the big concern is healthcare insurance $$$$

Again congratulations on the generous severance

During the severance period, I get most of the benefits as an active employee including the subsidized healthcare. Once the severance period is over, my status will change to "Retire" status and I will receive retiree benefits which includes the retiree healthcare benefits at a slightly higher rate.

 

[G-Man]

During the severance pay period (15 months), should I focus on building up my taxable account? 70% of our (wife and I) retirement savings is in our 401k. The other 30% is in tax-free and taxable accounts.

Any other financial recommendations to focus on during the 15-month severance period?

 

[Blue Poles]

During the severance pay period (15 months), should I focus on building up my taxable account? 70% of our (wife and I) retirement savings is in our 401k. The other 30% is in tax-free and taxable accounts.

Any other financial recommendations to focus on during the 15-month severance period?

Since you were planning on retiring 1st quarter 2024 anyway, what was your plan for income in retirement at that time (before you knew of the severance pay)? If you were happy with those plans, can you just shift the start date of that plan 15 months forward?

 

[RetiredAndLovingIt]

During the severance pay period (15 months), should I focus on building up my taxable account? 70% of our (wife and I) retirement savings is in our 401k. The other 30% is in tax-free and taxable accounts.

Any other financial recommendations to focus on during the 15-month severance period?

Congratulations.
While the money is still coming in, it might be time to consider high ticket upgrades that you expect to need in the next few years. Heating, A/C, new roof or other appliances. It's a lot less painful to shell out the cash while you're still being paid.

 

[Romer]

Congrats G-Man

First thing I did when I retired was to reorganize my garage including adding a tool cabinet and additional tool drawer to get it just the way I wanted it

if you plan on staying in your home, I agree with the above post on upgrades. I put Solar w/batteries in as I was walking out

 

[rk911]

Welcome to the 'Everyday is Saturday' club.