Anyone close to retirement? / when do you start counting the days?

[iancal]

We feel extremely fortunate that we did not have to consider medical insurance in our decision to retire at 58. I realize through friends and former colleagues that this can be a significant impediment to early retirement.

 

We feel extremely fortunate to have single payer, gov't insurance. My DB pension provides out of country for up to 60 days.

Edited April 18, 2014 by iancal

[zlacruising]

Going to go out ON MY 65th bday Dec 18th instead of waiting til Feb 27. I have had enough. Got sick with acute viral bronchitis and missed this whole week of work. DONE worrying about how much sick time left, if I have any vacation unscheduled and the stress of all the stuff going on at work and me not being there. SOOOOO DONE with all of it! COME ON DECEMBER!!!

 

I'll be retiring the same month!! I'm done too. I know how you feel!!!

 

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[beshears]

Well I am not retiring yet, but each day is bringing me closer, even though I don't have a day picked out as yet.:)

 

The day I have picked out NOW is my cruise date, and it is THIS Sunday on the FOTS. YEH!:)

[misty57]

We feel extremely fortunate that we did not have to consider medical insurance in our decision to retire at 58. I realize through friends and former colleagues that this can be a significant impediment to early retirement.

 

We feel extremely fortunate to have single payer, gov't insurance. My DB pension provides out of country for up to 60 days.

 

I have come to regret carrying our health insurance through my employer for the last 29 years, as now with DH's health history and our ages it would not be feasible to get private insurance. That means at the minimum, I work for the insurance ( and cruising:D) Now my employer is talking about having high deductibles. :eek:That is all well and good if you are 21 years old and healthy as a horse and not sick of working! Ok, taking deep breaths. 8 more years full time.

It's funny that I never counted the years at the beginning of my career, and when the paycheck arrived each time I was like " oh yeah I get paid to do this". Now I have the pay dates marked on the calendar and the credit union number stored in my phone. I am thankful to be employed though, as many would give their eye teeth to have the job that I have. Just looking forward to being a little less structured. :cool:

[beshears]

Misty57, I'm like you am THANKFUL at the age of 71 (everyone tells me I don't look this age :)), I am STILL working for a large corporate office. Every week it is nothing to see 5 - 10 people coming into our office for interviews. I'm just GLAD I'm not one of them. SMILE- Yes, one of the reasons I am STILL working is because of the insurance, and I can tell it is NOT paying like it used to, but since my husband has been retired for a looooooooooong time, I feel we need the insurance. I am planning on retiring this year, but when???? I like my vacation of a month too. :)

[tahoemc]

Only 272 more calendar days, inching closer each day.

 

We are both fortunate to have insurance to bridge us to 65 and medicare. However, a couple of years ago, our employer has gone the way of the high deductible, high coinsurance thresholds, HSAs, etc. Great if your in your 20s and 30s and are healthy. Not so great if you are older, either healthy or not so healthy, and nearing retirement as there isnt much time to grow the HSA.

 

Between no raises for 6 years, unpaid furloughs, and higher participation in both health and retirement contributions, compounded by fewer people to do more work, next January cannot come soon enough! At least there will be no furloughs and will start getting cola's after 3 years.

[zlacruising]

Only 272 more calendar days, inching closer each day.

 

We are both fortunate to have insurance to bridge us to 65 and medicare. However, a couple of years ago, our employer has gone the way of the high deductible, high coinsurance thresholds, HSAs, etc. Great if your in your 20s and 30s and are healthy. Not so great if you are older, either healthy or not so healthy, and nearing retirement as there isnt much time to grow the HSA.

 

Between no raises for 6 years, unpaid furloughs, and higher participation in both health and retirement contributions, compounded by fewer people to do more work, next January cannot come soon enough! At least there will be no furloughs and will start getting cola's after 3 years.

 

If you don't mind me asking, what are HSAs? and furloughs, isn't that time off???

 

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[zlacruising]

BTW....19 more hump days and happy hour Fridays til retirement......which actually puts me in December because I'm not counting weeks I don't work in the summer.....however will still be having happy hour on Fridays.

 

We have had a group of teachers that meet at a Mexican restaurant for the last 20 years. Almost half have retired but they still come. We call it therapy...lol

 

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[internetwhiz]

8 more hump days here. Woohoo!

 

 

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[zlacruising]

8 more hump days here. Woohoo!

 

 

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I just noticed it was Wednesday, but I didn't work today. Just a very short time before you retire!!YAY!!

 

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[misty57]

Misty57, I'm like you am THANKFUL at the age of 71 (everyone tells me I don't look this age :)), I am STILL working for a large corporate office. Every week it is nothing to see 5 - 10 people coming into our office for interviews. I'm just GLAD I'm not one of them. SMILE- Yes, one of the reasons I am STILL working is because of the insurance, and I can tell it is NOT paying like it used to, but since my husband has been retired for a looooooooooong time, I feel we need the insurance. I am planning on retiring this year, but when???? I like my vacation of a month too. :)

 

Yup... But I am in healthcare, and although I can't complain too much about my pay rate, it is not a pleasant environment to work in. I think a lot of workplaces are like this with different generations trying to work together. I feel that we are often at the mercy of some younger administrative types that have to constantly reinvent the wheel and come up with " new" improvements to our work flow. I know from experience that it will usually fall apart and then be "rediscovered" by someone else in a few years. I just keep plodding along and keep my goals doable. I've been in my profession for 37 years practically nonstop. Wish I had the smarts early on to live waaay below my income. I will likely keep doing some work on a very part time level as long as I can... But hopefully not caring for train wrecks like I do now.:p

[MamaTene]

TODAY is hubby Tom's last day of work. HAPPY RETIREMENT!!!!!!!!!!!

[tahoemc]

TODAY is hubby Tom's last day of work. HAPPY RETIREMENT!!!!!!!!!!!

 

A big YEAH to y'all. Congratulations!

[tahoemc]

If you don't mind me asking, what are HSAs? and furloughs, isn't that time off???

 

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HSAs are Health Savings Accounts. And if you have retiree health care until Medicare eligibility kicks in, they have Health Reimbursement Accounts (HRAs). These are accounts associated with high deductible plans, where the employer will, at their choice, make a pre-tax cash contribution to an account for each employee for use to cover medical costs. These contibutions are designed to be an offset to the higher deductible when compared to deductible levels seen in traditional health plans. The employee can also contribute pre-tax to the account up to a limit established by the IRS. They work much the same way as a 401K, but you can withdraw from the account to cover eligible medical costs for the employee or immediate family. Or you can allow the funds to accumulate and build up a reserve for future use such as a catostrophic event. The HSAs are portable and belong to the employee; the HRAs are not portable, and does not belong to the retiree. That is, upon death, the HRA funds do not go to a beneficiary but instead return to the employer, while HSA funds would be available to a beneficiary. At the end of the day, the administrators of these health plans pitch its all about consumer choice. In actuallity, its about reducing the cost to employer through lower contributions to the plan and through lower utilizations by the employees.

 

Furloughs are unpaid time off. Our employer has instituted furlough days since 2008 when the economy tanked as a way of reducing costs. At one point, we were required to take 12 unpaid furlough days each year. The requirement now is 6 days per year. So when you take an hour of furlough, your paycheck is reduced by the equivalent amount. I suppose its better than having your overall pay reduced, at least you don't have to work the time your not being paid.

 

Sorry this got to be such a long explanation:o. Hope it answers your quesitons.

[beshears]

Misty57, I believe you mentioned that you are working in the Healthcare area, and working with different generations, as I am. I work in HR, and I am the receptionist for a large corporation. I am fortunate that I have my own office, where most everyone else, other than the "bigwigs" have cubicles to work in. I really don't have much a problem with working with the different generations, as my office is on the first floor of our 10 story building, and all visitors have to check in with me, before going up stairs. I really don't have a lot of contact with our employees, unless I see them in the break/lunch room, or they come into my office to visit me, but that is OK. Another thing I am fortunate about, at Christmas time is that I get a nice big bonus. I know there are a lot of people working for other companies, and they don't get this.

[zlacruising]

Tahoe...thanks for the answer. That is a good plan to have but too late for me.

 

Momatene......I wish I was Tom.lol...congrats and enjoy!

 

Beshears......sounds like you love your job. And a Christmas bonus too?? Never had one of those.

 

Misty57...A lot of the teachers I teach with are my kid's age, but we all get along. It's like "we are all in this together" where I work. No one is trying to get ahead or change things, except the state. The team I'm on has a 30, 40, and 60 year old(me) and we get along great.

 

Is it Friday yet???:)

 

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Edited April 24, 2014 by zlacruising

[MamaTene]

34 more HUMP days for me til retirement. I CAN do this!!!!!!!!!!!!

[zlacruising]

34 more HUMP days for me til retirement. I CAN do this!!!!!!!!!!!!

 

Yes you can!!! When I started counting on here I was in the 30 week area. Now I'm in the teens!! Just keep counting down!!!!

 

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[tahoemc]

zlacruising, yeah it could be worse, as in no coverage. The switch to the high deductible (we call it high cost;)) plan is good for the younger employees as they are typically healthy, and will have plenty of time to build up a nice HSA reserve. For us older employees with only a couple of years (or a few months in my case) before retirement, there is less time to build up a healthy HSA balance. Fortunately (knocking on wood), we are healthy, so we have been able to save most of the contributions we have received since the plan started 3 years ago, plus put a little extra to beef it up. When we retire, we will probably use the HRA contributions on a pay as you go since they will not be available to anyone upon our passing, and not touch the HSA funds unless needed.

 

Only 38 more weeks, after today. Not too far behind you:)

[Priya2]

Oh the dilemma! I should be giving notice of my retirement today to go in August (my pension department requires 4 months notice). However, my employer has just announced the 'new structure' (lots of people will need to apply for their own jobs, be moved etc). I knew this was coming, so after lots of announcements last year about retiring this year, for the past 6 months I have been talking a lot about how my circumstances had changed so I need to work for another couple of years! :o Last week, I met with my Manager as people are doing, reiterated the two year thing and stated that, having looked at the structure, I am aware that it may be in the interest of the service to lose some staff (they are seeking to avoid compulsory redundancy) and that if they could make a reasonable enhancement to my pension, I will retire now. This would cost them much less than redundancy - I'm trying to make it easy for them since they are trying to avoid costs on payoffs.

 

The form has gone off, but I have no idea how long it will be before they make a decision on this - days, weeks, months? I was so looking forward to giving notice and going in the summer, but giving the much smaller income retirement will bring, I can't pass up the possibility of good news on this. Its frustrating and saddening at the moment though because I think a positive result is unlikely and

I am so ready to go. Maybe though, that's because I dear not let myself believe that there will be.

[zlacruising]

Priya2...I didn't understand everything you just wrote, but I sure hope it turns out well for you. Expecting something like you were and having it change so suddenly is not a happy thing. I know you were ready to do this and now you have to wait to see what happens. I am hoping for the best for you. Keep us updated.

 

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[Priya2]

Priya2...I didn't understand everything you just wrote, but I sure hope it turns out well for you. Expecting something like you were and having it change so suddenly is not a happy thing. I know you were ready to do this and now you have to wait to see what happens. I am hoping for the best for you. Keep us updated.

 

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Thank you for your kind words zla. Sorry if I wasn't clear Maybe its a British - American divided by the same language thing LOL! Tell me what you didn't get and I'll try to clarify.

[dorisis]

Husband retired over 30 years ago and we have been cruising ever since. Living in Florida makes it easy. We have 5 ports down here and lots of opportunities to see the world.

[Lady Hudson]

June 20 is my last day. Will have to Cobra DH until he turns 65 in Dec. I have a bit longer to go and school district will cover me until 65. Then can buy state supplemental insurance which does cover out of country. I have to check all the details to see what else we will need but I think it will be manageable. Looking forward to less stress!

[internetwhiz]

June 20 is my last day. Will have to Cobra DH until he turns 65 in Dec. I have a bit longer to go and school district will cover me until 65. Then can buy state supplemental insurance which does cover out of country. I have to check all the details to see what else we will need but I think it will be manageable. Looking forward to less stress!

 

 

June 20 is my last work day too We are blessed that I have enough years of service at the college to get to continue our insurance at the same rate. We both turn 62 this summer!

 

 

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Edited April 27, 2014 by internetwhiz