Workometer

[SteveinMN]

Welcome to retirement, Kay!

[Klunick]

I will have my 30 years in January 2025. Not old enough to retire retire or touch my pension so I'll just stick around for a few years after until youngest has graduated college and we move to the mountains. In my head, I tell myself that I only have a couple more years but in reality, it's a little more.

[pinkytoe]

I am five years into retirement but I distinctly remember talking to a benefits counselor at work and realizing I could retire in a year. The last few months felt odd as I disconnected mentally from the place I had been for so many years. And now, I rarely ever think about it as it's like some other life.

[iris lilies]

I am five years into retirement but I distinctly remember talking to a benefits counselor at work and realizing I could retire in a year. The last few months felt odd as I disconnected mentally from the place I had been for so many years. And now, I rarely ever think about it as it's like some other life.

And I remember sort of the opposite…vaguely being aware that retirement age was approaching, but not knowing the exact formula for drawing city pension. I said something about “the rule of 80” ( retirement number) during out regular meeting of administrators and someone immediately corrected me to “no it is the rule of 85.”

I said, without thinking “oh hell! Longer to work then,”. Haha. And then about the same time my employer dropped its practice of allowing retirees to pay for their own health insurance coverage at the group rate, and I blurted out “ oh no! That was my ticket outta here!”

so no one should have been surprised when I gave my notice.

[Teacher Terry]

Klunick, too bad your employer doesn’t have the 30 and out at any age.

[Klunick]

Klunick, too bad your employer doesn’t have the 30 and out at any age.

I agree. And if I was sworn (Officer), I would have my time in already. They only have to do 25 years to get their pension.

[Simplemind]

I agree. And if I was sworn (Officer), I would have my time in already. They only have to do 25 years to get their pension.

I could have waited for 30 years to get the whole pension but went at 55 yrs old and a penalty. I had already been living on reduced salary (investing as much as allowed in deferred comp in anticipation) for the 10 years prior. Everybody thought I was crazy to leave before getting the whole enchilada. I kept saying that the time was more important than the money. I left with all PTO banks full and had run out my sick leave (they would not allow non-sworn to have it) to zero. Getting my pension felt like a raise after living with less than half of that a month for a decade. I was right to go as life took a huge left turn and my time was needed with family. No regrets, even with the bumps we hit in the beginning things still worked out much better than they had initially penciled out.

[happystuff]

From what I understand, pension at this new job is after 10 years. That is WAY longer than I had hope to be working! So, I'll figure something out - hopefully. LOL.

[ApatheticNoMore]

Pension? What is that? Surely you mean employee contributions to the 401k ... (employer contributions, what's that?)

[Klunick]

I could have waited for 30 years to get the whole pension but went at 55 yrs old and a penalty. I had already been living on reduced salary (investing as much as allowed in deferred comp in anticipation) for the 10 years prior. Everybody thought I was crazy to leave before getting the whole enchilada. I kept saying that the time was more important than the money. I left with all PTO banks full and had run out my sick leave (they would not allow non-sworn to have it) to zero. Getting my pension felt like a raise after living with less than half of that a month for a decade. I was right to go as life took a huge left turn and my time was needed with family. No regrets, even with the bumps we hit in the beginning things still worked out much better than they had initially penciled out.

I will only be 52 when I hit my 30 years but I believe I can start collecting my pension at 55. Husband is 6.5 years older than me and obviously can't collect Social Security until 65 so there is a gap. I really don't mind working a few years past my 30 if it sets us up better for retirement.

Pension? What is that? Surely you mean employee contributions to the 401k ... (employer contributions, what's that?)

Husband is the one with the 401K in our family. Currently has over $600,000 and expects it to be over $1M when we do retire.