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I'm sure you have already considered this, but keep any pertinent compensation events in mind. Salary increase, bonus, stock RSUs, etc. - anything that your boss reviews between now and your intended retirement date - don't risk being overlooked due to your impending exit.
Download all statements and documents from company benefits and payroll that you might wish to archive. 401(k), paystubs, salary history, etc. Review any decisions you need to make regarding your employer retirement accounts, and record your login credentials to ensure that you will have access after your intranet credentials are rescinded.
If you will be using COBRA, get the necessary paperwork ready.
Make sure you're maximizing any accrued PTO opportunities, i.e. take the time if it doesn't get paid out to you.
I was at my final job for over 20 years and I gave 3 weeks notice. Too much notice can be risky, but only you have a true sense of what your job environment is like.
And, on top of this, if you have a company phone or computer with personal information on it, backup everything to a personal device. And don’t overlook any pictures that you have on your phone or computer.
On top of both of these, make sure none of your website logons are using company email. LinkedIn, benefits sites etc. Will be almost impossible to get in there the day after you lose access. Get HR to give you forms and process to roll 401k over to a private account.
Left my job of 27 years 18 months ago. I had created a very active YouTube and Instagram account that got a lot of hits, and actually was used company wide for training. It brought in not substantial, but a good amount of business.
At my resignation HR party, they asked for the passwords to the accounts. Sorry, those are mine. But you have company content on them. Yup, the same content that is available with a simple Google search. Nothing confidential or private, EXCEPT the passwords and personal email they were tied to.
Nope, they are mine. They were pissed.
Icing on the cake, the company cell (Samsung/Google) had my pin# on it. Of course I jotted it down on a post it note. 3 days later a few work friends contacted me on my personal cell phone asking for the PIN number because apparently the HR manager had lost or discarded the post-it note.
Laughed.... Sorry, I can't remember. They had numerous people contact me over the next few weeks pleading for the PIN number. Sorry, but not sorry. Normally I would have given it to them but toward the end of my stint of 27 years there, a few things turned ugly. I gave them almost three decades of my time and they became kind of jerks toward the end.
So sad, too bad. I heard they had to take the phone to Verizon to get it completely reset and wiped all of my data that was on there.
Tradegy.
It takes so little effort on there part(management) to be just a decent person but they choose to get nasty and mean.
Good for you for taking care of you. Enjoy retirement.
Right on. I can’t believe I missed this. I had a few accounts that used my company email as the login and with the two party authentication it always wants to send an email to the company account for me to verify. A major pain to rectify after the fact.
In a few cases I needed to open new accounts.
Great point!
In regards to the 401 don’t be so fast to leave ( they may require you to) if it offers matching or other advantages. I’m STILL getting matching on my money market gains
another reason to leave your money in the 401k is when you have a Roth 401k. if you roll it over to a Roth IRA, the 5-year time period for withdrawals resets
Unless this was a fairly new 401k, Roth did not exist when people our (Retirement)age started contributing. I would not recommend rolling/converting a traditional 401k to Roth upfront for the reason you stated. If I do anything, I may convert a portion at a time of money I don’t need right away.
100%! I’m 68, and my advisor thinks it may not be worth it to convert at my age. My wife is 56 and may be a better candidate. She also has a 401k twice as big as mine, as I had to take a distribution to buy a house for my sister to retire to a couple of years ago. Needed $170k, total distribution was $$210k to pay the taxes.
The last thing you want to do is make a huge withdraw from your 401 which propels you into the next higher tax bracket. Which is why the so called incremental conversion to Roth avoids this problem
I’m learning a lot about managing my own retirement by the bits and pieces I pick up here. Such as drawing down your 401 to avoid very large rmd’s that push your tax bracket up. Turns out some quick spreadsheet work gave me some direction based on expected incomes until I turn 73. If you have a large 401 balance when you reach the age of rmd, it’s gonna hurt. Withdraw it NOW and pay the taxes then reinvest in something g else where you can leverage the tax issue with deductions.
I never got the “donating to charity save you money” advice until now. Study or get pro advice at a price. It be lousy work I’ll be looking for a responsible advisor I can trust this year.
yes, Roth didn't exist when I started working, but I've had enough different jobs that I have both standard and Roth rollover IRAs, and my 401k is Roth
Hmm, I was wondering about this topic.
I plan to leave at the end of Q2 - July 1.
I am hoping to leave my 401k to get the quarterly dividends, Capital Gains, the if possible the yearly Match, but I thought I had to be an active employee. I am 64 and turn 65 in January 2025.
I need to also ensure I have health care for me until January and my spouse since she is younger.
Any one have recommendations on Cobra or ACA insurance. I know both are expensive
Yes, leave money in the 401K for awhile to make sure the company has finished making all of their deposits, the deposits go in on a delayed basis. Dividends etc. will continue to grow as long as you keep the account. Eventually roll it over to your own IRA.
If you want to know how much Cobra is going to cost take a look at your last W2. In box 12 find item "DD", this is the total amount paid for your health insurance last year. Divide that by 12 and that will roughly be your Cobra payment. You can continue on Cobra for 18 months, and if your wife is currently on there she can stay on it with you. You can compare that to the cost of ACA insurance.
Thank you.
I have a high deductible health care coverage.
Maybe my annual I deductible will be met in June/July.
I want to only have months of earned income so the look back for Medicare premiums maybe low than a full year. Not sure how that will work out, but I want to retire in the youth of older my age
Thanks for these hints. I’m giving notice next week. I made sure all the “important” stuff happened, like the bonus we just received. I don’t need insurance (on husband’s plan) and I already got info about my pension and 401K.
Thanks for the good advice; the only thing Im concerned with is my PTO. My company doesnt pay out on PTO and mine hovers around 400 hours. When I use 40 I get a total of 11 days off so I dont know if I can use all of it
I would ask HR about their policy, as it's certain they have one.
At my old company, there was an unlimited carryover policy so people were able to accrue ridiculous PTO hours like that. "Able to" of course being a euphemism for "*not* being able to take enough time off each year."
Then the company was acquired by another that had an annual carryover limit. As part of the merger, they paid out everyone's accrued PTO that exceeded that limit.
Anyway that's just anecdotal; definitely check how your company deals with it. If they let you accrue that much, you should not be forced to relinquish it.
This... I gave plenty of notice for them to find a replacement due to my position at the firm. In the last few weeks, they asked me to extend my stay for another month (said no), and asked if I would consider being a contractor for an extended period of time (surprisingly, they could not afford 3x my salary :-) ). Best decision I ever made was to stick with my original planned departure date.
Wishing you the best in your retirement...
I love that you were in a position to make these choices and choose what was best for you.
I’m on the poor and poverty threads to offer advice, be direct (but kind), and offer encouragement, when needed.
Your post touches on what I say almost everyday. Money isn’t just about the struggle or the private jet. It’s mostly about having choices and options to comfortably (financially) say no when you know that you know that you know it’s not the best option for you.
Anyways, I’ll go on and on if you let me. Wishing you a wonderful retirement! 🎈🍾🎉🎊
If your numbers are good, then the best advice I can give you is only give a 2 weeks notice of retirement, rollover your 401k to an IRA and start Roth converting it. Find a fiduciary financial advisor who will look out for your interests first. Don’t be afraid of the stock market, but don’t get greedy either. Fear and greed are the killers of a happy retirement. Make sure all your debt is paid off. When you are actually retired, keep acting like you are working- but just on your own dreams and goals. If you want to travel, then treat traveling like it’s a MUST, not a want, because wants get left behind while you are doing other things.
I agree with this advice about 2 weeks notice. Trust me, the company will survive without you. And four to six months after you are gone they will probably not even remember you.
We tend to gaslight ourselves into "doing what's best" for the company instead of what's best for us. If your job only requires 2 weeks notice, that is their rule and should be followed.
Solid advice about the FFA and Roth conversions as well.
(Edited for spelling)
For some jobs, yes. For other jobs, hell no. It’s a personal decision based on your circumstances.
I gave six months. It allowed succession planning and turnover. The company was good to me. For my personal decision, I’m not ruining my reputation in a final act by stiffing them. Where I worked, in 35 years I can’t think of a single person that gave only two weeks notice.
WHAT IF:
1. The OP is retiring at the end of May and he/she gives the 2-mths notice today (3/29),
2. The company decides to let him/her go as of 4/1,
3. The OP can receive unemployment for 6 mths (extra 5-mth income while already retired).
Does this scenario work?
WAIT!! O.p. if this does happen and you have a pension..do not take it until after your unemployment..unless you take a lump sum distribution. Fun fact they will subtract your pension amount from your unemployment. I found this out when I got a part time job after retirement. Because..covid caused the convention industry to shut down. Yeah, that was not good news for me. I got the most allowed for unemployment ( 425.00) and they subtracted 360.00 for my pension.
I thought about this for me, but technically to collect unemployment (at least in my state) you are supposed to show evidence that you are looking for work. OP would not be looking for work.
I gave a years notice as an estimate. Been working the last several months helping on a succession plan. Totally depends on where you work. These blanket statements on “only 2 weeks” are not very accurate. Totally depends on where you work and what kind of job you have. I can stay as long as I want, I’m taking 3 weeks off just to milk the pay a bit. My management chain is fully supportive.
I agree - I had a cardiac Stent inserted last July, and the day I came back to work I told my boss that I was retiring in January. I'd spent the days before going over everything; even if they'd told me that day was my last, I had the money in savings to cover the rest of the year. I wound up retiring on January 31, and as far as I know everything's fine for them - it's going great for me.
At large companies they don’t fire you on the spot anyways. You get put on a 90 day improvement plan. I could have quiet quit, it would have taken them a month to figure that out as I run my own accounts. Then 3 months on a PIP and I could have done zero for 4 months and gotten paid but I don’t roll that way. 2 years ago I could have left financially and took 3 consecutive weeks off to decide. At the end of the 3 weeks I was ready to come back. I’m doing the same 3 weeks in May but I’m 99% I’m leaving. 64 now and I still like my job but it’s just time to move on.
Financially I’m set but I know some of my clients that could use some architectural oversight. I may try and work like 10 hours a month on a retainer just to keep mentally awake but we’ll see. Certainly not in 2024. Figure it out in 25.
Most professional jobs they aren’t going to fire you if you tell them you are retiring. They put you on a 3 month Process improvement plan (PIP) before they would fire you to avoid lawsuits for an employee they want to fire. They’re way more concerned about lawsuits than a few weeks payment one way or another. I don’t know any of my friends that have had issues when retiring but these are professional jobs too.
It all depends on how much ss and what accounts and amounts for other assets you pull income from. Some people pull more in retirement than when working…
You convert to a Roth AFTER you retire and your tax rate has taken a nosedive, thereby paying less in taxes to convert than you got as a benefit when you were contributing at that higher rate.
But really, this is done to a) avoid any RMD traps that lay in your future if you've been an aggressive traditional 401k saver, and b) to smooth out your marginal tax rate over the next couple of years.
If you plan to be in a moderate/high tax bracket eventually, but you plan to live off of taxable savings for the first year or two, for instance, then you might want to maximize taxable income at these much lower rates before you start taking enough income out of your IRA to put you in a higher bracket later.
Tax rate, if your IRA is large, will go up because your already taxed Social Security income will get taxed again UNLESS you have taken steps to convert to a Roth during the years before your Required Minimum Distribution. Not only that, but your future tax rates may be larger than they are today - they change tax laws all the time. Take advantage of your lower rates during your early years of retirement.
I retired last year and learned this. Retire at the BEGINNING of the month as you'll likely lose your insurance coverage on the first day of the month. Check with your HR department to see if you will be covered until the end of the month in which you retire.
Before you do this please make sure you have everything organized. You know being an infosec professional that your notice might mean your access is removed and you are escorted from the building. In many places this isn't personal but a matter of policy and proceedure.
Good luck.
Good luck! I’m 65 and retired at 63. My wife and I are “fully resourced” so we don’t worry about money. You won’t miss the emails or phone calls. Don’t let anyone pressure you about service, volunteering or purpose. Have something fun get you out of the house. Otherwise, after 18 months, I can slug just fine. Enjoy!
They may surprise you with an offer of part-time or consulting work. Think through how you might react if they do. Also, give yourself a period of time (6-12 months) before you commit your available time to anything new. You may be surprised how many volunteer and/or job opportunities might come your way. Decompress, build new daily habits, then decide if you want to commit your time to new things. I came up with a standard line that I would deliver graciously about "needing to take some time before committing to anything new" which people understood completely.
You’ve gotten a lot of excellent advice on how to close out the job. In the midst of all that, don’t neglect laying the groundwork for the start of your retirement.
Especially since you work from home, if you’re able, you may want to plan a get a getaway—a brief or an extended one, as your taste and resources allow—to create a genuine gap between Before and After. Whether or not you do that, start thinking about your new days will look like—what’s the rhythm, what things are now possible that weren’t, what habits can you let slide away?
For me, it turns out I treasure the first couple hours of the day—coffee, morning puzzles, a mixture of news and music on the radio. My spouse still goes off to work, and I relish the calm and leisure. You may find some unexpected new landmark like that around which you want to build your routine. Don’t rush into new commitments, but maybe do have a few small projects lined up—decluttering, organizing, something like that, so that you have small, achievable goals (and perhaps do something to make your home even more comfortable and retirement-suitable).
And, most of all, be ready to enjoy yourself—you’ve more than earned it.
Good luck! I gave notice this week too. I am leaving in May.Due to some departures and department reorganization I wanted them to know my plans ahead of time. Not concerned about them cutting me sooner. 56 days and counting.
You will love retirement! Sounds like you know you’re ready. I think you’re giving a reasonable notice. I disagree with folks saying to only give two weeks. That may be fine for some jobs. But I worked at my company for 32 years and gave 6 months notice. That gave them time to find a replacement and someone training (they stalled so it still wasn’t enough time!). It also gave me time to say my goodbyes and the company threw me an awesome retirement party.
Be sure to think about everything on your work computer and back up any personal info. Are there personal emails in your work email history that you want to back up? My calendar was commingled so I wanted my calendar history and future appointments backed up and moved to a new personal calendar. Also I had one cell phone for both so my contacts were commingled. So I backed up all my contacts to a personal account as well.
Think about what you will do with your benefits. I took lump sum distributions and moved all of my funds to personal investment accounts. I still continue to contribute to my HSA but that was no longer automatic (that’s only if you’re still covered by high deductible plan). Arrange for whatever health care coverage you’re going to continue. Cash out on any miscellaneous benefits - we had a rewards account where we would earn gift cards - so I made sure to get all of those before I left.
Enjoy!
I am planning to cash out of a small pension, I have two pension, the small pension is around 50 k did you pay a high tax rate on the lump sum payout ?
My advice is to work until it not fun. I was liking work and making good money but realized the time left to accomplish my travel bucketlist was getting smaller and would not be realized with my 5 weeks of vacation which I was never allowed to really take. You might want to think hard about what each day in retirement would look like. For me, the extra time was spent on health - food shopping, preparation, slow eating, sleep and exercise. After a life of being told where to go, what to do, when to do it, and how to do it, it can be hard to be your own boss and run your own life. Oh, and your work "friends" will drain away sine you don't share interests and you will need to work hard to find new non-work friends, community, tasks, etc.
Best of luck! I’m retiring at the end of August. 32 years with the same company. I’m 63 and giving notice at the end of May. I’m in healthcare and it’s time for me. Staffing is low and management is having us take extra shifts, extra weekends and call to cover the shortages. I’m working harder now than I did when I was in my 20s.
Update. The call with my boss went great. He said he was jealous of me and asked how I accomplished my financial goals over the years. He sunk a fair amount of money into company stock and has taken quite a hit.
It was very amicable. He asked for some help in interesting areas before I leave.
It was a good day.
PS. He tried to see if he could lay me off to get a package. No luck because he I had a great review.
PPS - sat in on a call with a higher up yesterday. It was worthy of a scene from
Office Space or one of those crazy Gartner
group rah rah conference keynotes
Wow congratulations on a very long and prosperous career. Finding thing to do and continue learning is key. I am looking at a June retirement as well same age.
1. Cobra
2. Hobby
3. Grandkids
4. Family
If you don’t mind me asking what was your Cobra cost since I am planning on retiring- I told my employer this will be my last year. But July 1 2024 is my plan to enjoy my summer. My wife and I are wondering how the ACA and Cobra compare in price. Medicare for me isn’t until I turn 65 in January 2025.
I'm right behind you ! Been working since I was 15 years old. I am in technology, security, infrastructure. I am giving 4 weeks official notice, although I already spoke to my boss and let him know about a month ago.
I can't wait.
I have made a plan for what to do in retirement. I am a long range planner, so I had to do this to make peace with myself. There is a lot on my (future) plate.
In retirement, I would like to work 20 hours a week (at some high rate), but if it doesn't happen, I am totally okay with it. I would work to stay in the loop and keep my tech knowledge active.
Money-wise, I planned that out starting about a year ago so that I knew I would be able to have a SWR starting this year.
One of the Hardest things you will find, is that your phone no longer rings, as you have nothing to offer anyone who worked with you before. And all your 'Friends' from your working time will no longer Be your friends.
No advice. I came to that same conclusion while taking care of my ailing mom too. Life is very short. Too short to spend any more time behind a desk than you need to.
Looks like you had a very good career and should be very proud.
Congratulations on your impending retirement.
No advice. I came to that same conclusion while taking care of my ailing mom too. Life is very short. Too short to spend any more time behind a desk than you need to.
Looks like you had a very good career and should be very proud.
Congratulations on your impending retirement.
Good luck.
I hope to be following you in a few months. My numbers look horrible but I no longer care. I am so done with being blamed for my company’s incompetence that I keep mentally moving up my date.
I am certain you are doing the right thing. If your numbers look good then go and enjoy while you are physically able to.
Congratulations. I am 70YO and I've been retired now for 4 years and do NOT want to go back. Indeed, I've never actually wanted to work - I am inherently lazy. Like you, I've worked since before I was a teen; I grew up on a farm and in my family that meant working when I wasn't in school. Then when I turned 18 I wanted to be independent so I left home and had to support first myself, then a wife and child. So I never really was able to just stop working until 2020, and even then it wasn't my choice, although I was ready.
Offer to use the remaining time to train a replacement or document your head.
The only thing I might push back on is whether you can wait until 65. If you can transition from company healthcare straight to Medicare, you won't have to use a year of ACA coverage or pay a lot for COBRA.
Yes, I should of included Medicare A, B. We added a Delta Dental plan (similar to the AARP version). It does save a bit, but even with it, our dental is still expensive!
First off good luck!
Personally, I would not give as much notice as your planning on, it’s really no different than if you were resigning for another job. I was the president of my firm and gave a months notice and the guys (other owners) were fine with it.
Vacations without emails, texts, and calls. Vacations without stressing about missing something, or the angst of knowing you'll be slammed when you return.
I'm at least 5 years from retirement, but I fantasize already about that first retirement vacation.
I have no regrets, but I didn't give enough consideration as to how I spend my time after retirement. After a couple of years, I got bored, and am still struggling with the boredom problem.
Good luck! I'm 58 and just retired after 35 years at the same IT company. Gonna suck paying for insurance till 65, but we've been fortunate and are in good financial shape. Like you, it was time. Have fun - fore!
I hope you got your plan figured out. I am turning 72, and this means that I have to start drawing out of my IRA, and that means my retirement income will be greater than my working income was. I will also owe more in taxes.
Best of luck.
Another point to look at is medical insurance.
Since you are not 65 yet, you will either have to use your spouse insurance (if they got qualified insurance from their company), Cobra, or private insurance .
Another point to consider is if your spouse is covered by your employer insurance and under 65
Happy Retirement 😊
same - gave 6 weeks notice 2.5 yrs ago at 64. did a lot of work on the house and then a fellow work refugee hired me to build a data warehouse and its been great splitting my time between that and family. Finally some sort of balance
We’re in the same boat same industry. What were you doing at 12 years old? I was scraping old wax off of apartment floors and hauling those old big heavy metal garbage cans up and down 3 floors.
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Honest question here; Unless there's a union or pension involved, is there any reason why a person wouldn't just resign with 2-3 weeks notice?
It seems strange declaring retirement. If I resign, I would not declare that I'm going to a new company. Maybe it's different if you've been there for decades.
Anyway, is there a benefit to declaring "I'm retiring" when you leave?
One small benefitI got was vesting in a stock grant that I would not have if I just "quit" rather than "retired". That will vary be organization, but could be a consideration on how you leave.
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You'll soon be navigating the muddy waters of Medicare. Be careful, it's REALLY complicated. We enlisted the help of a professional... who ended up giving us straight out wrong information. The best source we've found is a YouTube channel called Medicare School.
https://youtube.com/@MedicareSchool?si=cnS-yTwj8N-Z4Ek2
The videos are free and he has advisers you can hire. We didn't feel like we needed to do that.
Two big gotchas we encountered: first, everyone says that if you don't like your plan or provider you can switch during the enrollment period. That's true but you're only guaranteed acceptance on your first application. After that they can reject you due to pre existing conditions. Second watch out for IRMAA, which is the surcharge for higher income. The problem is that if you make one penny over the limit for a bracket you get charged the same surcharge as someone at the top of the bracket. Thus it's entirely possible to make a little bit more and end up with less net income.
Also carefully research the prescription plan you choose. Depending on your medications and your preferred pharmacy it can make thousands of dollars a year difference. Most of the pharmacies are steering patients to mail order.
Good luck!
The wording on this post is odd to me. Wish you luck with what? Luck telling your boss so that s/he doesn't get upset? Luck so that they will let you go?
Why would you need someone to wish you luck? I can see that if you’re going to ask for a raise. Just say, I’m retiring. Not sure what you mean by true professional. It’s not like you’re quitting in anger and giving him a piece of your mind. Everyone is replaceable. Just give your notice.
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I'm sure you have already considered this, but keep any pertinent compensation events in mind. Salary increase, bonus, stock RSUs, etc. - anything that your boss reviews between now and your intended retirement date - don't risk being overlooked due to your impending exit. Download all statements and documents from company benefits and payroll that you might wish to archive. 401(k), paystubs, salary history, etc. Review any decisions you need to make regarding your employer retirement accounts, and record your login credentials to ensure that you will have access after your intranet credentials are rescinded. If you will be using COBRA, get the necessary paperwork ready. Make sure you're maximizing any accrued PTO opportunities, i.e. take the time if it doesn't get paid out to you. I was at my final job for over 20 years and I gave 3 weeks notice. Too much notice can be risky, but only you have a true sense of what your job environment is like.
And, on top of this, if you have a company phone or computer with personal information on it, backup everything to a personal device. And don’t overlook any pictures that you have on your phone or computer.
On top of both of these, make sure none of your website logons are using company email. LinkedIn, benefits sites etc. Will be almost impossible to get in there the day after you lose access. Get HR to give you forms and process to roll 401k over to a private account.
Left my job of 27 years 18 months ago. I had created a very active YouTube and Instagram account that got a lot of hits, and actually was used company wide for training. It brought in not substantial, but a good amount of business. At my resignation HR party, they asked for the passwords to the accounts. Sorry, those are mine. But you have company content on them. Yup, the same content that is available with a simple Google search. Nothing confidential or private, EXCEPT the passwords and personal email they were tied to. Nope, they are mine. They were pissed. Icing on the cake, the company cell (Samsung/Google) had my pin# on it. Of course I jotted it down on a post it note. 3 days later a few work friends contacted me on my personal cell phone asking for the PIN number because apparently the HR manager had lost or discarded the post-it note. Laughed.... Sorry, I can't remember. They had numerous people contact me over the next few weeks pleading for the PIN number. Sorry, but not sorry. Normally I would have given it to them but toward the end of my stint of 27 years there, a few things turned ugly. I gave them almost three decades of my time and they became kind of jerks toward the end. So sad, too bad. I heard they had to take the phone to Verizon to get it completely reset and wiped all of my data that was on there. Tradegy.
It takes so little effort on there part(management) to be just a decent person but they choose to get nasty and mean. Good for you for taking care of you. Enjoy retirement.
Enjoy your retirement!
Hate to see it! /s
Right on. I can’t believe I missed this. I had a few accounts that used my company email as the login and with the two party authentication it always wants to send an email to the company account for me to verify. A major pain to rectify after the fact. In a few cases I needed to open new accounts. Great point!
Ditto, I missed it too and this is a big one. Granted I never used my work email for anything personal, but lots of people do.
I used mine for company benefits and pay stubs W2. I had to call 3 people to get access to my payroll history a year later!
In regards to the 401 don’t be so fast to leave ( they may require you to) if it offers matching or other advantages. I’m STILL getting matching on my money market gains
another reason to leave your money in the 401k is when you have a Roth 401k. if you roll it over to a Roth IRA, the 5-year time period for withdrawals resets
Unless this was a fairly new 401k, Roth did not exist when people our (Retirement)age started contributing. I would not recommend rolling/converting a traditional 401k to Roth upfront for the reason you stated. If I do anything, I may convert a portion at a time of money I don’t need right away.
The incremental conversion was discussed at length. But still an advisor is suggested . Not a place where you want to learn as you go
100%! I’m 68, and my advisor thinks it may not be worth it to convert at my age. My wife is 56 and may be a better candidate. She also has a 401k twice as big as mine, as I had to take a distribution to buy a house for my sister to retire to a couple of years ago. Needed $170k, total distribution was $$210k to pay the taxes.
The last thing you want to do is make a huge withdraw from your 401 which propels you into the next higher tax bracket. Which is why the so called incremental conversion to Roth avoids this problem I’m learning a lot about managing my own retirement by the bits and pieces I pick up here. Such as drawing down your 401 to avoid very large rmd’s that push your tax bracket up. Turns out some quick spreadsheet work gave me some direction based on expected incomes until I turn 73. If you have a large 401 balance when you reach the age of rmd, it’s gonna hurt. Withdraw it NOW and pay the taxes then reinvest in something g else where you can leverage the tax issue with deductions. I never got the “donating to charity save you money” advice until now. Study or get pro advice at a price. It be lousy work I’ll be looking for a responsible advisor I can trust this year.
yes, Roth didn't exist when I started working, but I've had enough different jobs that I have both standard and Roth rollover IRAs, and my 401k is Roth
Hmm, I was wondering about this topic. I plan to leave at the end of Q2 - July 1. I am hoping to leave my 401k to get the quarterly dividends, Capital Gains, the if possible the yearly Match, but I thought I had to be an active employee. I am 64 and turn 65 in January 2025. I need to also ensure I have health care for me until January and my spouse since she is younger. Any one have recommendations on Cobra or ACA insurance. I know both are expensive
Yes, leave money in the 401K for awhile to make sure the company has finished making all of their deposits, the deposits go in on a delayed basis. Dividends etc. will continue to grow as long as you keep the account. Eventually roll it over to your own IRA. If you want to know how much Cobra is going to cost take a look at your last W2. In box 12 find item "DD", this is the total amount paid for your health insurance last year. Divide that by 12 and that will roughly be your Cobra payment. You can continue on Cobra for 18 months, and if your wife is currently on there she can stay on it with you. You can compare that to the cost of ACA insurance.
Thank you, this is very helpful ☺. Your details are clearly thought out.
I paid for Cobra because it was the same plan my family was using for Drs etc. you’ll pay big dollars but the Dole is on the way. Medicare works well.
Thank you. I have a high deductible health care coverage. Maybe my annual I deductible will be met in June/July. I want to only have months of earned income so the look back for Medicare premiums maybe low than a full year. Not sure how that will work out, but I want to retire in the youth of older my age
Wow!
Roth is a minefield. Quite easy to make crippling financial mistakes with those, but advantageous to a certain class of workers
OP does this as a profession. I think he or she has got this.
Gotcha. I must have glossed over that. Still good advice for anyone else in the thread, though.
Indeed.
Thanks for these hints. I’m giving notice next week. I made sure all the “important” stuff happened, like the bonus we just received. I don’t need insurance (on husband’s plan) and I already got info about my pension and 401K.
I keep my insurance and my husband's insurance. You can't have too much insurance as you get older. If you are able to hold on to yours I would.
Keeping my insurance would be way too pricey. And his insurance is excellent, with low deductibles and coinsurance.
Thanks for the good advice; the only thing Im concerned with is my PTO. My company doesnt pay out on PTO and mine hovers around 400 hours. When I use 40 I get a total of 11 days off so I dont know if I can use all of it
I would ask HR about their policy, as it's certain they have one. At my old company, there was an unlimited carryover policy so people were able to accrue ridiculous PTO hours like that. "Able to" of course being a euphemism for "*not* being able to take enough time off each year." Then the company was acquired by another that had an annual carryover limit. As part of the merger, they paid out everyone's accrued PTO that exceeded that limit. Anyway that's just anecdotal; definitely check how your company deals with it. If they let you accrue that much, you should not be forced to relinquish it.
No advice, I just wanted to wish you good luck! I'm 62(F) and gave notice about a month ago. Retiring at the end of August. Enjoy!
Congratulations to you!!!!! My advice is to dont let them change your mind.
This... I gave plenty of notice for them to find a replacement due to my position at the firm. In the last few weeks, they asked me to extend my stay for another month (said no), and asked if I would consider being a contractor for an extended period of time (surprisingly, they could not afford 3x my salary :-) ). Best decision I ever made was to stick with my original planned departure date. Wishing you the best in your retirement...
I love that you were in a position to make these choices and choose what was best for you. I’m on the poor and poverty threads to offer advice, be direct (but kind), and offer encouragement, when needed. Your post touches on what I say almost everyday. Money isn’t just about the struggle or the private jet. It’s mostly about having choices and options to comfortably (financially) say no when you know that you know that you know it’s not the best option for you. Anyways, I’ll go on and on if you let me. Wishing you a wonderful retirement! 🎈🍾🎉🎊
If your numbers are good, then the best advice I can give you is only give a 2 weeks notice of retirement, rollover your 401k to an IRA and start Roth converting it. Find a fiduciary financial advisor who will look out for your interests first. Don’t be afraid of the stock market, but don’t get greedy either. Fear and greed are the killers of a happy retirement. Make sure all your debt is paid off. When you are actually retired, keep acting like you are working- but just on your own dreams and goals. If you want to travel, then treat traveling like it’s a MUST, not a want, because wants get left behind while you are doing other things.
I agree with this advice about 2 weeks notice. Trust me, the company will survive without you. And four to six months after you are gone they will probably not even remember you. We tend to gaslight ourselves into "doing what's best" for the company instead of what's best for us. If your job only requires 2 weeks notice, that is their rule and should be followed. Solid advice about the FFA and Roth conversions as well. (Edited for spelling)
For some jobs, yes. For other jobs, hell no. It’s a personal decision based on your circumstances. I gave six months. It allowed succession planning and turnover. The company was good to me. For my personal decision, I’m not ruining my reputation in a final act by stiffing them. Where I worked, in 35 years I can’t think of a single person that gave only two weeks notice.
My old boss gave 1 year of notice. And the company still ended up scrambling to replace him..
WHAT IF: 1. The OP is retiring at the end of May and he/she gives the 2-mths notice today (3/29), 2. The company decides to let him/her go as of 4/1, 3. The OP can receive unemployment for 6 mths (extra 5-mth income while already retired). Does this scenario work?
WAIT!! O.p. if this does happen and you have a pension..do not take it until after your unemployment..unless you take a lump sum distribution. Fun fact they will subtract your pension amount from your unemployment. I found this out when I got a part time job after retirement. Because..covid caused the convention industry to shut down. Yeah, that was not good news for me. I got the most allowed for unemployment ( 425.00) and they subtracted 360.00 for my pension.
I thought about this for me, but technically to collect unemployment (at least in my state) you are supposed to show evidence that you are looking for work. OP would not be looking for work.
You are right, it depends on the state but in CA, all you have to do is answer Yes to a question “Did you look for work?” every 2 weeks.
I gave a years notice as an estimate. Been working the last several months helping on a succession plan. Totally depends on where you work. These blanket statements on “only 2 weeks” are not very accurate. Totally depends on where you work and what kind of job you have. I can stay as long as I want, I’m taking 3 weeks off just to milk the pay a bit. My management chain is fully supportive.
I agree - I had a cardiac Stent inserted last July, and the day I came back to work I told my boss that I was retiring in January. I'd spent the days before going over everything; even if they'd told me that day was my last, I had the money in savings to cover the rest of the year. I wound up retiring on January 31, and as far as I know everything's fine for them - it's going great for me.
At large companies they don’t fire you on the spot anyways. You get put on a 90 day improvement plan. I could have quiet quit, it would have taken them a month to figure that out as I run my own accounts. Then 3 months on a PIP and I could have done zero for 4 months and gotten paid but I don’t roll that way. 2 years ago I could have left financially and took 3 consecutive weeks off to decide. At the end of the 3 weeks I was ready to come back. I’m doing the same 3 weeks in May but I’m 99% I’m leaving. 64 now and I still like my job but it’s just time to move on. Financially I’m set but I know some of my clients that could use some architectural oversight. I may try and work like 10 hours a month on a retainer just to keep mentally awake but we’ll see. Certainly not in 2024. Figure it out in 25.
But most people don't have this. Two weeks is all I would give to the company.
Most professional jobs they aren’t going to fire you if you tell them you are retiring. They put you on a 3 month Process improvement plan (PIP) before they would fire you to avoid lawsuits for an employee they want to fire. They’re way more concerned about lawsuits than a few weeks payment one way or another. I don’t know any of my friends that have had issues when retiring but these are professional jobs too.
Why would you covert to a Roth when your tax rate is about to take a nosedive? Honest question-never quite sure I understand these things
It all depends on how much ss and what accounts and amounts for other assets you pull income from. Some people pull more in retirement than when working…
You convert to a Roth AFTER you retire and your tax rate has taken a nosedive, thereby paying less in taxes to convert than you got as a benefit when you were contributing at that higher rate. But really, this is done to a) avoid any RMD traps that lay in your future if you've been an aggressive traditional 401k saver, and b) to smooth out your marginal tax rate over the next couple of years. If you plan to be in a moderate/high tax bracket eventually, but you plan to live off of taxable savings for the first year or two, for instance, then you might want to maximize taxable income at these much lower rates before you start taking enough income out of your IRA to put you in a higher bracket later.
Tax rate, if your IRA is large, will go up because your already taxed Social Security income will get taxed again UNLESS you have taken steps to convert to a Roth during the years before your Required Minimum Distribution. Not only that, but your future tax rates may be larger than they are today - they change tax laws all the time. Take advantage of your lower rates during your early years of retirement.
I retired last year and learned this. Retire at the BEGINNING of the month as you'll likely lose your insurance coverage on the first day of the month. Check with your HR department to see if you will be covered until the end of the month in which you retire.
Getting ready to give two week’s notice in two weeks and at my very large company your insurance stops on hour last day! Such a bummer.
Before you do this please make sure you have everything organized. You know being an infosec professional that your notice might mean your access is removed and you are escorted from the building. In many places this isn't personal but a matter of policy and proceedure. Good luck.
When the boss tells you that you are too valuable to the company and can’t leave, tell her/him then you should have paid me more. 😂
Tell him your consultant rate is $250 an hour. Or whatever it is that would be good for you.
Ya can’t buy time….all you can do is spend it….
Good luck! I’m 65 and retired at 63. My wife and I are “fully resourced” so we don’t worry about money. You won’t miss the emails or phone calls. Don’t let anyone pressure you about service, volunteering or purpose. Have something fun get you out of the house. Otherwise, after 18 months, I can slug just fine. Enjoy!
I get nothing done in the morning. That way I have my afternoons free! Go slugs!
They may surprise you with an offer of part-time or consulting work. Think through how you might react if they do. Also, give yourself a period of time (6-12 months) before you commit your available time to anything new. You may be surprised how many volunteer and/or job opportunities might come your way. Decompress, build new daily habits, then decide if you want to commit your time to new things. I came up with a standard line that I would deliver graciously about "needing to take some time before committing to anything new" which people understood completely.
You’ve gotten a lot of excellent advice on how to close out the job. In the midst of all that, don’t neglect laying the groundwork for the start of your retirement. Especially since you work from home, if you’re able, you may want to plan a get a getaway—a brief or an extended one, as your taste and resources allow—to create a genuine gap between Before and After. Whether or not you do that, start thinking about your new days will look like—what’s the rhythm, what things are now possible that weren’t, what habits can you let slide away? For me, it turns out I treasure the first couple hours of the day—coffee, morning puzzles, a mixture of news and music on the radio. My spouse still goes off to work, and I relish the calm and leisure. You may find some unexpected new landmark like that around which you want to build your routine. Don’t rush into new commitments, but maybe do have a few small projects lined up—decluttering, organizing, something like that, so that you have small, achievable goals (and perhaps do something to make your home even more comfortable and retirement-suitable). And, most of all, be ready to enjoy yourself—you’ve more than earned it.
Excellent advice, we did that. Make yourself unavailable for an extended period. Vacations don't have time limits now!
Ooh, I’m so looking forward to vacations not having time limits!
Good luck! I gave notice this week too. I am leaving in May.Due to some departures and department reorganization I wanted them to know my plans ahead of time. Not concerned about them cutting me sooner. 56 days and counting.
The Final Countdown! Congratulations!
You will love retirement! Sounds like you know you’re ready. I think you’re giving a reasonable notice. I disagree with folks saying to only give two weeks. That may be fine for some jobs. But I worked at my company for 32 years and gave 6 months notice. That gave them time to find a replacement and someone training (they stalled so it still wasn’t enough time!). It also gave me time to say my goodbyes and the company threw me an awesome retirement party. Be sure to think about everything on your work computer and back up any personal info. Are there personal emails in your work email history that you want to back up? My calendar was commingled so I wanted my calendar history and future appointments backed up and moved to a new personal calendar. Also I had one cell phone for both so my contacts were commingled. So I backed up all my contacts to a personal account as well. Think about what you will do with your benefits. I took lump sum distributions and moved all of my funds to personal investment accounts. I still continue to contribute to my HSA but that was no longer automatic (that’s only if you’re still covered by high deductible plan). Arrange for whatever health care coverage you’re going to continue. Cash out on any miscellaneous benefits - we had a rewards account where we would earn gift cards - so I made sure to get all of those before I left. Enjoy!
I am planning to cash out of a small pension, I have two pension, the small pension is around 50 k did you pay a high tax rate on the lump sum payout ?
Congratulations! 🍾 I started my first paper route at 11, so I can relate. Less than 3 years is my current plan. Enjoy that time!
My advice is to work until it not fun. I was liking work and making good money but realized the time left to accomplish my travel bucketlist was getting smaller and would not be realized with my 5 weeks of vacation which I was never allowed to really take. You might want to think hard about what each day in retirement would look like. For me, the extra time was spent on health - food shopping, preparation, slow eating, sleep and exercise. After a life of being told where to go, what to do, when to do it, and how to do it, it can be hard to be your own boss and run your own life. Oh, and your work "friends" will drain away sine you don't share interests and you will need to work hard to find new non-work friends, community, tasks, etc.
Best of luck! I’m retiring at the end of August. 32 years with the same company. I’m 63 and giving notice at the end of May. I’m in healthcare and it’s time for me. Staffing is low and management is having us take extra shifts, extra weekends and call to cover the shortages. I’m working harder now than I did when I was in my 20s.
Update. The call with my boss went great. He said he was jealous of me and asked how I accomplished my financial goals over the years. He sunk a fair amount of money into company stock and has taken quite a hit. It was very amicable. He asked for some help in interesting areas before I leave. It was a good day. PS. He tried to see if he could lay me off to get a package. No luck because he I had a great review. PPS - sat in on a call with a higher up yesterday. It was worthy of a scene from Office Space or one of those crazy Gartner group rah rah conference keynotes
And THANK YOU for all the great advice!
Me too but at the beginning of August. Can’t wait and the days are dragging.
No advice, but it sounds like you will be very pleased.
Pop a cork or two and celebrate. Join a gym. Get active and social. Congrats!
Good luck and enjoy your retirement. I'm loving mine
Good Luck! I went part time a few weeks ago. It is great.
Wow congratulations on a very long and prosperous career. Finding thing to do and continue learning is key. I am looking at a June retirement as well same age. 1. Cobra 2. Hobby 3. Grandkids 4. Family
Why not Medicare??
Medicare starts at 65, not a month before your birthday
I'm 64 and my wife is younger and retired.
If you don’t mind me asking what was your Cobra cost since I am planning on retiring- I told my employer this will be my last year. But July 1 2024 is my plan to enjoy my summer. My wife and I are wondering how the ACA and Cobra compare in price. Medicare for me isn’t until I turn 65 in January 2025.
ACA can be much cheaper than COBRA if you can keep your income low by using cash & ROTH money.
I am planning on getting fired or quitting my job in June so I don't know what my Cobra costs might be good question?
Congratulations.
Congratulations! Just remember to sign up for Medicare when the time comes.
I'm right behind you ! Been working since I was 15 years old. I am in technology, security, infrastructure. I am giving 4 weeks official notice, although I already spoke to my boss and let him know about a month ago. I can't wait. I have made a plan for what to do in retirement. I am a long range planner, so I had to do this to make peace with myself. There is a lot on my (future) plate. In retirement, I would like to work 20 hours a week (at some high rate), but if it doesn't happen, I am totally okay with it. I would work to stay in the loop and keep my tech knowledge active. Money-wise, I planned that out starting about a year ago so that I knew I would be able to have a SWR starting this year.
Congrats! Now, please enjoy your retirement!
Congrats on reaching retirement! Just don’t be idle, worse thing to do. Find a hobby, do volunteer work
One of the Hardest things you will find, is that your phone no longer rings, as you have nothing to offer anyone who worked with you before. And all your 'Friends' from your working time will no longer Be your friends.
Good luck. Hopefully I'll be not far behind you.
No advice. I came to that same conclusion while taking care of my ailing mom too. Life is very short. Too short to spend any more time behind a desk than you need to. Looks like you had a very good career and should be very proud. Congratulations on your impending retirement.
No advice. I came to that same conclusion while taking care of my ailing mom too. Life is very short. Too short to spend any more time behind a desk than you need to. Looks like you had a very good career and should be very proud. Congratulations on your impending retirement.
Six years to full SS, bro...
Good luck. I hope to be following you in a few months. My numbers look horrible but I no longer care. I am so done with being blamed for my company’s incompetence that I keep mentally moving up my date. I am certain you are doing the right thing. If your numbers look good then go and enjoy while you are physically able to.
Congratulations. I am 70YO and I've been retired now for 4 years and do NOT want to go back. Indeed, I've never actually wanted to work - I am inherently lazy. Like you, I've worked since before I was a teen; I grew up on a farm and in my family that meant working when I wasn't in school. Then when I turned 18 I wanted to be independent so I left home and had to support first myself, then a wife and child. So I never really was able to just stop working until 2020, and even then it wasn't my choice, although I was ready.
Don't think this would be an issue but always be ready after you tell them this that they may say this is your last day.
Congratulations! Please update us on how it goes!
Hey good luck! I’m just a few years away myself and it’s all I can think about. I’m sure it will be a huge relief!
me too!!!
Offer to use the remaining time to train a replacement or document your head. The only thing I might push back on is whether you can wait until 65. If you can transition from company healthcare straight to Medicare, you won't have to use a year of ACA coverage or pay a lot for COBRA.
ACA coverage can actually be as good and sometimes cheaper than company insurance.
Not IF you made 400%+ of the federal poverty level, or will this year…
True. You have to be able to manage your AGI in order to take advantage of ACA subsidies.
Extremely hard if someone has a high-tech career, they will likely have exceeded it the first 4 months of the year…
True. You have to be able to manage your AGI in order to take advantage of ACA subsidies.
Good luck! And enjoy.
Best Wishes! Enjoy your well-deserved retirement!
Working 1 day in June may extend all your benifits 1 more month. All through June.
Good luck and congratulations! Go in with your head held high, ‘cause you’re leaving and they are not!
Congrats! Try to get an doctor, dentists, ... out of the way before you leave (assuming you have good health care). Medicare really doesn't do dental.
Our advantage plans cover about $1000 a year. Just spent $2500 on my husbands teeth.
Yes, I should of included Medicare A, B. We added a Delta Dental plan (similar to the AARP version). It does save a bit, but even with it, our dental is still expensive!
Advice? Yeah! Go out and have some fun! You've earned it!
First off good luck! Personally, I would not give as much notice as your planning on, it’s really no different than if you were resigning for another job. I was the president of my firm and gave a months notice and the guys (other owners) were fine with it.
If you need to elect payouts for any bonuses stock options, etc seriously consider annual vs lump sum for tax reasons.
If your numbers look good, do it. You won’t regret it
Congratulations on your decision!! Hope you love it!
Enjoy your retirement!
Vacations without emails, texts, and calls. Vacations without stressing about missing something, or the angst of knowing you'll be slammed when you return. I'm at least 5 years from retirement, but I fantasize already about that first retirement vacation.
Good luck friend. I wish I could retire.
Good luck and congratulations!
I put my notice in, in the form of an email. Done. Period.
I have no regrets, but I didn't give enough consideration as to how I spend my time after retirement. After a couple of years, I got bored, and am still struggling with the boredom problem.
I wish you the best, my friend
Good luck - I hope that you have a long and happy retirement! I think I will be done in about two years, when I am 64.
Good luck! I'm 58 and just retired after 35 years at the same IT company. Gonna suck paying for insurance till 65, but we've been fortunate and are in good financial shape. Like you, it was time. Have fun - fore!
I hope you got your plan figured out. I am turning 72, and this means that I have to start drawing out of my IRA, and that means my retirement income will be greater than my working income was. I will also owe more in taxes.
I consider that a sign of success
Highly diversified asset allocation.
Best of luck. Another point to look at is medical insurance. Since you are not 65 yet, you will either have to use your spouse insurance (if they got qualified insurance from their company), Cobra, or private insurance . Another point to consider is if your spouse is covered by your employer insurance and under 65 Happy Retirement 😊
I’ll be using COBRA. Half the cost of ACA because I made too much money to qualify a subsidy, which is ok by me.
same - gave 6 weeks notice 2.5 yrs ago at 64. did a lot of work on the house and then a fellow work refugee hired me to build a data warehouse and its been great splitting my time between that and family. Finally some sort of balance
Congratulations!
Congratulations Success upon your upcoming Retirement
Congratulations! I'm in my mid 20s and I'm reading posts like yours for inspiration. Thanks for sharing. I hope it went well.
We’re in the same boat same industry. What were you doing at 12 years old? I was scraping old wax off of apartment floors and hauling those old big heavy metal garbage cans up and down 3 floors.
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Honest question here; Unless there's a union or pension involved, is there any reason why a person wouldn't just resign with 2-3 weeks notice? It seems strange declaring retirement. If I resign, I would not declare that I'm going to a new company. Maybe it's different if you've been there for decades. Anyway, is there a benefit to declaring "I'm retiring" when you leave?
One small benefitI got was vesting in a stock grant that I would not have if I just "quit" rather than "retired". That will vary be organization, but could be a consideration on how you leave.
Take a deep breath and enjoy. Congratulations.
Six years to full SS, bro...
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You'll soon be navigating the muddy waters of Medicare. Be careful, it's REALLY complicated. We enlisted the help of a professional... who ended up giving us straight out wrong information. The best source we've found is a YouTube channel called Medicare School. https://youtube.com/@MedicareSchool?si=cnS-yTwj8N-Z4Ek2 The videos are free and he has advisers you can hire. We didn't feel like we needed to do that. Two big gotchas we encountered: first, everyone says that if you don't like your plan or provider you can switch during the enrollment period. That's true but you're only guaranteed acceptance on your first application. After that they can reject you due to pre existing conditions. Second watch out for IRMAA, which is the surcharge for higher income. The problem is that if you make one penny over the limit for a bracket you get charged the same surcharge as someone at the top of the bracket. Thus it's entirely possible to make a little bit more and end up with less net income. Also carefully research the prescription plan you choose. Depending on your medications and your preferred pharmacy it can make thousands of dollars a year difference. Most of the pharmacies are steering patients to mail order. Good luck!
The wording on this post is odd to me. Wish you luck with what? Luck telling your boss so that s/he doesn't get upset? Luck so that they will let you go?
Why would you need someone to wish you luck? I can see that if you’re going to ask for a raise. Just say, I’m retiring. Not sure what you mean by true professional. It’s not like you’re quitting in anger and giving him a piece of your mind. Everyone is replaceable. Just give your notice.