retire sooner or just work less? Update post 187

[resolution]

I am hoping that the next couple of years bring changes to the ACA Health Care plans. One of the things that Biden ran on was adding a public option health insurance plan, which might (hopefully?) give me more options for health insurance until I hit Medicare age. Who knows if he will follow through, or if he can get the votes to get it through.

[Rukh O'Rorke]

Nov 4, 2020 18:27:58 GMT -5 debthaven said:

I just wanted to give a small update.

My Job 2 employer offered me a phone appt with a specialized retirement advisor who advises people who work in education. You bet I accepted!!!

I had my appointment yesterday. I had written out a list of questions.

Major points:

- They have "part time" retirement here, ie you work PT and get part of your pension/SS. I was always tempted by that but didn't know if I was eligible. She said I was, but that it was a bad idea, because it's strictly monitored. She said the perks of being a retired adjunct are that you can teach a class or two, or do the orals for prospective students ... but you can't do that if you do PT retirement. 

- The gov't wants people to retire later (which I understand). I'm RIGHT at the limit. She told me that by retiring at 62, part of my pension would be "penalized" by 10%, for 3 years. But if I retire at 63 (a year later), there is NO penalty.

- She said if I reduce my hours by 10%/year, the impact on my retirement income would be minimal, ie about $10-15/month. She said I may lose a bit per month, but that I'd be MUCH better off reducing my hours (slightly) and working additional quarters/semesters/years.

I was thrilled to be able to ask all my questions, especially those that are unique to my job (ie continuing to do oral exams for prospective students).

sounds like a good compromise, and glad you could do a lot of hours while doing a remote for a big chunk of the semester.

[debthaven]

(Sorry, never mind, I deleted the update.)

[debthaven]

I started this thread in Sept 2020, and I've broken a record for number of hours worked every semester ever since (so 3 semesters in a row).

I've been struggling terribly this semester. I took on more hours during Covid when we were on Zoom. Then that became the new normal, but now I have the commute too. Plus I was in a play this semester, and I had (minor) surgery. The good news is, the semester is nearly over! 

All this to say, as of January, I am finally reducing from 4 days/week at school (+ often 1 day online) to 3 days/week at school (+ 1 day online). My goal at this point is to do just one more (calendar) year and retire on 1 Jan 2023. (My yearly "retirement date" is 1 Dec, but the semester ends in late Dec so it has to be 1 Jan.)

Maybe I'll love working less, and decide to work for longer! But I really doubt it LOL.

This said, I don't plan to completely stop working. One reason I have so many hours these days is that besides my regular student classes, I also teach faculty/staff who teach/work in English. I intend to keep those faculty/staff classes in retirement! I'm still undecided about the student classes (mainly because any travel would still be restricted to school holidays), but I have another year to figure it out. 

How about the rest of you?! Any change in plans?! I would really love to hear any updates! 

[Rukh O'Rorke]

Nov 27, 2021 17:36:42 GMT -5 debthaven said:

I started this thread in Sept 2020, and I've broken a record for number of hours worked every semester ever since (so 3 semesters in a row).

I've really been struggling this semester ... I took on extra hours during Covid when we were teaching on Zoom. Then that became the new normal, except now I have the commute as well. Plus, I was in a play this semester, and I had (minor) surgery. So it has been a real struggle, but the semester is nearly over! 

All this to say, as of January, I am finally reducing from going into school 4 days/week (+ often 1 day online) to going into school 3 days/week (+ 1 day online). My goal now is to do just one more (calendar) year and retire on 1 Jan 2023. (My yearly "retirement date" is 1 Dec, but the semester ends in late Dec so it has to be 1 Jan.)

Of course it's possible that I love working less, and decide to work for longer! But I doubt it LOL.

This said, I don't plan to completely stop teaching. One reason I have so many hours is that besides my regular student classes, I also teach faculty/staff who teach/work in English. I definitely plan to keep those faculty/staff classes in retirement! I'm still undecided about the student classes, but I have another year to figure that out. 

How about the rest of you?! Any change in plans?! 

will one day make such a difference? Maybe if you just did one day a week and it was a little spice in retirement's day-to-day, but just reducing a little bit, I don't think you will find you love it!

[debthaven]

I agree Rukh O'Rorke  , I doubt it!!! But I'm trying to keep an open mind LOL.

If ever I did continue past 63, I agree, 3 days/week wouldn't feel like much of a difference. Working 1 or 2 days/week probably would.

But frankly, I think I'll be done after 2022 (except for those faculty/staff classes, interviews for prospective students twice/year, and perhaps occasionally subbing for colleagues). 

IOW, I intend to retire in Jan 2023. I'll be a young 63. 

[resolution]

Jan 2023 will be here before you know it. 

I am still on track to hit my 30 years in June 2023. I passed my full retirement date in August. My parents came to visit for the month of July and I took the whole month off for their visit. By the end of the month I was more than ready to get back to work, so I can't say that I am ready to retire yet. 

It still makes the most sense financially for me to find a job somewhere else and retire from my current job, but I still don't want to start over somewhere else and have to hustle to prove myself all over again. Everyone at work knows that I am past my full retirement eligibility, so they are all being super nice to me.

[debthaven]

I definitely get not wanting to start over somewhere else resolution ! It's great that you can take that much time off! 

I was hoping you'd post lol. 

[plugginaway22]

My retirement from the 40 hour work week happened in mid August. Since then I have worked several hours per week (from home) to assist in closing the 2 companies that were sold. I recommend this gradually diminishing time commitment that I have experienced. Feels like I am easing into the zero structure of full retirement while still earning some nice money. Hope you can make it work for you and reduce some of that stress!

[TheOtherMe]

I retired young from a job I no longer liked when they were wanting to reduce the cost of long term employees.  They made an offer that anyone with 25 years of service could retire.  I took it.  I was also having serious health issues which got worse before they got better.  Because of my health, I was struggling with the job.  That offer came at the best time for me.

Once I got my health back I needed something to do.  I was young enough that it meant I worked part time jobs until 5 years ago when the church closed.

When I first moved here I had a hard time finding a part time job because in this area it's mostly about who you know.  I got the church secretary job because of my sister and BIL according to the Pastor.  After finding some less desirable jobs, I lucked in to the tax office.  Since that was a seasonal position, it only took up my time for a few months.  However for those few months, there is no life but the tax office.

[jerseygirl]

I ‘retired’ at 65 when the small pharma I worked at was bought by an Irish pharma. That’s the second pharma company I worked at that was bought by Irish company. (Ireland has lower tax rate than US and the difference pays for research). I had medical benefits from a former company that was also bought out but by US
I didn’t work for almost a year as I had severance. I started consulting as I enjoy doing clinical research with experimental drugs. I find it fascinating and knew I was helping getting a new med to sick people. I worked primarily on orphan drugs.I worked primarily at home but going into office from once a week to maybe monthly. Also attended big conventions. Did this for 10 years working for around 8 companies, usually for 6 months of the year. Last 3 companies canceled the projects I was working on. I decided to finally retire then. Didn’t like putting lots of effort into understanding a new disease and drug then working only a few months.
Decided to finally really retire this summer. I just delete emails or tell headhunters no. I get 2-3 contacts/week. I’ve decided to not be tempted by interesting projects
I’ve started to enjoy retirement and was so funny that I liked the idea of the 4 day thanksgiving weekend.
I’m enjoying the volunteer work I’m doing and now don’t need to be concerned about conflicts.
So took me a good 10 years of non full time work to finally retire completely

[Rukh O'Rorke]

For my plans, they are - conceptually at least! - moving up! Just a year or two ago I was looking at 62-65 for retirement, and now it looks like I will be able to retire much earlier. 

I am looking at anywhere from June 22 - June of 23. bonus/raises happen in May, and I'm greedy enought to want that small bonus! ost recent was just 2k, so not a lot of money compared to what some people hang on for. And nerdy enough  to want to see my raise, even if I don't stick around for it!

One thing changing for me, along the lines of - maybe I'll stay longer if I'm loving it! - is that I will have an extra week of vacation thanks to negotiating my promotion - and I can in gerenal stop hoarding vac and sick for some catastrophic life event. I have the money to retire now (if market's and tesla staying somewhat stable). So I am oging to start using sick time when I don't feel good. And take my full 4 weeks of vacation every year, and I also have 3 extra days.

I take 3 days off at thx to get a whole week, and take 6 days at end of year to get the last two weeks off. then I'll have nearly 3 weeks of vacation to take during the year, plus sick time. I'm going to try to start to just take whole days off for dr. and dentist appts.

[Tiny]

I remained employed thru my 57.5 age date (so 24 months to my original 59.5yo FIre date I have savings to bridge me to 59.5).
The next milestone is to stay employed thru December 31st (for pension purposes).

After December 31st... I'm working for healthcare and any extra pension benefit I can accrue. I can "get let go" and I will be OK. I have 24 months of expenses ready and waiting to go. But, I'd rather collect a paycheck for as long as possible - to shorten my out of pocket "financial" bridge to 59.5. After December every month of employment "saves" me a month of "expenses" I don't need to pull from savings. It feels like getting paid twice!

I'm in an "in between" state job wise - not sure if I will retain my job or not for long after 12/31/2021.

I have created a spreadsheet/calendar with the months until I hit 59.5 years old. It's scary and exciting all at the same time.

[debthaven]

Another update:

I finally went to 3 days/week at school in January. I could not be happier!!! I still work 4 days/week but I WFH on Thursdays. That means that on Thursdays I can wake up at 8 for my 9 am Zoom, put on a respectable top, and wear sweats/pj bottoms and fuzzy slippers LOL. 

Because of overlap at my two schools, I will still have to go in 4 days/week certain weeks. But those weeks will be the minority rather than the majority. 

My only regret is that I didn't make this change earlier. It has truly been life-changing! 

ETA: I am reducing by 10% compared to last spring semester. I chose the hours I reduced VERY carefully. I gave up a class with a LOT of marking, and my 4-week summer term evening elective in May/June which gets me home at 8.15-8.30 pm.  

(I'll still get home late for 5 weeks in March/April, but that's much better than 9 weeks in March-June!)

[Rukh O'Rorke]

Feb 5, 2022 19:13:44 GMT -5 debthaven said:

Another update:

I finally went to 3 days/week at school in January. I could not be happier!!! I still work 4 days/week but I WFH on Thursdays. That means that on Thursdays I can wake up at 8 for my 9 am Zoom, put on a respectable top, and wear sweats/pj bottoms and fuzzy slippers LOL. 

Because of overlap at my two schools, I will still have to go in 4 days/week certain weeks. But those weeks will be the minority rather than the majority. 

My only regret is that I didn't make this change earlier. It has truly been life-changing! 

ETA: I am reducing by 10% compared to last spring semester. I chose the hours I reduced VERY carefully. I gave up a class with a LOT of marking, and my 4-week summer term evening elective in May/June which gets me home at 8.15-8.30 pm.  

(I'll still get home late for 5 weeks in March/April, but that's much better than 9 weeks in March-June!)

woohoo!

[debthaven]

Job 2 just asked for our availability for 2022-23. I don't know what to put.

In the end I put fall semester but not spring semester. I put afternoon (but not evening) for summer term. (I can change my mind about summer term.) I know I'll be around for at least part of summer term because I plan to do the orals for prospective students, like many retired teachers.

My schedule will be discussed at my annual review in May/June, but they want us to fill out that spreadsheet early.

Ugh, deciding to retire is MUCH harder than I would ever have imagined.

Job 1 will ask the same in late March or April. Ugh again.

Any words of wisdom would be greatly appreciated.

PS I will be 63 at the end of 2022. I could have retired at the end of 2021 at 62, but chose to do one more year. I'm torn, because I see how tempting and easy it would be to continue doing "just one more year" ...

In theory I wouldn't mind just working less. But if I work even just one or two days/week, I'm still married to the school calendar, and that limits my (our) options. 

[debthaven]

After typing that out, I'm leaning towards having a couple of awkward conversations and retiring at the end of 2022...

PS My Job 1 is hiring another "permanent English professor" (I'm an adjunct.) I ran into a permanent Spanish professor today. She said, I was so upset that you didn't apply! Why not?! I said, um, maybe because I'm past retirement age?! She burst out laughing! She said, haha, very funny! But what's the real reason?!

She seriously thought I was lying LOL. Ridiculous, but it made me happy LOL. 

[plugginaway22]

I vote be done! 

[NastyWoman]

Mar 8, 2022 19:07:21 GMT -5 plugginaway22 said:

I vote be done! 

 and go on a trip (visit the little ones) when classes start up again. That makes it easier to just let go. Ask me how I know 

[finnime]

I understand. I'd be tempted to just go down to maybe 2 classes in the spring semester, and then call it quits. But I always want to temper major changes.

[debthaven]

It's possibly not a coincidence that I posted this before my hardest day of the week ... after a VERY long day, I have decided that I'm done at the end of 2022!

plugginaway22 you seem to have adjusted to retirement absolutely seamlessly! I'm very admirative! (Plus I would love to pick your brain lol!) When it gets closer, I will probably start a thread asking for suggestions. I look forward to your advice! 

finnime  I'm the same. I'm frankly not great with change, so the idea of taking just a couple of classes REALLY appeals to me! BUT I'd still be dependent on the school calendar. I don't know how long DH and I will both be well enough to travel ... I'd rather plan a far-off trip or two sooner than later. 

NastyWoman that would DEFINITELY have been my plan!!! But you retired just before Christmas, and I'd be retiring just after Christmas (plus, our year for Christmas with DS1's family/the littles). But I get the point, and agree!

Thank you friends! 

ETA: Also, I plan to keep my professor/staff classes in retirement. Only 1 of the 6 faculty/staff I have now insists on in-person classes. The other 5 are very happy to be on Zoom.

So when I'm around, I'll go into school for those. When I'm not around, I do them on Zoom.

At least that's the plan!

[finnime]

That's a great plan, debthaven. You're going to enjoy retirement!

[buystoys]

Congrats on your decision!  You're going to love retirement and I hope the rest of your working schedule is easier on you.

[debthaven]

SOOO ... I have until 30 April to give both jobs my availability for the 2022-23 school year. And I just can't manage to pull the trigger. 

When I told my boss T at Job 2 that I wouldn't be available for Semester 2, she was VERY pissed off, but did her best to hide it. She politely told me they can't understand "why I suddenly decided to take a random semester off" but "since I gave them so much notice and they appreciate me so much and it must be important to me, they'll make it work".

When I told T "But I'm NOT taking a random semester off, I'm retiring!" T burst out laughing. T admitted that she was an idiot, it hadn't even occurred to her!!!

I told 2 close friends (my professor students) at Job 1 ... E burst into tears (literally). She said, you can't retire, you're too young!!! P said (in French) that's impossible! No way, you just can't!!! We need you!

So VERY LONG STORY SHORT ...

I have decided to officially retire at the end of 2022, as planned, to get my pension.

I have also decided to continue to work at both jobs ... one half day at Job 2, and either one or two half-days at Job 1 (TBD). 

What was particularly edifying was, E (the one who burst into tears) said, what does your DH think?! I said, very good question!!! Because I had never asked DH for his opinion LOL.

So I did. DH said, you work a LOT. You must do whatever you want. But personally I think you need to slow down, even way down, rather than stop. You love seeing your colleagues and you will probably feeling bored and lonely and miss seeing the friends and colleagues you love. 

AFTER ALL THAT ... my current plan is to do a full Fall Semester (which I need to do anyway in order to get my pension).

Then I'll officially retire and get my pension, and then do two half-days a week, one half-day at each job, for an additional semester. (I should probably just do Job 1 but I can't seem to be able to do that.) And I'll have my professor/staff classes but that's only about 6-8 hours a week. 

Thank you all for your indulgence! This decision is SO much harder than I ever imagined.

[resolution]

What a wonderful problem to have though! To like your coworkers enough to not want to leave them.

[plugginaway22]

It is clear that you enjoy your job and co-workers. This sounds like a very good plan to transition your way out. I don't miss one minute of my actual job. The few co-workers I remain connected to get together once a month for a breakfast and I have enjoyed that.

[debthaven]

Just to confirm, I stuck to the plan for fall semester, sort of ...

I usually go back the third week of Aug to do the remedial course for the weaker incoming freshmen. Our kids decided that they DID want to rent a house for 5 days together in late August. 

Since I couldn't be back in time for that remedial course, instead, I agreed to replace a pregnant colleague 1 day/month from Sept to Jan. It's the same number of hours. BUT, I gave up a 30h course at Job 2, so I'll still be doing 30h less next semester.

So although I SWORE I wouldn't go in more than 3 days/week next fall, I'll be going in 4 days/week, but only once a month.

That's MUCH better than going in 4 days EVERY week as I always have in fall. Bonus ... since I'm not doing that remedial course, my semester will be 12/13 weeks long instead of 15. 

I'm getting there LOL! 

[finnime]

Good for you, debthaven!

[Happy prose]

My retirement is January 2023 also. I'll be using my accrued vacation time, so last day will be Oct 28!! Although I love my job and made lots of friends, I don't think I'll miss it. I hope that's true.

[debthaven]

Congratulations Happy prose !