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19½, how you tease me so

July 15th, 2017 at 10:54 pm

I'm fortunate to work where you get a pension, and as such I have a date where I can stop working and get the pension paying out on day one versus waiting until I turn 65. In my case due to the odd date I started working, I will be able to retire and get the pension on the exact date I have been working 19½ years. I'm getting close to 14 years in the bank now (2 more months), so its no longer a mystical date out there, but one that I can start to see in the distance, yet it is a tease for the moment.

Anyway, come to last week, and I go to a little retirement presentation (probably first one I went to in about 2 years) for a person I worked with for about 7 years before he moved to another division. I've barely seen him in the last 7 years. Anyway, as they are going through his work history and what not, its pointed out he is retiring after 19½ years. Arrrgh! I think about this enough already, I don't need more reminders!!!!

Ok, just had to get that off my chest. I really need to stop thinking about this.....

4 Responses to “19½, how you tease me so”

  1. snafu Says:

    I urge you to check online [or with HR] for details of income tax consequences of asking for a' lump sum' payout of pension entitlement. It it your plan to have the sum rolled over into a low cost, low fee Mutual Fund, ETF or some new product not yet in operation to allow monthly draw down appropriate to expenses by 2037 ?

  2. Single Guy Says:

    I only have 6 years to go to a pension, not 19½. Six years will get me to 19½ years when I can retire. As for a payout if I wanted it, I can only get paid out what I put in (plus interest) if I don't take the pension annuity, and they send me a yearly status of that value. There is no way I would do that, it wouldn't be worth it - not even close. And it would be a taxable event, and at a high tax at that. At this point a payout is only happening if I die. At that point my beneficiary will get the payout amount.

    The basic numbers for me right now are a little less than 6 years of work and I get the pension right away, or I get a pension in a little over 10 years when I hit 65.

  3. rob62521 Says:

    That is an odd number, 19 1/2, but wow, it is attainable. That light is at the end of the tunnel. As for the reminder, maybe it's a good nudge to keep you on track since it is getting closer. Way to go! I know when I was looking at retirement, I went to the teachers' retirement ten years before I wanted to retire to make sure it was attainable. Then I revisited it within 5. Then one years and during the spring to make sure I had everything I needed. Better to be prepared than have a shock. I say I'm glad for you...Retirement is fabulous!

  4. LivingAlmostLarge Says:

    Good luck!

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