@Pizzagirl Congrats on your pending retirement!
@IxnayBob I like your retirement plan style!
The amount Iāve āpaidā in (well, I didnāt pay it in, but you know what I mean) exceeds the 30% of the cash value that Iām now going to get.
Am I correct in thinking this life insurance wasnāt such a hot benefit in the first place? Itās been more hassle than itās worth from a tax standpoint. I would have much rather had the cash in my hot little hands, or had the equivalent put into profit-sharing.
Yeah, unless you are there for long enough to vest in most or all of it, it is not a great benefit, since the company gets most of the money back if you leave too soon. And you apparently paid some real money for it, since the gross-up doesnāt cover state taxes and may not cover all of the federal taxes, depending on what incremental rate you and your H wind up at.
I guess if you spent your entire career there itās not a bad benefit, as it would have some pretty good cash value when you hit 65. But how often does that happen any more? Iām on company #12 or so.
Iāve been here for 14 years but I never would have made it to 65. (I am 51)
Only 30% vested after 14 years? Wow, thatās a pretty bad vesting schedule.
āIāve been here for 14 years but I never would have made it to 65. (I am 51)ā
Yay to early retirement!!! 
The benefit started in 2009, not 2002 (when I started).
āYour company probably uses a standard rate for all employees, because it is impossible to know exactly what the correct amount should be for every employeeās individual situation. So thereās no harm in asking, but I bet they tell you the rate is the rate.ā
I already ācorrectedā them once because they had upped me at a lower tax rate and I had to tell them I was in the higher tax bracket. Iām kind of stuck in the middle because my H, who is a money manager par excellence, wants to play hardball and get them to reimburse for the state tax part as well and I just want to be done with it.
Canāt hurt to ask, @Pizzagirl, right? Besides, youāll be out of there in 2 weeks but youāll still be with husband.
I consulted for a company for 5 years. It bugged me that all the employees received health care but I didnāt because I was technically not an employee. So, when I was leaving the company, I told one of the partners I never got a health care benefit. I want $45,000. The partner said I have to talk to another partner. I said, "Go talk because I want $45,000.
So the partners talked and I reveived a check for $45,000. Never would have received the check If I didnāt ask.
Soā¦go ask.
I just received my W2 for the tax reporting purpose. It is about the time to prepare the tax return.
Not sure whether it will be easier or harder to prepare a tax return in retirement. I would guess it could be easier unless you run into the RMD problem after 70.5 years old.
I do not think I could work till 65 either (health issue and all that.)
@Pizzagirl, congratulations on your retirement!
When I had the cancer surgery back in November, I decided to retire and my H decided to join me (said heād be too jealous going to work with me smiling goodbye as I eat bonbons on the couch.) Weāve been retired for a month now, amd we could not be happier. Best decision we ever made. I hope you enjoy it as much as we are.
@Pizzagirl, congratulations on your retirement!
āWhen I had the cancer surgery back in November, I decided to retire and my H decided to join me (said heād be too jealous going to work with me smiling goodbye as I eat bonbons on the couch.) Weāve been retired for a month now, amd we could not be happier. Best decision we ever made. I hope you enjoy it as much as we are.ā
So I want to know, are you both now on the couch eating bonbons? What is a bonbon anyways, and why do people always have to eat them on the couch?
What Iām actually curious is, what are you two planning on doing for your retirement? Any great plans yet, or just enjoying every day as it comes?
Congrats Hayden and Pizzagirl on your retirements! WooooHooooooo!!
The partaking of Bonbons will necessitate two couches in a short period of time.
āThe partaking of Bonbons will necessitate two couches in a short period of time.ā
Uh oh! Then I guess you have to spend the rest of your time exercising, so forget those bonbons.
dstark. Interesting that they paid up on the health insurance. Did you consider going back for the 6.5% social security?/
@sax,
I did not want to get too greedy. :).
@hayden, my DH had a similar (though reversed) reaction when we discussed our plan to have him retire anywhere from 3-7 years before me. He said he would feel guilty and lazy watching me go off to work while he stayed at home (presumably eating bonbons on the couch). I reassured him that having a full time house husband to do all the cooking and shopping and laundry and home repairs had always been my personal fantasy, so I was looking forward to his retiring before me and making my working life easier. I think at that point the bonbon/couch fantasy may have disappeared, but he felt much better about embracing our staggered retirement schedule.