Author Topic: 2018 FIRE cohort  (Read 282478 times)

PhilB

  • Bristles
  • ***
  • Posts: 331
Re: 2018 FIRE cohort
« Reply #1550 on: April 12, 2018, 10:11:33 AM »
We're near the end of a 2 week holiday in France.  I was walking through the gardens of a chateau after a picnic lunch when it suddenly hit me -  if we do this again next year, I won't be working beforehand or afterwards (or indeed dialing in for meetings during!) as I'll have been retired for 5 months.  It was an utterly surreal thought.  Wow.

Gyosho

  • Stubble
  • **
  • Posts: 115
Re: 2018 FIRE cohort
« Reply #1551 on: April 12, 2018, 11:41:41 AM »
I had mentioned to my boss that I would get my retirement paperwork in April. On Monday, April 2, he asked me my status. I said, "I haven't gotten the paperwork yet but I'm probably going to retire."

He said, "I'm totally screwed."

I said, "I know you're happy for me."
Love this! Congratulations, Gyosho!

Thanks. I just wrote my official resignation letter.

Dicey

  • Walrus Stache
  • *******
  • Posts: 7748
  • Age: 60
  • Location: NorCal
Re: 2018 FIRE cohort
« Reply #1552 on: April 12, 2018, 04:00:33 PM »
Hooray!
I did it! I have a journal!
A Lot Like This
And hell yes, I am still moving confidently in the direction of my dreams...

Gyosho

  • Stubble
  • **
  • Posts: 115
Re: 2018 FIRE cohort
« Reply #1553 on: April 13, 2018, 07:39:16 AM »
Papers have been signed and submitted. May 25 is the day!

TartanTallulah

  • Bristles
  • ***
  • Posts: 426
  • Location: The Middle of Scenic Nowhere
Re: 2018 FIRE cohort
« Reply #1554 on: April 13, 2018, 08:37:42 AM »
Watching and envying. But I'm telling myself that my original date was March, or even May, 2019, and I'm now 11 months closer than I was when I first made the decision to plan to retire early.



aperture

  • Bristles
  • ***
  • Posts: 453
  • Location: Colorado
Re: 2018 FIRE cohort
« Reply #1555 on: April 13, 2018, 09:46:46 AM »
Final payment on the mortgage yesterday. We are officially debt free. Now just 11 weeks until work free!
Able was I, ere I saw Elba.

PizzaSteve

  • Pencil Stache
  • ****
  • Posts: 823
Re: 2018 FIRE cohort
« Reply #1556 on: April 13, 2018, 01:43:08 PM »
Final payment on the mortgage yesterday. We are officially debt free. Now just 11 weeks until work free!
Welcome to the club!
All posts are opinions of the author subject to independent verification by the reader.  No representations of fact are asserted regarding commercial products or services.

poppydog

  • Stubble
  • **
  • Posts: 120
  • Location: Scotland, UK
Re: 2018 FIRE cohort
« Reply #1557 on: April 13, 2018, 05:37:41 PM »
Two weeks to go till me and Mrs PD retire!  Canít wait, we are so excited!

wordnerd

  • Pencil Stache
  • ****
  • Posts: 911
Re: 2018 FIRE cohort
« Reply #1558 on: April 13, 2018, 08:08:28 PM »
Three weeks to go! Technically, it's the start of my maternity leave, so I won't give notice for a bit, but I'm pretty darn excited. Especially after today which featured: an eight hour meeting in a windowless room, followed by a 90 minute commute home (awful traffic for no apparent reason), followed by 90 minutes of work after kiddo went to bed.

Driving home (during my copious contemplation time), it occurred to me how soon I would be able to enjoy beautiful days like these rather than being stuck inside talking and emailing.

SwordGuy

  • Magnum Stache
  • ******
  • Posts: 4016
  • Location: Fayetteville, NC
    • Flipping Fayetteville
Re: 2018 FIRE cohort
« Reply #1559 on: April 15, 2018, 06:03:51 PM »
How are your FIRE plans for 2018 going?  Enquiring minds want to know?


04/??/18  @PKate and DH
04/??/18  @Calvin
04/??/18  @FernFree
04/??/18  @gooki
04/??/18  @HappyMargo
04/??/18  @Mother Fussbudget
??/??/18  @Blindsquirrel
??/??/18  @FLStache
??/??/18  @Michread
??/??/18  @Minnesota_mom
??/??/18  @MiserlyMiser
??/??/18  @pecunia
??/??/18  @Mogadishu
??/??/18  @Badblackgirl
??/??/18  @Sofa King


Let us know how you are doing!  :)

gooki

  • Handlebar Stache
  • *****
  • Posts: 2301
  • Location: NZ
Re: 2018 FIRE cohort
« Reply #1560 on: April 16, 2018, 03:55:01 AM »
We bought a bigger house, so Iím another 2-3 years away.
Follow me on my journey to FI.

PKate

  • 5 O'Clock Shadow
  • *
  • Posts: 84
  • Location: Northern New England
Re: 2018 FIRE cohort
« Reply #1561 on: April 16, 2018, 08:04:43 AM »
My DH still doesn't have an end date to his current contract.  He doesn't want to leave them high and dry.  It should be in a few weeks since one coworker is back from maternity leave and my DH has started working on getting his replacement up to speed.


Mogadishu

  • 5 O'Clock Shadow
  • *
  • Posts: 4
Re: 2018 FIRE cohort
« Reply #1562 on: April 16, 2018, 11:30:12 AM »
I'm still on track.  Looking like late July for me maybe early August.  I'll be 40,  my wife will be returning to work though after a one and a half year leave for our first child in September.  So just trying to keep the gap close for insurance reasons.  She could leave work as well if we wanted a pretty simple existence, but we do like our traveling and her job as a flight attendant facilitates that and keeps us covered for insurance.  Also we will be upgauging our house to live by the ocean which is fairly expensive.

MaybeBabyMustache

  • Pencil Stache
  • ****
  • Posts: 916
Re: 2018 FIRE cohort
« Reply #1563 on: April 16, 2018, 11:51:44 AM »
OMG - Huge weight lifted off me this morning !!  So I told my boss about my plans and after a 30 min back and forth of "are you sure" type banter it's done !! So I'l  be officially retired 9/1/18 but July 11th will be my last day in the office - I'll be off "on vacation" most of the summer.  I go in to sign my papers on the 11th and after that I'm out.  I'll have to go back in on August 31st to clean out and turn everything in but that's it.   I'm only working 3 days per week until July 11th and I have a couple weeks off in between too so technically I've got like 35 working days left !!!! I'm stoked !!   

This is inspiring me. I'm struggling to set a firm date. I make a lot, and it feels crazy to walk away without a specific & clear end point. But, I was kind of thinking of September, when the kids go back to school. I loved the motivation - thank you & congrats @Vegasgirl !

Sometimes you just need this kick in the pants. Last week was easily my worst work week of all time. I've been in the industry for 20 years, and have fired numerous people, & had lots of rough weeks. This was the pinnacle. And, just what I needed to finalize my date. 9/25, or earlier. I'm done. Out. I need to help my team through the next month or so, and then I will decide if I can hang on until another stock vest in 9/25, or wrap earlier.

RunningWithScissors

  • Stubble
  • **
  • Posts: 126
Re: 2018 FIRE cohort
« Reply #1564 on: April 16, 2018, 01:18:29 PM »
Still haven't filed official paperwork, but I submitted a lengthy email to my boss detailing my plans.  Last day will be August 30, 2018 but most of August will be vacation time so August 7th will be last day of actual productive work.

Then, RunningBoy and I have booked 3.5 weeks in Europe starting late September, which gives us time to recover from the move and unpacking.  There's a lot to get done in the next few months.

SwordGuy

  • Magnum Stache
  • ******
  • Posts: 4016
  • Location: Fayetteville, NC
    • Flipping Fayetteville
Re: 2018 FIRE cohort
« Reply #1565 on: April 17, 2018, 06:26:37 PM »
I had a surprising conversation today with my immediate supervisor.

Let's recap some facts before I go into detail.

I gave 7 1/2 months notice that I would be quitting on or about May 1st.   I expressed a willingness to be flexible on the date, either moving it forward or backwards a bit.

Several months back I turned in my "official resignation letter" to my supervisor with May 1st as the date.

I then rewrote that resignation letter several times until it met the "standards" of my supervisor.

I had found a qualified candidate in the local area, with all the required skills, certs and other government requirements 7 1/2 months ago.   They pissed away 5 1/2 months before they got around to discussing salary with said candidate, and were unwilling to even match what the person makes now.

It's now two weeks to the day from May 1st.   Last week, I heard they might have a resume coming.

So, I stop by my supervisor's desk and ask if the candidate was suitable.   

(Being the only programmer the company has on staff at this location, I knew I would never, ever, EVER be asked to interview a programming candidate.  I mean, why would management want to interject professional expertise into such a decision?  But I digress.)

The resume hadn't arrived.

So, I asked, "So, will you be wanting me to come back for a couple weeks to do a proper handover, when you get someone in?"

He looked like he had just been pole-axed.

(In case you forgot, my nickname of SwordGuy is because I have a hobby that entails putting on medieval armour and fighting in it with wooden swords, axes, and, yes, pole-axes.  So, having actually looked someone in the face as I pole-axed them, I happen to know my description was perfectly accurate.   But I digress again...)

He was totally astounded that I was leaving on May 1st!   

I mean, WTF?   

Apparently, he thought I was just going to stay on until they found someone. 

How the hell could I do that?  I turned in my resignation letter with a date of May 1st.  It was accepted.

***I*** can't unilaterally decide that I'll just hang around and continue to work!    Once my resignation date hits the client takes my badge and will no longer allow me on the premises.   In fact, the security guy had actually approached me last week and confirmed my last day on the job...

Now, I don't particularly give a damn about my current employer.   They wouldn't lose one nano-second's worth of sleep over laying me off.   They have zero loyalty to me and my wellbeing.

But I **do** happen to care about the work their client does.   I'll go out of my way to help them out (but not at the cost of not retiring soon). I'm burned out and NEED the change.

I was asked what I could do to help them out.

Here's what I'm thinking (and why).

I was planning to go on COBRA for the rest of this year and perhaps the full 18 months.   But that would only get me to Dec 1st of 2019, not Jan 1st.    If the ACA coverage is as good and about the same cost I'll switch over to the ACA in Jan of 2019.  If not, I'll want to use the COBRA as long as possible.  If I can extend health insurance by 1 month, that takes me all the way thru to 2020.

So, I'm considering offering the following options:

1) They cover my insurance as they've been doing.  I'll be on call on an as-needed basis to deal with important issues, with a daily rate equal to my current salary, but I bill in whole days.    When they get a new person in, I'll commit to 2 or 3 weeks of full-work-week hand-over time, though that might have to work around my travel schedule.

2) Same as #1, but I am in the office about 2 days per week to show the flag, whether there's a problem or not.  The days would shift as needed (except for emergencies) to allow for my non-workday plans.

That would save me most of the cost of our health insurance and also add several thousand a month into our cash flow, plus reduce the amount of time I need to cover with health insurance before the COBRA runs out.   Also, if there is a delay on selling the old house, it reduces the need to pull from ready cash.

It's a win-win-win for the client, me, and the company, as long as it doesn't drag on too long.   I'll include a 30 day notice in the offer.

I may find that only having to work 2 days a week might not be as irksome as 5 days plus very limited vacation time.  Or not.

Thoughts?

DavidAnnArbor

  • Handlebar Stache
  • *****
  • Posts: 1618
  • Age: 52
  • Location: Ann Arbor, Michigan
Re: 2018 FIRE cohort
« Reply #1566 on: April 17, 2018, 07:50:15 PM »
You've really thought that through SwordGuy. I think you have options which is really great.

SwordGuy

  • Magnum Stache
  • ******
  • Posts: 4016
  • Location: Fayetteville, NC
    • Flipping Fayetteville
Re: 2018 FIRE cohort
« Reply #1567 on: April 17, 2018, 09:16:45 PM »
You've really thought that through SwordGuy. I think you have options which is really great.

Based on a really wise comment from a reader of my journal, here's what I think will actually happen:

I'll offer to do the above, which is in the customer's best interest.  Otherwise, the customer has zero programmer support if something goes wrong or they need a quick change to something.

And, on May 1st, none of that will happen.  Instead, I'll be sent on my way and then blamed by company management for the situation, despite the fact that anyone else quitting would have given 2 weeks notice and walked.

I'm curious to see if I've guessed right.

Missy B

  • Stubble
  • **
  • Posts: 148
Re: 2018 FIRE cohort
« Reply #1568 on: April 17, 2018, 10:50:06 PM »
You've really thought that through SwordGuy. I think you have options which is really great.

Based on a really wise comment from a reader of my journal, here's what I think will actually happen:

I'll offer to do the above, which is in the customer's best interest.  Otherwise, the customer has zero programmer support if something goes wrong or they need a quick change to something.

And, on May 1st, none of that will happen.  Instead, I'll be sent on my way and then blamed by company management for the situation, despite the fact that anyone else quitting would have given 2 weeks notice and walked.

I'm curious to see if I've guessed right.

Would it be totally offside to cc the client on the letter? Given that they've already accepted your resignation. It's what I'd want to do... give a paper copy to my contact person with the client company, saying 'I doubt this will be necessary, but since it's important to me that you have continuity on services, so I made this offer to my employer. Just wanted to keep you in the loop.'
Then, when they drop this due to their own incompetence, the client will know without doubt who is to blame.
 

Dicey

  • Walrus Stache
  • *******
  • Posts: 7748
  • Age: 60
  • Location: NorCal
Re: 2018 FIRE cohort
« Reply #1569 on: April 18, 2018, 12:49:41 AM »
Missy read my mind.
I did it! I have a journal!
A Lot Like This
And hell yes, I am still moving confidently in the direction of my dreams...

Monkey Uncle

  • Handlebar Stache
  • *****
  • Posts: 1244
  • Location: West-by-god-Virginia
Re: 2018 FIRE cohort
« Reply #1570 on: April 18, 2018, 05:01:39 AM »
I had a surprising conversation today with my immediate supervisor.

Let's recap some facts before I go into detail.

I gave 7 1/2 months notice that I would be quitting on or about May 1st.   I expressed a willingness to be flexible on the date, either moving it forward or backwards a bit.

Several months back I turned in my "official resignation letter" to my supervisor with May 1st as the date.

I then rewrote that resignation letter several times until it met the "standards" of my supervisor.

I had found a qualified candidate in the local area, with all the required skills, certs and other government requirements 7 1/2 months ago.   They pissed away 5 1/2 months before they got around to discussing salary with said candidate, and were unwilling to even match what the person makes now.

It's now two weeks to the day from May 1st.   Last week, I heard they might have a resume coming.

So, I stop by my supervisor's desk and ask if the candidate was suitable.   

(Being the only programmer the company has on staff at this location, I knew I would never, ever, EVER be asked to interview a programming candidate.  I mean, why would management want to interject professional expertise into such a decision?  But I digress.)

The resume hadn't arrived.

So, I asked, "So, will you be wanting me to come back for a couple weeks to do a proper handover, when you get someone in?"

He looked like he had just been pole-axed.

(In case you forgot, my nickname of SwordGuy is because I have a hobby that entails putting on medieval armour and fighting in it with wooden swords, axes, and, yes, pole-axes.  So, having actually looked someone in the face as I pole-axed them, I happen to know my description was perfectly accurate.   But I digress again...)

He was totally astounded that I was leaving on May 1st!   

I mean, WTF?   

Apparently, he thought I was just going to stay on until they found someone. 

How the hell could I do that?  I turned in my resignation letter with a date of May 1st.  It was accepted.

***I*** can't unilaterally decide that I'll just hang around and continue to work!    Once my resignation date hits the client takes my badge and will no longer allow me on the premises.   In fact, the security guy had actually approached me last week and confirmed my last day on the job...

Now, I don't particularly give a damn about my current employer.   They wouldn't lose one nano-second's worth of sleep over laying me off.   They have zero loyalty to me and my wellbeing.

But I **do** happen to care about the work their client does.   I'll go out of my way to help them out (but not at the cost of not retiring soon). I'm burned out and NEED the change.

I was asked what I could do to help them out.

Here's what I'm thinking (and why).

I was planning to go on COBRA for the rest of this year and perhaps the full 18 months.   But that would only get me to Dec 1st of 2019, not Jan 1st.    If the ACA coverage is as good and about the same cost I'll switch over to the ACA in Jan of 2019.  If not, I'll want to use the COBRA as long as possible.  If I can extend health insurance by 1 month, that takes me all the way thru to 2020.

So, I'm considering offering the following options:

1) They cover my insurance as they've been doing.  I'll be on call on an as-needed basis to deal with important issues, with a daily rate equal to my current salary, but I bill in whole days.    When they get a new person in, I'll commit to 2 or 3 weeks of full-work-week hand-over time, though that might have to work around my travel schedule.

2) Same as #1, but I am in the office about 2 days per week to show the flag, whether there's a problem or not.  The days would shift as needed (except for emergencies) to allow for my non-workday plans.

That would save me most of the cost of our health insurance and also add several thousand a month into our cash flow, plus reduce the amount of time I need to cover with health insurance before the COBRA runs out.   Also, if there is a delay on selling the old house, it reduces the need to pull from ready cash.

It's a win-win-win for the client, me, and the company, as long as it doesn't drag on too long.   I'll include a 30 day notice in the offer.

I may find that only having to work 2 days a week might not be as irksome as 5 days plus very limited vacation time.  Or not.

Thoughts?

I don't remember your income situation, but I presume you'll be realizing too much income to qualify for the ACA premium tax credit?  If you do qualify for a significant PTC, ACA would almost certainly be less expensive than COBRA, which would remove that incentive to stay on.

Either option 1 or 2 is likely to interfere with your decompression process.  Two days a week would certainly be better than 5, but you'll have to stay engaged with all the BS and you won't really feel like you've broken free.

Since I retired, I've done a few things related to my old career, and every time I do, it just feels wrong, even though it hasn't taken up a significant amount of my time.  There's something to be said for totally disengaging and rinsing all of that shit completely out of your mind.

You've bent over backwards to accommodate your employer, and you don't owe them a damn thing.  If I were in your shoes, I'd be totally polite about it, but I'd remind them that May 1 is the departure date that you mutually agreed upon a long time ago, and on that date you will be completely bowing out.
Took that job and shoved it - January 6, 2018

Vegasgirl

  • Stubble
  • **
  • Posts: 137
  • Location: Washington DC Metro
  • Never have a battle of wits with an unarmed person
Re: 2018 FIRE cohort
« Reply #1571 on: April 18, 2018, 09:30:35 AM »
Monkey Uncle is correct about not being able to disconnect even with only 2 days per week.  For the past 6 weeks or so I've been working 2 or 3 (max) days per week.  Don't get me wrong it's been great and taken a lot of stress off, but I'm still engaged via email or text/IM 5 - 6 days/week.  Also from what I understand Cobra is pretty darn expensive, something just to consider.

honeyfill

  • Stubble
  • **
  • Posts: 169
  • Age: 61
  • Location: Tucson
Re: 2018 FIRE cohort
« Reply #1572 on: April 18, 2018, 10:59:34 AM »
Speaking about COBRA for the rest of 2018.  Someone told me that ACA only looks at your income after the change of coverage event , not at the income you made earlier in the year.  This does not sound right to me.  I understand that they look at the entire years income.  Does anyone know for sure?
 I've already made too much this year to qualify for any subsidies. However,  I could adjust my income for the rest of the year to stay below the number required for subsidies.



SwordGuy

  • Magnum Stache
  • ******
  • Posts: 4016
  • Location: Fayetteville, NC
    • Flipping Fayetteville
Re: 2018 FIRE cohort
« Reply #1573 on: April 18, 2018, 11:09:55 AM »
Speaking about COBRA for the rest of 2018.  Someone told me that ACA only looks at your income after the change of coverage event , not at the income you made earlier in the year.  This does not sound right to me.  I understand that they look at the entire years income.  Does anyone know for sure?
 I've already made too much this year to qualify for any subsidies. However,  I could adjust my income for the rest of the year to stay below the number required for subsidies.

I had read that somewhere (once!) but it does not appear to be true.  At least, not in the host of stuff I read when I explicitly went looking for it.

SwordGuy

  • Magnum Stache
  • ******
  • Posts: 4016
  • Location: Fayetteville, NC
    • Flipping Fayetteville
Re: 2018 FIRE cohort
« Reply #1574 on: April 18, 2018, 11:15:44 AM »
I don't remember your income situation, but I presume you'll be realizing too much income to qualify for the ACA premium tax credit?  If you do qualify for a significant PTC, ACA would almost certainly be less expensive than COBRA, which would remove that incentive to stay on.

Correct.  No subsidies for us this year due to income.

Next year, I think I can get the subsidies.  Assuming there *is* an ACA next year.   

Either option 1 or 2 is likely to interfere with your decompression process.  Two days a week would certainly be better than 5, but you'll have to stay engaged with all the BS and you won't really feel like you've broken free.
Agreed.  But there are no messages or emails back and forth.  Can't work from home 99.99999999% of the time.

You've bent over backwards to accommodate your employer, and you don't owe them a damn thing.

True that!   But the client is the citizens of the USA, and I happen to care about them. 

honeyfill

  • Stubble
  • **
  • Posts: 169
  • Age: 61
  • Location: Tucson
Re: 2018 FIRE cohort
« Reply #1575 on: April 18, 2018, 11:21:14 AM »
Speaking about COBRA for the rest of 2018.  Someone told me that ACA only looks at your income after the change of coverage event , not at the income you made earlier in the year.  This does not sound right to me.  I understand that they look at the entire years income.  Does anyone know for sure?
 I've already made too much this year to qualify for any subsidies. However,  I could adjust my income for the rest of the year to stay below the number required for subsidies.


I had read that somewhere (once!) but it does not appear to be true.  At least, not in the host of stuff I read when I explicitly went looking for it.

That's what I heard as well.  It seems like there is no way for the govt. to really track the income by date during the year.  It is hard enough to track it by year for the IRS.

 Let this be a warning to people retiring in the middle of a year.  Do everything you can to cut your income.  Ie max out and FRONTLOAD your 401 k, HSA, IRA etc.  If I was smart I could have easily hid about 47k income which would have kept me below the ACA subsidy limit.



SwordGuy

  • Magnum Stache
  • ******
  • Posts: 4016
  • Location: Fayetteville, NC
    • Flipping Fayetteville
Re: 2018 FIRE cohort
« Reply #1576 on: April 18, 2018, 04:13:06 PM »
Well, I'll be working 8 days a month for a month or two past my official FIRE date.

Employer got in a resume today, so hopefully we'll keep it to a month.

Just to be clear, I'm not doing any of this for my employer.  I'm doing it for the client.  They are worth a bit of extra bother.

Monkey Uncle

  • Handlebar Stache
  • *****
  • Posts: 1244
  • Location: West-by-god-Virginia
Re: 2018 FIRE cohort
« Reply #1577 on: April 18, 2018, 06:43:22 PM »
Speaking about COBRA for the rest of 2018.  Someone told me that ACA only looks at your income after the change of coverage event , not at the income you made earlier in the year.  This does not sound right to me.  I understand that they look at the entire years income.  Does anyone know for sure?
 I've already made too much this year to qualify for any subsidies. However,  I could adjust my income for the rest of the year to stay below the number required for subsidies.


I had read that somewhere (once!) but it does not appear to be true.  At least, not in the host of stuff I read when I explicitly went looking for it.

That's what I heard as well.  It seems like there is no way for the govt. to really track the income by date during the year.  It is hard enough to track it by year for the IRS.

 Let this be a warning to people retiring in the middle of a year.  Do everything you can to cut your income.  Ie max out and FRONTLOAD your 401 k, HSA, IRA etc.  If I was smart I could have easily hid about 47k income which would have kept me below the ACA subsidy limit.

Yes, I can confirm from experience that ACA is looking at yearly income; they don't care about whether it all came in a lump during the first two weeks of the year (as is my case).  Definitely do everything you can to max tax deferred contributions in the year you retire.
Took that job and shoved it - January 6, 2018

Monkey Uncle

  • Handlebar Stache
  • *****
  • Posts: 1244
  • Location: West-by-god-Virginia
Re: 2018 FIRE cohort
« Reply #1578 on: April 18, 2018, 06:45:13 PM »
I don't remember your income situation, but I presume you'll be realizing too much income to qualify for the ACA premium tax credit?  If you do qualify for a significant PTC, ACA would almost certainly be less expensive than COBRA, which would remove that incentive to stay on.

Correct.  No subsidies for us this year due to income.

Next year, I think I can get the subsidies.  Assuming there *is* an ACA next year.   

Either option 1 or 2 is likely to interfere with your decompression process.  Two days a week would certainly be better than 5, but you'll have to stay engaged with all the BS and you won't really feel like you've broken free.
Agreed.  But there are no messages or emails back and forth.  Can't work from home 99.99999999% of the time.

You've bent over backwards to accommodate your employer, and you don't owe them a damn thing.

True that!   But the client is the citizens of the USA, and I happen to care about them.

Godspeed, Swordguy!
Took that job and shoved it - January 6, 2018

step_away

  • 5 O'Clock Shadow
  • *
  • Posts: 69
Re: 2018 FIRE cohort
« Reply #1579 on: April 19, 2018, 12:58:38 AM »
It's official!  My last day is 6/1/2018 (about a month later than the prior estimate).

ZiziPB

  • Magnum Stache
  • ******
  • Posts: 3152
  • Location: The Other Side
Re: 2018 FIRE cohort
« Reply #1580 on: April 19, 2018, 12:11:50 PM »
A question for anyone in the cohort who is converting from a full time employee to a part-time consultant to the former employer:  how did you set your hourly rate?  What other issues or logistics should I be thinking of when considering a consulting arrangement?



Acastus

  • Bristles
  • ***
  • Posts: 311
  • Age: 56
Re: 2018 FIRE cohort
« Reply #1581 on: April 19, 2018, 12:19:49 PM »
I gave this a little thought, but have not decided to consult yet. I would shoot for at least 1.5x your current hourly pay, and 2x would not be outrageous. My company breaks out bennies in dollar terms, and they claim 1.35x my salary to include all the things you now have to provide yourself, like FICA taxes, disability insurance, vacation time, health insurance, 401k. You also get to pay for or do your own accounting and other corporate functions, now that you are a business.

If selling your services is easy, as it may be in your case, then settle for the low end. If you need to spend 20-30% of your time drumming up new business, say you want to branch out to other companies, go for the top of the scale. All the sales and contract negotiation time is unpaid.

ZiziPB

  • Magnum Stache
  • ******
  • Posts: 3152
  • Location: The Other Side
Re: 2018 FIRE cohort
« Reply #1582 on: April 19, 2018, 12:25:01 PM »
I gave this a little thought, but have not decided to consult yet. I would shoot for at least 1.5x your current hourly pay, and 2x would not be outrageous. My company breaks out bennies in dollar terms, and they claim 1.35x my salary to include all the things you now have to provide yourself, like FICA taxes, disability insurance, vacation time, health insurance, 401k. You also get to pay for or do your own accounting and other corporate functions, now that you are a business.

If selling your services is easy, as it may be in your case, then settle for the low end. If you need to spend 20-30% of your time drumming up new business, say you want to branch out to other companies, go for the top of the scale. All the sales and contract negotiation time is unpaid.

Thanks Acastus.  When you say 1.5-2x of current hourly pay, would that include a bonus and other incentive comp?  These are currently a large part of my annual compensation package.



Monkey Uncle

  • Handlebar Stache
  • *****
  • Posts: 1244
  • Location: West-by-god-Virginia
Re: 2018 FIRE cohort
« Reply #1583 on: April 19, 2018, 06:56:40 PM »
A question for anyone in the cohort who is converting from a full time employee to a part-time consultant to the former employer:  how did you set your hourly rate?  What other issues or logistics should I be thinking of when considering a consulting arrangement?

Think about whether you're going to incorporate (LLC) or be a sole proprietor.  If you go the sole proprietor route, you'll want some personal liability insurance to protect your assets, even if you think the consulting activity is low risk.  You'd probably want it as an LLC too, if your LLC is going to have any assets at all.  And your employer may require insurance whether you want it or not.  This is all assuming you are contracting with your former employer rather than staying on as a part-time or intermittent employee.
Took that job and shoved it - January 6, 2018

lhamo

  • Walrus Stache
  • *******
  • Posts: 7180
  • Location: Seattle
Re: 2018 FIRE cohort
« Reply #1584 on: April 19, 2018, 08:14:04 PM »
You are a highly skilled, highly desired consultant.  They won't be paying you bonuses from here on out.  Wrap the incentive pay into your calculation of rates.

If they balk, then you can be happily FT FIREd like me and EFB!
Wherever you go, there you are

Blindsquirrel

  • Pencil Stache
  • ****
  • Posts: 586
Re: 2018 FIRE cohort
« Reply #1585 on: April 20, 2018, 05:58:07 PM »
      Set your hourly rate at a good clip. For experienced engineers/chemists where I work (Global 50 megapharmaco) we don't really bat an eye at anything under $115 an hour.  I am following this again more actively. I am probably done this year though not sure when. Finances are in good order but need to roll a former 401k into current 401k to take advantage of backdoor Roth with after tax contributions. Will leave a bunch of options on the table to leave but Tempus Fugit.
I buried my 55 year old fishing buddy of 10 years in January (great guy to fish with, wonderful man, beautifulfamily, great guy and his funeral was literally standing room only) and time is worth more than money at this point. Will probably ask boss's boss about going part time but may just say Heck with it and walk. On a very positive note, I am impossible to upset at this point. Your idiocy is really not my problem and Hell will freeze before I allow you to make it my problem.
Losing interest in the whole work thing

SugarMountain

  • Bristles
  • ***
  • Posts: 464
Re: 2018 FIRE cohort
« Reply #1586 on: April 20, 2018, 06:25:47 PM »
A question for anyone in the cohort who is converting from a full time employee to a part-time consultant to the former employer:  how did you set your hourly rate?  What other issues or logistics should I be thinking of when considering a consulting arrangement?

When DW left her job, she consulted back to her old company the following year.  She didn't really want to do it so she told them the hourly rate she wanted was 2x what she made as a fulltime employee.  They paid it.

One thing you need to deal with is Social Security.  You have to pay both ends, so it's 15% and if you don't pay it as you go, you'll need to pay when you file your taxes.

Mrbeardedbigbucks

  • Stubble
  • **
  • Posts: 143
  • Age: 44
  • Location: NH
Re: 2018 FIRE cohort
« Reply #1587 on: April 22, 2018, 05:23:02 AM »
Speaking about COBRA for the rest of 2018.  Someone told me that ACA only looks at your income after the change of coverage event , not at the income you made earlier in the year.  This does not sound right to me.  I understand that they look at the entire years income.  Does anyone know for sure?
 I've already made too much this year to qualify for any subsidies. However,  I could adjust my income for the rest of the year to stay below the number required for subsidies.



I had read that somewhere (once!) but it does not appear to be true.  At least, not in the host of stuff I read when I explicitly went looking for it.

That's what I heard as well.  It seems like there is no way for the govt. to really track the income by date during the year.  It is hard enough to track it by year for the IRS.

 Let this be a warning to people retiring in the middle of a year.  Do everything you can to cut your income.  Ie max out and FRONTLOAD your 401 k, HSA, IRA etc.  If I was smart I could have easily hid about 47k income which would have kept me below the ACA subsidy limit.

Yes, I can confirm from experience that ACA is looking at yearly income; they don't care about whether it all came in a lump during the first two weeks of the year (as is my case).  Definitely do everything you can to max tax deferred contributions in the year you retire.


This is probably common knowledge already but it's worth noting again, if anyone is buying insurance on the ACA exchange after they retire this year, be sure to factor in all other components of MAGI like future dividends, interest and any realized gains. It's not just your year to date salary/bonuses from your employer.


Trifele

  • Handlebar Stache
  • *****
  • Posts: 1188
  • Location: US
Re: 2018 FIRE cohort
« Reply #1588 on: April 22, 2018, 06:06:19 AM »
Speaking about COBRA for the rest of 2018.  Someone told me that ACA only looks at your income after the change of coverage event , not at the income you made earlier in the year.  This does not sound right to me.  I understand that they look at the entire years income.  Does anyone know for sure?
 I've already made too much this year to qualify for any subsidies. However,  I could adjust my income for the rest of the year to stay below the number required for subsidies.



I had read that somewhere (once!) but it does not appear to be true.  At least, not in the host of stuff I read when I explicitly went looking for it.

That's what I heard as well.  It seems like there is no way for the govt. to really track the income by date during the year.  It is hard enough to track it by year for the IRS.

 Let this be a warning to people retiring in the middle of a year.  Do everything you can to cut your income.  Ie max out and FRONTLOAD your 401 k, HSA, IRA etc.  If I was smart I could have easily hid about 47k income which would have kept me below the ACA subsidy limit.

Yes, I can confirm from experience that ACA is looking at yearly income; they don't care about whether it all came in a lump during the first two weeks of the year (as is my case).  Definitely do everything you can to max tax deferred contributions in the year you retire.


This is probably common knowledge already but it's worth noting again, if anyone is buying insurance on the ACA exchange after they retire this year, be sure to factor in all other components of MAGI like future dividends, interest and any realized gains. It's not just your year to date salary/bonuses from your employer.

Thank you all for educating me on this.  I'm FIREing in April of next year, and this has been extremely helpful.  The message I am taking away is to front load everything I can to the max after the first of the year, try to reduce income to as little as possible, and don't forget to include other components of yearly income like dividends and interest.  Thank you.     

MiserlyMiser

  • 5 O'Clock Shadow
  • *
  • Posts: 55
Re: 2018 FIRE cohort
« Reply #1589 on: April 23, 2018, 01:06:38 PM »
How are your FIRE plans for 2018 going?  Enquiring minds want to know?


04/??/18  @PKate and DH
04/??/18  @Calvin
04/??/18  @FernFree
04/??/18  @gooki
04/??/18  @HappyMargo
04/??/18  @Mother Fussbudget
??/??/18  @Blindsquirrel
??/??/18  @FLStache
??/??/18  @Michread
??/??/18  @Minnesota_mom
??/??/18  @MiserlyMiser
??/??/18  @pecunia
??/??/18  @Mogadishu
??/??/18  @Badblackgirl
??/??/18  @Sofa King


Let us know how you are doing!  :)

Still planning to leave before my birthday at the end of the year. 

My work has gotten really interesting lately, and I'm mulling over approaching my company with a proposal that I leave, but continue to work as-needed on this one case until it's over. 

SugarMountain

  • Bristles
  • ***
  • Posts: 464
Re: 2018 FIRE cohort
« Reply #1590 on: April 23, 2018, 02:16:16 PM »
Speaking about COBRA for the rest of 2018.  Someone told me that ACA only looks at your income after the change of coverage event , not at the income you made earlier in the year.  This does not sound right to me.  I understand that they look at the entire years income.  Does anyone know for sure?
 I've already made too much this year to qualify for any subsidies. However,  I could adjust my income for the rest of the year to stay below the number required for subsidies.



I had read that somewhere (once!) but it does not appear to be true.  At least, not in the host of stuff I read when I explicitly went looking for it.

That's what I heard as well.  It seems like there is no way for the govt. to really track the income by date during the year.  It is hard enough to track it by year for the IRS.

 Let this be a warning to people retiring in the middle of a year.  Do everything you can to cut your income.  Ie max out and FRONTLOAD your 401 k, HSA, IRA etc.  If I was smart I could have easily hid about 47k income which would have kept me below the ACA subsidy limit.

Yes, I can confirm from experience that ACA is looking at yearly income; they don't care about whether it all came in a lump during the first two weeks of the year (as is my case).  Definitely do everything you can to max tax deferred contributions in the year you retire.


This is probably common knowledge already but it's worth noting again, if anyone is buying insurance on the ACA exchange after they retire this year, be sure to factor in all other components of MAGI like future dividends, interest and any realized gains. It's not just your year to date salary/bonuses from your employer.

It looks to me like if you have already earned > 400% of the Federal Poverty Level, you really can't get subsidies for that year (you can, but then you'll pay them back).
Quote
Other Questions Regarding Subsidies

What happens if my income changes? Do I have to pay back subsidies?

Most consumers receiving premium subsidies will receive it in the form of an advanced tax credit, with the subsidy applied directly to the cost of their insurance. Since these amounts will be based upon your projected income for the year, the actualy amount of subsidies you are eligible will in many cases differ. If you end qualifying for more subsidies than any amount will be received in the form of a tax credit when income taxes are filed. What happens if you actually make more money and therefore qualify for less subsidies than you received?

In cases where households received higher amounts than they were ultimately eligible for, they are responsible for repayment of some or all of the tax credits they received. How much they have to pay back will depend upon their final household income. Households with a final income over 400% of FPL will be required to pay back the entire premium subsidy amnount. For those households with incomesunder 400% of FPL, repayments will be capped at the following amounts...

https://www.valuepenguin.com/understanding-aca-subsidies

One thing I have wondered about is if you're a spendypants who will have a relatively high income post retirement is if it is worthwhile to alternate years when you drawdown your stache and have a big capital gains or other tax hit so that every other year you are < 400% of the FPL.  You'll potentially take a bigger tax hit on the years when you do the drawdowns.  I might play with this a bit.  Silver plans in my area for a couple my age are $12k+ per year.

Daisy

  • Handlebar Stache
  • *****
  • Posts: 1881
Re: 2018 FIRE cohort
« Reply #1591 on: April 23, 2018, 08:27:56 PM »
Congratulations @Cherry Lane and @aperture ! Well congratulations to all of you in the 2018 cohort, but those are two people I've met in real life.

I'm happy to hear @CheapskateWife and husband are on track as well.

...from a happy 2017 FIRE alum.

Cherry Lane

  • Handlebar Stache
  • *****
  • Posts: 1131
  • Location: Virginia
Re: 2018 FIRE cohort
« Reply #1592 on: April 23, 2018, 08:32:34 PM »
Congratulations @Cherry Lane and @aperture ! Well congratulations to all of you in the 2018 cohort, but those are two people I've met in real life.

I'm happy to hear @CheapskateWife and husband are on track as well.

...from a happy 2017 FIRE alum.

Thanks, Daisy!  And by chance, your message was well-timed.  I returned to the office today to turn in my credentials.  It was like FIRE-ing all over again.

Mr Mark

  • Handlebar Stache
  • *****
  • Posts: 1145
  • Location: Planet Earth
  • Achieved Financial Independence summer 2014. RE'18
Re: 2018 FIRE cohort
« Reply #1593 on: April 23, 2018, 10:49:50 PM »
Got confirmation that megacorp will be laying me off later this year, right on schedule [and indeed I did a little victory dance right in the cubicle. HR lady said "I take it you're not unhappy about that?"]. Yesterday Megacorp HR dept contacted me to start the (long) demobilisation process -  so about 2.5 months to go as I handover to my replacement, followed by some final leave to take, then a 1 month all expenses paid vacation in my home country (we're based overseas for Megacorp International), so I can go into head office for 1 day and sign some forms. 

Irreversible wheels are now officially in motion. Can't wait.

Now have the nice problems of sorting out how to efficiently transfer really large amounts of cash to USA, where to stache the cash short term, how to get evidence to convince IRS and FBI I'm not an international criminal money launderer, what to do about medical insurance in the interim and before the family can get onto ACA back stateside*, etc etc.

*any experience someone has on signing up for ACA when returning to USA after a long spell overseas would be highly appreciated!
Mr. Mark

$25 free for your hotel stays by using this link to join  Booking.com https://www.booking.com/s/27_8/ef1fdaad

poppydog

  • Stubble
  • **
  • Posts: 120
  • Location: Scotland, UK
Re: 2018 FIRE cohort
« Reply #1594 on: April 24, 2018, 08:22:16 AM »
Just three more days for me and Mrs PD!  Yesterday was our last ever alarm-clock Monday morning! Can't quite believe it....

She and I got together about twenty years ago, after financially ruinous divorces.  We pretty well started off again in our early forties with next to nothing.  We put together a plan about eight years ago to be mortgage free and to FIRE on her sixtieth birthday.  Our plan has worked out beautifully.  In fact, we've gone about 25% past our number, and we pulled forward a couple of months because we became grandparents and, well because we could.  We are both healthy, happy and, to be honest, more prosperous than pretty well anyone else in our circle of friends and families.  We feel truly blessed. 

I'll report in on Friday with hard confirmation, and to write in the all important "CONFIRMED" on the table.

Good luck and best wishes to all of the 2018 cohort, from Glasgow, UK.


lhamo

  • Walrus Stache
  • *******
  • Posts: 7180
  • Location: Seattle
Re: 2018 FIRE cohort
« Reply #1595 on: April 24, 2018, 09:15:09 AM »
*any experience someone has on signing up for ACA when returning to USA after a long spell overseas would be highly appreciated!

If your state does expanded Medicaid then make an appointment with a Healthcare Navigator.  If you have no current income you will be qualified for Medicaid (and they can help you switch to an ACA plan if you do end up with a regular stream of income). If you already have a regular stream of income set up then do some research in advance about what plan you want.  Either way, they have on the spot access to the system and can get you signed up immediately.  Your return to the US /loss of other coverage is your qualifying event.

I strongly advise that you DO NOT try to sign up on your own unless you have to.  I botched my original signup and lost several thousand dollars because of it.  Don't be me.  Use a navigator if they are available in your state.  They are paid to navigate the system.

Also, I know it varies state by state but I have found Medicaid to be great here in WA.  Try to put aside any prejudices you might have about it if you qualify.  Yes, there are hoops you have to jump through (mostly getting referrals for specialist care), but most managed care plans require that now, too.  The only issue we have run into is that there are limited providers for periodontal care in our area.  Other than that, we've been able to get good care for all issues, including two cataract surgeries for me.
Wherever you go, there you are

sui generis

  • Bristles
  • ***
  • Posts: 306
Re: 2018 FIRE cohort
« Reply #1596 on: April 24, 2018, 11:07:32 AM »
Just three more days for me and Mrs PD!  Yesterday was our last ever alarm-clock Monday morning! Can't quite believe it....

She and I got together about twenty years ago, after financially ruinous divorces.  We pretty well started off again in our early forties with next to nothing.  We put together a plan about eight years ago to be mortgage free and to FIRE on her sixtieth birthday.  Our plan has worked out beautifully.  In fact, we've gone about 25% past our number, and we pulled forward a couple of months because we became grandparents and, well because we could.  We are both healthy, happy and, to be honest, more prosperous than pretty well anyone else in our circle of friends and families.  We feel truly blessed. 

I'll report in on Friday with hard confirmation, and to write in the all important "CONFIRMED" on the table.

Good luck and best wishes to all of the 2018 cohort, from Glasgow, UK.

Wow, fantastic work!  Congratulations on the progress made so far and enjoy these last few days!

P.S.  Making my first trip to Scotland in two months - so excited to finally visit.  Looking forward to trying black pudding at (apparently) every B&B we are staying at!

Vegasgirl

  • Stubble
  • **
  • Posts: 137
  • Location: Washington DC Metro
  • Never have a battle of wits with an unarmed person
Re: 2018 FIRE cohort
« Reply #1597 on: April 24, 2018, 11:41:46 AM »
Congrats PD !!!! 

wordnerd

  • Pencil Stache
  • ****
  • Posts: 911
Re: 2018 FIRE cohort
« Reply #1598 on: April 24, 2018, 03:44:56 PM »
DH and I will be out 5/1, rather than 5/4, due to baby coming a bit early. :)

aperture

  • Bristles
  • ***
  • Posts: 453
  • Location: Colorado
Re: 2018 FIRE cohort
« Reply #1599 on: April 25, 2018, 08:52:00 AM »
Congratulations @Cherry Lane and @aperture ! Well congratulations to all of you in the 2018 cohort, but those are two people I've met in real life.

I'm happy to hear @CheapskateWife and husband are on track as well.

...from a happy 2017 FIRE alum.

Thanks Daisy.  I am looking forward to seeing you again at the Moab meetup this fall.  See you then, ap.
Able was I, ere I saw Elba.