Author Topic: 2018 FIRE cohort  (Read 318998 times)

RunningWithScissors

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Re: 2018 FIRE cohort
« Reply #1550 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

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Re: 2018 FIRE cohort
« Reply #1551 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

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Re: 2018 FIRE cohort
« Reply #1552 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

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Re: 2018 FIRE cohort
« Reply #1553 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

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Re: 2018 FIRE cohort
« Reply #1554 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

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Re: 2018 FIRE cohort
« Reply #1555 on: April 18, 2018, 12:49:41 AM »
Missy read my mind.

Monkey Uncle

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Re: 2018 FIRE cohort
« Reply #1556 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.

Vegasgirl

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Re: 2018 FIRE cohort
« Reply #1557 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

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Re: 2018 FIRE cohort
« Reply #1558 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

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Re: 2018 FIRE cohort
« Reply #1559 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

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Re: 2018 FIRE cohort
« Reply #1560 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

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Re: 2018 FIRE cohort
« Reply #1561 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

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Re: 2018 FIRE cohort
« Reply #1562 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

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Re: 2018 FIRE cohort
« Reply #1563 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.

Monkey Uncle

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Re: 2018 FIRE cohort
« Reply #1564 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!

step_away

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Re: 2018 FIRE cohort
« Reply #1565 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

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Re: 2018 FIRE cohort
« Reply #1566 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

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Re: 2018 FIRE cohort
« Reply #1567 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

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Re: 2018 FIRE cohort
« Reply #1568 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.

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Re: 2018 FIRE cohort
« Reply #1569 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.

lhamo

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Re: 2018 FIRE cohort
« Reply #1570 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!

Blindsquirrel

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Re: 2018 FIRE cohort
« Reply #1571 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.

SugarMountain

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Re: 2018 FIRE cohort
« Reply #1572 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

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Re: 2018 FIRE cohort
« Reply #1573 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

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Re: 2018 FIRE cohort
« Reply #1574 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

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  • *
  • Posts: 58
Re: 2018 FIRE cohort
« Reply #1575 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

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Re: 2018 FIRE cohort
« Reply #1576 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

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Re: 2018 FIRE cohort
« Reply #1577 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

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Re: 2018 FIRE cohort
« Reply #1578 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

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Re: 2018 FIRE cohort
« Reply #1579 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!

poppydog

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Re: 2018 FIRE cohort
« Reply #1580 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

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Re: 2018 FIRE cohort
« Reply #1581 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.

sui generis

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Re: 2018 FIRE cohort
« Reply #1582 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

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Re: 2018 FIRE cohort
« Reply #1583 on: April 24, 2018, 11:41:46 AM »
Congrats PD !!!! 

wordnerd

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Re: 2018 FIRE cohort
« Reply #1584 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

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Re: 2018 FIRE cohort
« Reply #1585 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.

MaybeBabyMustache

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Re: 2018 FIRE cohort
« Reply #1586 on: April 25, 2018, 08:52:45 AM »
DH and I will be out 5/1, rather than 5/4, due to baby coming a bit early. :)

Congrats!

Acastus

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Re: 2018 FIRE cohort
« Reply #1587 on: April 25, 2018, 11:21:51 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.

ACA uses modified adjusted gross income (MAGI). The AGI is the tally on form 1040 p. 1. Add in SS, unemployment, and a couple others. You keep the deduction for tIRA and 401k, as they are subtracted out of the AGI. You estimate your income for the calendar year, the Marketplace applies a credit, then have an accounting at tax time if you were wrong.

I plan to use a combination of low capital gains taxable accounts, rule of 55 on my 401k, and IRA in a few years to manage my official AGI. My spending will be about double my income.


honeyfill

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Re: 2018 FIRE cohort
« Reply #1588 on: April 25, 2018, 11:57:51 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.

ACA uses modified adjusted gross income (MAGI). The AGI is the tally on form 1040 p. 1. Add in SS, unemployment, and a couple others. You keep the deduction for tIRA and 401k, as they are subtracted out of the AGI. You estimate your income for the calendar year, the Marketplace applies a credit, then have an accounting at tax time if you were wrong.

I plan to use a combination of low capital gains taxable accounts, rule of 55 on my 401k, and IRA in a few years to manage my official AGI. My spending will be about double my income.

Acastus,Thanks for clearly laying out the calculations and rules.  Since it's too late for me to fix 2018 for the subsidies, I will definitely go on COBRA.  What I will do is front load some withdrawals and expenses to this year so it will be easier to meet the subsidy income levels for 2019.  But then I have to be careful to not move into higher tax brackets so my 2018 taxes stay as low as possible.  Calculating the optimums and executing the withdrawals will keep me busy for the rest of the year.

modernaimend

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Re: 2018 FIRE cohort
« Reply #1589 on: April 25, 2018, 01:18:19 PM »
I gave my official notice yesterday! And because I'll be taking a couple weeks of vacation, my last day is May 3. So close!

My husband is now CONFIRMED, today was his last day.

MaybeBabyMustache

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Re: 2018 FIRE cohort
« Reply #1590 on: April 25, 2018, 01:33:50 PM »
I gave my official notice yesterday! And because I'll be taking a couple weeks of vacation, my last day is May 3. So close!

My husband is now CONFIRMED, today was his last day.

Wow, congrats!! So exciting to see the recent FIRErs. :-)

SwordGuy

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Re: 2018 FIRE cohort
« Reply #1591 on: April 25, 2018, 06:05:58 PM »
I've attempted to update this chart with all the posts since the last time it was updated.   Feel encouraged to double-check your data! :)

Thursday, 4/26, is my last day of fulltime employment.   I have 1-2 months of 8 workdays each and then I'll be done.


01/01/18  CowboyAndIndian (at 59) CONFIRMED
01/04/18  Gimesalot (at 33) CONFIRMED
01/06/18  Monkey Uncle (at 49) CONFIRMED
01/26/18  PizzaSteve (at 53) CONFIRMED
01/31/18  patches (at 33) CONFIRMED
01/31/18  Wintergreen78 CONFIRMED
01/31/18  MomCPA  CONFIRMED
02/01/18  DTaggart (at 40) CONFIRMED
02/05/18  Mrbeardedbigbucks CONFIRMED
02/09/18  JLTinVA (at 42) CONFIRMED
02/14/18  Gimesalot DH (at 40) CONFIRMED
02/28/18  Caoineag (at 36) CONFIRMED
03/01/18  Clean Shaven (at 45) CONFIRMED Part Time
03/02/18  brooklynguy (at 37) CONFIRMED
03/07/18  Aegishjalmur (at 35) CONFIRMED
03/16/18  Cherry Lane (at 43) CONFIRMED
03/27/18  Mrs. Honeyfill CONFIRMED
03/28/18  Target2018 CONFIRMED
03/28/18  homestead neohio (at 39) CONFIRMED
03/30/18  Moxie (at 58) CONFIRMED
03/31/18  msilenus (at 38) CONFIRMED
04/03/18  lostformars (at 38) CONFIRMED
04/04/18  OzBeach (at 54) CONFIRMED
04/19/18  NinetyFour (at 56)
04/25/18  Modernaimend DH (at 39) CONFIRMED
04/25/18  ZiziPB (at 50)
04/26/18  SwordGuy (at 60) PART TIME. (Just 1-2 months.)
04/27/18  poppydog and DW
04/27/18  andkar
04/??/18  PKate and DH
04/??/18  Calvin
04/??/18  FernFree
04/??/18  HappyMargo
04/??/18  Mother Fussbudget
05/01/18  wordnerd and DH (at 30 and 36)
05/08/18  SwordGuy DW (SwordGuy isn't saying.   He wants to live.)
05/03/18  Modernaimend (at 35)
05/15/18  Markbike528CBX (at 53.5)
05/25/18  CheapskateWife (at 42) and CheapskateHubs (at 49)
05/25/18  Gyosho (at 55)
05/25/18  CodeZed
05/25/18  Acastus
05/??/18  Alim Nassor
06/01/18  Honeyfill  (at 60)
06/01/18  step_away
06/03/18  moneytaichi
06/15/18  DavisGang90 (at 49)
06/25/18  MaybeBabyMustache (at 42)
06/28/18  CHF (at 51)
06/29/18  aperture
06/??/18  Agent Rosenflower
06/??/18  dbtx
06/??/18  Omalley
06/??/18  randomgiraffe
06/??/18  SwissMiss
06/??/18  HenryDavid
07/??/18  AussieGirl
07/??/18  ChasesFish
07/??/18  Mr Griz
07/??/18  BackAndForth
07/??/18  cerat0n1a
07/??/18  Fresh Bread
07/??/18  SnidelyWhiplashStache
08/01/18  SugarMountain
08/24/18  sol (at 41)
08/31/18  JerseyGrrrl
08/??/18  Mr Mark
08/??/18  NorCalistache
08/??/18  Mogadishu
08/07/18  RunningWithScissors
09/01/18  Vegasgirl (at 49)
09/21/18  Ottawa
09/25/18  MaybeBabyMustache
09/30/18  SwissMiss
10/05/18  JumboShrimp
10/25/18  PhilB (at 52)
10/??/18  Fire1018
10/??/18  Happy
10/??/18  Irishtache
11/??/18  DeSteeg
11/??/18  Kris
12/21/18  LateStarter
12/31/18  DavidAnnArbor (at 53) (Won't renew my office lease)
12/??/18  EnjoyIt
12/??/18  yoda34
??/??/18  Blindsquirrel
??/??/18  FLStache
??/??/18  Michread
??/??/18  Minnesota_mom
??/??/18  MiserlyMiser
??/??/18  pecunia
??/??/18  Badblackgirl
??/??/18  Sofa King
??/??/19  RetireAbroadAt35  05/??/18, now OMY.
??/??/20  Gooki   2MY or 3MY


Mr Mark

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  • Achieved Financial Independence summer 2014. RE'18
Re: 2018 FIRE cohort
« Reply #1592 on: April 26, 2018, 01:44:56 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.

Thanks ihamo.

Yeah we'll be heading to Michigan which seems to have expanded Medicaid. If they can only sign up after moving back,  I think best to have some tourist-type cover for the first month and then see about ACA vs Medicaid.

ZiziPB

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Re: 2018 FIRE cohort
« Reply #1593 on: April 26, 2018, 03:53:31 AM »
Today is my last day at work, although Iím on the payroll through the end of the month. Iím turning in my badge and my computer and walking out that door for the last time at 5 pm :-)

2Birds1Stone

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  • Peter Gibbons
Re: 2018 FIRE cohort
« Reply #1594 on: April 26, 2018, 06:05:57 AM »
Today is my last day at work, although Iím on the payroll through the end of the month. Iím turning in my badge and my computer and walking out that door for the last time at 5 pm :-)

It's been awesome to follow the last few years of your journey!

SwordGuy

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    • Flipping Fayetteville
Re: 2018 FIRE cohort
« Reply #1595 on: April 26, 2018, 06:08:00 AM »


01/01/18  CowboyAndIndian (at 59) CONFIRMED
01/04/18  Gimesalot (at 33) CONFIRMED
01/06/18  Monkey Uncle (at 49) CONFIRMED
01/26/18  PizzaSteve (at 53) CONFIRMED
01/31/18  patches (at 33) CONFIRMED
01/31/18  Wintergreen78 CONFIRMED
01/31/18  MomCPA  CONFIRMED
02/01/18  DTaggart (at 40) CONFIRMED
02/05/18  Mrbeardedbigbucks CONFIRMED
02/09/18  JLTinVA (at 42) CONFIRMED
02/14/18  Gimesalot DH (at 40) CONFIRMED
02/28/18  Caoineag (at 36) CONFIRMED
03/01/18  Clean Shaven (at 45) CONFIRMED Part Time
03/02/18  brooklynguy (at 37) CONFIRMED
03/07/18  Aegishjalmur (at 35) CONFIRMED
03/16/18  Cherry Lane (at 43) CONFIRMED
03/27/18  Mrs. Honeyfill CONFIRMED
03/28/18  Target2018 CONFIRMED
03/28/18  homestead neohio (at 39) CONFIRMED
03/30/18  Moxie (at 58) CONFIRMED
03/31/18  msilenus (at 38) CONFIRMED
04/03/18  lostformars (at 38) CONFIRMED
04/04/18  OzBeach (at 54) CONFIRMED
04/19/18  NinetyFour (at 56)
04/25/18  Modernaimend DH (at 39) CONFIRMED
04/25/18  ZiziPB (at 50) CONFIRMED
04/26/18  SwordGuy (at 60) PART TIME. (Just 1-2 months.)
04/27/18  poppydog and DW
04/27/18  andkar
04/??/18  PKate and DH
04/??/18  Calvin
04/??/18  FernFree
04/??/18  HappyMargo
04/??/18  Mother Fussbudget
05/01/18  wordnerd and DH (at 30 and 36)
05/08/18  SwordGuy DW (SwordGuy isn't saying.   He wants to live.)
05/03/18  Modernaimend (at 35)
05/15/18  Markbike528CBX (at 53.5)
05/25/18  CheapskateWife (at 42) and CheapskateHubs (at 49)
05/25/18  Gyosho (at 55)
05/25/18  CodeZed
05/25/18  Acastus
05/??/18  Alim Nassor
06/01/18  Honeyfill  (at 60)
06/01/18  step_away
06/03/18  moneytaichi
06/15/18  DavisGang90 (at 49)
06/25/18  MaybeBabyMustache (at 42)
06/28/18  CHF (at 51)
06/29/18  aperture
06/??/18  Agent Rosenflower
06/??/18  dbtx
06/??/18  Omalley
06/??/18  randomgiraffe
06/??/18  SwissMiss
06/??/18  HenryDavid
07/??/18  AussieGirl
07/??/18  ChasesFish
07/??/18  Mr Griz
07/??/18  BackAndForth
07/??/18  cerat0n1a
07/??/18  Fresh Bread
07/??/18  SnidelyWhiplashStache
08/01/18  SugarMountain
08/24/18  sol (at 41)
08/31/18  JerseyGrrrl
08/??/18  Mr Mark
08/??/18  NorCalistache
08/??/18  Mogadishu
08/07/18  RunningWithScissors
09/01/18  Vegasgirl (at 49)
09/21/18  Ottawa
09/25/18  MaybeBabyMustache
09/30/18  SwissMiss
10/05/18  JumboShrimp
10/25/18  PhilB (at 52)
10/??/18  Fire1018
10/??/18  Happy
10/??/18  Irishtache
11/??/18  DeSteeg
11/??/18  Kris
12/21/18  LateStarter
12/31/18  DavidAnnArbor (at 53) (Won't renew my office lease)
12/??/18  EnjoyIt
12/??/18  yoda34
??/??/18  Blindsquirrel
??/??/18  FLStache
??/??/18  Michread
??/??/18  Minnesota_mom
??/??/18  MiserlyMiser
??/??/18  pecunia
??/??/18  Badblackgirl
??/??/18  Sofa King
??/??/19  RetireAbroadAt35  05/??/18, now OMY.
??/??/20  Gooki   2MY or 3MY


NinetyFour

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  • Posts: 5710
  • Location: Southwestern US
Re: 2018 FIRE cohort
« Reply #1596 on: April 26, 2018, 06:14:49 AM »
I taught my last class on April 19.  This week, I have been giving and grading exams.  If all goes according to plan, I will finish grading today and submit the last batch of grades.  I might attend graduation this Saturday, but I doubt it.  I have too much to get done in preparation for a week of camping and backpacking in Utah.  :-)

I will still be getting paid through June 30, and probably won't vacate my office until mid-June.

SwordGuy

  • Magnum Stache
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  • Location: Fayetteville, NC
    • Flipping Fayetteville
Re: 2018 FIRE cohort
« Reply #1597 on: April 26, 2018, 06:32:06 AM »

01/01/18  CowboyAndIndian (at 59) CONFIRMED
01/04/18  Gimesalot (at 33) CONFIRMED
01/06/18  Monkey Uncle (at 49) CONFIRMED
01/26/18  PizzaSteve (at 53) CONFIRMED
01/31/18  patches (at 33) CONFIRMED
01/31/18  Wintergreen78 CONFIRMED
01/31/18  MomCPA  CONFIRMED
02/01/18  DTaggart (at 40) CONFIRMED
02/05/18  Mrbeardedbigbucks CONFIRMED
02/09/18  JLTinVA (at 42) CONFIRMED
02/14/18  Gimesalot DH (at 40) CONFIRMED
02/28/18  Caoineag (at 36) CONFIRMED
03/01/18  Clean Shaven (at 45) CONFIRMED Part Time
03/02/18  brooklynguy (at 37) CONFIRMED
03/07/18  Aegishjalmur (at 35) CONFIRMED
03/16/18  Cherry Lane (at 43) CONFIRMED
03/27/18  Mrs. Honeyfill CONFIRMED
03/28/18  Target2018 CONFIRMED
03/28/18  homestead neohio (at 39) CONFIRMED
03/30/18  Moxie (at 58) CONFIRMED
03/31/18  msilenus (at 38) CONFIRMED
04/03/18  lostformars (at 38) CONFIRMED
04/04/18  OzBeach (at 54) CONFIRMED
04/25/18  Modernaimend DH (at 39) CONFIRMED
04/25/18  ZiziPB (at 50) CONFIRMED
04/26/18  NinetyFour (at 56) CONFIRMED
04/26/18  SwordGuy (at 60) PART TIME. (Just 1-2 months.)
04/27/18  poppydog and DW
04/27/18  andkar
04/??/18  PKate and DH
04/??/18  Calvin
04/??/18  FernFree
04/??/18  HappyMargo
04/??/18  Mother Fussbudget
05/01/18  wordnerd and DH (at 30 and 36)
05/08/18  SwordGuy DW (SwordGuy isn't saying.   He wants to live.)
05/03/18  Modernaimend (at 35)
05/15/18  Markbike528CBX (at 53.5)
05/25/18  CheapskateWife (at 42) and CheapskateHubs (at 49)
05/25/18  Gyosho (at 55)
05/25/18  CodeZed
05/25/18  Acastus
05/??/18  Alim Nassor
06/01/18  Honeyfill  (at 60)
06/01/18  step_away
06/03/18  moneytaichi
06/15/18  DavisGang90 (at 49)
06/25/18  MaybeBabyMustache (at 42)
06/28/18  CHF (at 51)
06/29/18  aperture
06/??/18  Agent Rosenflower
06/??/18  dbtx
06/??/18  Omalley
06/??/18  randomgiraffe
06/??/18  SwissMiss
06/??/18  HenryDavid
07/??/18  AussieGirl
07/??/18  ChasesFish
07/??/18  Mr Griz
07/??/18  BackAndForth
07/??/18  cerat0n1a
07/??/18  Fresh Bread
07/??/18  SnidelyWhiplashStache
08/01/18  SugarMountain
08/24/18  sol (at 41)
08/31/18  JerseyGrrrl
08/??/18  Mr Mark
08/??/18  NorCalistache
08/??/18  Mogadishu
08/07/18  RunningWithScissors
09/01/18  Vegasgirl (at 49)
09/21/18  Ottawa
09/25/18  MaybeBabyMustache
09/30/18  SwissMiss
10/05/18  JumboShrimp
10/25/18  PhilB (at 52)
10/??/18  Fire1018
10/??/18  Happy
10/??/18  Irishtache
11/??/18  DeSteeg
11/??/18  Kris
12/21/18  LateStarter
12/31/18  DavidAnnArbor (at 53) (Won't renew my office lease)
12/??/18  EnjoyIt
12/??/18  yoda34
??/??/18  Blindsquirrel
??/??/18  FLStache
??/??/18  Michread
??/??/18  Minnesota_mom
??/??/18  MiserlyMiser
??/??/18  pecunia
??/??/18  Badblackgirl
??/??/18  Sofa King
??/??/19  RetireAbroadAt35  05/??/18, now OMY.
??/??/20  Gooki   2MY or 3MY


NinetyFour

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  • Location: Southwestern US
Re: 2018 FIRE cohort
« Reply #1598 on: April 26, 2018, 06:51:37 AM »

04/26/18  NinetyFour (at 56) CONFIRMED


Woo hoo!!!  Seeing that makes it all a bit more real!  Thanks, Sword Guy!  :D

FernFree

  • 5 O'Clock Shadow
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  • Posts: 71
  • Age: 49
  • Location: Austin, TX
  • On my way!
Re: 2018 FIRE cohort
« Reply #1599 on: April 26, 2018, 09:21:44 AM »
Well, I banked my March bonus and I hit my number last year.  Now I find myself with cold feet, scared that I'm really going to regret this but also so burnt out that I pretty much need to take at  least a year off anyway.  I hit 20 years at Megacorp in August and I'm ready to go!!!!! :)

Tentative plan is to tell my boss next Friday when he returns from a business trip.  I think I owe him an in-person chat, but I'm really dreading it.  He's going to freak out and I'm liable to cave and give him months of transition time.  I'd like to give him 1 month notice plus my 3 weeks of vacation, so 7 weeks total.  My earliest date therefore is around 6/22/18. 

Oh, and the icing on the cake.  I just found out last night that I might be able to take a business trip to Australia on June 4th.  I've never been and it's tempting to delay just to get a last good trip in.  On the other hand, if I FIRE I can just use some of my 250K+ points and go have actual fun in Australia instead of business meetings.

I was planning to wait until Fall so I would only have ~3 months of unsubsidized ACA or COBRA healthcare, thinking it would be around $1000/mo.  I did some more research and it looks like ACA for my daughter and myself will be around $550/month and if I work until June I would have more than made up that extra expense via the additional salary (compared to my original plan to FIRE in April).