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  • Who plans on leaving asap?

    I have less than 2 years till I can retire, I was planning on staying a few more years to increase my pension but I'm seriously thinking about pulling the plug as as soon as I get my time in. What about you short timers, what say you?
    Be courteous, Be professional, Have a plan to kill everyone you meet

  • #2
    I took early retirement in 1995. At that time my (vested) retirement benefits would have been dismally low, so my plan was to leave the retirement money to grow while I worked and added to the investments. Worked out very well for me, and 20 years later I was able to retire debt-free, sold my business for enough to buy the retirement home and fund my first 4 years of retirement, then start drawing on the pension plans and investment accounts. The additional 20-plus years participating in social security helped also; my 24 years in LE left me in pretty poor condition for social security benefits, but the added contributions now provide me with a modest monthly check in addition to covering the Medicare premiums.

    Everyone I knew during my LE career is retired now, and all of them are happy to be out of the games. I know a highly respected arson investigator who now runs an international company doing insurance work. One old homicide detective is very happy as general manager of a country club and golf course. My old patrol shift commander (retired lieutenant) runs a charter bus company driving tourists around, and I think he is happier than ever. The "Homicide Hunter" Lieutenant Joe Kenda was a patrolman on my shift nearly a half-century ago. One of my old training officers owns a fast food franchise. My first patrol sergeant became a bail bondsman when he retired and now has a dozen or more agents working for him. One of the investigators I trained in fraud and forgery cases years ago is in high demand for insurance claims work. An old partner of mine runs a catering company specializing in barbecue and smoked meats, usually booked months in advance. Couple of guys I worked with over the years are published authors, one of them teaching at a community college. One guy I trained during his rookie period is now retired from a school principal's position. Another guy I worked with does quite well with custom cakes, pies, and other goodies.

    Lots of opportunities out there for people willing to work. I built houses, ran a roofing company, did contract claims work for insurance companies, and owned a leather goods manufacturing company. Final retirement at age 65 with no debt and 1.5 million in investment accounts (most of which I have never touched, but next year I hit the mandatory minimum withdrawal requirements, so I guess I'll have to give myself a raise).

    I also do a lot of fishing (Minnesota, Canada, Texas Gulf Coast, Florida, and Baja California Sur), usually with one or both of my sons and one or more of the grandkids along.

    Drafted into the Army at 18, served in Vietnam, joined the police department, moved to a state agency as supervisory investigator, retired as a small town police chief. Then I went to work and made something of myself!

    Comment


    • #3
      Almost 10 yrs ago I retired on the first day I was eligible to get a retirement check . I was 55. I continued working part time in an unsworn uniformed LEO agency (still there) which not only kept contributing to Social Security BUT started a second pension account.
      With my pension and SS PLUS no debt when I retired...............I make out pretty good.

      My plan was to find a job out of LE when I retired but life happened and this court security / transport job fell into my lap and has been great since I work when I want and refuse transports when I don't want to come in

      I made a comment earlier on another post that in today's climate If I was just starting out ........I wouldn't .

      I am right now in the middle of my 43 rd yr in uniform wearing a badge
      Since some people need to be told by notes in crayon .......Don't PM me with without prior permission. If you can't discuss the situation in the open forum ----it must not be that important

      My new word for the day is FOCUS, when someone irritates you tell them to FOCUS

      Comment


      • #4
        Rode off into the sunset last year after almost three decades. Went the day I was eligible.

        VERY grateful to be watching from the sidelines now. Very concerned about my friends still in the game.

        All I can say is don't let the financials be the deciding factor. Defined benefit plans are a beautiful thing.

        If you do want to work, there's a huge job network out there for former LEOs. I picked up a part-time gig (20 hours a month) with a defense contractor for beer and lottery money. Former co-workers who also retired have reached out to see if I was interested in working event security and armed transport of dope and dope money (which I said effffffff no to both).

        So mostly I fiddle around the house, mow the lawn, shoot guns, and let my wife be the one who toils at a real job. And offer up random nuggets of wisdom and totally unsolicited commentary at O.com.



        Terrell County Deputy: It's a mess, ain't it, sheriff?

        Sheriff: If it ain't, it'll do 'til the mess gets here..

        No Country For Old Men

        Comment


        • #5
          In making your decision there are a lot of financial issues to be considered. I don't know what your retirement system is or how it works, but where I'm at most officers at retirement age go out at 3% of their highest year's salary foir every year of service with a 90% cap. Many reach their 90% cap and keep working think that their ongoing pay raises still raise the amount of their pension (which it does by a miniscule amount). But what they fail to realize is in reality, they are only working for 10% of their salary because they could have 90% of that same salary for not work if they ertire and probably make a lot more by taking a second job in retirement. Similarly, officers who retire early at 84% or 87% may not have maxed out their pensions, but if money is still that important they can still pick up a second job and make far more than if they didn't retire.

          You really need to sit down and do the math with respect to you financial goals if money is your big concern.
          Going too far is half the pleasure of not getting anywhere

          Comment


          • #6
            I did apply for a couple of jobs right after retiring. One was courtroom security, 2-3 days a week. The other was customer service manager for a firearms related company (I'm not going to reveal who but most here know their products).

            The courtroom security supervisor called to set up an interview and gave me a day and time. I was driving and asked if I could get back to him. I texted him as soon as I checked my calendar and asked for another time slot as I had a previous commitment. He texted back the next day and said their interview schedule was complete- all the best in your future endeavors. Initially I was irritated and tempted to fire off an angry text about how professionals treat professionals but then I figured what the heck, they probably had a person they knew lined up for the slot (which is how 90% of these things work).

            I did a full interview with the firearms-related manufacturer. Within two minutes, I could sense I wasn't what they were looking for. They started peppering me with technical questions and I had to tell them- listen, my background with your product line isn't technical, it's practical applications in real world situations. Which is not what they wanted. I was a little bit bummed, not because customer service is loads of fun, but I would've gotten plenty of cool swag and annual trips to Vegas to work the Shot Show.

            Then the Rona hit. I was mega relieved neither jobs worked out. I would've either been getting coughed on by the public at the security checkpoint, or going to a manufacturing facility with 200 workers that was deemed an essential business due to defense contracts. In a state with 50,000+ infections and 5,000+ dead.

            Now I'm starting to wonder if I'll ever pursue a real job again. The house note gets paid and there's food in the pantry. Don't need the risk of being around other people during a pandemic. Not bored enough to assume a new job would be any less boring. And my wife sure loves that I run the kids to school and get dinner going most nights of the week.

            My point is people say retirement is a huge stressful transition and keep working to stay active but I don't know what the hell they're talking about.
            Terrell County Deputy: It's a mess, ain't it, sheriff?

            Sheriff: If it ain't, it'll do 'til the mess gets here..

            No Country For Old Men

            Comment


            • #7
              Originally posted by L-1 View Post
              In making your decision there are a lot of financial issues to be considered. I don't know what your retirement system is or how it works, but where I'm at most officers at retirement age go out at 3% of their highest year's salary foir every year of service with a 90% cap. Many reach their 90% cap and keep working think that their ongoing pay raises still raise the amount of their pension (which it does by a miniscule amount). But what they fail to realize is in reality, they are only working for 10% of their salary because they could have 90% of that same salary for not work if they ertire and probably make a lot more by taking a second job in retirement. Similarly, officers who retire early at 84% or 87% may not have maxed out their pensions, but if money is still that important they can still pick up a second job and make far more than if they didn't retire.

              You really need to sit down and do the math with respect to you financial goals if money is your big concern.
              Another major concern is medical insurance coverage. Those who have matriculated through government employment benefit plans that covered all (or most) of your medical, dental, vision, etc, will find that this is no longer the case after retirement, and at age 65 Medicare becomes compulsory and many plans reduce or eliminate coverages you may be accustomed to receiving.

              My wife is a nationally-certified medical technologist (masters degree level) and spent her career working in hospital medical laboratories, where one might think that health care coverage would be as good as it can get. At age 57 she was forced out on early retirement due to staffing reductions (she only had 31 years on the job at the time). We were able to convert her group plan to individual coverage under COBRA for a year and a half, costing us $350 per month. Next we had to purchase private insurance, 80/20 major medical plan with $5000 deductible at $840 per month. Then along came the so-called "Affordable Health Care" law, best plan we could get was a 70/30 major medical with $15,000 deductible and a monthly premium of $1342. Next on the schedule was cancer surgery, and we had to produce a check for $31,000 at the hospital admin office prior to proceeding (and another $18,000 to cover the other costs over the next few months).

              What I am trying to say is that some of those benefit plans we may have become accustomed to do not automatically follow us when we retire. Be sure of the depth of the pool before you decide to dive in.

              Comment


              • #8
                Originally posted by retired1995 View Post

                Another major concern is medical insurance coverage. Those who have matriculated through government employment benefit plans that covered all (or most) of your medical, dental, vision, etc, will find that this is no longer the case after retirement, and at age 65 Medicare becomes compulsory and many plans reduce or eliminate coverages you may be accustomed to receiving.

                My wife is a nationally-certified medical technologist (masters degree level) and spent her career working in hospital medical laboratories, where one might think that health care coverage would be as good as it can get. At age 57 she was forced out on early retirement due to staffing reductions (she only had 31 years on the job at the time). We were able to convert her group plan to individual coverage under COBRA for a year and a half, costing us $350 per month. Next we had to purchase private insurance, 80/20 major medical plan with $5000 deductible at $840 per month. Then along came the so-called "Affordable Health Care" law, best plan we could get was a 70/30 major medical with $15,000 deductible and a monthly premium of $1342. Next on the schedule was cancer surgery, and we had to produce a check for $31,000 at the hospital admin office prior to proceeding (and another $18,000 to cover the other costs over the next few months).

                What I am trying to say is that some of those benefit plans we may have become accustomed to do not automatically follow us when we retire. Be sure of the depth of the pool before you decide to dive in.

                My pension is a 25 year and out at 59% of the highest 3 years without overtime. Every year I stay adds 2.25%, most stay for 30 years which is what I thought about doing, currently I have 23 years and 2 months on the job. My health insurance I can keep for me and my family (Wife and 3 kids at home right now, kids are 18,14, and 10) but I will have to pay a about 40% more for it when I retire till I reach 65 and get kicked to medicare. I can keep my dental and vision as well but my extra life insurance coverage I have and me, the wife and kids will be gone. We are completely debt free, My wife's father passed away this year and left her a large inheritance, if we manage it right we can easily bring in $25,000 a year off interest. I also have a 457b but I am only projected to have about $100,000 in it by retirement. Since I don't pay into SS through my dept. I will be penalized 40% whenever I do start drawing it (I have enough credits from before I was a Police Officer here)

                My wife doesn't work, she is a stay at home Mom who homeschools our kids, She will have to eventually go back to work since she doesn't have enough credits for social security yet.

                My department will hire you back part time (if they have any openings) after you retire and you can workd 1200 hours a year at about $19.50 per hour. Basically you bring home about $2000 a month, You actually make about $500 per month more doing this if I stayed full time since I am a partrolman and have no rank. To be honest, I don't know if I have it in me to come back part time though. Anyways, that's my situation and I think I will be ok whatever I decide to do, This is all I have done for over half of my life, since I was 22 years old so it is just a little scary. I have 22 months to figure it out.
                Be courteous, Be professional, Have a plan to kill everyone you meet

                Comment


                • Sgt. Geezer
                  Sgt. Geezer commented
                  Editing a comment
                  Hey Redseal .. just info.. Your wife gets half the amount of SS you are receiving when she is 62. At your demise she then gets what you were getting. (That's probably more than she would get by qualifying on her own. We were in the same situation )
                  Last edited by Sgt. Geezer; 06-10-2020, 09:09 AM.

              • #9
                My wife's father passed away this year and left her a large inheritance, if we manage it right we can easily bring in $25,000 a year off interest
                Dude, that's what's known as a 'game changer.' This is a no brainer now. Retire in 22 months, buy some Tesla and Apple stock with that, and go fishing and golfing the rest of your life...
                Terrell County Deputy: It's a mess, ain't it, sheriff?

                Sheriff: If it ain't, it'll do 'til the mess gets here..

                No Country For Old Men

                Comment


                • #10
                  Originally posted by Ratatatat View Post

                  Dude, that's what's known as a 'game changer.' This is a no brainer now. Retire in 22 months, buy some Tesla and Apple stock with that, and go fishing and golfing the rest of your life...
                  Thanks for the advice Ratatatat
                  Be courteous, Be professional, Have a plan to kill everyone you meet

                  Comment


                  • #11
                    You're welcome.

                    More free retirement advice:

                    Gold 20 years ago: $300 an ounce
                    Gold today: $1750 an ounce

                    Silver 20 years ago: $4 an ounce
                    Silver today: $18 an ounce.

                    Load up on these two. The government can print more money, but it can't print more gold.....
                    Terrell County Deputy: It's a mess, ain't it, sheriff?

                    Sheriff: If it ain't, it'll do 'til the mess gets here..

                    No Country For Old Men

                    Comment


                    • #12
                      I foresee a happy retirement coming up soon!

                      Best wishes!

                      Comment


                      • #13
                        Me. But my gig is going good now on my job. I spend my days way out in the middle of nowhere with limited human interaction (just the way I like it). But back at the station we have people watch the gate 24/7 ready for the special people to show up. Really watching my rear view mirror closely on the drive home. Really tired of the bs. I can't imagine how awful it will become if Trump doesn't win. The obama years were misery on my job. I can't stand any more of that. I just need 4 more years of Trump and I'm gone.

                        Comment


                        • #14
                          I have less than 5 years and my wife has plenty of work options. Let's just say that I'm looking forward to having the option of retiring if the mood strikes or the environment becomes untenable...
                          "He who fights with monsters might take care lest he thereby become a monster. And if you gaze for long into an abyss, the abyss gazes also into you."
                          -Friedrich Nietzsche

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                          • #15
                            I don't have the option of just "getting out." I'm still too young to retire. The good news is that I'm vested in my pension plan. If an appropriate opportunity in the private sector presents itself, I will take it. I'm not going to leave for the sake of leaving but this is the first time that I've ever said I would leave for the right opportunity. I've got an updated resume and I may have submitted it to some opportunities I'm interested in.

                            For the first time ever (20+ years), my family begged me to leave.
                            Sign here. Press hard. You are making five copies.

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