Reaching Retirement Eligibility: Milestone Passed

  • Thread starter Janus
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In summary: This is a great article on the different types of retirement plans and how they work.Retiring from a company (and getting benefits) is becoming rare. They sure are. Most companies find an opportunity to lay people off before it becomes an issue. In my world, at least, government jobs are about the only ones offering traditional benefits any more. There are a few exceptions out there, but for every one of those, I can probably name at least ten counterexamples.Well done on passing that milestone!
  • #1
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After having it in my sights for a while (even more so since the recent economic downturn), I passed a critical milepost today. As of a little more than an hour ago, when my work day finished, I am eligible to retire with full benefits.

Not that I plan to retire yet, but is a relief to have a pension to fall back on if needed.
 
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  • #2
Congratulations Janus! Retiring from a company (and getting benefits) is becoming rare.
 
  • #3
Yay you!

(What's a pension?)
 
  • #4
I never passed a milestone, but I've passed a few kidney stones. It must be mad painful.
 
  • #5
Being Janus, you have something to look forward to, and simultaneously something to look back upon.

A millstone has been lifted off of you.
 
  • #6
Janus said:
After having it in my sights for a while (even more so since the recent economic downturn), I passed a critical milepost today. As of a little more than an hour ago, when my work day finished, I am eligible to retire with full benefits.

Not that I plan to retire yet, but is a relief to have a pension to fall back on if needed.

CONGRATULATIONS! That is a huge milestone!

It is also one of the toughest things to pass up for self-employment.
 
  • #7
Evo said:
Retiring from a company (and getting benefits) is becoming rare.

They sure are. Most companies find an opportunity to lay people off before it becomes an issue. In my world, at least, government jobs are about the only ones offering traditional benefits any more. There are a few exceptions out there, but for every one of those, I can probably name at least ten counterexamples.
 
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  • #8
Congratulations on achieving that milestone :approve: , which is increasingly rare, and I guess condolensces, because your old enough to retire. :biggrin:
 
  • #9
Astronuc said:
Congratulations on achieving that milestone :approve: , which is increasingly rare, and I guess condolensces, because your old enough to retire. :biggrin:

I'm not that old. After all, I just celebrated my 11th 39th birthday in August.
 
  • #10
Congratulations, Janus. Getting old ain't for sissies, so stay healthy so you can enjoy your retirement.
 
  • #11
Evo said:
Congratulations Janus! Retiring from a company (and getting benefits) is becoming rare.

At my employer, there are now three tiers of retirement plans, depending on when you were hired. As you go from tier 1 to tier 3, the benefits reduce. Even with tier one, where I am, since 2004 my contributions no longer go into the original retirement account, but a separate account which can go up or down with the market. When I do retire, I'll get the money in that account as a lump sum.
 

What is "Reaching Retirement Eligibility: Milestone Passed"?

"Reaching Retirement Eligibility: Milestone Passed" refers to the point in time when an individual meets the necessary requirements to retire and start receiving retirement benefits.

What are the requirements for "Reaching Retirement Eligibility: Milestone Passed"?

The specific requirements for reaching retirement eligibility may vary depending on the retirement plan or program. Generally, it includes reaching a certain age, such as 65, and having a minimum number of years of service or contributions.

What happens after "Reaching Retirement Eligibility: Milestone Passed"?

After reaching retirement eligibility, an individual can choose to retire and start receiving retirement benefits from their employer or retirement plan. They may also have the option to continue working or delay retirement to receive higher benefits in the future.

Are there any penalties for retiring before "Reaching Retirement Eligibility: Milestone Passed"?

In some cases, there may be penalties for retiring before reaching retirement eligibility, such as a reduction in benefits or early withdrawal fees. It is important to carefully review the terms and conditions of your retirement plan before making any decisions.

What should I do if I have not yet reached "Reaching Retirement Eligibility: Milestone Passed"?

If you have not yet reached retirement eligibility, it is important to plan and save for your retirement. Consider consulting with a financial advisor to create a retirement savings plan and explore your options for retirement plans or programs available to you.

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