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Old 08-01-2020, 09:48 PM   #1
locolobo
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Default Need retirement info.

I will be retiring @ the end of the year after 46 yrs with a 100+ yr old global corporation. Getting any info from them about my upcoming retirement is like pulling hens teeth. H. R. will only tell me to wait until 90 days before my retirement (d&*^ I like saying that word) date, Call them and let them know my date and they will send me a package to fill out and return.
They will not talk to me about insurance, which due to a RHCAP account has to be purchased through them through one of their suppliers. And even the ins. companies tell me to wait on the package. I hate waiting on this stuff. I want to have my duck in a row long before I sign the papers.
I will be trying to get with the Social security office here real soon to see about that and Medicare. And then get with Fidelity to talk about my 401K.

Anybody out there have any advice for me to start with?
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Old 08-01-2020, 09:51 PM   #2
katyhighpockets
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I work for chevron and it’s about the same way. 90 days out u can request ur package which has all the details
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Old 08-01-2020, 10:02 PM   #3
SabineHunter
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Quote:
Originally Posted by locolobo View Post
I will be retiring @ the end of the year after 46 yrs with a 100+ yr old global corporation. Getting any info from them about my upcoming retirement is like pulling hens teeth. H. R. will only tell me to wait until 90 days before my retirement (d&*^ I like saying that word) date, Call them and let them know my date and they will send me a package to fill out and return.
They will not talk to me about insurance, which due to a RHCAP account has to be purchased through them through one of their suppliers. And even the ins. companies tell me to wait on the package. I hate waiting on this stuff. I want to have my duck in a row long before I sign the papers.
I will be trying to get with the Social security office here real soon to see about that and Medicare. And then get with Fidelity to talk about my 401K.

Anybody out there have any advice for me to start with?
Good for you, enjoy your retirement, I retire June 10, 2021, unless they pizz me off too much. Your HR sucks by not giving you what you need, must be Dow or BASF. By what you said, sounds like you have your ducks in a row.
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Old 08-01-2020, 10:07 PM   #4
Russ79
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I have two years and four months until i receive my "FU" card. Can't wait.
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Old 08-02-2020, 02:32 AM   #5
Atfulldraw
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how can you figure out the date without the details?

Thank you for reminding me that my boss is a complete jackass, but I would much rather deal with him than work for a giant corporation.
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Old 08-02-2020, 02:43 AM   #6
one66stang
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No recent retired co-workers you could reach out to?


Sent from my iPhone using Tapatalk
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Old 08-02-2020, 03:11 AM   #7
Pedernal
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Quote:
Originally Posted by one66stang View Post
No recent retired co-workers you could reach out to?


Sent from my iPhone using Tapatalk
^^^This^^^

Set up an appointment with SSA and Fidelety to get all your stuff lined out with them. A couple of months will go quickly and you will have the info you desire from your company. It sucks that they will not get your more info now but once you do get the package knowing your benefits from SSA and your 401K will make it simpler to decide on any choices in the package.

Big congrats and enjoy your retirement Sir.
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Old 08-02-2020, 03:14 AM   #8
AntlerCollector
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Fidelity should be able to give you the info you need from them now.
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Old 08-02-2020, 03:31 AM   #9
Hogmauler
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I contacted Alex Roland with Boomer Benefits and she walked be through all my Medicare stuff. She has stayed in contact with me as well. My Medicare actually kicked in yesterday.
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Old 08-02-2020, 03:41 AM   #10
Wil Taylor
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My wife is a Financial advisor for Edward Jones. Don’t know if she can help or not but she knows what she is doing. If interested pm me and I can forward her info
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Old 08-02-2020, 05:43 AM   #11
60 Deluxe
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Go online and sign up for a mysocialsecurity.gov account. It seems to me that I was looking at numbers long before it came time to pull the trigger. As far as your company pension, it really isn't the company that you will be dealing with. You may go through human resources to get the ball rolling but once that is done you will be dealing with an insurance or investment company that manages the pension benefit plan for your employer. I would imagine that is the reason why they make you wait until ninety days out from the eligibility date. I always received an annual statement that gave me an estimated benefit of what my monthly income would be if I continued to work until my normal retirement age. It was pretty close but not exact because the amount changes depending on the choice that you make for the payout. Going from memory, the choice was Lifetime Certain for me, Lifetime Certain for my wife, and one other that I can't remember, maybe a payout for twenty years or something like that. My wife is twelve years younger than me so they calculated how long they would be paying a benefit based on her life expectancy, which was the option that I selected. Say $500,000 in benefits divided by my life expectancy of twenty years for my life vs her life expectancy of thirty two years. As you can see, my benefit was really hammered because I chose a payout based on her life expectancy. It is not hard to figure the dollars once you know the rules and how much your base benefit will be. I had my social security check calculated to within fifteen cents of what the SSA determined it would be. Upon reviewing my calculations, I had transposed a number for one of my base years of income. Had I entered it correctly, my number and their number would have matched.
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Old 08-02-2020, 07:09 AM   #12
tps7742
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60 deluxe is spot on. In my case Fidelity that manages the retirement for the company I worked for once I get within 30 days of retirement they assigned me an agent. This agent assisted me on walking through the retirement process and benefits. As mentioned above for my spouse or in some cases designated dependent you wil figure their beneficiary benefits after you pass. This includes pension (50% or 100%) 100% in my case, life insurance or health insuarance costs etc.
Congrats on retirement, 46 years with the same company you should be set up nicely.
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Old 08-02-2020, 07:16 AM   #13
drbonner
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They don't have an employee HR website with all that info?
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Old 08-02-2020, 07:21 AM   #14
cva34
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Check into supplemental health ins. to go with medicare.. Best of Luck and ENJOY
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Old 08-02-2020, 08:38 AM   #15
Mudslinger
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Wife retired in Jan. and I retired May 22. I will tell you one thing, retiring is a PIA! Things you have to do or get fined is ridiculous, such as Medicare Part A and B. Then there is the supplemental insurance. Dealing with SS is like dealing with 2 year olds!

Good luck on your upcoming retirement.
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Old 08-02-2020, 08:48 AM   #16
zztex
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Sounds like Fidelity handles your company accounts as they do mine. Their service is free for that reason. Call them. Iíve had an account representative for 2 years already and I havenít retired yet. They will explain a lot to you. Sucks not being able to see them in person right now though
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Old 08-02-2020, 08:51 AM   #17
Johnny44
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Take everything you have in a retirement account out, pay the taxes, buy yourself a place in the cheapest community you can live with and have a happy life.

I don’t know your age but the average life expectancy of a male in the U.S. is 78 which is Biblical, some make it to 88 and beyond. The Beach Blanket Bingo Baby Boomer Generation has a major problem accepting the facts of mortality. You can pull cash from your ammo can or bank account every month for what you need and you don’t have to worry about losing it.

Nobody ever follows my advice and look at me like I’m a talking tree stump. It is tremendously funny that I retired at 40 and have been hunting and fishing every since.

Its about peace of mind.

Last edited by Johnny44; 08-02-2020 at 08:59 AM.
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Old 08-02-2020, 09:04 AM   #18
BO-N-ARO
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Get a financial advisor. I would recommend talking to at least three different companies before you decide. I would highly recommend a group vs individual. Ask for history on the last ten years.
Not sure why you can not get information from your HR, but maybe talk to your boss or bosses boss.
Good luck and hope you enjoy this chapter in your life!!!
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Old 08-02-2020, 09:49 AM   #19
hpdrifter
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Quote:
Originally Posted by Pedernal View Post
^^^This^^^

Set up an appointment with SSA and Fidelety to get all your stuff lined out with them. A couple of months will go quickly and you will have the info you desire from your company. It sucks that they will not get your more info now but once you do get the package knowing your benefits from SSA and your 401K will make it simpler to decide on any choices in the package.

Big congrats and enjoy your retirement Sir.
SSA won't do much until 90 days either, they will give you the ~benefit#s
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Old 08-02-2020, 10:12 AM   #20
RLhunter
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I worked for a Global company and I could not get very much information. So I was muddling around on the company website in the employee section and ran across the entire section the process, the requirements, etc. It was broke down if you were union or non union. I was able to pass the info to another employee who had been with the company much longer than me because he had no idea where to find the info. I said all that to say if you work for a Global company, I bet it’s on the employee website. You just have to dig.
Good luck and Happy Retirement
Welcome to the world of No Days off!!!
Everyday is a Saturday.
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Old 08-02-2020, 10:55 AM   #21
Oldblue
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Enjoy your retirement.
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Old 08-02-2020, 11:01 AM   #22
1riot1ranger
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Quote:
Originally Posted by katyhighpockets View Post
I work for chevron and itís about the same way. 90 days out u can request ur package which has all the details
I did the same but seem to recall that Chevron had a site where you could see all the calculations and figure out your trigger point.
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Old 08-02-2020, 11:19 AM   #23
HogHunter34
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If you have put in 46 yrs then I’m guessing you are Medicare eligible? If so, it will become your primary coverage & company insurance should fall in line as secondary coverage
In that case, just figure your SS income, estimate pension, get costs on Medicare coverage & should get you some idea how prepared based on what you supplement from 401k which many will say no greater than 4% withdrawal of balance per year.
Many times your employer will have a break down of your pension & how it’s figured. Might see if you can get some predicted numbers on it based on factors you know
Good luck
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Old 08-03-2020, 02:19 AM   #24
locolobo
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I'll try to clear some things up a little and cover some points mentioned here.
The initial date I picked was 1/3/2021 which will be my 65th b'day but I found out that if I do that I won't get my first check until the end of Feb but if I retire before the end of Dec. I will start my monthly check a month earlier, So 12/31 it is.
There is a modeler I look @ occasionally for my estimated benefits and looks like I will be good, even choosing the 100% for the life of both of us option. I have talked with a co-worker who retired last year and he told me the same thing that HR told me. The retirement benefits program we can look on from the computer does not give much info and yes, I will have to wait until I am 90 days out, Give them my notice and fill out the package they send.
I moved most of my 401K into more secure but less profitable accounts almost 2 yrs ago. Had to go through Fidelity to do that and in return I've gained a representative who calls every so often to ask if there is anything she can do for me. Will be calling her soon to do some talking about post retirement.
I was told that I can do both the social security and medicare @ The SS office. Will be contacting them soon to get that set up. Hopin the Covid scare doesn't have the place Locked up tight. I set up an I-net account several months ago but promptly lost my log-in info and I actually like talking to people better than typing and reading on the computer.
Looking @ Aetna's website (who I have my insurance with now) I can get a post medicare plan for relatively cheap and my wife will reach 65 40 days after me and will be included. And I have a RHCAP account which requires (from what I've read)I purchase my insurance from one of the companies offered through my company in order to be reimbursed for the cost.
Through all this I was just hopin I could talk to someone who could give me a heads up on what was about to happen and how to go about it and I guess I did.So now it looks like I will be waiting until I'm 90 days out!
Thanks for all the replies folks!

Last edited by locolobo; 08-03-2020 at 02:33 AM.
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Old 08-03-2020, 06:07 AM   #25
HogHunter34
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Congrats to you & putting in 46 yrs!
Only tip I would advise if you can manage to do so is to delay some portion of your income. If you can make it on your pension & SS short term then delay your 401k withdrawals until age 72 (which starts your required minimum distributions). Just a thought to allow your funds to go as long as possible. The hardest part of estimating retirement is the always unknown of how long will you live
Best of luck
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Old 08-03-2020, 06:26 AM   #26
60 Deluxe
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Late in the process I was told just to shop price on the medicare supplemental plans. All of them are mandated by law or rule to offer the same core benefits. I could have saved a lot of time if I had known that going in to the process.
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