# Thanks for the Knife... AKA your retirement package for years of service



## old medic (Dec 31, 2019)

Sitting here gut punched.... just discovered that there is a MAX ALLOWABLE for NC  local government employees... .
I have dedicated over 30 years taking care of folks here, hate what I see , But love what I do.. And now looking at numbers... they dont care...
Using the states calculator for retirement...Im already above the max level.. Any further work I do gains me nothing...
What could you do with $600 a month...


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## gennie (Dec 31, 2019)

Sounds like a 'catch 22' situation.  Sorry about that.


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## Manatee (Jan 1, 2020)

$600 would be a raise for some folks.


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## Lc jones (Jan 1, 2020)

I’m so sorry to hear about your situation


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## StarSong (Jan 2, 2020)

Will you not be eligible for SS?


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## old medic (Jan 3, 2020)

Update.... and happier..... state clarified a few things.
There was some confusion with the graft table the state has listed. I did use the formula for figuring out my monthly benefit after retirement correctly. Im currently at 31.5  years credible service, And was adding numbers for pending raises, and further service time, And appeared I was $600 a month above the Max Allowable... Had me flipping out...
But they did confirm in 2-3 years my increase curve will drop...
And I'll still be 2 years from SS,  5 from Medicare...


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## Ken N Tx (Jan 3, 2020)

old medic said:


> And I'll still be 2 years from SS, 5 from Medicare...


How old are you now??

Medicare is at 65 and SS should be 66 ?? Any State medical Insurance carry over??


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## old medic (Jan 3, 2020)

57 in May, 62 is the earliest for SS, And no insurance. .. Thats the biggest issue for me.... 
Can go on the wifes, or find another job.


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## Ken N Tx (Jan 3, 2020)

old medic said:


> 57 in May, 62 is the earliest for SS, And no insurance. .. Thats the biggest issue for me....
> Can go on the wifes, or find another job.


I went at 64 and lost about $200 a month of SS and used Cobra Ins. for 6 months..That was 11 and half years ago!! I said,at that time, I would stay off a year and find a PT Job, that never happened!!  LOL


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## StarSong (Jan 3, 2020)

old medic said:


> 57 in May, 62 is the earliest for SS, And no insurance. .. Thats the biggest issue for me....
> Can go on the wifes, or find another job.


Arranging and paying for health insurance can be an expensive challenge before age 65.  Many on this forum have faced it, some when we eased into retirement, others when we found ourselves there abruptly. 

You don't say when you're planning on retiring, OM, but have mentioned that you're burned out on EMT work.   57 is on the young side to retire but on the old side to look for a new job, never mind a new career path.

You might want to consider landing a new job before quitting the one you have.   Lots of folks on this forum struggled mightily to find employment in their 50s or 60s, and many never landed anything meaningful.

Please keep us posted.

p.s. I'm glad that your retirement package crisis was merely a misunderstanding of the tables and graphs. Sounds like you'll be in pretty good financial shape if you can hold out until retirement.


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## old medic (Jan 3, 2020)

Thanks folks....
Ken I hope to not go back....but feel I will just for the thrill.. LOL

Star,  I have my paperwork in hand, Can sign and date and the checks will start in about 120 days with 100% retirement.
Not really burned out... I still enjoy helping folks in the challenge of the prehospital setting... But theres other aspects that raise my BP.
Have another EMS offer with insurance but farther away and less money.
We have raises scheduled, 5% starting end of Jan, 5 more next jan... that and added service time moves my check up. 
Also more into SS and 401K...
Points I'm wanting to stay for... besides insurance....
July 2020 will be my 30 year date even though I started here with the hospital service in 1987.
Feb 2021 Will be my next (Last?) rectification date 
May 2022 My 401K loan paid off. 
May 2023 I hit 60.
Every time I consider retiring, it just looks better to hang on...


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## Liberty (Jan 3, 2020)

What you say can be so true.  We never even thought about retiring as we owned/worked at a business.  Sold the biz and then retired at 70.  Money not an issue the older you are before you retire...usually anyway...lol.


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## OneEyedDiva (Jan 7, 2020)

old medic said:


> Thanks folks....
> Ken I hope to not go back....but feel I will just for the thrill.. LOL
> 
> Star,  I have my paperwork in hand, Can sign and date and the checks will start in about 120 days with 100% retirement.
> ...


Yeah, especially to get your 401K loan paid.  If you wait, will you then get retiree insurance? If not, working that long for an entity that doesn't include that in your benefits is a shame.


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## old medic (Jan 8, 2020)

There is no insurance as a benefit regardless of how long i work, Unless I work till Im medicare qualified... LOL
Do have other options... $500-$1300 a month.... But I would rather put that money in my own account.
The wife will have insurance on her as a benefit till medicare kicks in.  
We have the savings on hand to pay the 401K loan off so no tax penalty IF I walk....
At this point our 401K 's are not huge, but nice savings to fall back on... But growing.


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