Freedom 55 :) :)

CherylHutch
CherylHutch Member Posts: 1,375
edited March 2014 in Colorectal Cancer #1
Ok... in a way, this doesn't have anything to do with cancer, per se... but in a personal way, it has a lot to do with the recovery journey :)

Currently, I am lucky to be on Long Term Disability insurance, which is a benefit from my employer. I could be on it for as long as my doctors say that they don't feel I can go back to work. Sometimes I feel kind of guilty about that because right now, 95% of the time I feel totally fine. I spend my days down at the theatre office "volunteering" since I can't be working while I'm on LTD. This works out great for me because I can't actually start volunteering until the afternoon. I have to take the mornings to let the pain meds kick in and get the legs and joints working. Right now, I'm not on treatment and the next CAT scan/CEA blood work and Oncologist visit is July 20th. So, I get to enjoy the spring and part of the summer before the anxiety builds ;)

Anywho... the good news. Actually, the WONDERFUL news!! I went to a Public Service Pension seminar yesterday afternoon. My employer is the BC Provincial Government and this year I will have completed my 35 years of service. That is the number of years you have to work before you are eligible for a full pension (70% of your monthly salargy). Working more than 35 years is not going to add to your pension since the most you can get for a full pension is 70%. The other factor for retiring from the government is you have to be at least 55 years old.

I started working for the government when I was very young ... because at the tender age of 54 I will have my 35 years of service (actually next week, May 1st, is my anniversary date). That means, I can officially retire the 1st of the month after my 55th birthday... my birthday is in January, so I can officially retire on full pension on Feb 1, 2010!!!

Until I went to this seminar yesterday, I didn't think I could or should retire. After all, for my LTD I get 70% of my salary AND the insurance company pays for my medical insurance, Extended Health insurance and Dental insurance. I also get a CPP Disability (Canada Pension Plan) which I'm not sure what the equivalent would be in the States, but it is a Federal Pension that everyone who works pays into it so that you can get a pension at age 65. If you meet their Disability requirements, then you can get the Disability pension no matter what age you are. Mind you LTD makes you apply for it and if you are eligible, then they deduct it from their LTD payment so that no matter where the income is coming from, you end up only ever getting the equivalent of 70% of your salary.

Well... surprise, surprise!! When I retire, I'll get my pension of 70% of my salary (like LTD), PLUS the CPP Disability! The pension is indexed plus we get a cost of living every April. Now, I will have to pay my own medical insurance and dental insurance, but my Extended Health insurance is paid by the employer. Since I'll be a "retired government employee" I don't pay the full premiums. For full medical insurance (as I get now), it will cost me $18/month and for full dental insurance, that will cost me $60/month.

The difference this will make for me? It means that I will actually see $1600/month MORE when I retire than I get while on LTD.

I was on the phone a lot today, checking with CPP and the Public Service Pension to make sure that I have understood this correctly and my understanding of how much money I will get each month is correct. Everyone confirmed that it is and both Pension companies said that yes, I am entitled to collect both the CPP Disability and company pension at the same time. I will be eligible to collect the CPP Disability until I turn 65, in which case it then turns to the regular CPP pension, plus I'll also get Old Age Security at that time as well.

What a relief to know that I really can sit back, relax, enjoy the things I really enjoy doing and if I need more treatment at some point, then I don't have to worry about the financial end of things.

Sorry for the long babble... I'm just thinking out loud since this is all new to me! The timing is perfect, although I still can't believe that I'm actually talking RETIREMENT!! Who ever thinks about that as being a reality!! Retirement always seems like something that will happen way in the future :)

Huggggggs,

Cheryl

Comments

  • dianetavegia
    dianetavegia Member Posts: 1,942 Member
    #2
    This is GREAT news Cheryl!
    I'm so glad for you! What a blessing!

    Hey gal, you don't look 54! Maybe it's that glow people get when they hold gorgeous babies like Miss Kennedy. :o)

    Congrats on GREAT news! You deserve it!

    Diane
  • Unknown
    Unknown
    #3
    dianetavegia said:

    This is GREAT news Cheryl!
    I'm so glad for you! What a blessing!

    Hey gal, you don't look 54! Maybe it's that glow people get when they hold gorgeous babies like Miss Kennedy. :o)

    Congrats on GREAT news! You deserve it!

    Diane

    This comment has been removed by the Moderator
  • PhillieG
    PhillieG Member Posts: 4,866 Member
    #4
    Holy Cannoli
    That is great news Cheryl. I am so very happy for you, I'm numb :-)
    in a good way...
    {{{hugs}}}
    -phil
  • CherylHutch
    CherylHutch Member Posts: 1,375
    #5
    PhillieG said:

    Holy Cannoli
    That is great news Cheryl. I am so very happy for you, I'm numb :-)
    in a good way...
    {{{hugs}}}
    -phil

    Hehehe
    Hehehe Phil... why, I didn't mean to make you numb!! I hope the numbness wears off over the weekend and you get to enjoy it. We had the most gorgeous day today and then come 4pm'ish, it started clouding over. I thought for sure we were going to have a sunny weekend but it's looking like we may be in for clouds, at least for tomorrow.

    I figure, I'm going to have to catch up on all the Suzy Domestic chores that I didn't get done this week, including more than a couple of loads of laundry (I may start those tonight!) and then it will be a matter of sorting paperwork and figuring out what I have to get organized. Ideally, the pension folk would like the pension application to be submitted 6 months before the date you decide to retire. There are various decisions one has to make so I have to figure those out. For instance... the pension is guaranteed for life. I don't have a spouse or dependents so I don't have to worry about planning with them in mind... BUT, do I want to choose a 5 year, 10 year or 15 year Option. What this means is, say I chose the 15 year... IF I were to die before 15 years, then my "beneficiary" would receive the remainder of the 15 years of my pension. Of course, if I choose any of those guarantees then it would affect a change in how much I would receive per month. There really is no difference in my take home pay between a 5 year and a 10 year, so I'm leaning towards that since I really don't have any dependents that I am responsible for. If I pick the 10 year and say I die in 5 years, then it means my estate will get 5 years of pension in one lump sum. If I live for 30 years, then that's fine... I still get the pension, but once I die there will be nothing going to the estate from it.

    So, come February 2010... I will be celebrating the 2010 Winter Olympics here in my city AND celebrating the first month of official retirement :) That should be a very exciting month over in this neck of the woods :):)

    Hugggggs,

    Cheryl
  • PhillieG
    PhillieG Member Posts: 4,866 Member
    #6
    CherylHutch said:

    Hehehe
    Hehehe Phil... why, I didn't mean to make you numb!! I hope the numbness wears off over the weekend and you get to enjoy it. We had the most gorgeous day today and then come 4pm'ish, it started clouding over. I thought for sure we were going to have a sunny weekend but it's looking like we may be in for clouds, at least for tomorrow.

    I figure, I'm going to have to catch up on all the Suzy Domestic chores that I didn't get done this week, including more than a couple of loads of laundry (I may start those tonight!) and then it will be a matter of sorting paperwork and figuring out what I have to get organized. Ideally, the pension folk would like the pension application to be submitted 6 months before the date you decide to retire. There are various decisions one has to make so I have to figure those out. For instance... the pension is guaranteed for life. I don't have a spouse or dependents so I don't have to worry about planning with them in mind... BUT, do I want to choose a 5 year, 10 year or 15 year Option. What this means is, say I chose the 15 year... IF I were to die before 15 years, then my "beneficiary" would receive the remainder of the 15 years of my pension. Of course, if I choose any of those guarantees then it would affect a change in how much I would receive per month. There really is no difference in my take home pay between a 5 year and a 10 year, so I'm leaning towards that since I really don't have any dependents that I am responsible for. If I pick the 10 year and say I die in 5 years, then it means my estate will get 5 years of pension in one lump sum. If I live for 30 years, then that's fine... I still get the pension, but once I die there will be nothing going to the estate from it.

    So, come February 2010... I will be celebrating the 2010 Winter Olympics here in my city AND celebrating the first month of official retirement :) That should be a very exciting month over in this neck of the woods :):)

    Hugggggs,

    Cheryl

    :-)
    It's just GREAT news Cheryl, I happy for you, it sounds like a wonderful deal. We are going to be in the mid to upper 80's tomorrow and Sunday! Can't wait
    -p
  • tootsie1
    tootsie1 Member Posts: 5,044 Member
    #7
    Great
    Cheryl,

    That's wonderful! I'm sure it's a huge relief to you. Now you don't have that financial worry nagging you should anything go south healthwise. Which hopefully it will NOT!

    *hugs*
    Gail
  • CherylHutch
    CherylHutch Member Posts: 1,375
    #8
    tootsie1 said:

    Great
    Cheryl,

    That's wonderful! I'm sure it's a huge relief to you. Now you don't have that financial worry nagging you should anything go south healthwise. Which hopefully it will NOT!

    *hugs*
    Gail

    Thanks!
    Thanks, Gail! I wasn't too concerned about finances, should my health take a bit of a roller coaster ride since I am on (and could continue) Long Term Disability, and I would always have medical insurance... so that wasn't ever a concern.

    I just assumed that I could never retire since I'd be uneasy about giving up the LTD and I didn't know if the retirement pension would be as much as the LTD. It was when I went to this seminar that I had my eyes opened because it dawned on me that the retirement pension actually pays MORE than the LTD, plus I'd get to keep the CPP Disability on top of the retirement pension. My medical insurance coverage is actually cheaper than what the LTD is having to pay on my behalf... because I'd be a "retiree" I only have to pay $18/month whereas normally it would be $54/month (which the LTD is paying for me).

    Soooo... it works out that I'd be silly to stay on LTD ... retirement is going to be more comfortable financially, with me still getting to keep all my benefits PLUS the extra $1053/month CPP benefit on top of the pension. And, if I find that in fact I am NED and feel like taking on some work just for the fun of it, I could do that and whatever I'd be getting paid for that would be extra, on top of the retirement pension.

    So many options... and I'd no longer feel like I was in a box with no options. I love having options :)

    C.
  • tootsie1
    tootsie1 Member Posts: 5,044 Member
    #9
    CherylHutch said:

    Thanks!
    Thanks, Gail! I wasn't too concerned about finances, should my health take a bit of a roller coaster ride since I am on (and could continue) Long Term Disability, and I would always have medical insurance... so that wasn't ever a concern.

    I just assumed that I could never retire since I'd be uneasy about giving up the LTD and I didn't know if the retirement pension would be as much as the LTD. It was when I went to this seminar that I had my eyes opened because it dawned on me that the retirement pension actually pays MORE than the LTD, plus I'd get to keep the CPP Disability on top of the retirement pension. My medical insurance coverage is actually cheaper than what the LTD is having to pay on my behalf... because I'd be a "retiree" I only have to pay $18/month whereas normally it would be $54/month (which the LTD is paying for me).

    Soooo... it works out that I'd be silly to stay on LTD ... retirement is going to be more comfortable financially, with me still getting to keep all my benefits PLUS the extra $1053/month CPP benefit on top of the pension. And, if I find that in fact I am NED and feel like taking on some work just for the fun of it, I could do that and whatever I'd be getting paid for that would be extra, on top of the retirement pension.

    So many options... and I'd no longer feel like I was in a box with no options. I love having options :)

    C.

    Love it
    Options are GREAT! Take that money and enjoy the heck out of life! Woohoo!

    *hugs*
    Gail

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