Today’s the Day!

Well, I tried to stay up until midnight to pop a cork, but it just wasn’t happening. So today I woke up as a retired person!  If you’ve read my articles from 2024 on the topic, you know this didn’t sneak up on me.

My road through the logistics of retiring from two university systems and applying for Medicare went…somewhat smoothly. I was pretty meticulous in my preparation. I attended webinars for both systems last year and put the application dates on my calendar. I had a Zoom meeting with an advisor from one of the two systems to make sure I was doing everything correctly.

My retirement application from my current/most recent employer was finalized May 15, and I’ll get my first pension check on August 1. (I just got my last regular paycheck, as we’re paid in arrears.) My Medicare application process also went smoothly, and that coverage also begins today. (I turn 65 next month, but since my birthday is on the first of the month, I got to start Medicare on July 1.)

But there’s one glitch: My retirement application from my previous university system is still not finalized, even though I submitted it on March 3. The hold-up is that I have reciprocity between the two systems. That’s a good thing, but it makes the process more complicated. They had informed me that because of this factor, my final pension calculations could take longer, so I didn’t worry about it…but then last week I realized “wait, I’m only a week out; I should have heard something.” So I got on the phone, and indeed, there was a problem, which turned out to be lack of communication between the two systems. I’ve been on the phone with both several times and messaging with the first system. They all assure me that it will get worked out and that if my first pension check from that system is late, I’ll be made whole retroactively. But it’s a nagging piece of unfinished business that’s dampening my glee a bit today. (And it’s not a small issue. This pension from my first employer is going to represent more than 50% of my retirement income.)

I guess the take-home message is that no matter how carefully you plan, something can still go wrong. But I know I’m in a position of privilege having pension income at all, so I’ll try not to worry about it too much, although I’m naturally wired for fretting.

My next task, which I may actually tackle today, is rolling over my workplace retirement accounts (403B/457) from Fidelity to my Schwab Rollover IRA (already in place from my previous job). (My husband wants/needs me to do this because of his independence audit for the accounting firm he works for.) Again, I planned for this—I spoke to a rollover specialist at Schwab, who sent me detailed instructions of what to tell Fidelity when I call them. Fingers crossed that it goes more smoothly than my pension experience!

On a happier note, we have a nice dinner out planned tonight, and the bubbly will get cracked at some point today! I’m RETIRED!!!