Retirement Soon

[gorn5150]

Enjoy your retirement. It will take some time for you to get used to not having to live by a schedule set by someone else. I took me about 5 years to adjust to that. It makes all those underpaid years of long ago worth it.

[Samuelx]

Wishing you an uneventful last year and a long, happy, and healthy retirement Sir!

[Ron-Solo]

Buy any off roster guns or hicap mags that you think you might want or need between now and then.....

[Gawernator]

Once he imports an off list handgun... he can sell them to other people right? Money maker man!!! ha...

[CBR_rider]

Don't let your guard down even though the finish line is in sight! Here's an early congratulations though!

[brianinca]

Honestly don't know how you can do 30+ years as an LEO. That is some hard freaking work. I see the guys in construction after 50, they are physically worn out and they don't have nearly the stress and strain of law enforcement. Thanks for helping keep us safe!

[FLIGHT762]

I will tell you this, my first eligible year of the COLA I got 0%, no kidding, those of us that retired in 2008, didn't get anything. IF I were you, I would retire in June for the little bit higher rate and get the COLA later.

I have been retired for 6 years. The COLA from Cal Pers is NOT a guaranteed 2% every year. My first eligible year was 0% next year was .02% or so. The last few years was better, but don't give up a higher pay rate believing you're going to get a 2% COLA every year, it doesn't happen.

I retired with the 3% @55 @ 90%. I never expected this retirement when I first started my career. The agency I retired from has lifetime medical included. I feel very blessed.

[DriftinG Z32]

One of the key benefits keeping me at my agency is the combination of 3@50 and lifetime medical. Free healthcare is a huge bonus these days.

[SMarquez]

All good points, but Ron you forgot to tell about the "good stuff..." Many 3%@50 agencies do not pay lifetime full medical benefits for the retiree and spouse. LACERA retires get FULL medical benefits after they retire. That's a HUGE difference between many CalPERS and LACERA retriees.

I have so many friends in CalPERS that always talk about getting "another job" when they retire at age 50, just to cover medical insurance. I've also had a buddy or two poke fun at the fact that us LACERA peeps maximize our retirements at age 55, thus working 5 years longer than the 3@50 crowd. Yet I always wonder why those guys are looking for "another" job when I'll be in Alaska fishing and never ever working again after I retire.

Then I point out that those of us that could, bought back "ARC" time and can retire earlier if we want. At 55, I'll have 32 + 3 years ARC. I bought back three years ARC time and it will give me 92.5% + full lifetime medical for me and the misses. Technically, I could go at 52 and still be ahead of the game.

Plus like you said Ron, LACERA has always been in the "black" with their books. In fact, one year, the State of California borrowed money from LACERA because they're "that good." The county has borrowed funding from LACERA once or twice as well since I've been on IIRC. Can't say that about CalPERS who's board frequently has mentioned the big "BK" and "bailout" about every other year, since I can remember. ?

I'm so glad we never got the 3@50% deal, because we would have kissed off our medical benefits. My brother and his wife are retired from a 3@50% agency and they pay $2,100. per month out of pocket for medical!!!! Screw that.

I'm sure there are a few 3@50 depts that pay 100% medical benefits for you AND your spouse, but I'm not sure which ones exactly.

***There's also a little known secret that after the age of 65, LACERA members DO NOT have to give up their county medical insurance for Medicare. LACERA doesn't advertise this fact, but it's true. At 65 they send you a form stating it's time to change over to Medicare, but a LACERA member can decline it for the much better county insurance plan they're already on. It's what my dad, aunt and uncle all did, without any problems. LACERA just likes to get old retirees off of their medical accounts, if possible. Don't be dupe

That is really interesting. I am a LACERA retiree (fire) and didn't about that Medicare issue. I have been told I don't have enough SS quarters to qualify for Medicare and wondered how I would stay covered!
Are you on your ALADS Anthem BC plan?

[superchaos]

Make sure you buy all the equipment you want and can only get as a LEO before you go. I have my PVS-14 night vision. Pain from my spinal fusion isn't getting any better. Still working but scared to pull the pin for medical retirement.
Enjoy yours! :-)

[micro911]

It is interesting to hear all the stories. That is why it is important to hear from others with experience. First thing I am going to do when I retire is to buy a 80 inch TV and get a really nice sound system.

[micro911]

Actually, I would like to travel with my wife.. I want to go to Europe and south America. After about 6 months of it, I will probably get a part time job to pass time.

[rcslotcar]

I Retired LASD a couple years ago age at age 56 with 32+ years. Medical is paid for after 25 years and Kaiser is co-pay is now $5.00. I have Lacera doing payroll which pays me $42 dollars more a month than if I was still working. When I cashed out and got paid for saved sick time, vacation time, save time. I made close to 200k that year. Be ready to pay the tax man that first year after retirement. Retirement is great!!! When I first became a LEO I had no idea about retirement benefits. I just knew I had the best job and best buddies. From my first patrol assignment in Lynwood to last in Walnut it went by fast. One Thing to look into, if you don't have deferred comp look into it right away. The County will do partial matching funds of your contribution. This adds up better than any bank. For LASD members go to the lacera retirement work shops as you need to learn your differant plans and options.

[johnthomas]

OP, some agency's have retirement and SSI. Is yours that kind or is it 100 percent CALPERS?

[Johnny Utah]

Retirement Soon

Micro911- I do t think it's been mentioned yet, but MAX OUT your Deferred Comp (401a/401k/457) if you can in these final few months. It might not be much, but a little extra wont hurt.