Countdown to Retirement

Discussion in 'General Discussion' started by Rich Gibson, Dec 8, 2005.

  1. Although I won't retire until the end of the month the gang held my farewell party ahead of the holiday leave period. That's my bride of almost 42 years to my left.
  2. Congratulations Rich! It must be great to look forward to doing what you want when you want to do it. Good luck in this new phase of your life.
  3. Congrats, Rich.

    Now where can I get that T-shirt?
  4. MontyDog


    Jan 30, 2005
    #1064 - You have an error in your SQL syntax;
  5. Leigh


    Feb 19, 2005
    Congratulations Rich! Like Paul said, More time for photography and the Nikon Cafe!!! Maybe you and your bride can come down to Alabama for a little visit now that you'll have the time!
  6. Way to go, see perseverance does pay off. I think of that every month when my retirement check comes and I haven't done a lick of work. Been drawing this paycheck for over 8 years now. You will love it. Congrats.
  7. Thanks to you all!. They've just asked me to come back as a consultant for application development process improvement. They recently made the decision to bail out of CMMI officially and need some direction for realistic measurable process improvement. (Paul, I'm not being provocative..that was my boss' comment.)

    It is worth felt soooooo good to tell them: "Three things:
    1) I won't attend "meetings" for the organization (same thing I did as a gov't worker);
    2) I won't work for the senior management staff [they're the morons who have been pushing CMM since 2001 without knowing what any of it meant along with not adding a single penny to fund it];
    3) I named a specific "type A" senior manager with whom I refuse work.

    He replied..."Okay, when can you start working?"

    Suggestions? Frits?

  8. rbsmith


    Apr 13, 2005
    Saltillo, Ms
    Congratulations Rich. I know you and your Bride are looking forward to all the free time. I've still got a long way to go.

    I've got to endure three more years of this miserable place run by insipid idiots. If Health Insurance were so expensive I'd quit today!

    Have a great life brother... if you hated your job 1/10 as much as I do, you must be the happiest man on the face of the earth.

  10. Gale


    Jan 26, 2005
    Viera Fl
    Boy they must be offering you a ton of money to even think of it.

    Tough decision.

    Well ,congrats if you retire :>)))
  11. PJohnP


    Feb 5, 2005
    The Life of the Contractor...

    Rich :

    A few good ones (I hope)...

    Check to make sure that there are no restrictions on your retirement payments if you're working, as well as health care. That's sometimes an issue. Shouldn't be, but I've seen this with colleagues over the years.

    Set your "rate" to match the fact that a contractor gets no benefits. Pick a salary number and typically multiply by 150% then divide to a weekly or daily rate to determine what it would cost for a full time person doing that work - this gives you the base point to make decisions about rates. if you're not working full-time, estimate upwards as your costs as a contractor are lower than an FTE (as well as being counted on a different budget line). Don't stint yourself on this.

    Get a contract that sets out responsibilities etc., and specifically indemnifies you from legal action. Without that, you might have to get professional liability insurance; something I pay piles o' cash for every year, so my comment is based on experience. Shouldn't be an issue, but then, there it is almost every project in the contracts sent to me.

    Do you provide equipment or do they ? Do they provide office space, etc. ? Supplies ? All seems like silly stuff, but it can eat the profitability of the project in a heartbeat. Can you charge any of that back ? Should you ? All food for thought.

    Determine if you want a "day rate" or "by the hour" charges. For most of my clients, I charge a day rate, because it means less paperwork for me. A few clients try to abuse that with long days, and I revert to my hourly rate for them. :Angry: I actually prefer a relationship where I don't have to account for every five or ten minutes (no joke - consultancies often parse their work in such intervals, and it's a pain to document).

    The life of a contractor is a good one, most of the time, but a few hours, or more likely, days of preparation for the process saves endless heartache and stress later. I know - I've worked for others managing two consultancies, and then set up my own sometime back. I've not regretted the up-front thought and preparation a single time.

    And, BTW, congratulations on retirement. Or whatever will be coming... :wink:

    John P.
  12. PGB


    Jan 25, 2005
    Congrats my friend!

    I have about 35 more years to go!!!!! Unless I get lucky.

    I'm so happy for you and know that a few RR sessions are probably being booked as we type as well as some exotic vacations. :) 

  13. Ken-L

    Ken-L Guest

    Congrats on your upcoming retirement......
    I retired in 1995, it has it's ups and wife will take her early retirement in 10 years.....and when she does we continue to have our medical insurance at no cost to us.
  14. eng45ine


    May 11, 2005
    Chicago, IL
    Congratulations Rich...after all of those years fulfilling the companies expectations, now you are free to pursue something new to make you crazy!!! Enjoy your retirement!
  15. Hey, congratulations Rich!! Be sure to enjoy every bit of it, as I am sure you will.
    Nice to see Carolyn in the picture also, do say "bonjour" from me:smile: :smile: .

    On the consulting bit: Go for it! I read in your post that you have the basics down-pat (laying out YOUR rules, for a change) - good on ya!!

    Also, as a consultant be sure to charge sufficiently (many don't - they just charge about what they used to make as an employee...WRONG!!). You need to vector in the number of days you expect to work, the equivalent of benefits, equivalent of holidays / vacation etc. etc. You will rapidly conclude to charge between 1.75 and 2 times your equivalent hourly rate as an employee.

    Best of luck, but particularly: ENJOY!!
  16. MontyDog


    Jan 30, 2005
    #1064 - You have an error in your SQL syntax;
  17. Rich,

    Remember as an independent contractor you will almost certainly have to pay the "other half" of Social Security & Medicare that the company now pays for you. This will add nearly 8% to the expenses or almost 16% over your current take-home pre-tax post Social Security pay (since they withhold your half also).

    ie. Be sure to ask enough!!
  18. Wow! Thanks, once again. This is such good information. Since I'm located in the Washington D.C. area the rates consultants get are not a shock to beltway"Highway Helpers."

    My reputation, the relative failure of CMM to "catch on" and my past five year track record of successful process improvement innovations have placed me in a rare focus of having a particular skill set which is badly needed.

    (Did I mention that I had spent an entire year helping restructure the process improvement portion of our recently reorganized OIT organization...only to have the branch directorship given to a much younger software developer? We disagreed from the get-go and I finally resigned and returned to my original application development office. Three weeks ago he also resigned and returned back to this same office I now work(ed) in. The branch was disestablished and the P.I. function handed over to that real nasty person I mentioned a few posts above. I'm confident that none of this, including my retirement, would have been necessary).

    So now they're up the proverbial creek without a paddle.

    With all your suggestions, I know exactly how to reach an equitable rate along with avoiding the legal pitfalls described above. If the the primary contracto chokes....fine....if the the agency goes for it but still has cold feet where P.I. is concerned...fine....if it all works out I can get a new SUV to last me till I die and travel a bit more. Believe it or not, I really don't need any more camera equipment....

    did I REALLY say that? Just don't pass that remark on to Carolyn!

    What a great bunch of folks you all are!

  19. Rich, that sounds nice. I just wonder if you will have enough spare time for photography after retirement. I have no idea how retired people do that but they never have time for anything :smile:

  20. PJohnP


    Feb 5, 2005
    Rich :

    Bite your tongue !!! :eek:  :biggrin: :eek: 

    John P.
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