Hitting my 16-month crashiversary milestone is worth noting, of course, but actually hitting retirement is a far bigger deal, and the start of our next phase.
Touch wood, I’m still in pretty good health even if I did nearly bite it. But right now, not working may not be the best thing about retiring.
Today, I hit a fairly small, but still important, milestone. It’s been 16 months since the crash that permanently changed my life. It’s not worth dwelling on this, other than to note its passing. My monthly crashiversaries were a big deal to me for a while with recovery milestones coming fast and furious for several months, but as I’ve settled into my new reality and continue to give thanks for still being here, it becomes a little more SNAFU with each passing month.
The far bigger milestone is tomorrow, when I’ll officially retire after nearly 18 years at BCIT. I’ve known I’d be retiring on August 15th for a couple months now, since I accepted a modest buyout of 80% of my annual salary as part of cost-cutting measures (most notably due to a drop in immigration targets and foreign student applications). In effect it’s like getting paid until spring of 2026 when I’ll be 61.5, give or take, and probably eyeing early retirement anyway. Once I receive my lump sum payment, my LTD and ICBC income top-up supplement will also be done.
I suspect I may have opted to remain on LTD/ICBC until 65 if I had known about BCIT’s budget troubles prior to us getting approval for remote work, but remaining on LTD would also have put me under increased scrutiny to continually prove my disabilities. Truth be told, I’m just happy to be rid of all of it. Right now, being done with income replacement insurance is likely the best thing about retiring. Not only were there times I got really tired of meeting what often seemed like silly and arbitrary requirements to continue receiving benefits, but dealing with three different insurers was all kinds of annoying.
My approved graduated return to work plan was almost entirely an experiment to see how using my brain in a work setting would go. Now I’ll never find out, and I’m OK with that. I have a number of ideas for remaining engaged and busy, but haven’t made any decisions, beyond maintaining my fitness, reading and journaling habits, and pursuing more photography. We’ll also be continuing to travel as budget allows, but only after we’ve bought and settled into a new place late this year, or early next. I’m also considering volunteering and eyeing a couple things I’m interested in. Being immunocompromised now does add a challenge or two, particularly where being indoors in crowds is concerned.
I’m also cognizant of the fact that a major cardiac event is more likely in the first year of retirement, so remaining busy and active will be, and always was, part of my retirement plan. I suspect it’s easier to stay healthy when you have always been active, and have needed to remain so to recover from something like I experienced last year.
The only thing left is for BCIT to send my final documentation to the Pension Corporation of BC for processing, so I can begin collecting. As we’ll still need a mortgage, I opted for a temporary full annuity until I turn 65, which will reduce my payments after 65, in exchange for a significant monthly increase until then. With our investments beginning to pay me RIF income next year, and CPP/OAS kicking in after 65 as well, we should be in good shape going forward.