Archived "Early" Retirement question?

[FlowteamBlues]

Hello all.

So, I've been with the company for just about 9 years. In my targetpayandbenefits website, it states that my "early" retirement date was in 2013?

I'm wondering, does that mean anything when it comes to cash out, if need be? I'm looking to get out, and I may need to cash out to make it through. I guess the phrasing is just confusing and I don't really want to bring the question up to my HR without having a plan in mind.

Any and all help would be appreciated 🙂 Thank you!

 

[redeye58]

I think that's generic retirement as opposed to retirement from Target.
To retire from spot, you need to have worked a minimum of 10 yrs & be 55 or older.
You'll get to keep your discount & you get a giftcard according to the number of years worked.
Several of our retirees have come back to work as a stop-gap or to supplement their SS.

 

[FlowteamBlues]

I didn't realize you could retire at 25 Hahaha. But that definitely answers the question, thank you very much! So, either way I look at it, I'm getting that 10% hit, eh?

 

[redeye58]

Yeh, you are unless you roll it over to another 401K, IRA or a Roth.

 

[DeadEnd]

I wish I could get early retire from Target but I'm in early 40s right now. Early retirement age is long way for me. I don't think I will be survival at Target when I turn to 55 years old.

 

[PM2NO]

Im in my mid-30s and been with spot 15 years. I think the only thing I can truly cash out on is pension which I think is the early retirement date eligibility.

 

[Hardlinesmaster]

@bullseye1962:
From targetpayandbenefits.com info page.
Retiree Discount and Retirement Gift

1. You may be eligible for the Target retiree discount privilege, as well as a retirement gift, if you meet all of the following criteria:❏❏ Are at least 55 years old when you leave the company.
   
   ❏❏ Have 10 years of credited and continuous service, starting after your latest hire date. A year of credited service is a calendar year in which you were paid for 1,000 or more hours. (If you were age 45 or older and an active team member on December 31, 2002, five years of credited and continuous service will qualify under the grandfathered rule. Note: If you left the company and were rehired January 1, 2003 or after, you need to meet the 10-year eligibility rules.)
   
   If you are eligible for a retirement gift, you will receive information in the mail approximately two months after your retirement date.

 

[MM1MM2]

@bullseye1962:
From targetpayandbenefits.com info page.
Retiree Discount and Retirement Gift

1. You may be eligible for the Target retiree discount privilege, as well as a retirement gift, if you meet all of the following criteria:❏❏ Are at least 55 years old when you leave the company.
   
   ❏❏ Have 10 years of credited and continuous service, starting after your latest hire date. A year of credited service is a calendar year in which you were paid for 1,000 or more hours. (If you were age 45 or older and an active team member on December 31, 2002, five years of credited and continuous service will qualify under the grandfathered rule. Note: If you left the company and were rehired January 1, 2003 or after, you need to meet the 10-year eligibility rules.)
   
   If you are eligible for a retirement gift, you will receive information in the mail approximately two months after your retirement date.

I'll be 55 in 20 years.
Don't know that I can do this for 20 more years. Ahaha. But hey, at least I got half of the requirements down.
I'm pretty sure by the time I'm 55 the retirement age will be something like 65 or 70. 😱

 

[Hardlinesmaster]

I'll be 55 in 20 years.
Don't know that I can do this for 20 more years. Ahaha. But hey, at least I got half of the requirements down.
I'm pretty sure by the time I'm 55 the retirement age will be something like 65 or 70. 😱

I am ancient one. I miss the old days🙁. I do qualify for the early retirement now.

 

[Hardlines God]

I'll be 55 in 20 years.
Don't know that I can do this for 20 more years. Ahaha. But hey, at least I got half of the requirements down.
I'm pretty sure by the time I'm 55 the retirement age will be something like 65 or 70. 😱

I've got nearly 30 years to go myself. Trust me when I say I intend to keep this discount!