Come Stitch With Me

Familiar with this song by Kenny Rogers? Well, the stock market craziness right now does not mean it’s time to fold ’em. The market moves in cycles and this week’s market shenanigans are but a blip on the radar of your long-term financial plan. Assuming you’ve worked with a financial planner and/or you have a sound asset allocation in a mix of investments that are appropriate for your stage in life, you will be OK.

Turn off the TV and social media.

Go back to your quilt cave, stream your favorite audiobook, podcast or YouTube video and get busy quilting. Make a kid themed quilt to donate to a local charity or pillowcases for Ryan’s Case for Smiles. Challenge yourself to use only the supplies you have on hand.

Keep your hands busy with EPP, embroidery and cross-stitch. Learn how to crochet or knit. Take your laptop to your quilt cave and learn some new features about EQ8 or your Cricut (or other cutting machine).

Organize your fabric and notions stash. Set aside unwanted items to pass along to a young stitchy friend or add to your guild’s free table at the next meeting. Coordinate 3+ yard bundles (I do 1.25 yards for each fabric) and set them aside, along with your favorite 3 yard quilt pattern(s) from Fabric Cafe. This makes a great grab & go project for sew days or to add an easy project to take to a quilt retreat. Not familiar with the popular 3 yard quilt patterns from Fabric Cafe? Visit their website and download the current freebie pattern, (which changes on a regular basis).

You can always pull out your quilt themed deck of cards – play solitaire or enjoy a fast game of crazy 8’s with the kids/grandkids.

Remember, you will be OK.

Each potential retiree’s situation is different. There are so many moving parts at play in figuring out the best options for you and your family. Knowledge is key. Reach out to your district’s HR dept, TRS and SHBP as needed. Working with a financial planner is also very helpful.

Gather your information:

1. Visit the TRS website and set-up your account, if you haven’t already done so.
2. Attend a one day pre-retirement workshop offered by TRS.
3. Read and bookmark the TRS Member’s Guide. Other helpful information can be found on the TRS website under the Newsroom tab.
4. Watch and bookmark the SHBP Retiree Educational Video about health insurance options after retirement and what your options are in case you need to leave before your official retirement date.
5. Bookmark the Retiree Page on the SHBP website.

Key things to keep in mind:

There are two health insurance pricing brackets for retirees. Know which one you fall under.

Whoever you want to cover under your health insurance in retirement needs to be on said insurance before you retire. Add them during Open Enrollment before you plan to retire, if necessary.

If you plan to leave early, know that you have to keep the SHBP insurance continuously in place for it to follow you into retirement. COBRA/State Extended Coverage isn’t cheap.

For me, attending a pre-retirement workshop was the catalyst that made me realize leaving early was possible. The slight bump in my monthly pension check if I stayed two more years simply wasn’t worth it. Health insurance was our sticky wicket. Once we figured that piece out (and how to fund it), it was my choice to stay or resign. One month later, I resigned and left at the end of my contract. We’ve enjoyed two wonderful years that we wouldn’t have had if I’d kept working. It was absolutely the right decision for us and would not have been possible without continued access to SHBP insurance.