Thread regarding IBM layoffs

Interesting ageism case:

https://www.youtube.com/watch?v=bw3k5O00Tz8

Retire!!!! Embrace the aid. Get medicare and social security. Medicare Advantage insurance is good, and costs about 1/3 of what you pay for IBM coverage. Hopefully, you've done a good job saving money in your 401k. IBM sucks. I worked for them for 16 years, and my "pension" is under $300/month. Cheap bastarbs.

Relax. Drink some Kool-Aid. IBM is a mess and you're better off leaving the toxic culture. Retire and enjoy life.

@3qpm+1igzJkmH. Bingo. Totally agree. But $3M will get a bit north of $100K/year. I've run a bunch of monte carlo simulations, FIDO, iORP, and firecalc. at $3M using conservative returns and inflation, you've got great odds of a minimum of $100K/year, probably more like $125-140. Totally enough for a decent life.

And yes you aren't going to be destitute....

@3rud+1igzJkmH. doubt it. anyone who retired at 55 ain't following this site. troll... lmao.

Okay.

I mean everything I wrote in @3qpm is true.

It's too bad that reality doesn't fit your narrative, but don't take it out on the messenger.

@3qpm, please buy a one-way rocket ticket from Musk. Fare well.

Wtf.

1. $3m at age 64 is entirely reasonable for an IBMer or any engineer at a company with a 401(k). You all need to learn about compound interest.
2. $3m is enough for a very basic retirement. That's north of $100k, even if you use the super conservative 3.5% rule. Sure, more is better, but you won't be destitute.

Have fun SamHairyPALMisano You'll have more time to troll Cya

What you need is dependent on how you live.
simple: (How much you need - social security ) / 0.05 = how much you need in retirement funds.

SamRosy what are you going to do with $3M at your age? Maybe you could hire someone and give your palm a break. LOL

@2zdc+1igzJkmH LMFAO…. If you think $2-3M is a lot of assets…. Your living under a rock buddy…. Lmfao….

“ At age 64 you should have AT LEAST $2-3M in assets at a minimum, unless you had extenuating personal circumstances.”

What fu----g planet are you on?
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How could anyone here age 64 NOT have $2MM in assets? Im talking EVERYTHING. 401K, plus savings, blah blah. Maybe including home equity. im 61 and im already at $3M. (house is just small portion of that in high COL area).

WTF are you doing with your money.... i can understand if you have extenuating circumstances and not having that much, but man...no wonder this country is in a shithole. plan for retirement man.....

Ever onward.

Make sure to read the response here: @OP+1ihO4ej1

Please ignore everything else.Dont hesitate.contact the firm of Dewey Cheetum and Howe.They have a sterling reputation

I also got my marching papers, in US Expert Labs, Sales. F-u-c-k-i-n-g company to say the least!

1 minute later I get an email with the severance details (lending me to believe this was planned).

yes it was planned, and a couple of levels up your management chain. Your 1st line can't decide to do this themselves.

Sorry you got hit. Do you mind sharing the details of your severance? Like others said if it’s just a month, it may be wise not to sign. With 20 years i assume you were not on old retirement plan, so perhaps cutting your bridge there wasn’t their goal.

May I suggest taking a probably lower paying job in your local community for more meaning - school bus driver, USPS, or volunteering for meals on wheels or driving cancer patients to their appointments? Corporate America does not give you meaning just a paycheck. You should have enough to take the pay cut and pursue something where you don’t have to deal with another company like IBM

llrlaw.com
This law firm is kicking IBMs @$$

If IBM only gives a month severance don't sign the papers. If you sign the papers for 1 month severance you're signing away to sue for age discrimination.

“ At age 64 you should have AT LEAST $2-3M in assets at a minimum, unless you had extenuating personal circumstances.”

What fu----g planet are you on?

If you're in Canada and you hire a good lawyer you may be able to get as much as one month severance per year of service. Google severance calculator and the company that put that out there Samfiru Tumarkin.

What area and what are your tech skills….there are options in areas like mainframe….

Only you can answer the question about next steps given your financial profile. At age 64 you should have AT LEAST $2-3M in assets at a minimum, unless you had extenuating personal circumstances.

Which Business Unit / department ?

You have been at IBM since 2000 and did not see the ageism or constant layoffs ? Were you dead at the wheel ?
At 64 your retirement funds should be ready to be used. Find a gig for medical and semi retire.
It may be cold but , there is no excuse for not being ready for this.

Contact this law firm llrlaw

• com You may be able to join the suit they have in action

Severance is worth nothing. It was planned, you are older and expensive and right out of the IBM playbook. Don’t sign anything and give yourself the option to sue for age discrimination. If your skills are good, job market is still hot for talent. I know - was about 18 months in front of you.

Wait until you sign anything.
They want you to sign asap, so obviously, don't.
Make then wonder what you will do.
And since you will be leaving now, one way or the other, and you are in your 60s, don't wimp out.