In my two and a half decades in the workforce I had to deal with the great recession, the onslaught of H1B visas, outsourcing, and now finally the pandemic. I remember I used to have plans of early retirement so that I can properly enjoy the many things I want to do while I'm still not too old to do them. I envy those who're able to do that, but sadly I have to face the facts and know that I'm stuck here (unless I'm laid off) for a long, long time.
19 replies (most recent on top)
To the person who wrote the original post, note that retirement is a mindset. Many do go onto retirement with plans to do other stuff. Stuff they think they enjoy doing. So if one can switch to a mindset of viewing their work day as one they have retired into, the chores we do may seem less burdensome.
Retirement is also a maths problem. If you have enough $$, you can go into retirement anytime. If you do not, then the official retirement age set for us means nothing. It simply sees us moving out of one job rigth into another, usually less paying one.
@8ycv+1aAzAumZ,
H1B holders will work for 80% of what they're worth and that affects raises for the rest of us. They also don't push back at unrealistic deadlines because they're trapped at the company that got them the visa. That's why all you suckers are working 40 hours a week for the same compensation you got working 35 hours last year. They also don't expect a pension so which probably had a lot to do with why your pension was phased out.
One word… College.
Let’s be honest. If they could get rid of every single one of us they would & will. The amount of major initiatives throughout the bank to, as they like to call it, reduce headcount, is hard to believe. The initiatives have numbers tied to them & are specifically trying to get rid of US based employees. They even have the names that will be “FTE SAVE” well ahead of time. Think about this next time your working over a weekend or late into the night- or judging your co-worker for valuing the life part of work/ life balance. You are an expense to them & they most likely already have a plan to rid themselves of your expense & line their own pockets with the savings.
Instead of being decent and giving you ample notice and perhaps an incentive to stay on until they longer need you, they wait till the day they don’t need you, walk you out the door like a criminal, and Pile your work on to your coworkers already busy workload, until they time is up. If you heard the way Executive management refers to the “saves” so callously you’d be appalled.
- I.N.K. A wasted and unfulfilling life. You have to learn how to live for your children. That’s what it’s all about, not the bank balance.
Karma is real.
7wkk, why don’t you spell it out then? Did H1B recipient take the OP’s anticipated/desired promotion? Did that job get outsourced? Those are the only scenarios that come to mind, other than being displaced. The OP referenced that he was “stuck here,” so he wasn’t let go. So what does outsourcing and H1Bs have to do with his retirement shortcomings?
Or are you the OP?
I stand by my assessment. The OP is a slacker and blames foreigners for his lack of advancement.
@7wkk+1aAzAumZ, posting comments such as yours.
I do PLENTY to make this world a better place and proper financial planning has helped me do even more.
Post ID: @1ytz+1aAzAumZ
DI-K… what could be easier and less fulfilling?
For most of us, it's obvious how H1B Visas and outsourcing can effect someone's compensation hence their retirement plans.
Dump. You make a good point but the OP was all over the place with H1B Visas and outsourcing without making any connection as to how that impacted his retirement plans.
I’d bet my 1% raise for the remainder of my employment that the OP is a slacker and would be even at a great company.
Seeing a lot of judgmental posts on here w/o even knowing how others are spending their money.
Bottom line is the 1% raises we get means we make less each year when you factor in inflation & it’s tough to continue to live on regardless of being frugal or not. I could stomach these pitiful raises if the bank wasn’t making money &/or if the higher-ups were also receiving these pitiful raises - but they are living lavishly while we fall further behind while doing most of the work.
@5plv+1aAzAumZ, if it wasn't so sad it would be almost comical. The down voters probably get their financial advice from Dave Ramsey. I actually splurge one some things such as buying lunch every day but I saved a ton of money early in my career by doing simple things like having roommates, using my credit card to get 2% cash back on just about everything I buy, etc...
Comical seeing my post about living below your means get multiple downvotes. Keep blaming BMYM for your personal finances. I’m sure it makes you feel better. However, while you were getting takeout every day for lunch and always buying the latest and greatest devices, I was packing a lunch and making due with the older model phone. I’m debt free and have a 7 figure retirement account. I most likely make less than you as well.
Yes BNYMELLON sucks. But you failing at your personal finances are on you.
You worked for BNY for 11 years; I have never worked in the same company for over 3 years. I am not emotional attached to BNY or other companies. A job is exchanging your time for money. I only trust my saving accounts not BNY managements. No need to be emotional to be attached to BNY.
Worked for the company for eleven years. Lived way below my means to be able to save for my kids’ college, pay for a wedding, and have a cushion in case off a lay-off (which happened three weeks ago). While some find it easy to blame employees that complain they don’t make enough, BNYM (like many corporations) deserves much of the blame. New hires frequently make more than long-term employees because the long-term employees’ annual raises are significantly below the annual increase in the cost of living. Part of the reason is that there are less companies to work for in the field (so less incentive for a company to give competitive salaries/raises). And for all the complaining about millennials, their strategy of moving to different jobs more frequently to get the needed raises does seem to work better than long-term loyalty to a company that they hope will do the right thing.
@1rkq+1aAzAumZ, having children makes it more important to keep track of spending but it's certainly possible to retire early even if you're a parent.
- Don't buy them everything they ask for.
- For lunch feed them a jar of peanut butter and a loaf of bread instead of pre-packed junk food.
- For dinner feed them with a 50lb bag of potatoes and cheap chicken or beef.
- Dress them in $5 shirts from WalMart instead of Under Armour and whatever the current Abercrombie and Fitch is..
- Buy used stuff and sell the stuff they outgrew.
- Put them to work.
- Use their tax credit for them, not you.
If you don’t have kids you could probably retire early
I never made over 100 grand in a year and I retired at 50
What do you mean you’ve had to deal with H1B Visas and outsourcing? Were YOU previously laid off because of these things? Why are you stuck here, and how does any of this have to do with early retirement? Perhaps with more information this will all make sense, but your post as written fails to make the connections.
This company sucks but most people aren’t capable to retire early due to their own poor planning. Yes, raises 2% and lower don’t help. However, I have worked with dozens of people that have no concept of personal finance. Those relatively low dollar daily/weekly/monthly frivolous expenses add up, and the money is better off in a retirement account or paying down debt.
Fail to plan. Plan to fail.