Thread regarding Honeywell International Inc. layoffs

To the OP, best of luck to you, I am sure you will find another job and realize the grass is greener and not fake, there are companies out there that value experience and are hunting for individuals who have real world experience.

This company is on a severe downhill, we all know it, they will always have some scheme to get them to the next quarter while they bleed workers dry. The toxic culture breeds those heartless individuals that will say anything about someone else just to make themselves look good. This is part of the reason people leave and no one wants to apply to this place.

From the OP (Original Poster): Many thoughtful, helpful, and encouraging replies here. Thank you to all of you!

Some things to consider for the OP
1) you should have a pension as well as the $500k savings. With a paid off house, you should be OK. And the pension is insured.
2) SS runs out of money in 2035. Do not count on it being there for you because you have more wealth than most others.
3) housing prices could/should correct at least 50%. Factor that into your savings. It may be better to cash out now and seriously downsize. It is also much easier to do that now than at 75yo.
4) seariously nice retirement homes often ask for a non refundable deposit of 100-200k. But give the benefit of fixed annual living costs. This is critical to avoid inflation exposure.
5) with baby boomers retiring in bulk now, the market will have a net outflow of cash relative to inflation. This means that the returns of the last 20 years are not likely to continue. Budget assuming a small growth rate of maybe 2%.

OP, did you have a pension? I'm 64 and left three years ago as a Band 4 principal engineer with 35 years service. I was in the Signal Co's pension plan from AlliedSignal and left with pension of almost $43K/yr.

I retired from HW at 56 yo. In my case I stuck it to HW. As a key member of the technical staff, they freaked out when I gave notice. So I wouldn't have to hear the begging to stay, told them I'd come back as a contractor...with no intention of coming back. Fall out took a couple of years, but was complete, boss was rifed, direct reporting boss took vrif, auxiliary boss transferred, and various other engineers left. The group has gone nowhere since I left back in 2014.

In my case, it was helpful to generate a spreadsheet with 401k, pension, ss as entries. Have a column for 401k interest, cost of living increases in ss, yearly spending, taxes, etc. One axis is age and the other is income/ spending.

If you get all the details down in a one page spreadsheet you might find that your ok or maybe your not and need to move to a more aggresive investment strategy like investing in a low fee s&p index fund.

Folks, isn't it concerning that someone can have a decent job for 34 years, a pension, SS, savings and a paid off house ....but still not be able to retire comfortably?

This does not bode well for the less fortunate approaching retirement in this country.

My best advice - sit down with a financial planner and have him review your situation. They have a lot of good insight to issues you might not have considered as well as insight as to how well your 401 will support you in the coming years, as well as some of the economic changes that could occur. Also tax implications since it seems tax laws are changing nearly weekly now and can eat up your funds unless you plan properly. If you rolled your 401 over to an outside institution, they probably provide a free consultation to create a financial plan for you which will give you some good insights.

I would also recommend getting another job and start socking away some more funds. You can work now but as you get older that becomes more difficult so get it while you can. Financial planner is my best advice though.

You'll be fine. I left at 59 yo and 37 years. Two honeywell retirements Bendix & Garrett plus SS at 62 and taking 700/mo off of 401 worth 575k we're fine snd don't hit principle until I'm 97 yo. I took the plane that pays wife same amount as we're getting g now. Everyday is fun snd we travel every year.

Totally agree with @pqp+1bAd9qu2. Small Hon pension + SS should be close to $50K per year if not more. Invest most of your $500 K in bonds and high paying dividends (say3% or more) and you should be at $60k or more per year. With payed off house you should be able to swing that. Maybe seek a PT job till 65 when you can get Medicare. Really it would seem you only major expense is medical ins. you don't mention if you are married if so and partner is 62+ there is another probably ~$2K a month income. Good luck

More room for (2 to 3) H1B Visa's or (4 to 6) more hires in China, India, Mexico, and Romania

Sad this happened. HW has been stealthy doing this for decades. Save pension? Probably. Save on higher salary, definitely. Send message to others so they leave without severance, yep. It's page one of their playbook.

Exact same thing happened to me after 25-years. PIP is the way Honeywell and it’s lawyers legally justifies terminating older employees to avoid age discrimination legal actions. The Honeywell pension system is back-end loaded regarding pension income calculations. They have saved hundreds of millions if not Billions of dollars in pension payments using PIP to termination older employees early. A class actions age discrimination and the uses of PIP should be filed. The truth would come out if the issue was pressed and individually had to testify under oath.

I got bounced at the same age, after 29 years. The last five years there were terrible and humiliating. I then worked as a contractor for a few years allowing me to refrain from taking social security until 66. I hope you can find a similar gig to take you through to a more secure retirement.

OP: with $500k, a paid off house, small pension from Hon and early SS..
You are in a better position than 95% of folks in your age group.

Try not to dwell on the injustice and start enjoying your retirement. In the end, you may consider it a gift.

Best of luck.

I am sorry to hear this. You will find work. Keep your chin up.