Thread regarding General Motors layoffs

Things to think about if you're close to retirement

Look at how much your lump sum for pension is decreasing month to month - mine is decreasing about $1000/month because it's one less month of expected lifetime they have to pay you for.

Also, the interest rates used to calculate the lump sum amount (set by IRS) get adjusted once a year. The rates went up some this year so my lump sum amount took a 2.1% hit. However, the Fed is talking about multiple interest rate hikes in the next year or so - if you wait until after 9/1/2022 to retire you will most likely take an even bigger hit.

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Post ID: @OP+1d6tz0iU

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A $1000 loss opposed to retirement which is a 100% hit to your salary. Given the salary of somebody who is about to retire from GM, that could easily be ten times as much that you would be losing form your lump sum.

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Post ID: @ctqa+1d6tz0iU

Great Post.. Anyone with a half a brain for finance can logically understand that a $1000 per month hit to your lump sum, decreases your annual salary by $12000--meaning your working for less. Factor in the returns on that $12k and you are working for even less. Best strategy: retire when your lump sum is at its peak and then take on contract work. Win-Win. Don't listen to these ignoramuses who have no clue how to manage their finances.

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Post ID: @ctii+1d6tz0iU

Is that you Mary B.? Still trying to get rid of the older people. I'm pretty sure they make more than $1000 a month which means that they still end up ahead.

I mention this because anybody who has actually cared can see that the petty behavior that comes from experience at General Motors is detrimental to the company.

For example, what do experienced engineers say as they treat you like garbage, withold information, talk trash about you, and do their best to ensure your failure? "If you don't like it, find another job." Leadership knows the company cannot heal with these people poisoning the culture.

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Post ID: @nxh+1d6tz0iU

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