I can’t stand this place and it’s all I can do to get enough motivation to get dressed and go into the office. I realize my attitude has been affected by the fake PIPs and poor raises, but I’m hanging on another two years for retirement. Now I’m just doing the minimal and trying to collect the check.
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Had typo below, the overtake happens 21 hrs after 2nd plane leaves. So, that would be equivalent to overtake at age 62 + 21 = 83. ie. Dead
@1rfz+1fphUkbO
Lol, you are right. It is not different than your Gr. 7 math problem.
Plane X leaves Houston to KL flying 300 mph. Plane Y leaves 7 hours later and flies 400 mph. When does plane Y overtake?
If you assume the hrs above is years starting retirement early, it would take 21 years to overcome. That would be age 76, and likely, you are probably close to dead by then. Factor into speed boosts u get from investing, and that time difference increases more....
Also, as someone mentioned, the 25% is really not a significant penalty. It is a correction to account for the fact that you are receiving money for 5 or 7 years before ure normal retirement. If you look at both values forecasted to the same time period using NPV or FPV, the difference is not much... funny that so many smart people making over 300k cant do some basic finance calculations.
Dude, if you make $400k/year and can’t retire at 55 then you’ve done some pretty poor planning and saving.
HILARIOUS……”sum is reducing due to climbing interest rates, but when I factor in the $400,000 yearly income. OBVIOUSLY THIS NERD THINKS THAT IS A LOT OF MONEY “🤮🤬🤢
Yes my lump sum is reducing due to climbing interest rates, but when I factor in the $400,000 yearly income against the 5% per year penalty, staying until 60 is better for me economically.
That 5% penalty reduction annually effectively adds another $180,000 to my salary per year that I stay.
I would need to generate $580,000 per year to equal the total compensation equivalent that I receive by staying.
In the US, if you retire at 55 you do get a ‘reduced’ pension, however you still get a load of money that you can invest and earn more than the 5% annual discount if taking pension early. Plus the current low interest rates used to calculate your pension make your pension worth more now than it would be worth in a year or 2 with higher interest rates.
Don’t let the ‘25% discount’ fool you, you can more than make up for it. Have a financial planner run some numbers for you (for free!) and you’ll see what I mean.
And besides the $, your mental and physical health is just as important and should be a factor in your decision.
Retiring at 55 is the absolute best decision I ever made both financially and mentally.
The discount for taking lump sum before 60 is not near as severe as pension.
With rates climbing, may even be more money now than later.
One of the things EM had until the last couple of years was a relatively motivated workforce. I think that partially came from the idea of a long term career here. If you're planning to work somewhere for 20-30 years, you're likely to be more invested in your work and your internal reputation than if you're going to bail after a few years.
Now a lot more people are just doing the minimum, and honestly why wouldn't you at this point?
Management can't identify talent, and you're as likely to get rewarded by our rank system for coasting as you are for hard work. Plus with the expanded pip, any bad year or bad boss can put you on the chopping block. Roll those dice over enough years and it's hard to plan on a long career here as it was before.
If there isn't a good reason to be invested in a career at EM, the logical thing to do is the minimum for your job description and then spend your extra effort lining up the next opportunity.
If EM cancelled the 25% penalty for retirement at 55, thousands of RE would retire immediately.
@OP you must be at EMHC. That whole place is full of zombies dragging themselves to work. The lucky ones have doors on their offices and can hide behind ongoing zoom calls and not have to pretend they give a sh1t all day.
Just retire and let someone else who is younger and needs and wants the job have it. That's what I did. Stop being so greedy!
@OP+1fphUkbO Doing about the same, and I'm not even anywhere near retirement! Kick people often enough and motivation evaporates.
It must be nice to be BR3, but, 55 a bit young for retirement, no? Unless you are in a country with 55 mandatory retirement age.