Anyone have 30 years but not retiring this year?
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I’ll 2nd that and add a PSA reminder. When the day comes you are locked out completely by IT. No e-mail attachments, USB ports are already locked down, and you are blocked from using Dropbox or any cloud services! Unless you want to pull the hard drive out and transfer files that way you are out of luck. Wouldn’t have helped me anyways since everything was stored on my personal drive on the server.
Thankfully I e-mailed myself most of my personal files and pictures in early August but I still lost a ton of stuff. Either don’t be like me and put personal stuff on your work computer (duh) or back it up someplace else as frequently as needed. Sucks because I lost some really useful reference info I accumulated over the years I could’ve used at my new job.
Actually, you may think you aren't going - any maybe you aren't this year - but I can tell you from experience you don't get to make the call when you get to go unless you go BEFORE they force you out.
I would suggest taking a VSSP offer if made to you; it will buy you time to decide what to do next and give you some time to say goodbye, which is helpful if you don't know quite what you want to do next. Involutories suck, as you don't get to say goodbye or take some documents/work examples with you.
I think a lot of them don't want to go, as they'd be giving up their regular paycheck.
Attitudes definitely change when you're maxed out and can decide on any given to say say F It, I'm outta here! Makes it a lot easier to put up with BS and not worry about ignoring being expected to put in "casual overtime". Additionally, every year working & living on the salary is one year less that the retirement funding has to last. The older one gets the more this makes for freedom in retirement spending.
It’s surprising those who have the age and 35+ years who casually and comfortably state that they will stay on for a couple or few more years. In these times, that leisurely thinking seems strangely detached and unaware. God for them if they can pull it off…
All you 55+ year old's you have no excuse now! Go for it!!!!
By the way. Rule of 55 applies to those retiring in the calendar year in which they turn age 55.
So, in some cases, retiring at age 54 does the trick considering that you are retiring within the calendar year in which you turn 55!
Just sayin…
If any of you are under the age of 59-1/2 and want to leave, you should know that you CAN take money from your 401K after your retire. Research "Rule 72t”. It allows you to take money from your 401K as long as you commit to do so via recurring distributions over a defined period of time. You don't need to wait until you are 59-1/2 .
Just saying!
If any of you are over the age of 55 and want to leave, you should know that you CAN take money from your 401K after your retire. Research "Rule 55". It allows you to take money from your 401K if you retire at 55 or older. You don't need to wait until you are 59-1/2 .
Just saying!
No Guarantee that there will not be a conversion of GRP into FRP using current interest rates. Those who are eligible to retire now but who choose to stay on, run that risk.
Taking the monthly payment also seems risky for several reasons. There is no provision for passing this on (except to spouse). What happens if both spouses pass away within a few years....kids get nothing. Also, this puts everything into a fixed monthly amount. Ten years from now that monthly payment will not go nearly as far due to inflation. There are external options that mitigate both of these issues, but maybe some people are okay with the employer annuity....again does not seem like the best financial choice. Thx
If they take the monthly payment, the amount is unchanged. Only lump sum is affected.
Seems counter productive, they would go with a package otherwise are they really going to risk losing $200k or more in pension not knowing how many years it might take to recover that....doesn't seem logical, but who knows.
Yes, lots of them. But they would go if they got a package. That's what they all say.