If you are waiting for severance you haven't saved enough and taken advantage of a great bull market during your working career. That's on you. It is all too common in America that people in corporations who have made great salaries with benefits and 401Ks had zero personal finance skills. Hang around for 6 months heavily taxed severance? Fools.
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Hey OP, yes I agree it is better to be healthy, rich, handsome and intelligent rather than poor and unhealthy. Not everyone is that lucky as you. Life happens. Not everybody is fortunate enough to make six figures salary. So enjoy your blessings because you never know what’s next.
DONT RESPOND TO THIS. SAME D-BAG TRYING TO GET ANGRY.
Not yet 63 and retiring from here this year. Had previous career before the phone company and always saved. >$3M saved for retirement.
Here’s my story:
Cool 2 mil in retirement acct growing rapidly, age 50, surplussed with a fat 90k severance, making 200k at a new gig. 500k pension lump FROM SBC that will grow til 55. Looking forward to my March 6th bonus for another cash influx.
Get yourself the severance you’re due AND a new job where you’re appreciated.
No other options.
Will reach MR75 at 48, have to stay till 50.
Then I will continue to work HERE until 65.
Adding to my 401k, pension and salary.
Retired from here at 56. Most of the time I loved my job. From the Mandatory Saturdays as an Engineer to working in AT&T Labs. I invested in my 401K from my second week on the job. I always put in the max. Compound interest is incredible over 34 years. I was able to benefit from the Rule of 55. I purchased a brand new home with cash when I retired. All of you can do it too. Stay focused and RTO!
This is high quality.
Retired from here at 56. Most of the time I loved my job. From the Mandatory Saturdays as an Engineer to working in AT&T Labs. I invested in my 401K from my second week on the job. I always put in the max. Compound interest is incredible over 34 years. I was able to benefit from the Rule of 55. I purchased a brand new home with cash when I retired. All of you can do it too. Stay focused and RTO!
It's not on us. It is on you grasshopper. We are still employed Jr.
" almost 60 and in my young career there were 3 recessions and a long period of time between recoveries, but then again you had to have money in the market to make money. jobs were scarce and most of us with engineering degrees were working manual labor jobs or entering the
military. there were a short few years of prosperity before the dot com bubble burst. of course we were paying more a house since interest rates were 7% for a 30 year loan.
some of you young folks have never seen a recession, but i think you will soon."
You were also able to purchase a home for a nickel and pocket lint. Times are different brother.
im almost 60 and in my young career there were 3 recessions and a long period of time between recoveries, but then again you had to have money in the market to make money. jobs were scarce and most of us with engineering degrees were working manual labor jobs or entering the
military. there were a short few years of prosperity before the dot com bubble burst. of course we were paying more a house since interest rates were 7% for a 30 year loan.
some of you young folks have never seen a recession, but i think you will soon.
Little junior playing the Daddy role on Layoff.com today. So cute.
Now fetch me some Burger King.
It also depends upon where you live. I could live somewhere rural and buy three house. However, living in a major metro area is not cheap.
Everyone has different circumstances, so let’s not cast a wide net over something that is more personal than it appears on the surface.
Hey Skippy--who paid for your college degree?
If you're in your 20s with absolutely zero debt, I would be shocked. That means no student loans (preferably paid--not "forgiven), no house payment, you pay cash for your cars, don't have kids, pay alllll your own bills, etc. Life is expensive, and when you think you have it all figured out, you might have a huge home repair, or a wrecked car, etc.
I also know lots of adult children who think they're paying their own way and making lots of money, but they drive a car their parents bought for them, insurance on that car paid by parents, still on parents' health insurance, and still talking on a phone paid by parents.
Oh, so now 40s is tool old and "hanging on?" You really need to FATWO.
I think I'm doing just fine (mid 50's).
Still here working. Kids through college with no debt. House paid off. No car loans, zero debt.
Couple million in retirement funds.
If I had to do it over again, I would have saved more in brokerage accounts outside of retirement, sure. Hindsight is 20/20 though. Again, I think I did pretty well compared to most of my peers.
All of that said, yes, I want my severance. I'm not ashamed of that. I feel like I've earned it.
The so called experts in Stocks want you buy buy buying while you should be out or short on select companies and industries. Real Estate always goes up, yes over time but you buy at a peak point and you be in trouble with that monthly nut.
Stock Market, Real Estate both pumped up to the gills looking for a reason to crash. If you have a job and need it hang onto it unless you have socked away a ton. People are in for a rude awakening. The world is catching up and we are a debt bloated pig.
This country wasn't built in delayed gratification. I need these corporate debt slaves to keep buying and grinding to get me those 10% index returns.
Those who have to relocate don’t have to go into the office.
I got another remote job, lied said I’d move.
Collecting both checks.
That’s my severance, fu-k Stankey.
Or i can just sit around and do bare minimum getting paid my 6 figure salary while letting my 401k match continue as well as my monthly pension payments…..
Nah. I have my departure mapped out and now ain't the time, no matter how much @OP+1jmj3zd63 wishes it was.
Do you even know how a 401k works?
Not the thread starter. But do you?
Rule of 55 gives you access to the 401k from the company you retire from. Without penalty. Our plan supports this. Must retire after 55 though.
More complicated is 72t/sepp. Also an option
You should have money saved outside a 401k that might get you to 59.5.
You could buy an annuity to get access to your 401k
You could pay the ten percent penalty
There are many options. Consult a financial advisor.
2% of Americans under 55 are retired and you want to claim the only reason people in their 40s are working is because they didn’t save?
That’s a little extreme
I agree that most don’t save. And many at T make a lot of money and thus are in better position to save than most.
If people had an emergency fund they might be more likely to walk rather than clinging to the hope of what little severance T offers now.
There are also lifestyle choices. Most people don’t want to retire to just watch Netflix
Or they’re paying for their kids college
Or their parents retirement
Was this a sad attempt to start a generation war in the comments or are yoou serious?
Ain't leaving without a parting gift.
Do you even know how a 401k works?
Yeah. Anyone over 40 years of age need to leave now.
Us recent grads with degrees in gender studies want your job.
If your a WASP and not leaving ASAP then you are not practicing DEI.
Go white guy. Just go. Now. You still here? Go.
They be in big trouble. Housing prices are bloated along with stock market.