I knew that no one is safe, but I still couldn't believe that after so many years of loyalty and hard work here, I would be laid off even though I didn't have many years left until retirement. I try not to think too much about what happened and instead focus on looking for a job, although I am aware that it will be a real challenge for us slightly older employees. Any advice?
19 replies (most recent on top)
BNYM has too much instability and they definitely showing what they think of their employees. if this layoff wasn't a tell-tale sign, then also know about what they are doing with the 401K match. You won't get a dime of it until a year later. So this gives them the flexibility to have you as an employee for the whole year and then lay you off before they have to pay you a dime towards your 401K match.
@2xpp, no, my first post said I was close to retirement and was canned. I brought up that I had a nice nest egg to show that it didn't stop me from getting free health care that's better than what I got when I was working. Health insurance is one of the major concerns of people who are considering retiring before they qualify for Medicare and it could be very helpful advice for the OP.
On a side note, it's not exactly a lot of money when my kids aren't even in high school yet and my genes favor me living another 40 or 50 years in retirement.
Yes it was like a howling primal scream of true First World anguish.
It still sends shivers down our spines.
Just refer to your initial post. Essentially “Woe is me, I’m wealthy but I have to pay taxes and follow withdrawal rules.”
@1vnk and @1hyk
I'm not sure why you think I'm complaining or I feel like I have problems, I'm certainly content. I simply gave the OP some advice since he was asking for it and a jerk or two seem to have a problem with it. I certainly agree with your sentiment about knowing what's important in life. That's part of the reason I'm sitting on a nice nest egg which gives me a whole lot of freedom and peace of mind. I learned a long time ago that material things only go so far in making you happy. On a side note, to accumulate $600K in 40 years you wouldn't even need to put away $350 per month at 6% interest.
@1iof,
That would have been funny if you didn't type "commodifies". Who am I kidding, no it wouldn't.
@1wyp,
I've made BK millions despite making an occasional typo. Not doing too bad myself either.
@1gmz,
Of course most investors have pretax accounts, but it's important to note that they're different than after tax accounts since a good portion of the money is the gubbermint's. Especially ones that are taxed at earned income rates.
And I have enough of a clue to know what "self awareness" is. I'll give you a hint, it has nothing to do with understanding finances.
@1rff aka @meo,
You can make excuses for your lack of success and blame it on having kids or a spouse but there is nothing special about someone raising kids. I know plenty of well-rounded, happy, productive people who don't have children. But surprise, surprise, I actually have children. But I waited until I had a home. And I didn't waste money on material things that didn't matter even though I have always splurged on a better than average home and cars. And I fed them good home cooked meals that were cheap. There is nothing incredible about that. But go ahead and contradict yourself accusing me of putting unimportant things first when it's obvious that I just delayed gratification so I didn't have to cry when BK decided my job was going to India.
Can you clarify the complaint?
Health, wealth and time to manage both. That’s like looking for a cloud in a sunny sky. I’d give you a loan if you weren’t triple my net worth :-)
A couple million in retirement assets and all of the time in the world to learn about taxes, Roth conversions and dividend based income streams. Your problems are the problems that most would love to have. Congratulations, but understand that the Bank is quite top heavy and this sounds like a fantasy dream to many here. I’m quite happy to be retired with $600K after investing the max (not the match) for 40 years and I share all of the restrictions that you do.
I believe that my glass is full as I’m healthy & solvent.
That Person Is the Richest Whose Pleasures Are the Cheapest
I believe that’s a Thoreau quote but I don’t know for sure. It certainly resonated for me since junior high school.
So why are you putting your money in Barley, of all commodifies.
It’s people of this caliber, not caliper. I’d just love to read the résumé’s of our coworkers and meet the HR hiring reps who passed them through. Illiteracy and innumeracy seem to rule at the Bank and I mean all the way to the top.
Please… get a clue. Every investor ever has taxable IRA, 401K, and capital gains taxes. My generation didn’t even have access to Roth IRAs until we were in our 50s.
Talk about a lack of self awareness..
It reads to me that you’re a loser in a winner’s seat. All you have to do is accept incredible financial success. I assume that you have never married or raised a family… am I right?
@ebr,
It's sad that BK hires people of your caliper. I said "I have a couple million between my pension, 401(k) and HSA". Each has strings attached. My HSA has to be spent on medical or it costs me. My traditional 401(k) has yet to be taxed. My ROTH 401(k) will incur penalties if I touch it now because I haven't had it 5 years. My pension will likely be taken as an annuity or would have to be rolled over to a 401(K) OR IRA which would be taxed.
I barley made 6 figures at the bank and was able to save that much just by maxing out my HSA and coming close to maxing out my 401(k).
I’m not sure what your role was but speaking from experience I found that I had little difficulty in landing a new job in a contract position. After a few months it turned into a full-time role with the new company. I put a lot of work into finding a new role. I made it my full time job for a number of weeks and started immediately. I had a number of opportunities in the works but elected to take a contract role quickly because it was with a great company. I don’t know how the other opportunities would have panned out. I was over 50 but I honestly don’t recall age even being an issue while going through the 1st job search in over 25 years. Good luck all. I hope things look more promising for you all in the coming weeks and months.
@kpx- you stated you have a couple million$. Now it is an entangled couple million $……. You certainly did work at BNYM.
@fcp,
I don't have a couple million. Much of that still needs to be taxed and has other strings attached.
Age isn't an issue with employment. It's your credentials and how you present yourself. Took early retirement, 8 weeks off, and then found a better paying/benefits job within a month in Q4/22. If you're good, you'll get hired.
Hold on - I need to feel bad because you have a couple million????
Get at it as soon as possible and leverage your network.
I was canned a few years ago when I was 54 and decided to retire. I'm living off savings so I have hardly any income so I get free health insurance through NYS with no deductibles. They don't care that I have a couple million between my pension, 401(k) and HSA.