I’ve seen so many people post on LinkedIn today that this is their last day at Cisco. Very similar to when I was laid off as It’s all about cost nothing to do with refocusing on AI. Everyone who looks to be impacted was 20+ years there so high dollar resources. They managed to throw in a few younger people to avoid the lawsuit.
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@j8 🤣 maybe?
@j5 i have a feeling i know you. Happy for you. I wish you all the best!
Well past Rule of 70 at 67 and years of service added. My compensation is outstanding for what I do and I also love working with the people around me, and I am still learning. Despite that when it comes down to it, I am a wh*re and can’t leave on my own volition because I don’t want to leave money on the table. I’m probably going to die waiting for an LR or ER happen.
Wow! I’m 60 and landed a job with a High Tech giant. Love the job. Age is just a number, experience doesn’t go away with age. It gets better for some of us.
I was at CSCO for 15 yrs until it became clear I was too old & expensive. Hire 4 people in India for my pay. I left on my terms, not theirs. Did the ramp down dance, got paid medical for a year and GTFO of California. Ageism is a fact. Watch for signs. Plan your own exit on your terms.
People who survived at Cisco for 20 years and more must be extremely political and outdated. I know some of them who did not know a thing but managed to hold on to their jobs and even get promoted only by playing politics.
If people actually worked at companies for twenty years, I would "get" ageism...but even in cr-ppy markets, employee tenure in tech is four years or less.
With the exception of zombie ELT members. Fran looks like that old cat lady at the end of the street. Liz isn't faring much better, clearly in her 60s.
As an old person who worked at Cisco for a time the problem wasn't ageism, the problem was having armies of people with titles like Technical Leader writing ten line check ins to close DDTs', often without actually fixing the problems. I've seen the Cisco cult take a lot of really great people and turn them into something far worse than useless and Stockholm syndrome seems to take over.
@ac absolutely. I hope to "pay-it-forward" to someone who told me about this capability years ago. He left Cisco at the first early retirement. He told me he was leaving San Jose, and moving to Idaho. This was about nine to ten years ago. I decided then and there, to do the same. My time was about seven years ago. It was the best decision I ever made. I hope that someone else, in similar situation, is reading this; and is deciding to do the same.
Me:
- Had almost 18 years in
- Serious investor/day-trader (via Brokerage-Link)
- Had high salary, but saved most of it, my whole time at Cisco
It can be done. Easily. For health insurance, either pay for it on ACA site, or get a part time job. It really wasn't a stretch to leave Cisco. I miss the people, but not the job. Hopefully have added a good decade to life by being away from the stress.
Disclaimer: if you can manage the stress at Cisco, that is a different story. Towards the end, I could not.
Point is: Always have a Plan B. Plan for your future.
@a5 lol, i bet your code is full of bugs because your assumptions are really stupid. Or maybe you are that stupid!
“Rule of 70” is a Cisco RSU Early Retirement clause.
“Rule of 55” is for penalty-free 401k withdrawals when you leave the company on or after the year you turn 55. This is a plan/company-specific features, not available in all plans. I checked with NetBenefits and confirmed Cisco plan allows this.
Fidelity documentation on "IRS Rule of 55".
Hope this helps someone thinking on leaving that is age 55 or more, and has been at Cisco a long time.
It can be done. You have paid your dues, if you have saved. Take advantage of it.
Here:
https://www.fidelity.com/learning-center/personal-finance/what-is-rule-of-55
Get educated.
It is Rule of 55. It is IRS. Not Cisco's 70 count BS.
What is it? You can pull from your current employer starting at age 55. You just have to be working for them. You start annuitizing 401k. Without the extra 10% penalty. Just am taxed at 20% normal income.
Knowledge is power. Use it. This is how people leave Cisco at age 55 and no longer work.
Search for "IRS Rule of 55"
Example:
https://wiserinvestor.com/what-is-the-rule-of-55-and-how-does-it-work/
@a7 there is no such thing as “Rule if 55”
It’s called Rule of 70.
Since you don’t even know what it is, we can assume your entire post is B.S.
@a5 it's not easy to survive at any non government entity for 10+ years, i highly doubt its a lack of skill barrier, not everyone want to be decorated with corp sponsors like a F1 car
There are plenty of people that stayed ~20+ years, with an alternative plan: retire early. If you ask around, you will find them.
Hired on in late 90s; back then Cisco paid premium pay to hire from competitors. Brought on with old pre-RSU options as part of initial offer, then got additional pre-RSUs for a few years. Then RSUs and ESPP. Many years over $200k, with bonus. Why leave?
Saved most of it, maxed out Roth IRAs for my spouse and I. Daytraded SPY in BrokerageLink.
Plan all along was to stay till they kicked me out, then retire early. I was asked to leave at just over age 55 (I told my boss if they needed someone to go, pick me). I did. With IRS "Rule of 55"; I retired now five years ago.
That was the plan all along. Those staying can easily do the same if they have been saving and investing.
If you look around you may recognize these folks with the same plan. Usually good workers, big savers, and live realistically (average house and used cars).
If you’re at Cisco 20+ years it’s because you lack the skills needed to go elsewhere.
FAANG a few years back would never take you and today none of the hot AI companies would either.
@a1 the younger talent likely were being paid higher based on new market rates so some had to go.
The younger people who were included were probably not working out or performance cases so they threw them in to dilute the ageism. Two birds with one stone...
Ageism is definitely real, if you were impacted and need to find another job good luck.