Thread regarding AT&T layoffs

Bro (or Gal), if you were half way as prepared and bright as you want us to believe you wouldnt be at AT&T... LMFAOOOOOOOO

"The guy still working at 64 years old is giving us financial advice. lol. "

You might want to take his advice. I am retirement eligible with 8 figures in the bank. I continue to work because I get paid 6 figures, the work is not physically demanding, I enjoy what I do, and every paycheck I get is building my children's retirement, or possibly my grand kids. So, GFY and your snarky attitude.

Great advice.....you had the discipline to follow through......today, companies show no loyalty...everyone is a number,,,if they need to cut they will....i wouldn't advise any of my children to be loyal to big companies....get in ,work hard, get a lot of relevant experience and prepare for your next move to acquire more market skills....take care of yourself and your family...

The guy still working at 64 years old is giving us financial advice. lol.

Many may be unprepared but JS is very well prepared. He was working on his golden parachute for years.

Agree. I listened to Dad.
He also told me that when I start dating WOMEN - to watch how they treat their mothers because that's how they will treat me within 5 yrs. My MIL was an @55 but my wife of 40 yrs treated her with respect regardless.
Dad was right on all accounts.

1urg+1trYPrgg, you nailed it. Well said!

I had to walk up hill in the snow to school. Both ways. Get off my lawn.

The days of lifetime careers, loyalty and retiring with a company funded pension, retiree healthcare and the gold watch, is over. Employees now are just human capital to be used as needed then, discarded (layoff). It’s also an economy of gig, contractor, temps, H1B, off-shoring, project based for the masses while, the corporate elite are compensated at disproportionate amounts without any consequences for their actions. They also, have job security and a golden parachute (contract) if ever “retired”.

The takeaway and advice for new or younger employees is to invest in yourself. Save, invest early and create other streams of income. Age discrimination will be a factor in your prime years of working. I started auto investing $10 a paycheck when I first started in 1998 and increased that amount substantially with each raise, 26 years later I have a large portfolio of investments. Diversify your investments into pre and post tax accounts to offset tax liabilities in your retirement years. Imo, politicians are coming for our retirement accounts and will raise tax rates in the future. There also will be a 20% reduction in the monthly Social Security disbursement by 2033 so, prepare. Good luck!🍀

You should have faced the stagflation and recession years during the 70’s and early 80’s,. Jobs were hard to come by, you think interest rates are high now, go back in time. As someone pointed out earlier, the passing of the affordable healthcare act.. aka Obamacare and pension loss are huge factors for retirement saving, planning and are game changers for future generations, in a negative sense. Prior to Obamacare, AT&T employees didn’t have any healthcare premiums, low deductibles and low out of pocket cost. Compare to now, everyone has taken a huge pay cut and it gets worse every year.

Wages have stayed nearly the same, inflation has been raging but companies have off-loaded a lot of their liabilities onto their employees via lowered 401k match, much higher healthcare cost, elimination or reduction of many benefits. Most recently they have sold the pension plan for 96k retired employees to Athene, an insurance company with some shaky off-shore investments. If Athene were to fail, the pension plan is no longer under federal protections but individual states where the employee resides. States pension plans are under-funded and in trouble for their public employees so, how do you think it plays out for a private company pension failure?

“Times are still good too (relatively speaking).”

…for now.

Times are still good too (relatively speaking).

"don’t even know about their challenges"

Makes no sense. Did you mean intead to say the newer players don't know about the challenges faced by the older players?

This must be pension topic day on the forums.

I disagree with your perspective. Consider allocating three years of wages: three months in a bank account and the rest in an investment fund. While your advice is sound, it’s essential to recognize that the world and the time you lived in were quite different. You had the luxury of a pension, but many people today do not. Over the last 25 years, numerous workers have put in 20 years or more, only to lose eligibility for a pension by a few years. The workforce in the past 15-20 years has faced significant challenges, including financial crises in 2008, the impact of COVID-19, inflation, housing crises, rising healthcare costs, home affordability issues, and companies consistently cutting benefits. Let’s explore some of these challenges:

1. Pension Disparities: Many workers today rely on alternative retirement savings vehicles, such as 401(k)s or IRAs. It’s crucial to adapt financial planning to individual circumstances.
2. Economic Challenges: The financial crises, including the 2008 recession and the recent impact of COVID-19, have made job security more precarious. These events have affected people across various industries and age groups.
3. Healthcare Costs: Rising healthcare expenses are a concern for many.
4. Age Discrimination: Employers often favor younger candidates, assuming they’re more adaptable to new technologies. Some CEOs express reluctance to hire older individuals.
5. Job Search Challenges: Being laid off after 20 years of dedicated service is particularly challenging for individuals in their 40s and early 50s. Finding new employment at this age can be difficult, especially when companies prioritize younger workers.

Forty-three years ago, during almost 20 years of your working career, you had zero monthly copays for insurance. However, since the Affordable Care Act, the cost of out-of-pocket expenses and monthly fees has risen exponentially. Finally, most people being laid off after 20 years of dedicated service are in their 40s and early 50s, which is not an easy age to find new employment - specially when companies have directions for CEO who believe in younger workforce. It’s quite inventive to claim people are unprepared when you don’t even know about their challenges

You started in a golden era and now it's just a dumpster fire.

Yes, you poor Millennial/possibly senior Gen Zer; you are the only generation who has experienced hard financial times. Everything truly must have been smooth sailing between the start of Vietnam and COVID.

I don't have a pension with AT&T, but I do have one from a former employer. I wanted to save money that I would never touch. Fidelity advised me to set up a Roth IRA. I started very small. Now I make the max contribution each year. I think the initial pitch was something like, contribute $50 every month and forget it was ever in your paycheck.

Good job. I have been doing the same. I guess I’m about 20 years behind you but have been following the same path. When my layoff notice came, I simply went home and took a nap. Woke up and started looking for work. The only thing I would add is saving in a high yield account versus regular savings. Earn 4.5% on your money.

To the one that said you can’t save right now, you’re right in many respects. It takes a lot more to live than it used to but you can save something. There has to be one thing that can be adjusted to at least pay yourself first each paycheck. It adds up. If nothing else, it gives you cash for an emergency in place of using credit.

"like an out of touch boomer"

I guess I am also one too then. It's about priorities for us, living within our means, planning for the future, and avoiding "dumpster fires". As for being out of touch, many "boomers" are pretty well set. How you doin? You and I probably started out the same way, with nothing more than two sticks to rub together. Maybe spend some time learning to read the room before attempting to insult someone who very likely has made better choices in life than you have.

At first I thought your post was satire. Then I think I realized you write like an out of touch boomer. If you're trolling then you got me. If you're not do you realize how hard it is for a family to put away 3 years of savings in todays economy? You started in a golden era and now it's just a dumpster fire.

Only 43 years with the company?

Ok that's great for you. But that doesn't help someone facing layoffs today 🤷🏿‍♂️

Wishing I had gotten serious about retirement investing 10 years earlier. Fidelity advisor pointed out the same about checking vs MM, and the future value of the HSA other than being used for only a reimbursement account. My wife manages that aspect after she found out my idea of investing in CD's was limited to Hank Williams and Randy Travis.

Haters going to hate, you’ve got words. I have well funded retirement accounts.

“savings are for losers, literally with FIAT currency and money printer go brrr. BTC all the way.”

Don’t forget about precious metals as well.

Looks like you may have 5 years on me, but I plan on exiting in that same neighborhood. Good on ya

savings are for losers, literally with FIAT currency and money printer go brrr. BTC all the way.

OP: We are all very proud of you
Now go home and get your shine box!!

No one cares.

I didn't go to college, but my dad did tell me don't never let no one sp-t they watermelon seeds in your bowl, and by God, they ain't so far.