Thread regarding AT&T layoffs

In my situation as a 2nd level manager (Individual Contributor), I took the volunteer offer and retired in 2018 after a 35 Year Career. Lived off the severance package and commenced my pension a year later (took the annuity option for a steady stream of income). I have yet to commence social security (Waiting for Full SS Age Eligibility).

Rolled my 401K to Fidelity IRA and had some money in my old 401K that qualified for rolling over to a ROTH IRA.

At that time my overall net worth was about $1.7M in 2018 and has now risen to $2.4M in 6-years, thanks to investments in my IRAs.

The key to my accomplishment was to have paid off my mortgage about 15 years prior to retirement and what I saved in Mortgage payments, I contributed that money to my 401K. In the end I was contributing about 25% of my salary to 401K. The Market has been good my nest egg.

Living off of Pension and Cash Savings (CD's), not too difficult if you live within your means.

Also had subsidized Retiree Health Benefits, which may no longer be available to those still working for AT&T. Now on Medicare, and Monthly Medical Expense will have increased to some degree.

Point is Medical Expense and Mortgage are big part of your retirement expense needs.
What you need to retire on varies by individual, and you may or may not need 2 million to retire.

Be knowledgeable about Required Minimum Distributions (RMD's) that will commence at age 73 or 75 on your future IRA Accounts (NOT ROTH IRAs) and impacts on your Tax liability and Medicare Premiums. If I had to do it all over again, I would have made AFTER TAX contributions to the Company 401K.

Good Luck to whatever you are planning.

The answer is most don't unless. Personally I stashed cash away(won't tell where), had a little marital issue but was able to leave with full retirement money on top of what I stashed. Was sentenced 5-8 over the marital issue but hey, we all hit potholes. You learn to live and enjoy without being flashy. I take "fishing vacations" 2-3 times a year. Just make your own life and use the tools given.

just remember several of these posts walked into a casino and walked away with a million and 2 beautiful girls

Retired wage scale 32, 59 years old , paid house off at 47 , no debt, 2.8 in investments and cash , house worth 450-500. Living off cash until 62. Easy to do if you live below your means, dont buy new cars every couple of years , don’t buy vacation homes , save and invest, 401 1st Roth IRA 2nd , brokerage 3rd.

Life is great haven’t missed working for 1 second.

I’m an only child with rich parents so…..

30 years about 1.5 plus 250K cash value of the pension I will roll in whenever shown the door.

I am not bragging because that should be considerably more in the 401K. Made some mistakes as a misguided youth. Don't borrow from your 401K. It's a d-mb thing to do.

That said, I think I'll be alright.

Stankey will retire with more than that.
Stephenson is getting $27k/ month pension. Not bad taking into consideration that he put T in debt of $150 billion.

That might be difficult based on what area and if you got R75. My pension is nowhere near what other regions get bc I'm former BellSouth. We got cash value, so we don't get the magical 3-4* factor to our pension.

I saved my own Million and the company gave me another 955 when I retired. Market has increased that to nearly 2.5
It is possible

Drawing 4% of 2M will be 8 grand before taxes each month. Drawing any more than that puts your principal at risk in times when the market is not making you the average of 6%.

I’m at 1.5 at present. 49 so I have some time. Kept 401k conservative or it would be higher.

I am a wage scale 32 tech with 26 years. I sc--wed up , having believed in att too long and had 401k only invested in att stock most of my career. Just stupid on my part. I also constantly took loans out and overspent my entire career. I probably cost myself a million over those years. So now I’m 51 years old with a grand total of 500k , including pension balance. I’ve seen worse than myself but I definitely should have done better. It’s all on me though as I said. So I’ll be working much longer than I planned. 500k is nowhere near enough for retirement. I would say a good target is 2 mill for most.

negotiate carefully. I did pretty good,, thanks, randy

You would probably have to start very young and escape layoffs enough times to have 30+ years of service. Probably not practical for a new hire today.

As an L2 with almost 25 years, I have close to $2.5M between 401K and pension. However, it all depends on the market during your tenure, your contributions including that from the company, and your management of the 401K. I believed in T a little too much early on so I did not trade out of the company stock match. Had I done that I would probably be sitting with over $3M now.

got surplused short of r75. sitting at 700k right now

2 mill with pension and 401. You better have that.

Probably very few if any below an L4 have that much saved at retirement. Casually speaking with some L2 office workers I’ve heard 500-800k on the higher end to a couple hundred on the low, which isn’t nothing, but a far cry from $2m. Remember pensions are not available to workers that started after 2015

More like 6 or 8. Sometimes 12. Never 10.

Are you asking about 401K/Pension?

Why do you want to know? Ask Stankey.

Not anymore, cowboy. Lol.