Im thinking about retiring but im concerned there will be a VBO right after I leave
How much better is the VBO package vs. Retirement package?
Im 56 / 22 yrs
9 replies (most recent on top)
Retired this past summer. Got a small package (1 month salary for every 5 years of service. They round down. So 22 years you would get 4 months). Also prorated bonus and shares if you have any. Not bad but VBO was better. But who know if they will offer it again or if it will be as good as the last one.
I'm more concerned about comments and posts getting disappeared.
Am i hallucinating, or is someone/bots actually zeroing out the ratings? Every single response here, xc for one I just upvoted, has been zeroed out. I’m not here much anymore, but is this for real?
PIP = perf improvement plan (aka, the paper trail they establish and use to fire you later)
@1oxx+1vhz3Ge1 could not agree more:
"That new set of wheels is a wealth stealer"
also what is a "PIP"?
I was in my early 50s. Been with the company for almost 2 decades. Stellar performance reviews until over 50. Suddenly I crossed the 50 plus barrier and management kept hinting at a PIP. I retired, never to work again. Too much money vs unknown amount of time on this earth as we all will face. Tired of the corporate cr-p too. Save up and invest. That new set of wheels is a wealth stealer and your freedom is too precious. Remember that. You never know when you will need that parachute. Life is awesome on the other side. Trust me.
You are all set given your age of 56 and 22 years of service ASSUMIING you invested your Fido 401K and left it in the market the entire time ?
If you invested it properly then I am guessing maybe $2 million?
FYI: I was almost the exact same age + service when left via the last VBO.
This is the great part ----VVVVV
"The rule of 55 is an IRS provision that allows workers who leave their job for any reason to start taking penalty-free distributions from their current employer's retirement plan in or after the year they reach age 55."
So if you take a VBO -or- just leave at this point you avoid the 10% penalty and only pay taxes on anything you withdraw. If you take the VBO your health care is no longer tied to your employment..... Believe me that is a great feeling.
Agreed, there is no retirement package for almost all employees. Might be for grades 8 and up, but if OP doesn’t know that, no way are they grade 8.
Perhaps a better question might be, what is the difference between VBO and getting laid off? There is a long and complex answer here, but basically VBO is about 50% better (similar to 3 weeks pay per year vs 2 weeks)
Also I wonder why someone would downvote the first comment? I’ve started to see a lot of downvotes that come in waves after a comment receives a number of upvotes. Seems very bot-ish, and not unlike the number of times I’ve seen posts be removed because of posts insinuating discrimination, s-xism, racism, etc. As Chico Marx (brother to Groucho) once said, “Who do you believe, me, or your lying eyes?” Something fishy going on on this “free” site. As it has often been said, if a service is free, your information is the product.
There is no retirement package.