I was thinking of retiring this year, but most co-workers say wait for an EISP offer.
I haven’t heard any rumors of any offers.
I can go without one, but an offer would be sweet. The greed in me is making me hesitate.
Any opinions?
19 replies (most recent on top)
@6wtc: Yes, I realize that a lump sum wouldn’t have to be in stocks, but for it to generate as much annual income, you would have to withdraw at a rate equal to 7% or more, which any trustworthy financial advisor would advise against.
@3pbn I'm not trying to change your mind regarding your plan but you are aware that your 401k does not have to be in the stock market, right? For example. you can roll your 401k into a Fidelity IRA and then direct your money into a ton of safer investments options.
VZ delights in RIFing right before the holidays, if you can hold out until November you might get lucky.
3pbn,. I agree with you. The pension, ss, and our 401k.
A 3 legged income structure.
Less risk means more enjoyable.
At this time I am not planning on taking the lump Doe401k is equal to the lump sum, so my plan is to take the monthly and SS, Then if I need a chunk of money all of a sudden, I can use the 401k for that. I’ve heard all the arguments, all the pros and cons. Monthly and SS gives me about the same take-home pay I get now and is as safe a source of income as there is.
Yes, I know, there are dangers to the monthly. I know VZ might try some tricky stuff. But I know there are dangers in the markets, too.
My approach is half and half, monthly payments that I feel I can count on, and a 401k that I can afford to take some risk with.
From what I understand, can't leave now without an uber-enhanced-EISP to make up for the GATT rate annihilation of the lump sum amount over the past number of weeks. Enhanced EISP might just break even from where one had been a mere two months ago without an EISP, IMHO.
I would leave now. Enjoy the summer. Waiting for EISPs is a fool’s game. Chances of any EISPs are slim to begin with, then if there are any maybe you wouldn’t be included.
I would hang out with VZ as long as you can. Use or max out every single benefit you can use. In the end, if still no EISP is coming, then you'll know when it's time to go.
@jxe
You should leave this forum....and go to the wireless forum where you belong!
jxe. Evidently you have no chance for an EISP!
So you are Non Union and spineless.
Go sell a HUM
to OP,
leave the company....and this forum as well d0uchb@g
the old folks that are out of touch ruin the company
If you’re ready both personally and financially, go online and fill out the paperwork and dont look back. Think of what you may miss while waiting around for something that may or may not happen. I had put in for the EISP in ‘16 and was passed over. The family got tired of me waiting around for something we may never see, and left end of January ‘18 and haven’t thought what if since. Especially, after talking to former co-workers still stuck at their jobs.
Depends on how long you want to wait.
Give it as much time as you want, Then if you can afford it with SS and pension.
Say goodbye and leave.
Wait til they march you out the door, get every $ you can from this outfit. On the other hand there is a new sheriff in town getting ready to tank this outfit even more than it is today and he could change Eisp payouts. In any event, if you make it out alive you will be doing good.
Wait! If an offer doesn't come, sock a little extra money back and then when you do retire, use that extra money you worked a little longer for, and take a special vacation. Go to Italy or somewhere. On the company's money.
The company hasn’t offered a widespread eisp since October of 2016. That being said, we are overdue for one. I’d be surprised if they didn’t offer one within the next year. There are a lot of people with over 30 years but are only in their early to mid 50’s....so they can afford to work for another 5 years or so. The company would get off cheaper by offering an eisp and save five years of salary, in addition to the vacation,sick days and fmla time by getting the older employees to leave.
Wait! They may offer one after the contract extension talks....and you’re still collecting a paycheck in the meantime. While it is true that the lump sum pension payout will decrease if the gatt rate increases (which it is expected to do), the eisp could bring you $50,000 cash upfront and $2200 per year of service....which most take in monthly payments over the course of four years.
Just something to think about if you are planning on taking the lump sum - Whatever $ amount you gain in an Eisp you may lose a similar $$ number due to the lump sum amount going down because of interest rates rising.
Wait untill we are ose to contract time