I was laid off last October with 39 years... this is not the same company that cared about their employees! I was a project manager supporting LTE and the D2 virtual world. I feel sorry for the ones left behind. There is life after AT&T!
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Folks, research it or ask Fidelity, Congress passed a tax law that exempts you from penalty if you are between 55-59 when involuntarily separated from the company. You will still have @ 25% Federal taxes to pay on any disbursements from 401k.
Fidelity has been great and if you request it, they will match you up with a Financial Advisor for free. They will help you map out a Financial strategy based on your needs and different economic scenarios. They also send you really nice hard copy reports with charts and graphs.
Confused by some of the comments here. Many of us in the cross hairs (like myself for instance, 49 YO with 25 years NCS) are too young to "retire". We can't touch any of those pension or 401K $$ without penalty for quite a while.
The point has been made that the OP should be out the door to enjoy retirement. It sounded like a semi-polite request/invitation and, with respect, it’s clear that @1esz is nowhere near thinking about his/her own retirement as it is probably not close at hand...understandable, I was that way once upon a time.
But as said, we don’t know the circumstance....Health insurance is a top concern for many, probably the OP as well, include me in that group. It would require Getting a bridge of insurance (Cobra) outside the company until Social Security arrives. Early retirement would see less than full Social Security Benefits, a costly lifetime decision, if claimed.
Medicare won’t kick in until 65, which will then, and only then, cover 80% of most doctors visits and medical issues, but Not medications, not a small issue for many and an added expense.
Pensions, 401K & IRA accounts have the luxury of “tax free” protection until drawn upon, or age 70 1/2 when RMD’s (required minimum distribution) occur. Would anyone here willingly offer up taxable income to the government before they had to?
I talked with HR a few years ago and know if I was surplussed today, waiting to claim my full pension at 65 is allowed, it isn’t stunted at the time of surplus but the financial decisions that are to be made, between now and then are many.
1esz. Apparently math did not figure into your reply. 18+39=57, not old enough for social security. 20+39=59, also not old enough. 22+39=61, see where I’m going? A pension and a 401 are great but that third income source or maybe even a fourth are what allows someone to live their best life. People sometimes have the impression that years of service are the determining factor but that is rarely the case. Cut the senior folks a break. You don’t know their story.
To that I would add Philippines, Israel, Bratislava, Slovakia...….Yes, it definitely is not the same company...... AT&T appears to be following suit with other Telecomms evolving into a media company in order to stay "competitive" and a little late to the race. If you can not build your own and scale then I guess you have to acquire....What is upsetting to employees is that Execs are mum about their vision ….To most it appears the company is having an identity crisis and looking for more experimental than transitional types of business and with that comes risk and insecurity...
After 39 years you should have have been gone so you could have lived your best life. You retired with pension and 401k. Unfortunately, people don't understand that there is more to life than AT&T. Please enjoy your retirement!!!!
It's easier to understand if you think of T now, not as a telecommunications company, but as a Marketing company. We own the complete product line from the network to the content, and Randy doesn't want to manage anything left in the old biz except sales and marketing of the other assets. Data Centers? Outsource those. Plain old customer issues? Off shore support. Tech's? Installers? Outsource and use technology where they aren't needed. All that will be left is the juicy bits to advertise and market CNN and Batman.
AT&T has been saying since 2008 that come 2020 it would be a very different and leaner company. Technology and competition is driving it. The truth hurts but that’s the truth.
They want to get rid off employees with pension so that they don’t have to put mor money into it . But they are hiring new employees in Slavia, Brazil, India, and Argentina, cheap labor. Company doesn’t want USA employees.