Retirement on the horizon

Discussion in 'Bad Dog Cafe' started by still_fiddlin, Sep 20, 2014.

  1. still_fiddlin

    still_fiddlin Friend of Leo's Ad Free Member

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    Hadn't been making any specific plans, but the company I work for is giving us geezers another not-so-gentle nudge with a "phased retirement offer" that will reduce my workdays in steps: 4 days/week , 3 days, then 2, at 6 month intervals. The catch is they reduce your pay, of course, and they won't tell you in advance how long they'll actually keep you. The suggestion is most folks will get to stay a year, it could be as short as 6 or long as 18.

    There's some minor benefits, like being able to keep company subsidized medical coverage for 2 years after retirement, which is important to me since my wife is not going to be Medicare eligible as soon as I am. Otherwise, it's a kick in the pants - pretty much a layoff, only they keep you from being able to get a full-time job elsewhere, I guess.

    But, it's forced me to think about it, and I'll have to make a decision. Had in the back of my head working to 66 ("full" Social Security age), but maybe not. Going to talk to a guy at Vanguard next week to see if he thinks I'm crazy, and should just decline, i.e., roll the dice and stay, figuring they're not going to get rid of me until I'm ready. (Been in the computer/software biz for over 30 years and never been let go - my skills are in demand and I could go work somewhere else tomorrow, if I wanted, but I like the commute and am still learning, so no desire, really.)

    The last time they did an early out was actually pretty recently, but it wasn't the right time, and as they (veiled-threat) implied again, these offers get worse every time, and the pickings that are left reduced as well. (After the last one, they changed the rules for retirement medical coverage so that today, I don't qualify, even though I've technically been there 20 years via mergers/acquisitions!)

    Thoughts, others who've had this kind of thing stuck in their face?
     
  2. tfsails

    tfsails Friend of Leo's

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    If you're not ready to retire and your job skills are portable, then why not roll the dice and stay? If you get laid off you should get a severance package and you'll also be eligible for unemployment insurance, which should easily tide you over until you can start your new job.

    If you've been thinking about retirement, then gradually cutting back on your work schedule will ease you into it rather than jumping into retirement all at once. That's what I did--my last "serious" workday was in March and I retired in August. I decided to work two-day workweeks in the interim (was seriously burned out) and used a combination of annual and sick leave to do it. Even though I could have "sold" the leave back my sanity was worth more than the extra money.

    This was nine years ago. There are some things I miss about my job, but not a whole lot of things. There most definitely IS life after retirement!

    Now I'm sort of a music bum, playing two to four open mics a week these days.
     
  3. Veebus52

    Veebus52 Tele-Meister

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    It's kind of the opposite for me. I'll be 62 end of October and my company has introduced an incentive package for staying. It's a 25% bonus spread out over three years. A quarter of it for staying one year, a second quarter of it for staying the second year and then the remainder, 50% for staying the third year. Pretty sure I won't be staying for the third year, after all, what's a year of your life worth? The years don't get any better, heathwise with age. I'll take the money since it's been offered, but I'll go when I'm ready. I've survived many layoffs over the years and now the shoe in on the other foot. Most people will never see the deal I've got, but my company is in a unique position facing imminent "brain drain" and has to do something to retain the right people so they can continue to do business.

    Good luck to you!
     
  4. Danomo

    Danomo Tele-Holic

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    I work for a municipality, and have been paying into a pension plan and savings plan for over 20 years, I also have my 401K's from my 12 years in private industry. I'm going in 5 years, even though I'll have over a decade until Social and Medicare kick in. I've been working my cahones off since I was 13, I want to enjoy a few years of freedom before I'm written off to gaffer status. I'll have to pay out of pocket to keep my municipal benefits, but it'll still be cheaper and better coverage than a health exchange. I may do something part time, but I don't want to punch a clock (fingerprint reader now) again.
     
  5. KyAnne

    KyAnne Tele-Afflicted

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    I decided to retire this year a little past 59 and a half in May. So far, I am enjoying peace. What I'm enjoying most is being away from the most delusional, dysfunctional, and disorganized management style I've ever seen in my life. The last 12 years were the worst. Thank God it's over. It's true that there IS life after retirement. As you said, what price can you put on a year of your life and sanity. I'm so glad to be away from that hellhole. If you "think" you even "might" be able to do it financially, GO FOR IT! Wish you the very best! KY
     
  6. goonie

    goonie Friend of Leo's

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    So this offer is only being made to the 'geezers'? How can employers be allowed to get away with such blatant ageism? And why do they refuse to acknowledge the value of older employees? I'm 55 and hope to work for another 20 years but maybe attitudes like this will force me out before then.
     
  7. rokdog49

    rokdog49 Friend of Leo's

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    What it realy comes down to is what do you want to do? Will the decrease in income cause you great hardship if you stay? Are you harboring a grudge about what's going on and you're letting your emotions play into this? If your skills are in demand but you would have to travel farther to work than you do now, what are the plusses? Can you make more money? Would the bennies be better? Are you dead set on hanging it up at 66? Why? Tired of working? Afraid of possible health issues? I'm 65 and healthy. Making the highest income I ever made and my company has been making my life easier because they don't want me to leave. I like my job but my energy and enthusiasm are starting to decline. I plan to continue working as long as I can be productive in my company's eyes. Then hopefully, with the company's blessing, I can cut back on my responsibilities and fade slowly into retirement even if it means for less money.
    The Vanguard guy is going to help you with your financials, but he can't help you decide whether to work or not and where. I wouldn't call company subsidized medical insurance for two years after retirement a minor benefit especially if you are going to quit at age 66.
    Good luck. Let us know what happens. I for one am interested.
     
  8. Toto'sDad

    Toto'sDad Telefied Ad Free Member

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    I've been retired going on four years. The upside is you can do whatever you want at your leisure. The downside is, the things that make life interesting the contact with other people, the challenge of getting your job done, in short many of things that make life interesting diminish when you stop working. A certain amount of adventure is gone from your life. You find yourself gradually losing interest in things you once thought were really absorbing. Not having a real schedule has it's downside, as well as an upside. Hard to explain until you are there.

    Having said all that, I'm glad that I did retire because I've gotten to spend a lot of time with my wife. She had gone through some ill health, and returned to good health just before I retired. The time we've spent together with both of us being able to still do the things we want has been invaluable.

    What ever decision you make will probably be OK. If you continue to work you'll eventually retire. If you change jobs you're still going to retire.
     
  9. Stubee

    Stubee Poster Extraordinaire Gold Supporter

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    As a friends wife told him before he retired: RETIREMENT: a lot less money, a lot more husband. It is true; you will really get to know your spouse. Two-edged sword sometimes.

    I'm pretty much with TD above. Been retired 9 years. Mostly very good, but the distraction provided by my job & great co-workers has been missed during a couple extended 'family crisis' periods. With my siblings and some other family members the 'crisis mode' is nothing new, but tougher to take when I'm just too damned close to it for too long...

    ...and that is why I'm out of my hometown for about 7 months each year! Retirement + planning did allow that.
     
  10. Swampash&Tweed

    Swampash&Tweed Friend of Leo's

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    I'm 48 I'm hopefully looking to retire between the age of 57-60. But anything could happen in the span of 10-12 yrs. We have a pretty good retirement , but they offer no slow downs or any incentives to quit early. You work....you need to earn your keep. So I'm really trying to lose some weight so I can keep in shape to bang out another 10-12. These 21 yr olds they are hiring can run rings around us. Thing is they run outta gas quick. I havn't taken a sick day in 4 yrs. They eat them like candy. I might even have to go to 62-even 66 . :eek: See how the world looks in 10 more years and I'll have a good Idea then.

    Must be incredible. No courts dates. No training. Just wake up everyday and do whatever you wish. :rolleyes: Looking forward to it.
     
  11. rwsand

    rwsand Tele-Afflicted

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    Rampant Actuarianism!
     
  12. The Bone

    The Bone Friend of Leo's

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    This is great to hear. You stuck it out. I'm going to be fifty this year and just left the same environment for another job. I'm hoping to be happy for at least the next 9 years, and then perhaps I won't want to retire....
     
  13. Larry F

    Larry F Doctor of Teleocity Vendor Member

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    I am freaking out about my disability. Thanks to the variant of the Guillain-Barre Syndrome, Chronic Inflammatory Demyelinating Polyneuropathy (CIDP), attack 8 years ago, I have permanent nerve damage in my legs and feet. I am pretty weak, and use a cane. I also have neuropathic pain that is now present 24/7. I still teach full-time in my university. Everything about the job is really good. I have way more access to all kinds of resources and student assistants. As a composer, I usually write on commission for specific performers outside the university. But I can also work with faculty performers here, if only to try things out. As a composer, being in a university helps open doors for different kinds of projects.

    However, I had more pain than usual last spring, and hoped that it would diminish over the summer. That didn't happen, and so I'm experiencing something new and unexpected, which is that I am starting to feel like I would rather stay home and not cause more pain through activity (very common for my illness). That is not a good feeling. I worked really hard and sacrificed a lot to finally wind up in a good position.

    I talked to a couple of administrators about going on full or partial disability. I'm going to be 62 in a few months, and our retirement age is 65 (I think).

    I don't really have any questions for the forum, I think. I'm just trying to give voice to some deeply hidden concerns about what to do and when. The disability financials look pretty good, so this is all really about how I feel in the physical and emotional sense.

    I am pretty f***ing mad at this condition for ruining these things in my life. Imagine having walked on gravel in your socks a few hours ago. That's how I feel right now.
     
  14. Jupiter

    Jupiter Telefied Silver Supporter

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    I'm 52 and I've got three kids in elementary school. I'll be about 70 before the youngest graduates from college, and older than that before the house gets paid off. I don't see retirement in my future AT ALL....
     
  15. Justinvs

    Justinvs Poster Extraordinaire

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    Retirement will never be an option for me. Cowhands don't get retirement packages, we just get sent away. Having no faith in the Social Security, I literally expect to work until the day I die at one job or another..
     
  16. hekawi

    hekawi Poster Extraordinaire

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    I'm retiring next week at age 57 (you have to be at least 55 at my company). 30 years at the same place. Full pension. Really looking forward to being free of the pressures and stresses.
     
  17. still_fiddlin

    still_fiddlin Friend of Leo's Ad Free Member

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    Thanks for all the input and personal experiences. It's been helpful for me to try and parse much of what I'm feeling/thinking (moment to moment!). Yes, there's some resentment and frustration with how I see the company going downhill, but, have to keep the bile down, and realize that they've been looking at me as a "short-timer" probably since the last one of these offers I didn't take, and realize this is something I'll need to be prepared to leave, sooner or later, regardless.

    "What do I want to do?" is clearly the question I need to have answered. I've always felt that a plan is good, even if it's certain to change. I've had a fuzzy, "Oh, I think I'll go teach a class at the local JC, maybe take some Spanish refresher, get a motorcycle (again!, sorry dear :)), possibly contract somewhere for a few months at a time, etc. But, really, just daydreams. Now, I'm going to have to focus. For now, it looks like I'm going to go for it, because it will give me a chance to maybe pick up a class at the JC to see if I actually like it, or even just tutor, to see if hanging around with 20-somethings (that I'm not related to) is how I'd like to spend the next few years. Or, maybe I'd rather keep working, and the part-time nature will keep my skills sharp enough I can transition back to full-time somewhere else after a year of part-time, if I feel the need. I'm guessing I won't, but wifey is giving me the thumbs up, so unless the next couple of financial consults pull the rug out, I'm probably getting ready to head down the chute :).

    Thanks again.
     
  18. Toto'sDad

    Toto'sDad Telefied Ad Free Member

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    Won't they just slide you out on the ice when you.....................Wait, that's Alaska where they do that. (some other foreign place) Never mind.
     
  19. BigDaddyLH

    BigDaddyLH Tele Axpert Ad Free Member

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    Damn, congratulations are in order. Not many people can say they've lasted 30 years at one job (maybe a thread is in order for that). I squandered years of poor pay chasing the wrong job, now I think my retirement will involve a coffin.
     
  20. Jupiter

    Jupiter Telefied Silver Supporter

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    Better that than what a lot of old folks in Japan do, which is just lose their marbles and get older than dirt.
     
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