Posted on 08/23/2020 2:43:28 PM PDT by rintintin
Old Tired People,,,
.
Yup,
Disenchanted ——NOT
DISGRUNTLED!
May I ask Your age?
Interesting. I accepted an early retirement offer last month. Sweet deal and I was going to retire in the next year or two anyway.
There’s the “Money” shot.
Thanks.
Severence plans
I had an aunt who worked for the state of Ohio from the time she was 18 until she retired at 65. She never took a sick day or a paid vacation day. She had 12 years of accumulated time paid time off when she retired. No wonder states go broke.
The ObamaCare employer mandate plays a much bigger role in this than these companies would ever admit.
My observation is that the golden handshake ended in the early nineties. It has been a tin or copper handshake since then.
My dad was “retired” from Exxon in 1998 at 55.
Increased his workload and told him that he had to learn how to use a PC when he had never touched a keyboard.
Gave him a nice clock and a see ya after 33 years.
I took a VERP a year ago due to the downturn in the oil industry. I got a year’s salary, medical for 5 years and my stock options vested.
The issue is Age Discrimination is real. I’ve applied for jobs I’m fully qualified for but getting an interview has been impossible.
6 month’s salary plus health bennies for a year. Now go find another job. Oh, and you have to sign off so that you can’t later claim “age discrimination”. They’ll let some 28 yo kid go too, just to make it “look good”.
I need to offer myself early retirement.
No worries. If Biden gets elected wants to reduce age for Medicare to age 60.
Where I worked for major hospital in Michigan, you could only accumulate 360 hours per year. Once you hit that number, you would lose the hours. So people had to take quick time off so they wouldn’t lose their hours. But they would be back up again in a month. 21 hrs a month for vacation/sick time. When you retired, they would payout whatever you had in your PTO bank in a separate check.
Worked the same with Walmart. Come Feb 28 each year you got a check for PTO, but you could leave 80 hours in the bank.
See my post #28
Sometimes the “offer” to retire is indirectly made to where the employee has a Hobson’s choice. When your father was hired, the prevalent company cultures were different than today ... hired for life, pick when you want to retire, back loaded defined benefit program. That started to change in the 1990s shifting to 401k and everyone is basically a non-unionized free agent. If one keeps this mindset, “it’s only business”, and learn how to paddle one’s own canoe, good things can sometimes happen.
I know of people who retired and they returned to work as contractors b/c of specialized knowledge + they knew how the company operated. One colleague contracted for almost 25 years, then “retired” the second time at age 83. Unfortunately, he was killed in an auto accident a couple years later.
Many handshakes are subject to tax laws .... i.e. if the position is eliminated, the person cannot be hired back as a contractor.
64-65
I wondered (when I heard an offer was being considered but no details were yet available) what they could offer since we only had a 401k plan, turns out it was 12 weeks of vacation plus 4 weeks for each 5 years of service beyond the first 5 years, so since I'm just now hitting 10 years I'm getting 16 weeks of PTO. Plus I already have a PTO bank of almost 60 days so that will be on top of the money.
Health Insurance? My company offered it to 63 and older (I'm 65) and they are offering to pay their portion of COBRA for up to 18 months so I'd only have to pay for my insurance that I pay now if I take COBRA (which I expect to do). Otherwise since I am 65 and my wife is on disability (severe Alzheimer's) so we both have Medicare part A I'd have to sign both of us up for part B, her for part D, then get either a supplemental plan or an advantage plan.
Didn't think I'd take the offer until I saw it. I was planning on retiring at 66 and 2 months (next March) for full SS but now I can go at the end of this year (2 months and a day early) and get 16 weeks of pay plus my unused PTO so I couldn't see a reason to not take it.
Me too,
Thanks.
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