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Gerri Willis: Number of Americans being offered early retirement is ‘sky high’
Fox Business ^ | Aug 11 2020 | Angelica Stabile

Posted on 08/23/2020 2:43:28 PM PDT by rintintin

More and more Americans are being given the option to retire early due to the economic setbacks of the coronavirus pandemic, FOX Business’ Gerri Willis told “FOX News Rundown.”

“This is fascinating. These numbers are sky-high,” she said on the daily podcast. “We didn't really understand the number of people that were being offered early retirement. And it's still not entirely clear. But what is clear is that there is a greater proportion of people going into retirement than we thought.”

Willis said younger Americans in their 40s and 50s are being offered early retirement since so many industries like hospitality, retail and restaurants can no longer afford payroll.

(Excerpt) Read more at foxbusiness.com ...


TOPICS: Business/Economy; Culture/Society
KEYWORDS: clowardpivenstrategy; earlyretirement; francesfoxpiven; incometaxes; retirement; richardcloward; socialsecurity; taxcutsandjobsact; taxreform; tcja
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To: Rummyfan

Old Tired People,,,
.
Yup,
Disenchanted ——NOT
DISGRUNTLED!


41 posted on 08/23/2020 4:19:17 PM PDT by Big Red Badger (TRUMP vs Biden-----------Any Question?)
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To: Dubh_Ghlase

May I ask Your age?


42 posted on 08/23/2020 4:21:23 PM PDT by Big Red Badger (TRUMP vs Biden-----------Any Question?)
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To: rintintin

Interesting. I accepted an early retirement offer last month. Sweet deal and I was going to retire in the next year or two anyway.


43 posted on 08/23/2020 4:22:15 PM PDT by phoneman08 (qwiyrqweopigradfdzcm,.dadfjl,dz)
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To: Rockingham

There’s the “Money” shot.
Thanks.


44 posted on 08/23/2020 4:22:48 PM PDT by Big Red Badger (TRUMP vs Biden-----------Any Question?)
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To: pnut22

Severence plans


45 posted on 08/23/2020 4:22:49 PM PDT by Overtaxed (Ephesians 6:12)
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To: Trump Girl Kit Cat

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.


46 posted on 08/23/2020 4:27:03 PM PDT by pnut22
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To: rintintin

The ObamaCare employer mandate plays a much bigger role in this than these companies would ever admit.


47 posted on 08/23/2020 4:43:49 PM PDT by Alberta's Child ("We're human beings ... we're not f#%&ing animals." -- Dennis Rodman, 6/1/2020)
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To: moviefan8

My observation is that the golden handshake ended in the early nineties. It has been a tin or copper handshake since then.


48 posted on 08/23/2020 4:56:21 PM PDT by Susquehanna Patriot
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To: Susquehanna Patriot

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.


49 posted on 08/23/2020 5:02:10 PM PDT by Texas resident (Remember in November)
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To: rintintin

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.


50 posted on 08/23/2020 5:05:52 PM PDT by OC_Steve
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To: pnut22

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”.


51 posted on 08/23/2020 5:38:36 PM PDT by Tallguy (Facts be d@mned! The narrative must be protected at all costs!)
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To: rintintin

I need to offer myself early retirement.


52 posted on 08/23/2020 5:48:47 PM PDT by umgud
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To: WildHighlander57

No worries. If Biden gets elected wants to reduce age for Medicare to age 60.


53 posted on 08/23/2020 6:07:02 PM PDT by Engedi (SCOTU)
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To: pnut22

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.


54 posted on 08/23/2020 6:15:13 PM PDT by Engedi (SCOTU)
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To: Engedi

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.


55 posted on 08/23/2020 6:26:20 PM PDT by pnut22
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To: GAGOP

See my post #28


56 posted on 08/24/2020 1:18:45 AM PDT by WASCWatch
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To: Texas resident

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.


57 posted on 08/24/2020 3:49:44 AM PDT by Susquehanna Patriot
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To: Big Red Badger

64-65


58 posted on 08/24/2020 7:40:58 AM PDT by Dubh_Ghlase (Oh boy!)
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To: rintintin; pnut22; WildHighlander57
For answers respectively (based on my company's offer) "offered" means that, they offered, if I don't accept I still keep my job, can't speak for other companies.

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.

59 posted on 08/24/2020 7:48:14 AM PDT by Dad was my hero
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To: Dubh_Ghlase

Me too,
Thanks.


60 posted on 08/24/2020 11:26:25 AM PDT by Big Red Badger (TRUMP vs Biden-----------Any Question?)
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