Wildguzzi.com
General Category => General Discussion => Topic started by: fotoguzzi on February 12, 2019, 04:57:15 PM
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My company CBS inc is offering buy outs to anyone who's age and years employed adds up to 80 which I qualify with ease. I'm 65 with 30 years in. Terms are 2 weeks pay for every year worked so 60 weeks for me. They would continue to pay regular checks thru that time period and I would stay on same health plan which includes my wife. After that I go on Medicare. Plus I'd get lump sum covering vacation time that might be about 8 weeks.
I have a meet tomorrow with Human Resources guy at work. What questions should I have for him?
The biggest negative I can see is once taken I could not ever be employed there again, I had hope I could work as a freelance or contractor like some other retirees have done but that's not allowed now.
I feel like I'm forced to take the deal because if I don't then retire in a year or two the offer isn't there.
I've had a taste of retirement since Jan 3rd when I had surgery on my wrist and elbow. Been sitting around home with my arm elevated for 6 weeks.. I'm not a sit around kind of guy so probably need another job at least part time, especially after the 60 weeks runs out, my 401k is not that big. The vacation has been nice, didn't have to go anywhere during the polar vortex and now during Feb when we already got over 20" of snow in just 2 weeks. So that's been nice.. wife jokingly says we'd need marriage councilling if I don't have a job :wink:
Interested in your feedback... and suggestions for good paying part time work. Thanks!
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If you want my opinion I'll quote Steve Miller; "go on take the money and run"
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Ask if you can work as a freelance contractor after signing the deal , technically you wouldn't be an employee , have known people who did exactly that .
Oh , who says you must sit around after retiring ?
Dusty
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The question I'd be asking myself is -- if I don't take the buyout, for how much longer will I work for CBS? If the answer is "only a year or two," then not taking the buyout doesn't make much sense.
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I'm sure you have other interests that you are now free to pursue.
Volunteering is also an option. So many possibilities doing that.
Then there's the outdoors. Hiking, camping, trail maintenance.
Hobbies you've wanted to try? Fly fishing, mountain biking, skiing, the list goes on.
I'm sure your wife has a million projects lined up.
Or get an RV and spend quality time with her.
Good luck, enjoy yourselves :thumb:
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Not knowing your financial situation Ill just throw this out there. Take the money and pay off any debt, roll the rest into a roth IRA with index funds, live off social security and your 401 till you find your freelance gig. Obviously you love what you do and can probably find something related part time. Good Luck Foto!
Paul B :boozing:
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As a longtime print media employee, if I was offered that package, I would probably accept it.
I am a few years younger than you, but have almost the same tenure. The company that purchased my company a few years ago, has not offered any buyouts in my department (yet). Other departments, news reporters, circulation departments were recently offered 3 days pay, for every year of service and Company medical paid for three months. Actually, they were not offered, but asked to leave, and given that severance package.
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Take the buyout NOW...and don't look back. :thumb: :smiley: :cool: 30+ years is more than enough working for ANY company. It might not be there in 1-2 years, and then you will regret it.
I just retired last August on my 64 birthday...and starting collecting Social Security. No regrets. Plenty to do.
Besides, how much longer do you think you have left on the planet? The answer is, at 65, maybe 15-20 good quality years, then, it's all over...
Good luck to you! :smiley:
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The second buyout will suck! Grab the $ and ride!
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I think JJ nailed all of the important reasons.
Take the buyout NOW...and don't look back. :thumb: :smiley: :cool: 30+ years is more than enough working for ANY company. It might not be there in 1-2 years, and then you will regret it.
I just retired last August on my 64 birthday...and starting collecting Social Security. No regrets. Plenty to do.
Besides, how much longer do you think you have left on the planet? The answer is, at 65, maybe 15-20 good quality years, then, it's all over...
Good luck to you! :smiley:
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Do it....become a full-time motorhead! :thumb:
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This sounds like a very good offer to me.
When I was 65 I probably wouldn't have accepted it, however (I did when I was 68 :grin:).
My point is, if you like your job and had planned to work for several more years, I wouldn't let this offer rock the boat.
In my opinion there's a value in staying in a job you like - interaction with colleagues and clients, and probably good for the wife, too.
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I've always maintained that the work ethic is a terminal illness. Once infected with it, the drive to remain useful never goes away. That's what I'm hearing from you.
You have accrued skills. Everyone does, after a time. They can be transferred elsewhere. You just have to find where.
For me, volunteering here and there has developed into earning opportunities from time to time. And, its enlarged my network of ever more interesting people to get to know.
Do that, and you'll soon wonder how it was you had the time to actually work for a living.
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interaction with colleagues and clients,
I'll definitely miss that, there is such a huge variety of people working in the news business.. I could probably still find some freelance through some of them.
Ps, my dog says, take it and run!
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By the age of 65 I am hoping that I'll close to a decade of patial/retirement behind me. While I like what I do I'm not working one day longer than I have too. Life's too short and too many unridden roads.
TAKE THE MONEY and thumb your nose at all of us still setting the alarm clock.
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By the age of 65 I am hoping that I'll close to a decade of patial/retirement behind me. While I like what I do I'm not working one day longer than I have too. Life's too short and too many unridden roads.
TAKE THE MONEY and thumb your nose at all of us still setting the alarm clock.
Amazingly, I find myself agreeing with Lance lately, so he must be right!
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Amazingly, I find myself agreeing with Lance lately, so he must be right!
Was it the beef jerky thread that finally brought you around?
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Was it the beef jerky thread that finally brought you around?
HA! Yup, the title.
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HA! Yup, the title.
Just watch what you say Chuck In Indiana is supposed to be jerking his beef later tonight or tomorrow.
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Just watch what you say Chuck In Indiana is supposed to be jerking his beef later tonight or tomorrow.
This is true.. and the point is.. I have *time* to jerk some beef. :smiley: I quit punching the clock at 47 with 30 years service. (!) That doesn't mean I haven't done other things besides what I was doing for "work." Some are related.. I've run my own machine shop for 30 years, too. Retired from that. Some are not.. but there have been many things. By this time, I've almost forgotten what "work" is like. Retirement is the best job I've ever had.
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Retire?
I hated it but then what I did was not work to me...so back at it.
So it you do "take the money and run"don't quit working at something..ever.
Find something you have enthusiasm for and work at it......if you don't you may find that life without purpose is a dead end.
It needs to be something with commitment otherwise it will be to easy to just quit. A goal is required.
My .02c
That is my point, too. Mike hit it right on the head, there..
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I've taken two severance packages in my career, and I can tell you that the one you're being offered is a good one!
I'd take it and run. DON'T worry about whether you might be "sitting around" after you quit working for a paycheck. Do worry a bit about how it's going to affect your wife's daily routine, even if you're not bugging her all the time; talk it over seriously.
I started taking my Social Security payout at age 62, the minute it was available (I retired at 60). You're waiting longer and will have a bigger check, all in your favor.
Deal of the century. Go for it!
Lannis
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I'm just into year two of retirement. I should have listened to Lowryter and retired a couple of years earlier. Now, I was pretty tired of what I was doing, and had a decent 401k.
The first buyout offer is ALWAYS the best. Once you are on the list you never get off. Sooner or later they will run you off. You are the only one who can determine what the trade-offs are. But if it was me, I'd take it!
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'CCO is a great place to work, heck, it's a legend. But no point in hanging around till they carry you outa there.
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You have lived longer than you are gonna live. Take the buy out and enjoy the few years you have left. One thing money cannot buy, time.
You will find you have more to keep you busy than you can think of. I am retired and work every day at something. Just completed three 12 hour days working on investment property. Give back and mentor young people. It is very fulfilling.
I will be 60 in a couple of months.
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I retired the day I turned 62. Looking at pensions from boilermakers and county, with reduced tax rates for retiree's, I have more spending/saving money than when I made an honest living. And there are more projects at home to keep busy with, when I get the urge, than I will ever finish. Jeep, motorcycles, guitars, camera, and traveling a month or so each year provides a lot more entertainment than a 9to5.
I sold my time and talents until I didn't have to, and have no regrets.
Don
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Go for it! Retirement can leave you with so many options. I had a really great job in many ways but it took me about 10 miles on my final drive home from my job to adjust and have not looked back after 3.5 years. Stay physically and mentally active and continue to interact in the the world in whatever ways that work for you.
GliderJohn
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My company CBS inc is offering buy outs to anyone who's age and years employed adds up to 80 which I qualify with ease. I'm 65 with 30 years in. Terms are 2 weeks pay for every year worked so 60 weeks for me. They would continue to pay regular checks thru that time period and I would stay on same health plan which includes my wife. After that I go on Medicare. Plus I'd get lump sum covering vacation time that might be about 8 weeks.
I have a meet tomorrow with Human Resources guy at work. What questions should I have for him?
The biggest negative I can see is once taken I could not ever be employed there again, I had hope I could work as a freelance or contractor like some other retirees have done but that's not allowed now.
I feel like I'm forced to take the deal because if I don't then retire in a year or two the offer isn't there.
I've had a taste of retirement since Jan 3rd when I had surgery on my wrist and elbow. Been sitting around home with my arm elevated for 6 weeks.. I'm not a sit around kind of guy so probably need another job at least part time, especially after the 60 weeks runs out, my 401k is not that big. The vacation has been nice, didn't have to go anywhere during the polar vortex and now during Feb when we already got over 20" of snow in just 2 weeks. So that's been nice.. wife jokingly says we'd need marriage councilling if I don't have a job :wink:
Interested in your feedback... and suggestions for good paying part time work. Thanks!
the two things that concerns me:
1. " 401K not that big".
2. No mention of pension. Can you live on Social Security?
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interaction with colleagues and clients, I'll definitely miss that, there is such a huge variety of people working in the news business.. I could probably still find some freelance through some of them.
I missed that for about a week then got busy in "retired life" and have not looked back. Freelance is the key. Make your own hours, do the "gigs" you like.
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Retirement? just do it,don't over think it...I retired at 56 on the spot with little to no thought about it..I then started a one man electrical contracting shop to bring in a few bucks using my experience gained from working at the trade..At 65 you can collect SS and Medicare, do it now ,tomorrow may be too late...
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I could echo all of what has been posted. Many positive about taking retirement. I’m 65 and I noticed a change in how I think. When I was 63 I thought , I would like more Leisure, I like leisure, and I’ve worked too hard much of my life. I took it early without a big nest egg , or pension, and I still work a few days a week. I fly RC planes and ride
My bikes. And when weathers bad I chill or see movies. Some retire well and are happy , others don’t do well without
Some imposed structure and are restless or inactive. The change I mentioned is an acute understanding of the shorter time I might have left. Seize the day as they say. I’ve found that joining groups where us older guys gather
Like RC clubs or some motorcycle groups is great too . Good luck to you, what a great thread
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Really if you have a OK nest egg do it. You wont get another deal in the few short years you have left, and really... tomorrow is not guaranteed to anyone.. You hate to say it, by why work for a day that may never come?. You got the deal offered to you now, you only have a few more years there anyways.. take it and run. You dont have to stop working.... just not there in the job you have. Lots of gigs for older guys looking to get out, and spend a few hours with other people... and im sure lots of contract work in your field if needed/wanted. But really... do it, and enjoy. My Dad worked for NY state back in the day, and back in the 80's they were laying off a lot of people, and offering deals for retirement for long timers. He jumpped on it, and other then finding it harder to get going on a project... never regretted a day of it.
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I will add a few more thoughts, for what its worth...since I am now 6 months into my "official" retirement at age 64:
* I spent >42 years in corporate life, (semiconductor industry), and been laid off, down-sized, and survived several mergers and acquisitions, but always bounced-back, made a living, traveled internationally, seen many, many things, so no regrets overall, but make no mistake, at times, it was a GRIND at times, especially the travel, which often was 50-75%!
* Now, it's my time to enjoy life a bit, with the few good years I have left... :wink:
* The late Dr. Stephen Covey said: "Never retire to leisure, but only to projects..." :thumb: So, plan on working toward or on, only one project per day...and then, take it easy and enjoy the rest of the day!
* For the past few years, I have ridden to and faithfully attended these three Guzzi gatherings: Cottonwood N.A.R. in May...the New Mexico State Rally in August...and the SOCAL N.A.R. at Lake Henshaw, CA in mid-October...and now that I have the time, my goal for 2020 is to stretch out a bit and go to a *NEW* Guzzi gathering...like Cedar Vale, KS...
* Since retiring, I have spent a considerable amount of time with my photography, hiking, walking, bird-watching, enjoying nature and the beauty of Red Rock country, traveling to new places around the state, bonding with my neighbors, managing our property, helping my wife cook and clean, riding my motorcycles, and doting over my wife's '67 Mustang....It's not so bad, really...
* My motto: "In the end, life is meant to ENJOY...not ENDURE!" :wink:
* So, again, GOOD LUCK and all the best with your decision. Make no mistake, retirement is a transition, but in the big picture of life, everyone deserves some time to smell the roses before it's too late! :thumb: :smiley:
(https://i.ibb.co/1LwSz46/JJ-kneeling.jpg) (https://ibb.co/1LwSz46)
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You got lots of good advice. Yes, take the money as you have no security with the big companies.
When I was 50 the company I worked for offered me a transfer to Stink adena, (pasadena, TX) or a Buyout. Sho nuff if I went to Stinkadena I'd been out of a job in 2 years as they shut the place down.
I go to bed tired every night looking forward to all the things on the list for the next day. Still haven't been to the donut shop or coffee shop and bs'd with the other retirees.
In my long life span I've seen too many work that extra few years for more money, then end up not enjoying it.
Take the offer,
Tex
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I go to bed tired every night looking forward to all the things on the list for the next day. Still haven't been to the donut shop or coffee shop and bs'd with the other retirees.
In my long life span I've seen too many work that extra few years for more money, then end up not enjoying it.
Take the offer,
Tex
Once every two months, the other retirees and I from the old company get together and have breakfast and BS about the old days and shake our heads about how things are now ... but I'll never be one of the "every morning at Wendy's" crowd!
Getting up in the morning when you FEEL LIKE getting up, and Fay and I sitting chatting over coffee, then getting to work on any of the thousand things there are to do ... OR just picking a direction and going Riding ...
When I fully retired, I started getting involved in "too much" volunteer work, so that it got like real work, so I've had to divest myself of almost all of that. I'm never going to go to another scheduled "meeting" again. If whatever I'm doing involves regular "meetings", I'm out! I went to thousands of them in my life, probably spent literally years of elapsed time "meeting" and "organizing" and all that ....
But who knows, maybe some folks enjoy the interaction and direction? It's all yours - I've seen people retire and then just sit around and die, but I can't believe that anyone into Moto Guzzis would be like that.
If all else fails, pack up the bike and point it North or South and just go till there's no where to go anymore - then turn around and do it again!
Lannis
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Dorcia was a benefits rep for the GM company we worked for, so she retired "everyone." Naturally she seemed to know everyone, too, and when they asked her about retirement, she generally had a pretty good idea who they were and what they were like. No two people are the same, of course, and they didn't necessarily get the same answers beyond looking at the financial part of it. If the job you have is also your social life and you don't have any "outside" interests, you will probably die within a year. :shocked: She saw it many times. <shrug>
However, most wonder how they ever had time to work. What happens is you think, "Oh, I'm not working. I'll have plenty of time to do that." Don't fall into that trap. BTDT :grin:
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If you are getting everything lump sum then you loose out on getting higher SS benefits at age 66. It they will pay you the normal way then you will continue to pay into SS and that would take you to 66. Otherwise you have end up retiring at 65 and will be drawing at a lower figure for the rest of our life. So consider that a direct loss and subtract it from what they are offering you.
Also note that when you retire early and then receive pay which I assume that is what buy out would be doing you might get penalized. After hitting the limit they penalize you 50% on all money made over what they are paying you. So the timing is important when and how you receive you money. You need to find out how the buy out works and how SS is going to respond.
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Best years of my life = right now, five years into retirement.
What Red Rider said about SS -- but the difference between what you'll get now and what you would get next year may not be worth passing on this deal. I went on SS a year early because the nonprofit I worked for was failing fast and I could see they wouldn't be able to pay me soon -- no buyout, but absolutely no regrets. I had a smallish 401k but fortunately a lot of equity in the house -- I sold it quickly and bought a bigger place for cash, in a smaller less-expensive but more scenic community. No mortgage and cheap property tax. As long as you continue working at something you can continue to contribute to the retirement account. Remember that at 70 you'll begin withdrawals. Bottom line is consider ALL your assets and decide where and how you really want to live.
I transitioned smoothly into a half-time contractor job in nonprofit publishing in a field I love -- that took some advance planning. Plus teaching skiing which has always been the core of my social life and keeps me fit. Two SS streams, the publisher gig and skiing adds up to the same income I had before retirement, with a lot more free time especially in summer. I'm finishing motorbike restorations that languished for years, and riding of course.
If you keep busy outside the house, the wife has nothing to complain about. Mine is happy that I have time for home projects.
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Couple of thoughts;
Take the buy out. It might not be there in 2 years. If so, your opportunity cost is not work get paid or work to get paid.
When you take medicare. There is a look back period of two years. If your income exceeds 185K joint filing then the part B approximately doubles in cost until you file an update that your income dropped in retirement in a couple of years. You didn't indicate if you had a pension. If you can afford to not take Social Security until 70 the payment will increase by 32%. Good luck on retirement. Stay busy
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Brad, I was let go on my 59th birthday, 12 weeks severance and cobra coverage. Additionally I had 8 weeks of PTO accrued. After 16 months, doing a bit of contract work, I finally took a part time with benefits job. I have to admit, I liked being a bum but last years stock markets and the cost of medical insurance forced my hand. If it wouldn't have been for the high cost of health care I never would have gone back to work. Only you can make your choice, but I wish I would have had your offer.
I know way too many people who held off retiring so they would have a great retirement only to have their spouse or them die before they did it.
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More to the point-retire or not, don't put off ANYTHING you can do with your wife. Take the buyout, get a job or not, make sure you go on the trips you always promised.
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Couple of thoughts;
Take the buy out. It might not be there in 2 years. If so, your opportunity cost is not work get paid or work to get paid.
When you take medicare. There is a look back period of two years. If your income exceeds 185K joint filing then the part B approximately doubles in cost until you file an update that your income dropped in retirement in a couple of years. You didn't indicate if you had a pension. If you can afford to not take Social Security until 70 the payment will increase by 32%. Good luck on retirement. Stay busy
More good advice. I'll add to that ... Do the calculation as to when you might start taking Social Security. The longer you wait, the higher the monthly payment, but the fewer years you will collect from them.
I did that, and found that if I started taking SS at 62 instead of 67, it would take me until I was almost 80 for the total amount I would collect by starting early would be topped by the total amount if I waited. Bird in the hand, for me. Your mileage may vary.
Lannis
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SWEETHEART Deal. I'd take it in minute!
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I will absolutely take the deal.
Still have some confusion about continuing health insurance. If I was less than 65 the company would cover full plan as if I were still employed (for 60 months, at no charge to me) I don't qualify for that because I'm Medicare eligible, but I can get cobra coverage (includes Rx) as secondary ins for a payment, unsure what that is... or can go outside for supplemental. (part B ?) along with medicare .. and an Rx supplement. Or take something called retiree medical coverage.. so have to gather all kinds of quotes and info to figure that out.
I have a modest 401k AND a pension that will pay $xxx/mo for life.. or I can roll over a lump sum to 401k.. both are taxable so not sure if I should go for lump sum or payments, think I would have to live 15 years to collect equal to the lump sum. I might, Dad and mom are both strong at 94.
I also get a check for 37 vacation days accrued , no comp for sick or personal days so i will be sure to use them up over the next three months.
Still need to look into the AD&D and GUL and what if anything to do about that..
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So we are gonna see you in Cedar Vale ?
Dusty
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Unlikely, I'll let be working in May.. Elkader on top of my list tho.
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at 65 health care coverage very good. Look into Medicare Advantage.
This year I pay nothing beyond the $134 the government automatically deducts from you SS.
Zero copay for prescriptions and doctor visits. An eye exam would cost me $20. And if I wanted I have free membership to a local Gym with the Advantage plan I chose this year.
If your area has something like Office for Aging, ours is at the county office building, visit there. Someone there knows about medicare and options.
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More good advice. I'll add to that ... Do the calculation as to when you might start taking Social Security. The longer you wait, the higher the monthly payment, but the fewer years you will collect from them.
I did that, and found that if I started taking SS at 62 instead of 67, it would take me until I was almost 80 for the total amount I would collect by starting early would be topped by the total amount if I waited. Bird in the hand, for me. Your mileage may vary.
One aspect of this calculation that people seem to miss is that if you take the money now, you can invest it... The total amount you get then grows because the money grows while you have it invested. The issue here for some is that if they collect SS that means they can't work, and they don't have sufficient other sources of income. However if you do have other sources of income and might consider defering SS to just increase the monthly payment, it might be worth calculating the monthly return from several years of invested SS that you otherwise wouldn't have.
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I took redundancy from my company in 2003 after 20 years. 3 weeks pay for every year so I got 60 weeks pay. Worked 3 days a week freelance ever since. That same company today is offering 16 weeks total no matter how long you have worked there. Some of the guys been there 40 years (spewin). So take it while it's offered you never now what might change in a year or 2.
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One aspect of this calculation that people seem to miss is that if you take the money now, you can invest it... The total amount you get then grows because the money grows while you have it invested. The issue here for some is that if they collect SS that means they can't work, and they don't have sufficient other sources of income. However if you do have other sources of income and might consider defering SS to just increase the monthly payment, it might be worth calculating the monthly return from several years of invested SS that you otherwise wouldn't have.
'correct. If you do the math, most people would need to live until at least 80 to break even on the dollars they would have received had they taken an early distribution. Had they invested those funds, they would likely be able to make several times more than that money they might have recieved had they lived to the ripe old age of 85 or 90, assuming the dollars would still be available in the system. A bird in the hand....
And to the OP: the benefit structure of old school companies is going away. 'Odds of it getting better down the line are next to nill. Most likely, the longer you wait, the less you will get. Working life seems all encompassing, until you stop, and then after a while, you realize there is a great big world out there and when you are not chasing a paycheck, the options are a lot broader. Transitions are always dicey, they don't get easier tho when delayed.
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I have a modest 401k AND a pension that will pay $xxx/mo for life.. or I can roll over a lump sum to 401k.. both are taxable so not sure if I should go for lump sum or payments, think I would have to live 15 years to collect equal to the lump sum. I might, Dad and mom are both strong at 94.
My thought on that is... How is the pension guaranteed? Ive seen many companies up here in the north east go belly up, or sell out, and the pensions are gone.... at least with a lump, you can deal with it YOUR way.
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Well, it may be touching the 3rd rail, but yes, the old style guaranteed pension is actually not nearly as good as having a healthy investment.
I'll be curious to see the outcome of so many unfunded pension obligations in many states.
And Social Security-hmm.
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I can only speak to the way my pension is set up. The company I worked for,has an an Insurance company, making monthly payments, by way of an life annuity I imagine that the payments are guaranteed, as long as the Insurance Company remains solvent.
My thought on that is... How is the pension guaranteed? Ive seen many companies up here in the north east go belly up, or sell out, and the pensions are gone.... at least with a lump, you can deal with it YOUR way.
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Well, it may be touching the 3rd rail, but yes, the old style guaranteed pension is actually not nearly as good as having a healthy investment.
I'll be curious to see the outcome of so many unfunded pension obligations in many states.
And Social Security-hmm.
The pension guarantee company that pays my pension is a trust fund that, by law, maintains sufficient funds to pay all the obligations that they have, which is getting easier for them now that new beneficiaries are not being added to the pool any more. They've never failed to pay in their history. Anything can fail, of course, but by that time and that level of failure, preserved food and ammunition reserves will be the most important things around.
I think you're thinking of states and unions that manage their own pension funds, and constantly raid the seed-money to pay for other things.
The annuity that pays me (in addition to my pension) has been in business since 1890 and has never missed a payment to anyone.
And the old-style defined-benefit pensions versus a 401K? I'd have to have a million and a half dollars in the bank to spin off the monthly payment that I get from my company pension. I wouldn't switch for ... well, for a million bucks!
Lannis
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Brad, at 65 you can get medicare. Further, you can continue the health coverage from work for 18 months. (COBRA) You have to pay the premium to continue that, but it's doable. My COBRA will expire this August at which time I'll have to get my own insurance for a few years until I reach 65. What you are being offered is decent I guess. My company would dangle a very selective carrot with a max limitation of 26 weeks of pay no matter how many years you have. If you can get 60 weeks, that is GOOD in this day and age!
You said you're taking it and I **think** you are doing right by yourself.
John Henry
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I took redundancy from my company in 2003 after 20 years. 3 weeks pay for every year so I got 60 weeks pay. Worked 3 days a week freelance ever since. That same company today is offering 16 weeks total no matter how long you have worked there. Some of the guys been there 40 years (spewin). So take it while it's offered you never now what might change in a year or 2.
Exactly if they would have let me go two years earlier I would have received 40 weeks instead of the 12 I did. But they knew they were planning a purge and wanted to avoid payouts.
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My take on retirement is simply. If you won't have the funds to do the thing you want to, don't retire! There's little enjoyment in life sitting at home because you can't afford to do anything else. If that's the case keep working and enjoy your days off.
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My take on retirement is simply. If you won't have the funds to do the thing you want to, don't retire! There's little enjoyment in life sitting at home because you can't afford to do anything else. If that's the case keep working and enjoy your days off.
Spot on...and I forgot to mention in my ramblings previously...very, very, VERY important!!
* You cannot live on Social Security alone...need to have a second and third source of income...rental property, investments, etc.
* You cannot have ANY DEBT when you retire!! No mortgage, no car / bike payments / "ZERO" credit card debt, no loans, NOTHING!!!!
* Your fixed expenses, like food, property taxes, phone, gas, electric, water, Internet Wi-Fi, refuse pick-up, health care premiums, home-owners insurance, car / bike insurance, home maintenance expenses, etc. etc. will always be there...
* Then, there is ENTERTAINMENT expenses - travel, etc. - - "Having FUN cost money!!"
* So here is the SUMMARY (again) "If you won't have the funds to do the thing you want to, don't retire!"
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There is wisdom in what Dan and JJ are saying, however I would add another consideration: If there has been a pattern of practice to R.A.P.E. (Retire Aged Persons Early) employees and you suspect that a delay on your part may compromise possible compensation, you must consider what your best option would be. My company spent a lot of time over the last several years pushing people out one way or another. If the writing is on the wall, you might do well to heed it.
You need to do what is best for YOU in the long run.
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There is wisdom in what Dan and JJ are saying, however I would add another consideration: If there has been a pattern of practice to R.A.P.E. (Retire Aged Persons Early) employees and you suspect that a delay on your part may compromise possible compensation, you must consider what your best option would be. My company spent a lot of time over the last several years pushing people out one way or another. If the writing is on the wall, you might do well to heed it.
You need to do what is best for YOU in the long run.
QUOTE: My company spent a lot of time over the last several years pushing people out one way or another. If the writing is on the wall, you might do well to heed it. You need to do what is best for YOU in the long run.
Always remember, people, (individuals), genuinely care about people, but CORPORATIONS, and especially, large, faceless public corporations, DO NOT!!!
Their philosophy is basically to use employees, regardless of their tenure / experience, just like "TOILET PAPER" = "Wipe, and then FLUSH!"
You need to look out for yourself!! :thumb: :cool: :smiley:
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You cannot have ANY DEBT when you retire!! No mortgage, no car / bike payments / "ZERO" credit card debt, no loans, NOTHING!!!!
That's one philosophy and a lot of people feel good that way. Another is to use rental property income to pay tax deductible interest on your home mortgage, thereby sheltering that income from tax. Later on, when you sell one or both properties at an appreciated value, you will have more money to buy the bike or car of your dreams. What do you think is fueling the 'older people buying classic cars' bubble? :grin:
If you're really ambitious, the property you eventually sell is your home, on which you pay no capital gains tax. Then you move into the rental property and live there for a while, to make it your home from the tax POV.
Then someday you sell that one too and move into the old people's home, with enough cash to pay the bill until you keel over :wink:
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Here's my plan.....I have been working in the woodworking industry for the past 40 or so years (pretty much all I've ever done) creating production drawings for the shop. I've seen many companies come and go and have on a couple of occasions, been the last person out the door who turns off the lights. About ten years ago, the last company I worked for was headed down the drain....mainly due to bad management. This time I saw the light and wasn't going to be there when it went under. At that time, my wife's job was just starting to come into it's own and she was making more money than me so we discussed me going it alone and starting a contract drafting service for the same industry. I contacted a few prospective customers to see if they would use my services in that capacity and the answer was a resounding "YES......absolutely!" So I bid my farewell to the company I worked with for almost 15 years and headed towards the horizon.
The long term plan was to eventually work part time and use this business for supplemental retirement income. I am just 61 YO, but looking forward to that time. In the ten years since I started my own business, we have continuously invested money in the stock market, I rolled over a 401K I had from my last company, my wife fully funds the contributions to her 401K (she is 64 YO), we have bought rental property (paid for in cash), completely remodeled (updated) our house (preparing for retirement) and paid off all our dept.
Will I ever retire 100%? Maybe.....someday, when I don't like what I'm doing anymore. My wife and I have always lived well below our means and hopefully that will play well when retirement time comes our way. Hopefully the plan we have in place will see us through.......we'll see. :bike-037:
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QUOTE: My company spent a lot of time over the last several years pushing people out one way or another. If the writing is on the wall, you might do well to heed it. You need to do what is best for YOU in the long run.
Always remember, people, (individuals), genuinely care about people, but CORPORATIONS, and especially, large, faceless public corporations, DO NOT!!!
Their philosophy is basically to use employees, regardless of their tenure / experience, just like "TOILET PAPER" = "Wipe, and then FLUSH!"
You need to look out for yourself!! :thumb: :cool: :smiley:
Sorry you have been treated bad?? by Corporations, but that's pretty broad stroke indeed.
I have not had the same experience, quite the contrary.
Its people I have had to take care with, many ambitious?! folks in the business world. (or just plain mean)
You have to learn/know how to look out for yourself...can be done.
I was raised in a place where you worked until you couldn't then contributed in any way you could after that,
cradle to grave.
No complaints.
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Sorry you have been treated bad?? by Corporations, but that's pretty broad stroke indeed.
I have not had the same experience, quite the contrary.
Its people I have had to take care with, many ambitious?! folks in the business world. (or just plain mean)
You have to learn/know how to look out for yourself...can be done.
I was raised in a place where you worked until you couldn't then contributed in any way you could after that,
cradle to grave.
No complaints.
My mother worked for IBM in NY for >38 years...and back then, it WAS cradle-to-grave...but those days went out the door starting in the mid-70's.
In my >42 years, I can count the good bosses that I looked up to and respected on "one-hand." The rest were all featured in the book entitled "Executives Behaving Badly..."
However, in the end, I have no regrets from my career...and none of my jobs were ever boring. I did what I had to and survived quite well...mostly do to the PEOPLE I worked with, and my "network and industry connections" that I kept active. A lesson I learned quite well early in my career. :wink: ...and besides... there no looking back now. :wink: :smiley:
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I agree there's a time to TAKE THE MONEY AND RUN. One can always start a new career at about any age if they need more income. Heck, even a "go fund me a retirement" add may be an option:)
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Since there are more old farts like you guys than aspiring old farts like me the good news is that you guys are going to have figure out some creative solutions to these problems. Last I heard the average retirement account (outside of SS) is $200k for people over 60 and after managing my folks for a while (91 and 87) that ain't going to cut it. Of course what I have saved up probably won't do it either.
One concept that you guys are working on and that I'm interested in is "Cohousing." From my parents situation it's clear that it's the best solution for folks over 85 and it's probably a must over 90. Their living and care situation is much better than their peers who either stayed alone or lived with relatives. Giving in earlier and entering cohousing at 65 could allow you to conserve resources just in case you are unlucky enough to live very long. The downside would be what if someone like Lannis moves in, but lots of these communities address that with restrictions and trial periods in their charters.
Here's one in North Carolina as an example: http://www.elderberrycohousing.com/
About 10 years ago it was vogue to do the Expat thing, but looks like that's cooled somewhat. I do believe that countries like Panama, Costa Rica, etc are going to develop serious strategies to recruit American retirees over the next few years and the pendulum may swing back. Medellin Columbia believe it or not is thriving as a retirement destination. I would certainly consider that as a solution if someone can beat the deal we have here in the Southern U.S.
So all you retirees work it out for us at the tail end of the boomers!
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For scenic travel check out the Senior Pass, free national parks, half price camping at any national forest, blm, coe. COE is the best!
https://www.nps.gov/planyourvisit/senior-pass-changes.htm
Me and my wife have traveled 50,000 miles around america with the cost of 2000 to 2500 dollars for a month trip, gas food camping attractions. Before retiring I bought an old dodge caravan for long distance.
(https://i.ibb.co/cbc3rHg/100-3370.jpg) (https://ibb.co/cbc3rHg)
Put 40k miles on that thing with no big problem, then bought a used 2017 caravan to continue on. No worries and go anywhere as long as there is ground clearance. My brother is into campers and rv and seems to be afraid to leave the interstates.
Shorter trips a motorcycle works fine for two up, the destination decides camping or motel.
Even NYC doesn't cost that much if you plan well.
Travel doesn't have to be expensive.
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QUOTE: Shorter trips a motorcycle works fine for two up, the destination decides camping or motel.
Even NYC doesn't cost that much if you plan well. Travel doesn't have to be expensive.
...and traveling to new destinations and adventures, by car or motorcycle...is LIVING!! :thumb: :cool: :smiley:
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Spot on...and I forgot to mention in my ramblings previously...very, very, VERY important!!
* You cannot live on Social Security alone...need to have a second and third source of income...rental property, investments, etc.
* You cannot have ANY DEBT when you retire!! No mortgage, no car / bike payments / "ZERO" credit card debt, no loans, NOTHING!!!!
* Your fixed expenses, like food, property taxes, phone, gas, electric, water, Internet Wi-Fi, refuse pick-up, health care premiums, home-owners insurance, car / bike insurance, home maintenance expenses, etc. etc. will always be there...
* Then, there is ENTERTAINMENT expenses - travel, etc. - - "Having FUN cost money!!"
* So here is the SUMMARY (again) "If you won't have the funds to do the thing you want to, don't retire!"
I know what you're saying, but Fay and I could live quietly and well on our social security income. No debt, $3800 a year in local tax, $1800 for insurance, $4800 a year in Medicare and supplements, $2500 utilities, $3600 gas for the car, $9000 to eat, and the rest for incidentals. And Fay only worked for 6 years....
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I know what you're saying, but Fay and I could live quietly and well on our social security income. No debt, $3800 a year in local tax, $1800 for insurance, $4800 a year in Medicare and supplements, $2500 utilities, $3600 gas, $9000 to eat, and the rest for incidentals. And Fay only worked for 6 years....
Sounds similar...but my property taxes are $4600 per year...on two homes, and one is a rental. I am the only one collecting SS at this time, as my wife is 5 years younger than me. She will collect in 2 years, (at age 62), and she is still working part-time, 2 days per week. I sign up for MEDICARE in May, and go onto it in August (when I turn 65).
The only fear for many of us, is we are all just one major medical crisis away from personal bankruptcy, so God willing, none of us will have to deal with that...
At FRA, (Full-Retirement-Age), which is 66 for me, I can go choose to go BACK to work and make as much mony as I like, but I think I am through with all that buffoonery, and besides, I am too "tired!" :shocked: :rolleyes: :wink: - - and like I said, time to "smell the roses" and enjoy what few good quality years I have left on this planet!!
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The only fear for many of us, is we are all just one major medical crisis away from personal bankruptcy, so God willing, none of us will have to deal with that...
There are several ways to avoid that for those of us in the 55-65 age range, and they don't involve the unaffordable "Government Exchanges", which, for us, was $14,000 annual out-of-pocket and a $2800/month premium for the base "bronze" plan .... the alternatives involve private mutual-aid associations designed for exactly that situation ...
My mother in law lived from age 70 to 89 on between $12,000 and $13,000 per year, and had everything she wanted in her small town ....
Lannis
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There are several ways to avoid that for those of us in the 55-65 age range, and they don't involve the unaffordable "Government Exchanges", which, for us, was $14,000 annual out-of-pocket and a $2800/month premium for the base "bronze" plan .... the alternatives involve private mutual-aid associations designed for exactly that situation ...
My mother in law lived from age 70 to 89 on between $12,000 and $13,000 per year, and had everything she wanted in her small town ....
Lannis
You must have a large income. Bronze this year for my son and wife is $194 a month and my income is well above the median for our county. It is true that it is really only catastrophic coverage.
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You must have a large income.
Yeah-buddy, that's right. Mr. Got-Rocks, that's me ... !
Lannis
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Down here on the backside of the planet we have a universal superannuation which kicks in aged 65. Ya don't get rich on it. :rolleyes: The idea is to save up enough to supplement that basic income.
My gut feeling would be to take the money and run.
I have just turned 70, retired 3 years ago when my wife turned 65. Although in those two years when I was receiving both the superan plus my wage the superan had the stuffing taxed out of it I used the bit extra overall that I got to further up the gear in the workshop; multiprocess welder, metal band saw, lathe etc.
In my case I find I am forever turning down work. I do a bit of gardening work, clean a few heat pumps, work around the house and regularly get called in to add an extra pair of hands (unpaid in this one) in my son's business. I have excellent neighbours and we trade skillsets. I do more bike trips.
I have just come back from a funeral of a friend, 68 years young. Although he had been given a terminal sentence his death was still unexpected and sudden. I intend to make the most of any remaining time above ground. I am sure if you retire with the payout you will not regret it, even if the funds are a little tight at times. Make the most of life. :thumb:
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Lannis has already said everything that I would offer. I retired in 2003 and have never had regrets. Bottom line is that if you can swing food, shelter, clothing and transportation-GO FOR IT!! :azn:
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If I live as long as my dad, someone gets a shit load of money next year. If I live as long as my mom, I should be able to handle 20 years. Had two stents put in this year and Dad, mom and grandparents all died of heart disease. Time is precious.
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Down here on the backside of the planet we have a universal superannuation which kicks in aged 65.
That's a terrible name, "superannuation". :tongue: Sounds like a description for a 110-year-old guy. :azn: I like "Social Security" better .... ! Ours is supposed to be a supplement too, but it's surprising how many people have saved Nothing by the time they're 70 ....
Lannis
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Time is precious.
That's a fact. I've had a couple of chats with the Grim Reaper, and he told me the same thing. "This must be a mistake. I'm not ready yet." Heard that a million times. "Wish I was at work." Uhh, not so much.
:smiley:
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That's a fact. I've had a couple of chats with the Grim Reaper, and he told me the same thing. "This must be a mistake. I'm not ready yet." Heard that a million times. "Wish I was at work." Uhh, not so much.
:smiley:
Famous QUOTE:
"Nobody on their deathbed ever said: I wish I spent more time at the office..." :wink:
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Famous QUOTE:
"Nobody on their deathbed ever said: I wish I spent more time at the office..." :wink:
We can't prove it, but I'd wager a goodly amount that that is true!
I ALSO think (and this could be disproved by someone here, maybe) that no one has ever said "Oh, man, I'm broke - I WISH I hadn't retired so soon!". Every one that has ever offered an opinion that I've heard says "Man, I wish I'd retired years sooner than I did. This is EASY!"
Lannis
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In the last few years I have lost a number of friends and relatives that were in that upper 50s through upper 60s range, dying just before or just after retirement. Life IS to short not to enjoy as much of it as possible.
GliderJohn
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That's one philosophy and a lot of people feel good that way. Another is to use rental property income to pay tax deductible interest on your home mortgage, thereby sheltering that income from tax. Later on, when you sell one or both properties at an appreciated value, you will have more money to buy the bike or car of your dreams. What do you think is fueling the 'older people buying classic cars' bubble? :grin:
If you're really ambitious, the property you eventually sell is your home, on which you pay no capital gains tax. Then you move into the rental property and live there for a while, to make it your home from the tax POV.
Then someday you sell that one too and move into the old people's home, with enough cash to pay the bill until you keel over :wink:
Yep, my cousin retired from a big oil company and has always used the spread on debt to make income and build capital.
While I might be debt free, with a few stocks and mutual funds, he owns 1000 acres toward Kansas boarder that he has farmed, is paying on a huge house with 80 acres of hay close to Grand Lake and who knows what else in stocks and real estate he owns. Plenty of interest write-offs to boot. OTOH, I was riding my bike and visited him on the way to an Ozark bike rally and he was working his place in 90 degree weather. He has a different idea of "fun" than me.
So there are several ways to consider debt. I think the "no debt" solution works for folks with pensions but there is certainly more lucrative ways to play the game.
Of course business debt is a different animal vs consumer debt.
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Sorry you have been treated bad?? by Corporations, but that's pretty broad stroke indeed.
I have not had the same experience, quite the contrary.
Its people I have had to take care with, many ambitious?! folks in the business world. (or just plain mean)
You have to learn/know how to look out for yourself...can be done.
I was raised in a place where you worked until you couldn't then contributed in any way you could after that,
cradle to grave.
No complaints.
I am not sure that what you say is the rule or the exception. You might consider all the big corporate players and see what has happened to them over the past 30 years:
The auto business? contracted.
Remember when IBM, Xerox and Kodak were tops?
Think about Sears? GE? McDonald Douglas? Pan AM?
But we have Apple, MS, FB, and Amazon but where were they 30 years ago?
Think about Wall Street having forced all corporations to consider "share holder value" and "deregulation" as first priority.
Mike, I am not saying you're wrong at all. But I do know Dr John said about being "in the right place but at the wrong time."
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Tell them you need more time to consider the offer.Maybe there is room to negotiate bot there is also the possibility that if you say "no"you are told to clean out your desk.
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I am not sure that what you say is the rule or the exception. You might consider all the big corporate players and see what has happened to them over the past 30 years:
The auto business? contracted.
Remember when IBM, Xerox and Kodak were tops?
Think about Sears? GE? McDonald Douglas? Pan AM?
But we have Apple, MS, FB, and Amazon but where were they 30 years ago?
Think about Wall Street having forced all corporations to consider "share holder value" and "deregulation" as first priority.
Mike, I am not saying you're wrong at all. But I do know Dr John said about being "in the right place but at the wrong time."
Hey John, congrats on your new scooter. I know you know this but ...take it easy 'till you get to know each other!
Well I have been lucky to have only worked for the Military and two rather large corps and one was a ground floor start up airline that is now an Icon and they have treated us pretty good. (We had our share of bad players for sure)
I have a real good situation now and I really like what I do and have never really disliked or been miserable (salt mine type job)at doing what I do, it is and has been a great pleasure.
Will continue till I can't!
Its an attitude thing, half full or half empty. Every situation is temporary as long as your free. Life is fragile and too short to make it miserable. What I try to say to folks is that the $$ are only a part of the equation, and if you have been able to work steady till your 60s' surely you financial condition will be adequate of a decent life. If not can't' blame the job..no?(Baring some physical/catastrophe/ailment).
The hardest job I ever had was punching cows on the family patch, tough but here again I knew it wouldn't be a profession.
I really shouldn't be giving any advice on the subject, not qualified.
:-)
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That's a terrible name, "superannuation". :tongue: Sounds like a description for a 110-year-old guy. :azn: I like "Social Security" better .... ! Ours is supposed to be a supplement too, but it's surprising how many people have saved Nothing by the time they're 70 ....
Lannis
It's not so bad Lannis. The Prime Minister of the day when it was set up was quite a polarizing sort of guy, Rob Muldoon. He did some good stuff, he did some stupid stuff. With the superan I agreed with his idea. His view was that upon retirement everyone got it, rich or poor, which made it a superannuation. It was NOT to be a pension, which would be means tested; his view was that people who were prudent with their finances should not be penalised for being so, and people who "pissed it on the porcelain" should not be rewarded for doing so.
Although I started a savings scheme the day I started work I have mostly been in jobs that, although not bringing in vast amounts of money, were not highly paid either. Consequently, our backup could only be described as "modest. NZ has a low wage economy, so at the present time many have a hard job putting away that extra required; most going in to just living.
Pleased we own our own house, rents have gone through the roof recently.