Author Topic: NGC retirement advice wanted  (Read 1910 times)

Tennmoto

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Re: NGC retirement advice wanted
« Reply #30 on: February 13, 2019, 05:41:32 AM »
I could echo all of what has been posted. Many positive about taking retirement. Iím 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 Iíve 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 donít 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. Iíve 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

Offline s1120

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Re: NGC retirement advice wanted
« Reply #31 on: February 13, 2019, 07:23:06 AM »
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.
Paul B


Offline JJ

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Re: NGC retirement advice wanted
« Reply #32 on: February 13, 2019, 07:47:47 AM »
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 gatheringsCottonwood 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:




« Last Edit: February 13, 2019, 07:49:48 AM by JJ »
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Offline Texas Turnip

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Re: NGC retirement advice wanted
« Reply #33 on: February 13, 2019, 07:59:56 AM »
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

Online Lannis

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Re: NGC retirement advice wanted
« Reply #34 on: February 13, 2019, 08:14:34 AM »

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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Offline Chuck in Indiana

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Re: NGC retirement advice wanted
« Reply #35 on: February 13, 2019, 09:30:37 AM »
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:
Chuck in (Elwood) Indiana/sometimes SoCal

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Offline redrider90

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Re: NGC retirement advice wanted
« Reply #36 on: February 13, 2019, 10:34:56 AM »
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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Offline Testarossa

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Re: NGC retirement advice wanted
« Reply #37 on: February 13, 2019, 11:09:25 AM »
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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Offline Lesman

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Re: NGC retirement advice wanted
« Reply #38 on: February 13, 2019, 12:31:20 PM »
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

Online Joliet Jim

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Re: NGC retirement advice wanted
« Reply #39 on: February 13, 2019, 01:02:39 PM »
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.
« Last Edit: February 13, 2019, 01:06:55 PM by Joliet Jim »
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Offline Aaron D.

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Re: NGC retirement advice wanted
« Reply #40 on: February 13, 2019, 04:29:27 PM »
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.

Online Lannis

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Re: NGC retirement advice wanted
« Reply #41 on: February 13, 2019, 04:35:05 PM »
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
As I was watching the dog chase his tail last night, I thought "Dogs are easily amused ..."

Then I realized I was watching the dog chase his tail.

Offline Cross-tie Walker

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Re: NGC retirement advice wanted
« Reply #42 on: February 13, 2019, 05:11:51 PM »
SWEETHEART Deal. I'd take it in minute!
Kevin in Seattle
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Re: NGC retirement advice wanted
« Reply #43 on: February 13, 2019, 07:02:39 PM »
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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Offline oldbike54

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Re: NGC retirement advice wanted
« Reply #44 on: February 13, 2019, 07:35:08 PM »
 So we are gonna see you in Cedar Vale ?

 Dusty
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Re: NGC retirement advice wanted
« Reply #45 on: February 13, 2019, 09:05:23 PM »
Unlikely, I'll let be working in May.. Elkader on top of my list tho.
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Online xackley

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Re: NGC retirement advice wanted
« Reply #46 on: February 13, 2019, 10:33:40 PM »
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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Online Tusayan

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Re: NGC retirement advice wanted
« Reply #47 on: February 13, 2019, 10:54:17 PM »
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.
« Last Edit: February 13, 2019, 10:55:55 PM by Tusayan »

Offline stubbie

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Re: NGC retirement advice wanted
« Reply #48 on: February 14, 2019, 02:34:58 AM »
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.

Offline rider33

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Re: NGC retirement advice wanted
« Reply #49 on: February 14, 2019, 05:49:14 AM »
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.
« Last Edit: February 14, 2019, 05:52:27 AM by rider33 »
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Offline s1120

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Re: NGC retirement advice wanted
« Reply #50 on: February 14, 2019, 05:58:59 AM »

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.
Paul B

Offline Aaron D.

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Re: NGC retirement advice wanted
« Reply #51 on: February 14, 2019, 06:05:36 AM »
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.

Offline sdcr

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Re: NGC retirement advice wanted
« Reply #52 on: February 14, 2019, 06:25:16 AM »
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.
John

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Online Lannis

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Re: NGC retirement advice wanted
« Reply #53 on: February 14, 2019, 06:57:21 AM »
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
As I was watching the dog chase his tail last night, I thought "Dogs are easily amused ..."

Then I realized I was watching the dog chase his tail.

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Re: NGC retirement advice wanted
« Reply #54 on: February 14, 2019, 07:18:01 AM »
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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Online Joliet Jim

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Re: NGC retirement advice wanted
« Reply #55 on: February 14, 2019, 07:50:02 AM »
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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Online Ncdan

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Re: NGC retirement advice wanted
« Reply #56 on: February 14, 2019, 08:49:42 AM »
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.

Offline JJ

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Re: NGC retirement advice wanted
« Reply #57 on: February 14, 2019, 09:02:28 AM »
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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Re: NGC retirement advice wanted
« Reply #58 on: February 14, 2019, 09:12:14 AM »
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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Offline JJ

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Re: NGC retirement advice wanted
« Reply #59 on: February 14, 2019, 09:27:00 AM »
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.

QUOTEMy 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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