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Re: "Early Retirement Packages"... any takers? [Re: second 70] #2714871
11/11/19 04:14 PM
11/11/19 04:14 PM
Joined: Jul 2008
Posts: 19,636
...to Paradise from ParaICE !
Doc Fiberglass Offline
Whack! Whack! Whack!
Doc Fiberglass  Offline
Whack! Whack! Whack!

Joined: Jul 2008
Posts: 19,636
...to Paradise from ParaICE !
You old fart with a decent package ... are those companies offering similar packages for the young uns coming into today ?


...... roger that .., whackin’ the whack JOBS is my mission ...a noble Crusader !
Re: "Early Retirement Packages"... any takers? [Re: kcarfanatic] #2714878
11/11/19 04:31 PM
11/11/19 04:31 PM
Joined: Apr 2004
Posts: 3,176
The Historic Hudson Valley
MONC Offline
master
MONC  Offline
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Joined: Apr 2004
Posts: 3,176
The Historic Hudson Valley
Originally Posted by kcarfanatic
I took a SERO, that's GE jargon for Special Early Retirement Option. At 55 they made me 60, Same pension I would have got at 60 with a social security supplement to age 63 and 2 months. Full medical,dental,prescription and vision coverage. After 34.5 years I deserved it. I remember going to HR to get my numbers and they told me I was going to get paid "NOT TO COME TO WORK!!!" No arm twisting required on their part. I jumped on that like a Wildman!!!!


Well this is timely.
my old company is now offering a lump sum or monthly payment option. As I am only 53, I have decided to roll it over into an IRA with some other funds to manage it as a whole.
I had some here and some there, now I won't have to worry about what's where , it will all be in one place.

Something I hadn't thought about that kcar brings up, is what happens with medical / dental or other benefits?
Is that something that is normally given with a pension once I reach retirement age , even though I no longer work for the company?
Or is that just something extra kcar got with his package?

Did I just exclude myself from having benefits at retirement age by taking the lump sum ?


Mopar
Or
No
Car
Re: "Early Retirement Packages"... any takers? [Re: MONC] #2714922
11/11/19 07:01 PM
11/11/19 07:01 PM
Joined: Feb 2005
Posts: 3,960
Prospect, PA
BSB67 Offline
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Joined: Feb 2005
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Prospect, PA
Usually your company either offers those benefits in retirement, or they do not. It's unlikely that they're tied to your lump sum decision.

Re: "Early Retirement Packages"... any takers? [Re: second 70] #2714927
11/11/19 07:16 PM
11/11/19 07:16 PM
Joined: Feb 2005
Posts: 3,960
Prospect, PA
BSB67 Offline
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BSB67  Offline
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Joined: Feb 2005
Posts: 3,960
Prospect, PA
ATT didn't know what the market was going to do either. You make it sound like it was some corporate conspiracy to screw the retired, verses simply them making their own future liability more certain. If the whole deal would have happened two years later, the lump sum would have been the best deal since sliced bread. Furthermore, I suspect like many pensions, there is not much in the way of survivor benefit, so the lump sum could still be the right choice, as well as if the company goes bankrupt.

I've watched a lot of folks jump on the lump sum offerings. They usually make it out of shear greed because it looks like such a big number with no consideration that it might need to last 35 years. Some of these folks have done well with their lump sum, others not so much.

Re: "Early Retirement Packages"... any takers? [Re: MONC] #2714934
11/11/19 07:33 PM
11/11/19 07:33 PM
Joined: Jan 2003
Posts: 5,171
Seattle
ragtopdodge Offline
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Posts: 5,171
Seattle
Don't know how anyone can retire early unless they're worth millions or got a wife who works w/benefits.

Getting health insurance in your 50s/early 60s is massively expensive.

And the ACA has a good chance if going away in the Supreme Court so say good bye to protection of pre-existing conditions.

Re: "Early Retirement Packages"... any takers? [Re: ragtopdodge] #2714945
11/11/19 07:46 PM
11/11/19 07:46 PM
Joined: Feb 2005
Posts: 3,960
Prospect, PA
BSB67 Offline
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BSB67  Offline
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Joined: Feb 2005
Posts: 3,960
Prospect, PA
That's the way I feel about it. A lot of cost uncertainty and my desire to maintain a decent standard of living, and making sure my wife is well cared for when I'm gone. If I retire at 67, there is a chance my nest egg will need to last 40 years. No regrets that my wife was a stay at home mom to my three kids, but there are long term financial consequences with that decision.

Re: "Early Retirement Packages"... any takers? [Re: BSB67] #2715008
11/12/19 12:34 AM
11/12/19 12:34 AM
Joined: Nov 2005
Posts: 14,871
85086
moparpollack Offline
Lil Herman
moparpollack  Offline
Lil Herman

Joined: Nov 2005
Posts: 14,871
85086
Me, this week, hopefully tomorrow is my last day. Actually retired from the military 7 years ago and after paying my military retirement back in taxes I sat down and did the math and said time for a change. So we are moving back to Oklahoma after three years in Arizona. Almost all the expenses are 1/3 to 1/2 more in Arizona to what they are in Oklahoma.

At work there were so many people including me having the money to buy stuff but not enjoy it. I have plenty of stuff now and will finally have the time to enjoy life.


55 Pick up 56 Plaza 63 D100 step side 67 Coronet, 68 Roadrunner, 69 Super Bee, 69 Coronet 500 convertible, 70 Roadrunner Post, 79 D150 360, and a severe case of Mopar a,d,d
Re: "Early Retirement Packages"... any takers? [Re: Doc Fiberglass] #2715009
11/12/19 12:40 AM
11/12/19 12:40 AM
Joined: Apr 2012
Posts: 773
California
J
Jjs72D Offline
super stock
Jjs72D  Offline
super stock
J

Joined: Apr 2012
Posts: 773
California
Originally Posted by Doc Fiberglass
Dayumn ..... whata buncha old fart s in here ! grin


Maybe.
What if they retire but then get more time to fix up their cars?

Re: "Early Retirement Packages"... any takers? [Re: second 70] #2715012
11/12/19 03:25 AM
11/12/19 03:25 AM
Joined: Aug 2003
Posts: 33,766
Bend,OR USA
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Cab_Burge Offline
I Win
Cab_Burge  Offline
I Win
C

Joined: Aug 2003
Posts: 33,766
Bend,OR USA
I took control of what was left of my 401 K in December of 2005 after filing my complaint with the SEC, I invested it in several different mutual funds and it gain over 250% in 3 years under my control shock up
I should have sold it all and switch it into a Treasury bonds in the beginning of 2008 or by at least before July of 2008, I didn't and ended up loosing half of the gains over the next 5 yrs by leaving in a bear market and living off of it as well. shruggy
I guess if it was meant to be for me to become very rich I t would have happen, but it didn't whiney
My life has been very good, drag racing, raising two good kids, owning and flying a nice airplane for 15 yrs and still being healthy with a very good wife for 54 yrs and having 6 great grandkids who are now contributing to our society in very positive ways up
Along the way I was a IBEW Union member for several years before getting drafted into the Army in late 1966.
After getting out of the Army in 1968 I became a CWA member while working for GTE and ended up becoming a union Steward for them and then was elected to the CWA Executive board for around 14 months before quitting GTE in late 1970.
I went to work for Continental Telephone Company of CA the following Monday in customer service installing and repeairing telephones, which later became Contel around 1978.
I tried to hire on with Southern California Edison as a apprentice lineman in 1969 but they wouldn't take me due to me working as a apprentice lineman for the telephone company for 18 months prior to applying to SCE shruggy
It all work out though up
Only in America is this possible boogie

Last edited by Cab_Burge; 11/12/19 03:26 AM.

Mr.Cab Racing and winning with Mopars since 1964. (Old F--t, Huh)
Re: "Early Retirement Packages"... any takers? [Re: BradH] #2715098
11/12/19 11:20 AM
11/12/19 11:20 AM
Joined: Jan 2003
Posts: 15,213
Val-haul-ass... eventually
B
BradH Offline OP
I almost got away with it!
BradH  Offline OP
I almost got away with it!
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Joined: Jan 2003
Posts: 15,213
Val-haul-ass... eventually
Still waiting for the details to show up on the mail this week. Until then, all I know are a couple of milestone dates published about the program.

Despite my being "up there" in age (60), I'm not in the position to actually retire considering I have three kids to help put through college still. It's more like the possibility of an unplanned change of employer... with a financial "incentive" to do it sooner than later.

Since the news came out last week, I've:
- swapped texts w/ a former Manager who went elsewhere
- spoke in person briefly on Saturday with a former Director from my current company who left about 5 years ago and started his own company (small consulting firm)
- spoke on the phone this morning w/ a former co-worker from a company I worked for before coming here who has been at a new company started some years ago by a former Director of mine also from that other company; I probably know a half-dozen people there, all from my time at that other company... I think they all jumped ship once the new business got established enough

Funny how everyone who has left "here" tells me to take the package and move on. Either way, "it's complicated..." Some other things had been in flux for quite a while that only settled down a couple of months ago. Having to change jobs -- by my choice or not -- would roll back the progress of at least one key part of that. down

Oh, no... no stress in my life... whistling


An unskilled person with a "cool idea", a bunch of porting tools, and a set of cylinder heads is a sure recipe for disaster.
I AM that person!
------------------------------------------------------------------------------------
Mr. Incredible: What are you waiting for?
Tricycle kid: I don't know. Something amazing, I guess.
Mr. Incredible: Me, too, kid.
Re: "Early Retirement Packages"... any takers? [Re: BSB67] #2715167
11/12/19 03:19 PM
11/12/19 03:19 PM
Joined: Apr 2004
Posts: 3,176
The Historic Hudson Valley
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The Historic Hudson Valley
Originally Posted by BSB67
Usually your company either offers those benefits in retirement, or they do not. It's unlikely that they're tied to your lump sum decision.


And THAT"S what I am trying to figure out...


Mopar
Or
No
Car
Re: "Early Retirement Packages"... any takers? [Re: ragtopdodge] #2715228
11/12/19 07:22 PM
11/12/19 07:22 PM
Joined: Jan 2003
Posts: 26,330
Oregon
A
AndyF Offline
Too Many Posts
AndyF  Offline
Too Many Posts
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Joined: Jan 2003
Posts: 26,330
Oregon
Originally Posted by ragtopdodge
Don't know how anyone can retire early unless they're worth millions or got a wife who works w/benefits.

Getting health insurance in your 50s/early 60s is massively expensive.

And the ACA has a good chance if going away in the Supreme Court so say good bye to protection of pre-existing conditions.


Health insurance is free for a family of four if your income is less than $100K. That was one reason I decided to retire in my 50's. My income is less now but a lot of my expenses went away too.

Re: "Early Retirement Packages"... any takers? [Re: AndyF] #2715253
11/12/19 08:16 PM
11/12/19 08:16 PM
Joined: Jan 2003
Posts: 15,213
Val-haul-ass... eventually
B
BradH Offline OP
I almost got away with it!
BradH  Offline OP
I almost got away with it!
B

Joined: Jan 2003
Posts: 15,213
Val-haul-ass... eventually
Originally Posted by AndyF

Health insurance is free for a family of four if your income is less than $100K.

confused

Also, the program details arrived in the mail today... scope


An unskilled person with a "cool idea", a bunch of porting tools, and a set of cylinder heads is a sure recipe for disaster.
I AM that person!
------------------------------------------------------------------------------------
Mr. Incredible: What are you waiting for?
Tricycle kid: I don't know. Something amazing, I guess.
Mr. Incredible: Me, too, kid.
Re: "Early Retirement Packages"... any takers? [Re: BradH] #2715267
11/12/19 08:40 PM
11/12/19 08:40 PM
Joined: Jan 2003
Posts: 26,330
Oregon
A
AndyF Offline
Too Many Posts
AndyF  Offline
Too Many Posts
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Joined: Jan 2003
Posts: 26,330
Oregon
I take it by your reply that you didn't know that the health insurance for a family of four was basically free if total family income is less than $100K? That wouldn't surprise me if that is the case. I've talked to a lot of people who ask me how I can afford health insurance as a retired guy with two kids. Most of them don't believe me when I tell them that it is free. Some people argue with me, others tell me it isn't possible, etc. Evidently there hasn't been a lot of education on the ACA. Of course, it could all change tomorrow too so one has to pay attention.

Actually if you own a small business which is profitable you'll find out that health care is cheaper than free. The IRS provides tax credits that are greater than the cost of medical insurance so you actually get money back. I didn't believe that one at first myself but I went over it a couple of times with the tax accountant and evidently that is the way the law is written. I would imagine that law gets changed at some point but that is how it was for 2018.

Re: "Early Retirement Packages"... any takers? [Re: AndyF] #2715275
11/12/19 08:56 PM
11/12/19 08:56 PM
Joined: Apr 2006
Posts: 1,259
North East USA
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BIGGERED Offline
Reasonable Title
BIGGERED  Offline
Reasonable Title
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Joined: Apr 2006
Posts: 1,259
North East USA
It’ll be interesting what responses you receive regarding the above.

Red

Re: "Early Retirement Packages"... any takers? [Re: BIGGERED] #2715326
11/13/19 12:31 AM
11/13/19 12:31 AM
Joined: Jan 2003
Posts: 26,330
Oregon
A
AndyF Offline
Too Many Posts
AndyF  Offline
Too Many Posts
A

Joined: Jan 2003
Posts: 26,330
Oregon
I'm just pointing out to people that health care is free if their income is under the limit. I didn't write the law so it doesn't matter to me what people think of it. It wasn't my idea but it is available and if people are thinking of retiring early they should at least know it exists. Someone earlier in the thread said that health care was too expensive to afford but that obviously isn't true. If you manage your total family income to come in under the limit then the subsidy makes it free or close to free. It is a weird law with a bunch of complicated moving parts but it does exist and it can be useful for early retirees.

I talked to a wealth adviser the other day who said he had about 70 clients who are all actively managing their total family income in order to stay eligible for the health care subsidy. He only takes on clients who have net worth above $3M so that tells you something. I doubt that the folks who drafted the ACA knew it would be used like this but that is just how it goes. If anyone looking at this thread is thinking about early retirement (before Medicare age) then they should do some research into the ACA. Your finances have to be set up in a way to allow you to control your annual income so there is a bit of a trick to all of this. If people are planning to work until 62 or 65 and then go straight to SS and Medicare then the ACA doesn't really matter.

Re: "Early Retirement Packages"... any takers? [Re: AndyF] #2715403
11/13/19 11:40 AM
11/13/19 11:40 AM
Joined: Feb 2014
Posts: 812
central il.
S
second 70 Offline
super stock
second 70  Offline
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Joined: Feb 2014
Posts: 812
central il.
Here's the break by income and dependents.

https://www.financialsamurai.com/su...s-for-the-affordable-care-act-obamacare/

Not everyone gets it free but some do and others get a discount.

Re: "Early Retirement Packages"... any takers? [Re: second 70] #2715440
11/13/19 01:26 PM
11/13/19 01:26 PM
Joined: Dec 2005
Posts: 3,118
Fulton County, PA
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CMcAllister Offline
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CMcAllister  Offline
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Joined: Dec 2005
Posts: 3,118
Fulton County, PA
I quit working for other people almost 30 years ago. I've had a few bouts of "grass has to be greener on the other side" and tried to go back to working a job that provided a paycheck and a W-2 in January. That usually ended unceremoniously once I discovered it was actually crabgrass and thistles.

I don't expect I'll ever stop working. Nothing I'd rather be doing or I'd be doing it already.

I will be signing up for SS the minute I'm eligible. Even if I don't spend it, I think I can do a better job with it than the clowns who have it now.

And after watching how and where the government slings "our" money around, the idea of accepting a "handout" seems less distasteful than it once did and I need to look at the ACA after getting along for years with little or no insurance. Never know when I might damage something beyond my ability to fix.


If the results don't match the theory, change the theory.
Re: "Early Retirement Packages"... any takers? [Re: second 70] #2715445
11/13/19 01:53 PM
11/13/19 01:53 PM
Joined: Jan 2003
Posts: 26,330
Oregon
A
AndyF Offline
Too Many Posts
AndyF  Offline
Too Many Posts
A

Joined: Jan 2003
Posts: 26,330
Oregon
Originally Posted by second 70
Here's the break by income and dependents.

https://www.financialsamurai.com/su...s-for-the-affordable-care-act-obamacare/

Not everyone gets it free but some do and others get a discount.


I read the article and it seems correct to me although the numbers seem out of date. I think the insurance costs are about double now compared to what they show in that article. One important thing to note is that the chart in the article is for Silver plans. If a person selects a Bronze plan then the subsidy covers the cost of the plan which means your insurance is basically free. However, it isn't great insurance. There is a high deductible, there are a lot of restrictions, vision and dental are only for children under the age of 18, etc. But free is a good price and it does save you some money when you go visit the doctor since you get the negotiated insurance rates rather than retail rates. You still have to keep cash on hand to pay for medical expenses but it is better than not having insurance and having to pay full rate for everything.

Re: "Early Retirement Packages"... any takers? [Re: CMcAllister] #2715450
11/13/19 02:18 PM
11/13/19 02:18 PM
Joined: Jan 2003
Posts: 4,097
Bloomington, IN
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HoosierTA Offline
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HoosierTA  Offline
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Joined: Jan 2003
Posts: 4,097
Bloomington, IN
Originally Posted by CMcAllister
I quit working for other people almost 30 years ago. I've had a few bouts of "grass has to be greener on the other side" and tried to go back to working a job that provided a paycheck and a W-2 in January. That usually ended unceremoniously once I discovered it was actually crabgrass and thistles.

I don't expect I'll ever stop working. Nothing I'd rather be doing or I'd be doing it already.

I will be signing up for SS the minute I'm eligible. Even if I don't spend it, I think I can do a better job with it than the clowns who have it now.



I agree with your thinking CMcAllister. While there is the "you earn 8%" concept for every year one waits, you factor in taking the money and investing, a like amount- the 8% is halved at least.

When I retire in three years, I plan to draw immediately. The extra revenue means I won't need to touch other investments, which would mean less base to earn from. I figure if I wait until the max age, there is $70,000 I could have in my bank. Looking at articles on SS income; when a male reaches 80, the same dollars are received regardless of when a person opted to begin. I will just have them send me my money right away, thank you. I really don't buy into the 8% earning that is presented by the government. They are hoping you die before you draw.


'70 Challenger R/T 383
'16 Hemi Durango SSV (work vehicle)
'15 Ram Police SSV
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