Circling back on my post from May of 2016 when I got a layoff notice (Post attached below)
My employer gave me my 60 day notice yesterday
I'm still decompressing a bit now being approximately 2 months into ER. My last day at Megacorp was July 22nd. I've been catching up with friends mostly lunches and happy hours. Those are just about done as far as "hey, lets get together now that you are "retired"
1. Still feels a bit weird to be laid off after 30+ years of M-F working, commuting, doing the Megacorp thing.
2. I'm spending about the same $$ so far as when I was working (except fuel, coffee stops while at work, taxes, SS, 401K contributions)
3. I don't miss the commute (this is Seattle, 3rd worst traffic in the U.S.)
4. It feels great to go to the gym at noon and at 4:30pm. I'm also back on the road bike again.
5. I don't feel like I lost my identity by not working at a Megacorp "big job".
6. At 55 years old I'm finding most of the friends my age are working
7. I applied for UI here in WA state but have decided to now start my pension. Why did I apply of UI---not exactly sure
(pension is more than unemployment by a few bucks).
8. I make my appointments for car repair etc at 10:30am not 7:30am.
9. Drumroll here: I'm considering part-time work in either IT or in a Finance Analyst role once I'm decompressed. This is mostly to help fill my day and so I won't need to draw down on my 401K yet.
What i don't know if how long it will take to decompress after 30 yrs with the same employer.
Also am considering paying off my home in January which will mean I would might not have to go back to work for financial reasons but in order to do it would have to withdraw ~$100K from 401K
(would be drawing 1.8% of my 401K and pension will have kicked in).
A cut and past of my original post (with a few small updates in bold font)
Somewhat anticipated but still internalizing what my next steps are. I work in an aerospace industry in an IT organization. Megacorp (160,000 employees).
IT is being reduced and after 30 yrs I got my notice yesterday. Planned on working two years. I get a 6 month severance pkg.
It feels weird since I've never been "laid off" before.
55 yrs old
750K in 401K (Now 803K)
pension (non cola) at $3100 a month (can draw after my layout benefit ends in 6 months). I can also take a lump sum on the six months pay.
expenses are 60K a year
After final check July 22nd will owe 125K (now 118K) on home (valued at 535K (Now 568K)). No other debt.
Received a severance of 6 months pay and sick leave and vacation payout.
Feels weird but to be honest was pretty burned out. We've had 3+ yrs of reductions. My background is IT Finance and IT Service Delivery mgmt. I achieved a "level 5" status which is high in my field. I might pursue contract work. Seattle WA is a pretty hot market right now (where I live).
Two undergrad degrees and one masters (TMBA)
I get retiree medical at a reasonable rate ($70 a month).