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Old 03-24-2016, 08:01 AM   #21
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It wasn't calculated, simply a gut reaction to being told that my co-worker in our specialized technical field of telecommunications was being let go and that I would be doing both our jobs plus have to do thin PCs and virtual desktops (that I have little experience in). That coupled with the fact that someone that few people get along with would be my manager. I said I wasn't going to do that, I'd simply quit.

There was some scrambling on his part and a night-time call to me at home with the offer of the severance package. He said that the CIO wasn't very happy. I was very happy to accept it and I was glad that my co-worker, in his mid-40s and a daughter soon in college, wouldn't be losing his job.
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Old 03-24-2016, 09:15 AM   #22
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Don't you love being able to think, "Oh, poor baby! The CIO's happiness is not my problem"?

I love your story. The 16-year-old must be in Heaven, knowing that Grandma will be minding the younger sibs

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Ia night-time call to me at home with the offer of the severance package..
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Old 03-24-2016, 10:38 AM   #23
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Don't you love being able to think, "Oh, poor baby! The CIO's happiness is not my problem"?

I love your story. The 16-year-old must be in Heaven, knowing that Grandma will be minding the younger sibs
Yep, I really don't care what the CIO thinks or feels. He was brought in specifically to lower IT costs and 4 people just in my group were let go. I haven't liked him since the first time I talked with him. Everyone met with him in the first month for a 1-on-1. He asked me what I do here and I told him all telephone systems, two different types of voicemail systems including Exchange Unified Messaging, call center servers and applications including building, maintaining, user admin, and scripting, mobile telecom functions, conferencing system, I could go on. What did he say? "How many hours per day does it take to do your job?"

Excuse me?

I guess he thought my job was nothing and I had a bunch of free time so I could do the thin PCs and virtual machines too.

An absolute Cisco expert that I greatly admire told me that the work I have just completed, virtualizing all of the telecom servers and upgrading, could not have been done by many engineers he knows. He offered me a job in January. I was very flattered but I just couldn't see myself commuting for 2 hours each way.

Screw the CIO and horse he rode in on. He had an engineer level employee that totally managed a dozen and more systems, systems that the whole company would be screaming about if they went down, and treated me like the lowest high school PC tech.
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Old 03-24-2016, 11:08 AM   #24
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Wow. First off, congrats. It is so nice to be in a position to walk away from a bad situation. I am finishing up 35 years in IT. I've seen this kind of stuff go on for years.

Second, you have a good grasp of health insurance going forward. You have time to research. You know about doing Roth conversions to get your income high enough to get subsidies.

Have you hit your last day at work?
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Old 03-24-2016, 11:25 AM   #25
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Wow. First off, congrats. It is so nice to be in a position to walk away from a bad situation. I am finishing up 35 years in IT. I've seen this kind of stuff go on for years.

Second, you have a good grasp of health insurance going forward. You have time to research. You know about doing Roth conversions to get your income high enough to get subsidies.

Have you hit your last day at work?
My last day is March 31st, next week!
Part of the severance is 3 months of job/education/financial advice from a local firm. I'll see if they have anything truly helpful to say in the financial area.

And yes, I've seen a lot in my IT career. I started out as data entry, moved to AS400 operations, to PCs, then network, and then telecom. I've been with this company for 22 years and they were a wonderful company, voted one of the best places to work in the metro area. That's no longer the case and there are a lot of unhappy people here.

I am so grateful for all I've been given and the chance to spend these years with the grandkids before they're too old to want grandma around.
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Old 03-24-2016, 11:30 AM   #26
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Don't you love being able to think, "Oh, poor baby! The CIO's happiness is not my problem"?

I love your story. The 16-year-old must be in Heaven, knowing that Grandma will be minding the younger sibs
And yes, the 16 year old is a great help to her mom now. My daughter is a Hospice nurse and is often called out at odd hours and she travels all over the area. I hope my contribution eases some of the burden between her schedule and the kids'.
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Old 03-24-2016, 11:41 AM   #27
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Pam, does the $650k include the equity of the primary house you just sold ?
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Old 03-24-2016, 11:50 AM   #28
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My last day is March 31st, next week!
Part of the severance is 3 months of job/education/financial advice from a local firm. I'll see if they have anything truly helpful to say in the financial area.

And yes, I've seen a lot in my IT career. I started out as data entry, moved to AS400 operations, to PCs, then network, and then telecom. I've been with this company for 22 years and they were a wonderful company, voted one of the best places to work in the metro area. That's no longer the case and there are a lot of unhappy people here.

I am so grateful for all I've been given and the chance to spend these years with the grandkids before they're too old to want grandma around.
March 31 is also my last day! I'd be interested to know if the local firm can add to your knowledge in the financial area. I bet they aren't geared to the retirement area.

I also have AS400 and PC experience. Not much in the network and none in telecom.

You shouldn't have any problem picking up freelance work, if you want it. But, it sounds like you don't need or want it. I've already had people ask and I tell them to come back when the weather gets cold and the days get short.
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Old 03-24-2016, 12:15 PM   #29
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You should add yourself to the Class of 2016.
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Old 03-24-2016, 02:56 PM   #30
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Pam, does the $650k include the equity of the primary house you just sold ?
Yes, that includes the one house but not the second house (yet). Keeping that in reserve and if all else fails, I can move into it with a mortgage that's under $700 per month.
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Old 03-24-2016, 03:06 PM   #31
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Screw the CIO and horse he rode in on.
Isn't that a great place to be, to be able to say that? Have you stopped laughing yet?

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I am so grateful for all I've been given and the chance to spend these years with the grandkids before they're too old to want grandma around.
And that's a great place to be too, to be able to do what you want. Congratulations!
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Old 03-24-2016, 03:26 PM   #32
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Excuse me?

I guess he thought my job was nothing and I had a bunch of free time so I could do the thin PCs and virtual machines too.
Love that... so reminded me of my last days in Albany, before being promoted to Chicago. Never got along too well with the operating manager there, so was delighted to learn that after I left, I was replaced with two managers and an extra secretary.

...hmmm... or maybe that was because I was too dumb to know.
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Old 03-25-2016, 07:43 AM   #33
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Love that... so reminded me of my last days in Albany, before being promoted to Chicago. Never got along too well with the operating manager there, so was delighted to learn that after I left, I was replaced with two managers and an extra secretary.

...hmmm... or maybe that was because I was too dumb to know.
That's always nice! Being appreciated for what you do goes a long ways in being happy with a job.
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Old 03-25-2016, 06:39 PM   #34
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grats, seems like a great situation to be able to walk away from.
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Old 03-25-2016, 09:06 PM   #35
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I am so grateful for all I've been given and the chance to spend these years with the grandkids before they're too old to want grandma around.
My fondest memories are of the time I spent with my grandmother. I wish the same for you and your grandkids. Congratulations!!!!!
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Old 03-26-2016, 01:58 AM   #36
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A co-worker gave me a card today since I won't see him next week. He wrote, "I'll never truly be able to express my sincere thanks for everything you've done for me. Your charm, your grace, your humor, your smarts, everything about you has made working in a challenging environment bearable! I will miss you dearly, at the same time, I couldn't be happier knowing that an exciting new chapter of your life is about to begin!" Forever your friend.

He hugged me in the elevator from the 4th floor to the 1st as we were leaving and then a big kiss on the cheek. I'll miss him too but we'll stay in touch.
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Old 03-26-2016, 08:28 AM   #37
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A co-worker gave me a card today since I won't see him next week. He wrote, "I'll never truly be able to express my sincere thanks for everything you've done for me. Your charm, your grace, your humor, your smarts, everything about you has made working in a challenging environment bearable! I will miss you dearly, at the same time, I couldn't be happier knowing that an exciting new chapter of your life is about to begin!" Forever your friend.

He hugged me in the elevator from the 4th floor to the 1st as we were leaving and then a big kiss on the cheek. I'll miss him too but we'll stay in touch.
WOW, a wonderful comment!
I cannot EVER imagine anybody at my old w*rk giving me a kiss!!!! And that is a crazy long hug!!!

Maybe he likes you in more ways than just as a co-worker
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Old 03-26-2016, 11:52 AM   #38
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WOW, a wonderful comment!
I cannot EVER imagine anybody at my old w*rk giving me a kiss!!!! And that is a crazy long hug!!!

Maybe he likes you in more ways than just as a co-worker
Nah, he's happily married. We've sat next to each other for about 8 years, a lot of talking over the wall.

He does know that if I hadn't retired, he would have been let go. He gave me a heartfelt thanks for that too.
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Old 03-26-2016, 12:37 PM   #39
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I've thought of the pros and cons of selling it now. $100k would have to generate at least 3.6% income and I would lose any increase in equity. I will keep an eye on prices in the area and would probably sell at $200k equity, which isn't unreasonable as it sold for about $75k more than that before.
You are building up a tax debt here, as since you have to depreciate the property (you save paying now probably 10%). But when you sell it, you have to re-capture the depreciation at 25% (its flat mandated rate, regardless of your marginal tax rate).
So subtract 15% of your depreciation amount from the income per year to get a more "true" number.

As for needing to generate 3.6% in stock investments, fairly easy since many pay dividends of approx 2% (at for you 0% tax rate), plus appreciation over the years of few percentage points.
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Old 03-26-2016, 01:04 PM   #40
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Since the house purchase price was only $115k there's not a huge amount there. Not like a $400k house or something. Or, I could move into the house for 2 years and then sell it. When I'm ready to make that decision I'm sure I'll run the numbers. Would probably cost me more in mortgage cost and loss rental income to live in it for 2 years than to just pay the taxes.
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