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Don't do as I do... do as I say
Old 03-13-2012, 06:32 PM   #1
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Don't do as I do... do as I say

I was in a rather strange position today. I had a co-worker come in to tell me he is retiring in a couple of months, at age 55 and.... I had to try to talk him out of it, even though I'm going to be bolting out the door on the very same day.

Circumstances are a bit different though - he's leaving because he has been transferred to a new position that requires him to actually work (he had an absentee boss, so he spent most of his time outside smoking).

By retiring at 55, he will take a 30% reduction in his pension, which will give him less than $1000/month after tax. He told me he doesn't have a lot of savings but he does live with a girlfriend who has taken a year off to live on a farm to help abused animals. He told me he just doesn't like having to work so hard so he wants out.

I tried to talk him into toughing it out for 5 more years, when his pension will increase substantially. Nope... he wants to be gone.

Idiot.
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Old 03-13-2012, 07:19 PM   #2
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Originally Posted by Nuiloa View Post
I was in a rather strange position today. I had a co-worker come in to tell me he is retiring in a couple of months, at age 55 and.... I had to try to talk him out of it, even though I'm going to be bolting out the door on the very same day.

Circumstances are a bit different though - he's leaving because he has been transferred to a new position that requires him to actually work (he had an absentee boss, so he spent most of his time outside smoking).

By retiring at 55, he will take a 30% reduction in his pension, which will give him less than $1000/month after tax. He told me he doesn't have a lot of savings but he does live with a girlfriend who has taken a year off to live on a farm to help abused animals. He told me he just doesn't like having to work so hard so he wants out.

I tried to talk him into toughing it out for 5 more years, when his pension will increase substantially. Nope... he wants to be gone.

Idiot.
I have seen it myself, people bailing out being (in my opinion) severly undercapitalized. But they are going to do what they are going to do. Watch out below when their mind is made up.

On that subject, I think I am done with giving other people advice. They never appreciate it or actually follow some good information. So why bother ?
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Old 03-13-2012, 08:02 PM   #3
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Sounds like your co-w*rker practiced on the job retirement for some time.

Brings back bad memories of this guy I worked with. He'd constantly put off responsibilities, then let what should have been a day to day work turn into a crisis. Oh..those memories....I'm soooo glad I'm retired.
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Old 03-13-2012, 08:38 PM   #4
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Sounds like you did what you could to make him think seriously about his retirement timing. Just know you tried and that's all you can really do. You probably won't be around him to hear his tale of woe in a few years when he wonders what he did to himself.
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Old 03-14-2012, 01:13 AM   #5
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........if the lung cancer doesn't get him first!
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Old 03-14-2012, 01:53 AM   #6
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Sounds like you did what you could to make him think seriously about his retirement timing. Just know you tried and that's all you can really do. You probably won't be around him to hear his tale of woe in a few years when he wonders what he did to himself.
+1

It's his life and he can stuff it up any way he wants.
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Old 03-15-2012, 09:03 AM   #7
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You might see him greeting you at Walmart, or serving you fries at McDonalds...tell him hello for me.
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Old 03-15-2012, 11:38 AM   #8
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One less person to pay for my SS. We'll let it go this time, Nuiloa, but use the whip on the next one.
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