Early Retirment: Your idea or the Company's

[kumquat]

Quote:

Originally Posted by HFWR Both? "Pack yer **** and leave" isn't very subtle... "But here's a nice parting gift."

Similar, except it was:

I'm FI due to maga-corp stock options (they were very good to me in that respect).

Really enjoyed my job, one day VP asks/tells "we need you to start new group to deal with legislation (S-Ox), you can have the moon. Three years of something I disliked, no thanks since no problems, and now no respect (CEO/CFo's attitude was "still not in jail, couldn't have anything to do with compliance group"). No longer liked working.

HR/VP had this thing about everyone making a 'personal plan' for the year, what you'll do and what company resources are needed(training etc), due Jan 1. I, as usual, didn't bother. Early in the year VP drops in and asks if I'm going to do one. I told him that my personal plan ended before the 1st quarter.

Filled out ER paperwork quit, was asked to stay until year end, gave them 90 days. It was too long, but got another years options out of it. Those are now worth about 1 years pay.

So. They forced me out with BS, paid me off in options and I decided the timing. FWIW, I voted 'my idea'.

[travelover]

Quote:

Originally Posted by theoldwizard ......Maybe I saved some 40-50 year old who didn't have enough years to retire and did not want to relocate out of Michigan.

Yea, I thought the same thing.

[Achiever51]

I voted "my idea" but in reality it was a little more complex.

Worked at MegaCorp for 30 years and would have been eligible for ER at my option at age 55. I really enjoyed my job and had never considered an early retirement -- until my last boss who gave new meaning to the phrase "hell on earth." So, at age 50, I had more than enough and decided it was time to leave before I got seriously ill. I asked for a special early out as the company was looking to trim staff, but I was denied -- until I mentioned that I had strong written documentation to back up my complaints. Then the tide turned and I was able to negotiate the terms of my leaving.

So, when I left at 50 I continued to be paid for several years at my last salary with continued full benefits plus I received a one-time "bonus" to cover any unreimbursed medical costs. Also, I got additional years of service that allowed me to retire at the age of 55 with a pension equal to that I would have received had I stayed to age 62. Last year, I fully retired from MegaCorp.

(And, as luck would have it, after I left MegaCorp, I was recruited to head up a smaller organization that had a nice retirement plan. I left after five years there and I was able to roll over that into my IRA. Sometimes things DO work out for the best!)