Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Old 12-08-2017, 04:14 AM   #21
Thinks s/he gets paid by the post
DrRoy's Avatar
 
Join Date: Dec 2015
Location: Michigan
Posts: 4,962
I told 2 managers and just a couple close friends about 6 months early, and then waited to see how it spread. It actually took a couple months before it got around but I also found that people did not bring it up to me directly. No Megacorp problems.
__________________
"The mountains are calling, and I must go." John Muir
DrRoy is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-08-2017, 04:47 AM   #22
Moderator Emeritus
Ronstar's Avatar
 
Join Date: Aug 2007
Location: Northern Illinois
Posts: 16,543
I gave retirement hints for several years, but didn't follow through. I just kept reducing work hours until I was down to 2 days a week. During this transition, I transferred to my DW's megacorp health insurance, and sold most of my company stock to the new company principals.

I had an employment contract that required 6 months notice to terminate the contract. So I gave 6 months notice to the 3 company principals via an emailed letter. 2 took it ok. But the president wasn't happy - he was worried how my work would get done after I retired.

We worked out a new contract where I would work an additional 1 year 1-2 days a week after the 6 months notice was over in exchange for the company buying my remaining stock. I had to put together a detailed plan on how I was to train my replacements. That took a few months.
Then I handed over my projects and trained my replacements over the course of the last 15 months.

During the last year's new contract, I had no benefits, so there were no benefits to extend into retirement. But I still do some consulting for the company almost 4 years post retirement.
Ronstar is offline   Reply With Quote
Old 12-08-2017, 04:58 AM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Mar 2011
Posts: 8,363
At my company if you gave 2 weeks notice you were told "two hours should be enough to clean out your desk". I suppose a 6 month notice would get you 6 hours?
__________________
Living well is the best revenge!
Retired @ 52 in 2005
marko is offline   Reply With Quote
Old 12-08-2017, 05:27 AM   #24
Moderator Emeritus
Ronstar's Avatar
 
Join Date: Aug 2007
Location: Northern Illinois
Posts: 16,543
Quote:
Originally Posted by marko View Post
At my company if you gave 2 weeks notice you were told "two hours should be enough to clean out your desk". I suppose a 6 month notice would get you 6 hours?
It was close to 6 hours. But I still didn't get it cleaned out on my last day. Had to go back later to finish.
Ronstar is offline   Reply With Quote
Old 12-08-2017, 06:05 AM   #25
Thinks s/he gets paid by the post
Red Badger's Avatar
 
Join Date: Jan 2017
Location: Hog Mountian
Posts: 2,077
[QUOTE=Jerry1;1976136]

Right now, however, I've asked my boss about volunteering for getting let go. They have cut backs coming for next year and just said that if someone has to go, why shouldn't it be me over someone who wants/needs to keep working. For me, they would treat me as any other lay-off and I would get a severance package.

I gave my boss 6 months notice in hopes of getting severance, but biz was on a roll, so it was all hands on deck until The Day.

Also agree that if "severe" and "retaliatory" are in the periphery, keep your mouth shut and work an exit plan on your term.

All best.
__________________
Never let yesterday use up too much of today.
W. Rogers
Red Badger is offline   Reply With Quote
Old 12-08-2017, 06:50 AM   #26
gone traveling
 
Join Date: Nov 2011
Location: The Deep South Bay
Posts: 744
I made no announcement because I was laid off my last job, collected 18 months of unemployment and most of the other guys went on to the sister company for employment, I got a call 2 times from the boss urging me to go and get the job they had waiting for me, I think he wanted me to work rather than pay unemployment

I ran into a couple of guys last month when they were unloading their truck and it came out in conversation that I was retired. They were astonished, jealous, curious, amazed and sad that they weren’t finished with their job for the day let alone the work for the rest of their career
97guns is offline   Reply With Quote
Old 12-08-2017, 07:47 AM   #27
Full time employment: Posting here.
 
Join Date: Oct 2016
Location: Pinetops
Posts: 521
About 6 or 7 months ago I mentioned my intentions of semi-retiring to my Supervisor. She was very understanding but also let me know that the State was planning to offer severance packages to those that volunteered to leave their positions. I thought OK, I'll play out the process - but I did so with no expectations. I'm just usually not lucky in lottery type processes. Anyway, 23 days ago I was notified that my application was accepted and that I would have to leave on 12/15/2017.

Internally, most people know - but I've remained very humble and just trying to slip out quietly. I've spent the month using my excess accrued leave and have had my final meeting with Supervisor and transferred responsibilities to my staff.

I've actually remained low key even though my insides are jumping up and down.

I'm part of a group of 20 people who accepted this "package" and will spend next week visiting with others who are leaving.

At the State level, there is little fanfare and no gifts. I realize that my gift will be the fact I no longer have to put up with the frustrations of poor systems, structures, and processes in conjunction with folks not really qualified to be in their positions.

6 to 9 months off - and if I really get bored, I can always pick up a temporary or seasonal side hustle.

I
IMATERP is offline   Reply With Quote
Old 12-08-2017, 07:50 AM   #28
Thinks s/he gets paid by the post
2017ish's Avatar
 
Join Date: Apr 2012
Location: Nashville
Posts: 2,504
This varies wildly by employer. Like RobbieB, both DW and I gave ~2 years notice (she a little more, me a little less). Neither of us experienced anything bad from it. (Small physician group & small law firm.)

Like you, she was contractually required to give 6 months notice, but accurately believed that was woefully inadequate to find a replacement. As for me, we were looking to hire someone and I wanted to alert my "bosses" that they shouldn't necessarily hire an entry level attorney with the expectation that I'd continue to be around.

But, again, YMMV (and likely will vary).
__________________
OMY * 3 2ish Done 7.28.17
2017ish is online now   Reply With Quote
Old 12-08-2017, 08:16 AM   #29
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
I worked for a Mega-Megacorp with top line benefits. Out of the hundreds of people that came thru the company, few ever retired on their terms.

In 2008, the decision was made that any employee 55 and older would be retired in 3 waves. I was 300 miles away when I got a call that tomorrow was my last day. No thank you. No go!d watch. No retirement dinner.

But 5 weeks vacation pay, full salary for another year, a $1000 per month retirement supplement for 42 months (until age 62), 50 weeks unemployment and healthcare insurance to age 65 was worth a whole lot more than a gold watch. I never wanted a retirement meal anyway.

What was so nice that it was a business decision and nothing personal. But the company paid a big price for acting that way. Now they are trying to run a $12 billion company with inexperienced people and subcontractors.
Bamaman is offline   Reply With Quote
Old 12-08-2017, 09:06 AM   #30
Thinks s/he gets paid by the post
growing_older's Avatar
 
Join Date: Jun 2007
Posts: 2,657
Quote:
In 2008, the decision was made that any employee 55 and older would be retired in 3 waves.
How is this not blatantly in violation of age discrimination laws? I would expect such a policy to result in heavy fines and damage awards to affected employees.
growing_older is offline   Reply With Quote
Old 12-08-2017, 09:14 AM   #31
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Mar 2011
Posts: 8,363
Quote:
Originally Posted by growing_older View Post
How is this not blatantly in violation of age discrimination laws? I would expect such a policy to result in heavy fines and damage awards to affected employees.
My outfit offered an obscenely generous separation package in exchange for not taking them to court.
__________________
Living well is the best revenge!
Retired @ 52 in 2005
marko is offline   Reply With Quote
Old 12-08-2017, 09:27 AM   #32
Thinks s/he gets paid by the post
 
Join Date: Jun 2016
Posts: 4,661
Quote:
Originally Posted by FireFool View Post
Particularly at a Mega Corp, like Scuba states most times there's no upside in announcing early, and always exposure to downside. If you're retiring around a specific date driven eligibility event you should wait until after that date. This comes into play if you're in bonus eligible positions and/or have an accelerated age based vesting of stock grants (as I was). It probably also is relevant for those of you that had date driven criteria for pensions or retiree health. While not the biggest impact it comes into play with annual salary reviews too - announcing early exposes you to being the one to absorb the lesser (or no) increase when a manager is figuring out how to divvy up his budget among his staff. No matter your plans it still feels shxxxy to get a lousy raise at your very last evaluation, especially if you're seeing it for multiple months thereafter.

Once I decided on retirement I did my best to prepare my staff (who I cared for) by giving them more responsibilities and freer reign on decision making. I sent them to more meetings on my behalf and generally did my best to dis-involve myself as much as possible. I wanted to do my best where my departure would not disrupt their day to day or hold their careers back in any way, and hopefully moved them forward. As to my bosses, I saw to many other instances where long term peers were walked out the door with no or little advance warning. I saw too how no matter how valuable the person may have been the company did just fine the day after without them. After all of my date driven "benefits" were achieved I gave exactly one weeks notice of my departure. I had pre-scheduled an otherwise regular communication lunch with my staff for the day I announced so I could tell them all together at once - I told my boss that morning right before lunch. If I was moving on to another company I probably would have given 2 weeks notice, but since I no longer cared about that one-sided professionalism there was absolutely no upside in giving another week of my life up that's better enjoyed away from w@rk. I'll add once I announced I was quickly dropped from decision-making/planning meetings - which was a primary component of my responsibilities. Ultimately I felt that last week was like being in high school detention - having to show up but not fully participating in the organization. Some people might revel in that "not working" but for me if it was any longer it would have been pure hell. As to saying goodbyes you don't need to say goodbye to your true work friends as they and you will make the effort to stay in contact with each other - the fake friends will quickly disappear from your life with no consequence to either of you.


I did the same with my staff. Never mentioned ER plan until I gave notice, but did transition more of my work to them and gave them more visibility and leadership responsibilities. Also prepared a detailed coverage/transition plan for how the organization could cover my responsibilities while searching for a replacement.

My former boss twisted my arm pretty hard to stay for an additional six months to give him time to find a replacement and integrate him or her. I'm glad I said no. I fulfilled my contractually obligated notice period and left behind well-trained direct reports and a thorough coverage plan, but was very happy to leave 30 days after giving notice. It took them 11 months to replace me, so if I had agreed to stay, I would probably have still been working through the end of 2017. Instead I've spent the last 13 months being RE'd!
Scuba is offline   Reply With Quote
Old 12-08-2017, 09:29 AM   #33
Moderator Emeritus
 
Join Date: May 2007
Posts: 12,894
I was a contract worker. When my contract expired, it was not renewed. No party, no fuss. So I did not really retire from my job, I just did not seek new employment after my contract ended. People were puzzled initially about the lack of urgency in my job search. Then they got it (I think).
FIREd is online now   Reply With Quote
Old 12-08-2017, 09:40 AM   #34
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 1,390
My co-workers I am sure were jealous when they found out I was leaving. I would imagine they thought I would have to go back to work. Wrong! All they cared about were their football games and the latest concerts to go to. Nothing wrong with that if you have a plan to get out of work if that's what you want.

If you do want to leave but all you care about is sports and going out on the weekends, well, you'll be working a long time. But to answer the question, there wasn't much of a reaction when I left. I didn't talk to anyone about it really except my immediate boss a few days before I left. It took many years of self sacrifice to achieve it and what drove me in part was the job itself which I had grown to dislike and all the BS and partly my co-workers who I honestly felt were living on a different planet than myself with different interests and goals.

They didn't get it, and it wasn't my job to see they did. They just didn't seem to understand. I think that's why there was no reaction, or at least not a reaction they let me see. I think that's what set me apart from those who I used to work with. I seemed to be driven in ways they were not. I was never a part of the "in" crowd at work and I didn't care.
__________________
Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things. Charlie Munger

The first rule of compounding: Never interupt it unnecessarily. Charlie Munger
UnrealizedPotential is offline   Reply With Quote
Old 12-08-2017, 09:54 AM   #35
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
MRG's Avatar
 
Join Date: Apr 2013
Posts: 11,078
After almost 30 years at age 56 I became Done! I really became upset over the lack of leadership my VP showed. I decided to end my OMY as I couldn't change him.

I talked briefly with benefits about COBRA and 401k distributions but never said I was leaving.

I waited for a day my direct manager was off to schedule a meeting with the VP. I didn't give a reason why, I'm retiring! He wasn't expecting retired, he thought I'd gone elsewhere.

My two co-w*rkers were extremely jealous. One fellow was in his 70s, retired before and couldn't handle finances. The other guy was just mad at the world about everything. They were both toxic to be around.

I gave a little over 2 weeks as that's what was expected.
MRG is offline   Reply With Quote
Old 12-08-2017, 10:06 AM   #36
Moderator Emeritus
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 47,474
I worked for the federal government, so I didn't really have to be concerned about being let go if I revealed my retirement plans. I was still a little secretive even though I knew my retirement date years in advance. I didn't want my (horrible) supervisor to use that as an excuse not to give me any bonuses, good assignments, or "goodies" at work.

Well, my supervisor was given a non-supervisory job since she was so awful, and my new supervisor turned out to be my best friend at work, who I had already told about my retirement plans. So much for secrecy! I eventually told the rest of my co-workers about six months before I retired.

I guess the last month or two, my (nice, new) supervisor asked me to attend meetings in her place since she was utterly swamped with them and had actual work to do (which I didn't really, at that point). So, I went. That wasn't fun but I was OK with doing it as a favor to her.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.

Happily retired since 2009, at age 61. Best years of my life by far!
W2R is online now   Reply With Quote
Old 12-08-2017, 10:43 AM   #37
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
street's Avatar
 
Join Date: Nov 2016
Posts: 9,422
The reactions will vary from the people around you. Some won't say a word and some will be giving all the advise in the world even though they have 10 years left of work. LOL

What the reactions mean is another thing I often thought what the quite ones are thinking and the ones with all the advise what they really are telling me. LOL

When I was asked I would just be truthful and say I don't have to ever work again so why work. My other response was you can't buy back time and time is more precious then this job.

Good luck
street is offline   Reply With Quote
Old 12-08-2017, 01:27 PM   #38
Recycles dryer sheets
 
Join Date: Aug 2009
Location: westerville
Posts: 262
Well I just plain gave my two week notice as I was tired stressed out and had an adversarial relationship with a new boss at a mega corp. When I gave notice my boss said I could not be retiring I was to young at 51. I said to him being able to retire was not a functional of my age but being FI. He then asked where I was going to work. I replied on my boat. He reminded me both verbally and in writing about my non compete contact and that was it. Done exit interview and it was over. Had several calls from coworkers after I left wondering what my plans were and what I was up to. Once they believed I was really retiring they want to know how one could do the same.
Trawler is offline   Reply With Quote
Old 12-08-2017, 02:19 PM   #39
Thinks s/he gets paid by the post
Bryan Barnfellow's Avatar
 
Join Date: Feb 2004
Location: Switzerland
Posts: 1,045
Quote:
Originally Posted by RobbieB View Post
I worked for a micro corp and I made it known 2 years in advance when I planned to retire. But I left a little early, only a year and a half after.

Like most nobody believed me I guess, who retires at 59 anyway.
RobbieB,
We are blood brothers! I gave my organization a full year's notice. Then I left 3 months early after some bad board members were doing the usual, making my life difficult, and a bell rang in my head and I thought, "I don't have to do this!" Met with the President the next morning and said I'm out now, well, with 30 days notice. He was wonderful and said, "I don't blame you." And that was that...

-BB
__________________
FIREd, April 1, 2015. My Retirement Benefits Package includes: 6 months vacation, twice a year.
Bryan Barnfellow is offline   Reply With Quote
Old 12-08-2017, 02:51 PM   #40
Full time employment: Posting here.
YVRRocketSurgery's Avatar
 
Join Date: Dec 2015
Location: Vancouver
Posts: 915
I work at a megacorp and am planning my exit in about 4+ years. Our HR is pretty good in that they've posted good documentation on employee departure procedures.

I'm debating giving about a year's notice to my manager versus about 3-4 months. My thinking around giving a year's notice is to potentially get a departure package. Generally speaking, staff that have been with the company over a decade typically get about 18 months severance which IMO is pretty generous. I'm not sure how true this is but I've heard 18 months severance is the sweet spot where it's not worth it for the employee to sue the company for wrongful dismissal. Anyways, I'm not sure if I'd want to fully advertise it or just put out soft feelers that I'm looking for an exit.

I think I'm more inclined to give notice in Jan for a April departure. Bonus numbers are locked in at the end of December and they are paid out in February. In the mean time, at work, I just talk about retirement being 20 years away still.

While we've had a few retirement parties for some staff, there's been a lot of forced departures in the last 2 yeas so it's been kind of hit and miss of late. Personally, I'm kind of a low key person so I kind of see myself just slinking away. I think it would be a small surprise since I would be 50yo but not a huge shock since there have been a number of people in the company that have retired in their early to mid-50's albeit with a DB pension combined with an 18 month package (whereas I was a crossover to the new DC pension).
__________________
Good Riddance. April 2022
"Yes, there's some shady stuff going down but it's fuelled by stupidity."
YVRRocketSurgery is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Weird reactions to early retirement announcement. bclover FIRE and Money 86 10-15-2015 12:04 PM
Others reactions to your Financial Independence Golden sunsets Life after FIRE 108 11-14-2013 04:31 PM
Surprising reactions when DW says I retired gotRdone Life after FIRE 55 02-17-2013 11:53 AM
Ft. Hood shooting reactions? Orchidflower Other topics 60 11-11-2009 09:13 AM

» Quick Links

 
All times are GMT -6. The time now is 12:51 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.