51togo
Recycles dryer sheets
Posted once couple months ago. Today I summited my severance package at age 56 ( wife 55 ), very nervious sending out the signed package via FedEX but I am very relax now and at peace with myself. My aerospace megacorp package is not great but it is time to start a new chapter. I will get one week pay for every year of service with 27 years giving me half year salary. In additional, one year medical, one year education assistance, and that's it. I am making $120K as Operations Manager in California and my wife $50K in major insurance claim rep, now I have to rely on her for the medical and serveral more years before she retires. No debt, two daughters just got married and we paid off their college loan, so feel free althoght it seems odd with her supporting me for a change but her supports has improves our 32 years marriage. I like to stay for several more years but it will be at the expense of my health. I work hard all my life and feel guilty to be supported by my wife in return. Our calculation are as follows. $1M total 401 K, hope not to touch it until 591/2. I will get a pension of $3K before tax, therefore may be $2K after tax. Her $50K annual salary will be about $2000/month after tax. Our expense are $5K therefore I am short about $1K/month. Our mortage is $40K remaining and I like tp pay it off with my $60K severance. In 5 years, my SS will be $1700 at 62 or $2400 at 65. I will take it at 62. I am afriad that I am not able to slow down from my fast pace job, but I know the next few years will be very tough. I hope to start a second carrer but have no plan. People in our office is very stress because one additional major player is taking the package as well. I love my job but used to be 80/20 and now 60/40. I hope I would be able to adjust quickly and how long would it take and should I start taking the 401K or get a line of credit from my bank? I have LTC at $2500 and wonder I should drop that? My wife did not qualify due to a kidney transplant. I feel better now after sharing my thought with you. Thanks!