If oil prices stay down long enough, I think my company may lay off people next year because it will no longer be as profitable for us to continue drilling horizontal multi-frac oil wells in the Eagleford and Bakken shale, and I might get laid off and get a check for up to a year's salary. My immediate boss says the company is looking at costs and headcounts, but he doesn't see where he could cut.
I am 59. Wife is 60. Nest egg 4 MM$. (38% stocks)
Non-Cola pensions 27 M$/ Year at age 65.
Combined Social Security, 54 M$ at my age 66
Four years of tracked pre-retirement expenses run $66 M / year after tax. Not adjusted for medical, vacation, house repairs, etc after retirement.
Do you have any advice, or similar experience on my options below ?
Here are my options :
1. Pull the plug 12/31/2014. Give notice 12/15/2015. All calculators show my withdrawal rate is 100% safe at 1.6 X projected living expenses. Living expenses tracked for 4 years, and include post retirement adjustments. I'm have been doing OMY for past two years.
I'm looking forward to enjoying life outside of work, and know it will be fun just to start on the classic books at the library and get on the bicycle in the sunshine.
2. Stay until layoffs come. Could happen any time next year from January to December. No way to tell. Might not happen at all. I may or may not be on the layoff list. Layoff check after tax could be up to 150 M$. It could be 6 months pay, or could be 12 months, depending on how generous the company is. Surprisingly, the layoff check would add only 4% to my annual 100% safe withdraw rate, or it would be enough to get a new car and fund some nice vacations for the next five years. I already have enough for the car and vacations, however.
It's hard to think of walking away from that possible big chunk of change, as it is way more than I got younger, but it feels like playing a gameshow with my life.
My boss had let me know clearly this year that I am not a good performer, and I expect to get beaten up in the face to face performance review in January, and the forced ranking against peers in February. I doubt I will have any bonus in April.
I could be fired any time, and was threatened with firing tin June, but for some reason it didn't happen. Instead, I had a meeting in with HR and my boss at that time. With a smiley face, the boss said that he had HR checking my time records, since I was a performance problem. HR found 2 weeks not accounted for in the records of my entering and departing the card reader gates outside the elevator. Earlier in the year, I took a lot of walks out in the sunshine.
Boss has told me in September that my current assignment is over by the first of the year, and have had my job posted for months, to replace me. I have not heard a word about a new assignment, or a replacement.
I could go in and ask the boss directly if layoffs are coming, and volunteer to be on the list. I don't know if he would tell me.
There is no pension, health care, etc. that will be helped by staying into next year. I have been at the company only 3 years, and don't have any benefits likely to be enhanced by a layoff.
W*RK is certainly not fun. I enjoy the people, but it is stressful getting up at 5:20 AM, and wondering if today might be the day I am fired. I have had my office almost bare for months, and have practiced packing and bugging out in 5 minutes in case I'm walked down here with a box by HR.
It's not fun to know that I'md being watched, and that I'm not highly thought of.
On the other hand, I have a lot of time without too much work to do, and I can sit in my office reading books I've wanted to catch up on.
I am 59. Wife is 60. Nest egg 4 MM$. (38% stocks)
Non-Cola pensions 27 M$/ Year at age 65.
Combined Social Security, 54 M$ at my age 66
Four years of tracked pre-retirement expenses run $66 M / year after tax. Not adjusted for medical, vacation, house repairs, etc after retirement.
Do you have any advice, or similar experience on my options below ?
Here are my options :
1. Pull the plug 12/31/2014. Give notice 12/15/2015. All calculators show my withdrawal rate is 100% safe at 1.6 X projected living expenses. Living expenses tracked for 4 years, and include post retirement adjustments. I'm have been doing OMY for past two years.
I'm looking forward to enjoying life outside of work, and know it will be fun just to start on the classic books at the library and get on the bicycle in the sunshine.
2. Stay until layoffs come. Could happen any time next year from January to December. No way to tell. Might not happen at all. I may or may not be on the layoff list. Layoff check after tax could be up to 150 M$. It could be 6 months pay, or could be 12 months, depending on how generous the company is. Surprisingly, the layoff check would add only 4% to my annual 100% safe withdraw rate, or it would be enough to get a new car and fund some nice vacations for the next five years. I already have enough for the car and vacations, however.
It's hard to think of walking away from that possible big chunk of change, as it is way more than I got younger, but it feels like playing a gameshow with my life.
My boss had let me know clearly this year that I am not a good performer, and I expect to get beaten up in the face to face performance review in January, and the forced ranking against peers in February. I doubt I will have any bonus in April.
I could be fired any time, and was threatened with firing tin June, but for some reason it didn't happen. Instead, I had a meeting in with HR and my boss at that time. With a smiley face, the boss said that he had HR checking my time records, since I was a performance problem. HR found 2 weeks not accounted for in the records of my entering and departing the card reader gates outside the elevator. Earlier in the year, I took a lot of walks out in the sunshine.
Boss has told me in September that my current assignment is over by the first of the year, and have had my job posted for months, to replace me. I have not heard a word about a new assignment, or a replacement.
I could go in and ask the boss directly if layoffs are coming, and volunteer to be on the list. I don't know if he would tell me.
There is no pension, health care, etc. that will be helped by staying into next year. I have been at the company only 3 years, and don't have any benefits likely to be enhanced by a layoff.
W*RK is certainly not fun. I enjoy the people, but it is stressful getting up at 5:20 AM, and wondering if today might be the day I am fired. I have had my office almost bare for months, and have practiced packing and bugging out in 5 minutes in case I'm walked down here with a box by HR.
It's not fun to know that I'md being watched, and that I'm not highly thought of.
On the other hand, I have a lot of time without too much work to do, and I can sit in my office reading books I've wanted to catch up on.