Retired today

Alex The Great

Recycles dryer sheets
Joined
Nov 12, 2016
Messages
472
Location
San Jose
Laid off today by employer, a mid-sized corporation. Planned to retire in October, but things got out of control. Still I officially on a payroll till Sept 15th. After that, I will get a severance pay and RSUs vested by that date with health insurance through the September. No pension or retiree insurance since my tenure is 2 years with this company. Previously, has been laid off regularly every two years once I reached 50+ age. Before that, worked at the large corporation growing from entry level to solid high level position during 17 years. Laid off as a result of entire organization closure right at 50 and then things went crazy. At this time, no more job hunt. Would need to help my old parents: initially it was one of the reasons to retire.
Thanks to everyone at this great forum: it is an excellent source of information which helped me to prepare well for this forced retirement event.
 
Congrats. Similar thing happened to me, totally unexpectedly. Was planning to retire next June and got ousted this June, with severance and PTO payout, so my income will be about the same as if I worked the full year but got to start retirement early.
 
While in the short term it might have felt nicer to leave on your own terms a few weeks later, this way you get severance and it sounds you planned things out just about perfectly.

Congratulations on your new found freedom!
 
Congrats. I retired 2 months ago, and starting to enjoy not having to stress out on work. Blood pressure drop to normal :)
 
I did not have exact plans of when to retire, just knew it was 'potentially' financially possible.
My company then laid off my entire team with a nice financial windfall to myself.

Probably exactly what I needed. Otherwise, I might have not been able to actually make the decision on my own.

Congratulations.
 
Thanks for your support!
Feel a bit odd about all this, but I think I win may not be that much financially but just because I don't have to wait and tell a long and painful story why I want to retire :)
But the trend I see is quite disturbing: nobody want to see 50+ folks at engineering positions.
 
Congrats. Now is the time to enjoy yourself and do or accomplish what is near and dear to you. IF this is what you truly desire.

I did not pick my date. My employer did. I was hanging on for a golden handshake after 25 years with megacorp.

I was a senior regional manager. I decided that I would not go without a package and it happened. I had given out enough packages to understand that eventually my turn would come!

I knew it was coming...to the point where I had identified a highly recommended labor lawyer to negotiate my package.

Even though I knew it was happening a month or two beforehand it was still a bit of a jolt. What smoothed the way is that we had a 'plan' that superseded any job satisfaction that I might derive from work. I was 58/59. I loved my job, worked with great colleagues and customers, and with an employer who treated me well. Lot of travel, lots of pressure every quarter to make the hurdles and deliver the results.

Four months later my friends were telling me I looked so much better. My spouse could not believe that I simply 'walked away' from the business.

Eight months later I had dropped 40 lbs, sold our house, stored the few contents we kept , and DW and I were in the midst of a nine month independent travel trip that took us to Europe, Africa, US, and Central America. Carry on only. After that three months in a downtown furnished rental in the center of town while we decided where we wanted to live and what kind of home we wanted.

If you told me a year prior that this is what we would be doing I would have laughed.

I really think that people who find themselves in this position really need to take note of, and gather their resources, think out of the box, and just do things that they have always wanted to do or what they have dreamed of doing.

It has been 11 years for us. This is really an opportunity waiting to grabbed. Take advantage of it. This is your chance to do or to accomplish whatever it is that you have always wanted to do. A friend of ours has discovered gardening. Flowers and veg. She could not be happier doing his in retirement.

We leave for a month in Morocco in two weeks. After that two weeks in early December on the Mexican Pacific coast, then hopefully winter in Thailand and Malaysia. Not in fancy resorts...just great mom and pop places by the ocean eating inexpensive local foods as the locals do. We can do several winter months in SE Asia for what it would cost for a two weeks in Hawaii or Florida, etc and have a much more enjoyable time.
 
Last edited:
But the trend I see is quite disturbing: nobody want to see 50+ folks at engineering positions.

You are right about that. I learned years before I ER'd to avoid the silly game of "when did you start with the company?" since it gave away my age. I'd say "I've been here since the 90's" without letting on I meant 1990. Or they'd ask for how long you'd been there in number of years, and do silly anniversaries.

My last boss's boss said out loud if you weren't a VP by 50 you'd better find another job. Lovely guy...
 
I wish you a great retirement.
 
I have a question to those who were in similar situation i.e. laid off before the planned retirement date. My plan is to stick with Cobra this year but get ACA at the beginning of 2024. How did you collect unemployment benefits? I'm going to apply for the rest of 2023. But in 2024, does it make sense to continue as they reduce ACA subsidy?
 
You are right about that. I learned years before I ER'd to avoid the silly game of "when did you start with the company?" since it gave away my age. I'd say "I've been here since the 90's" without letting on I meant 1990. Or they'd ask for how long you'd been there in number of years, and do silly anniversaries.

My last boss's boss said out loud if you weren't a VP by 50 you'd better find another job. Lovely guy...

...even more so in IT based on my experience.

It is not just an age issue or rehiring talent at a lower salary. It is the whole ball of total compensation. It includes salary, vacation, benefits, options and RSU's. Older employees become more expensive because of salary increments over time, time off for vacation, sick time. You name it. Then add company politics into the mix. It can get ugly.
 
I have a question to those who were in similar situation i.e. laid off before the planned retirement date. My plan is to stick with Cobra this year but get ACA at the beginning of 2024. How did you collect unemployment benefits? I'm going to apply for the rest of 2023. But in 2024, does it make sense to continue as they reduce ACA subsidy?
For me, I also plan to cancel COBRA at end of year and use ACA.

But I won't receive any unemployment or severance in 2024, so it's all investment income I have to calculate for my estimated income.

You will have to do some math on your specific figures to see how much unemployment benefits affect your ACA subsidies.
 
...even more so in IT based on my experience.

It is not just an age issue or rehiring talent at a lower salary. It is the whole ball of total compensation. It includes salary, vacation, benefits, options and RSU's. Older employees become more expensive because of salary increments over time, time off for vacation, sick time. You name it. Then add company politics into the mix. It can get ugly.


Yeah, IT here, and it was still a shock to me because absolutely no one in the company had the skills to do what I do, and the learning curve would have killed some serious hours to work through things they might be able to figure out. I heard they were going to do some outsourcing to cover what I did (or a lot of it). I figured they would regret it and find they are not saving money. But I would have been gone within a year, and I know some people in the dept. knew I talked about retirement some, and the word was out that more positions were going to be cut. I didn't expect it to be mine. But I'm good with it.
 
You will have to do some math on your specific figures to see how much unemployment benefits affect your ACA subsidies.
Yep I think you are right: too much trouble to continue unemployment benefits into 2024 with too little result.
 
Alex the great take the unemployment to the end Companies hate it when you file for it as I was pushed out to this month and when you file against them they like to fight it and say you were terminated per job performance so they don't have to pay the claim and their unemployment insurance premiums go up on them and lots of paperwork for them to do and don't worry about it hurting your ACA as unemployment isn't going to hurt you because they don't give you a whole lot, Probably under $10000 total and if you want just go to www.healthsherpa.com this is the easiest way to run your income for the ACA as this site can be used to sign up for your ACA plan to.
 
Alex the great take the unemployment to the end Companies hate it when you file for it as I was pushed out to this month and when you file against them they like to fight it and say you were terminated per job performance so they don't have to pay the claim and their unemployment insurance premiums go up on them and lots of paperwork for them to do and don't worry about it hurting your ACA as unemployment isn't going to hurt you because they don't give you a whole lot, Probably under $10000 total and if you want just go to www.healthsherpa.com this is the easiest way to run your income for the ACA as this site can be used to sign up for your ACA plan to.
OK thanks for the insight. I agree it won't affect the subsidy that much.
 
Congratulations! As others have said, it a bit jolting this way, but kudos for being in a situation where you can decide what you want to do (or not do!). Being able to make the decision to retire is wonderful and a result of your hard work. Plus this way you get a nice "parting gift" on the way out - better than a clock or watch!
 
Back
Top Bottom