2 months into ER and "My employer gave me my 60 day notice"

[supernova72]

Hello,

Circling back on my post from May of 2016 when I got a layoff notice (Post attached below)

http://www.early-retirement.org/forums/f26/my-employer-gave-me-my-60-day-notice-yesterday-82015.html

I'm still decompressing a bit now being approximately 2 months into ER. My last day at Megacorp was July 22nd. I've been catching up with friends mostly lunches and happy hours. Those are just about done as far as "hey, lets get together now that you are "retired"

Takeaways:

1. Still feels a bit weird to be laid off after 30+ years of M-F working, commuting, doing the Megacorp thing.

2. I'm spending about the same $$ so far as when I was working (except fuel, coffee stops while at work, taxes, SS, 401K contributions)

3. I don't miss the commute (this is Seattle, 3rd worst traffic in the U.S.)

4. It feels great to go to the gym at noon and at 4:30pm. I'm also back on the road bike again.

5. I don't feel like I lost my identity by not working at a Megacorp "big job".

6. At 55 years old I'm finding most of the friends my age are working

7. I applied for UI here in WA state but have decided to now start my pension. Why did I apply of UI---not exactly sure (pension is more than unemployment by a few bucks).

8. I make my appointments for car repair etc at 10:30am not 7:30am.

9. Drumroll here: I'm considering part-time work in either IT or in a Finance Analyst role once I'm decompressed. This is mostly to help fill my day and so I won't need to draw down on my 401K yet.


What i don't know if how long it will take to decompress after 30 yrs with the same employer. Also am considering paying off my home in January which will mean I would might not have to go back to work for financial reasons but in order to do it would have to withdraw ~$100K from 401K (would be drawing 1.8% of my 401K and pension will have kicked in).

________________________________________________________________

A cut and past of my original post (with a few small updates in bold font)


Somewhat anticipated but still internalizing what my next steps are. I work in an aerospace industry in an IT organization. Megacorp (160,000 employees).

IT is being reduced and after 30 yrs I got my notice yesterday. Planned on working two years. I get a 6 month severance pkg.

It feels weird since I've never been "laid off" before.

About me.

55 yrs old
single
750K in 401K (Now 803K)
pension (non cola) at $3100 a month (can draw after my layout benefit ends in 6 months). I can also take a lump sum on the six months pay.
expenses are 60K a year
After final check July 22nd will owe 125K (now 118K) on home (valued at 535K (Now 568K)). No other debt.
Received a severance of 6 months pay and sick leave and vacation payout.

Feels weird but to be honest was pretty burned out. We've had 3+ yrs of reductions. My background is IT Finance and IT Service Delivery mgmt. I achieved a "level 5" status which is high in my field. I might pursue contract work. Seattle WA is a pretty hot market right now (where I live).

Two undergrad degrees and one masters (TMBA)

I get retiree medical at a reasonable rate ($70 a month).

Cheers

 

[exnavynuke]

Are you considering working because you want to, or because you need to? I can't quite tell from your post.

 

[supernova72]

Are you considering working because you want to, or because you need to? I can't quite tell from your post.

It's more of to work part time to fill a gap in my day. It's feels weird to go from 110% to 0% if that makes sense? I'd also feel much better about not having to start drawing down on my 401K at 55 yrs old.

 

[Bamaman]

When I retired, I retired. We continue to spend more $ in retirement than when we worked, unfortunately.

Unemployment was great for 50 weeks, but I had a hard time remembering each week to sign into the state's website to lie about my looking for a job. Those weeks we were in Europe, I had to carry a notebook to contact the state.

Enjoy your time off. Look up, and 5 years retirement will be behind you. Eat well and take care of your body, as it's just so important.

 

[supernova72]

When I retired, I retired. We continue to spend more $ in retirement than when we worked, unfortunately.

Unemployment was great for 50 weeks, but I had a hard time remembering each week to sign into the state's website to lie about my looking for a job. Those weeks we were in Europe, I had to carry a notebook to contact the state.

Enjoy your time off. Look up, and 5 years retirement will be behind you. Eat well and take care of your body, as it's just so important.

Yes, that was my original plan to work two years and retire on my terms but my job was surplussed. Thanks.

 

[Happyrick]

I was able to receive UI, severance and start a pension all at the same time, each state is different. Doesn't sound like you really want to retire. It can take years (1 or 2 perhaps) to come down and find yourself after 30+ years of being a full time employee, it takes some undoing and rethinking your priorities and it's compounded if it happens suddenly or unexpected.

 

[pullmyfinger]

It can take years (1 or 2 perhaps) to come down and find yourself after 30+ years of being a full time employee, it takes some undoing and rethinking your priorities and it's compounded if it happens suddenly or unexpected.

I have been retired now for 2 years and I feel like I am just now settling in. I had planned on early retirement, but quit suddenly when it became unbearably toxic. I was 45 and had been working 22 years out of college. Some people seem to feel comfortable with retirement from the beginning, but some us have a harder time adjusting.

 

[Brat]

Sounds like the typical Boeing lay-off to me.

"Back in the day" when I was in HR at NIKE we contacted our counterparts at Boeing when they had a layoff and recruited IT professionals - heck we sent our IT recruiters north. Boeing will offer outplacement service, give it a try and if you don't find anything that interests you your situation would be no worse.

 

[supernova72]

I was able to receive UI, severance and start a pension all at the same time, each state is different. Doesn't sound like you really want to retire. It can take years (1 or 2 perhaps) to come down and find yourself after 30+ years of being a full time employee, it takes some undoing and rethinking your priorities and it's compounded if it happens suddenly or unexpected.

OP here. Here in WA state I was able to receive severance as a lump sum and get UI but not my pension. They considered that double dipping. My pension will start on Dec. 1 and then UI stops.

This has been a bigger adjustment than I expected scene it was not completely expected (job surplus after 31 yrs). Cheers.

 

[supernova72]

Sounds like the typical Boeing lay-off to me.

"Back in the day" when I was in HR at NIKE we contacted our counterparts at Boeing when they had a layoff and recruited IT professionals - heck we sent our IT recruiters north. Boeing will offer outplacement service, give it a try and if you don't find anything that interests you your situation would be no worse.

I have some options in work but not certain I want to go back full time. I believe my options with Boeing services might be limited since I took the lump sum severance pkg but will see what they offer.

The retirement analyst I still keep in contact with has been awesome. My pension starts Dec 1st. I delayed it a bit and went the UI route but that was sort of just to see how it works. But yes I worked for the company with the ticker symbol BA. I'm so grateful to have heritage benefits like retiree medical and a pension. Could have been so much worse.

 

[supernova72]

I have been retired now for 2 years and I feel like I am just now settling in. I had planned on early retirement, but quit suddenly when it became unbearably toxic. I was 45 and had been working 22 years out of college. Some people seem to feel comfortable with retirement from the beginning, but some us have a harder time adjusting.

OP here.
Wow---45 is an early out. MSFT? Congrats and thanks for the feedback.

 

[Brat]

The pension program may have changed but the widow of a Boeing engineer told me that his pension was not indexed.

 

[supernova72]

The pension program may have changed but the widow of a Boeing engineer told me that his pension was not indexed.

OP, there. Sorry for the delay. No COLA on the pension is correct.

 

[Brat]

Without re-reading this thread, were I you I would consider rolling over the lump sum from the pension into Vanguard's Wellesley Income.

 

[supernova72]

Without re-reading this thread, were I you I would consider rolling over the lump sum from the pension into Vanguard's Wellesley Income.

OP here: Shoot I missed this so sorry for the delay. I did not take the lump sum pension option actually. I took the accelerated lifetime annuity.