Reply to Why do people think Retirement Age is 65?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I am retiring next week and just turned 65. My Medicare will start May 1 and I will get my first Social Security payment the end of May.

While it is not official yet, I know my job position is targeted for layoff. So it is time for me to leave on a happy note instead of a company wide layoff bloodbath.

Most of my friends had one person in the couple retire before 65 while the other waits or age 70.

This is standard operating procedure.

There are few good jobs in corporate America now, and most of us in our 60s are sick of it.

[/quote]

why not stay for layoff? Most places I worked at everyone 60 and over stayed for layoff. Like a gift. [/quote]

Because they don’t do a lump sum. They just keep paying you for a few weeks. My Social Security will be more than I would get from them.

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If you are under 70 no need to take SS you defer for larger payment. And a lot of companies those extra week pay they keep you on employee medical plan at employee rate the same amount of severance weeks. Plus at places I worked it trigger in some cases accelerated vesting of stock grants or if no grants a prorated bonus pay out.

For example, lets use Fannie Mae as example average severance 4 weeks per year. They pay for Cobra payment at employee rate for amount of severance weeks. They also pay pre-rated your next years bonus amount. Plus they do it same day and pay you two weeks in lieu of notice.

Joe Blow makes 200K a year, gets 100K bonus. Is a Fannie 10 years. He is laid off June 30, He gets 40 weeks pay, plus two weeks in leu of notice, plys 50K prorated bonus. At end of severance period of 44 weeks eligible for unemployment another 26 weeks. That combined is 70 weeks pay (between severance and unemployment).

I worked there an pretty much nobody every retired who was there a few years. As soon as you slow down a few months to maybe max of two years they lay you off. Why walk out the door?

I got a massive package at 54 from a long term job. I was too young to retire but everyone I worked with over 59 did. As soon as we knew packages were coming 100 percent of people over 50 stopped quiting or retiring.  [/quote]

Hahaha.

No, that is not what this company is doing.

Jane Doe is laid off making $40,000 .... because they cut her pay last year. They offer 13 weeks severance for 18 years of work.

And she has to do the work that 4 to 5 people used to do, which is giving her panic  attacks.

Taking Social Security will increase her monthly income.

Why would she stay?

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