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TX_Clint

Layoff and retirement

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TX_Clint

Well what do you guys think about getting a layoff 4 months before full retirement age? I’ll be 66 in August and the layoff is next Tuesday.  By getting the layoff I’ll get severance (14 weeks pay) and be able to collect unemployment. Where as if I just retired I would get neither. I didn’t plan to retire for a few years so I could pay off some debt and save up more in my 401k. 

This is happening due to a company merger of corporate engineering support after a purchase of a power company with more assets than we had. I don’t feel bad because only a few of the engineers from the company being purchased got positions in the new engineering group. 

I learned of this a couple of weeks ago but only now found out the exact date.

After many emotional ups and downs I’ve concluded that they did me a great favor. I no longer have to struggle with the decision of when to retire but also get at least a years savings plus six months of unemplyment that I wouldn’t have had otherwise.

So I conclude 🥂Yippie Yiay

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adiantum

Yay for you Clint. We dont know what tomorrow brings so enjoy every opportunity that comes your way.

 

 I thoroughly enjoy the living conditions  & the great hours retirement provides.

 

OK the money sucks but you've got more behind you so you wont be living on struggle street with that nice retirement bundle.

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dowling gram

Seems like you got the best of the deal Clint. If I can offer a word of advice get rid of that debt as soon as you can. It will weight you down if you don't.

Welcome to the world of retirement!!

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TX_Clint

Don’t worry DG the debt will be gone. 🤗

I currently live in a loft apartment in a suburb of DALLAS but plan to move into my house in Galveston by the end of next month. There are some remodel items to be done before the move.

Plus I’m selling my Motorhome and commuter car (Prius). This alone will cover the debt. 

I’m a little apprehensive but money wise it’s all covered. 

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adiantum

I can understand the apprehension. Its a big change but also one that many would envy.

At first I was absolutely lost having worked  studied  for years & then I had so much time on my hands.

 

A friend just broke down & cried when he took voluntary redundancy. That surprised me as he was the toughest man I knew.

His wife expected him to help around the house & do things for the family.

He said he'd worked all these years & wanted ME time but didnt know what to do with  it.

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Fraser

I was in a similar  situtation where as an architect and residential construction was collapsing. The company went from 500 people to 150. 

I think I was 149.   So I took a long walk, and decided what I wanted to do.  My conclusion to take care of myself and controlling my diabetes along with moving near my daughter was important to me.  Now I new I could afford the transformation. Also I had health coverage until Medicare, Which is important.  I dont regret the choice, my diabetes is in much better control.  Having been the owner of a company change has not been easy. Now I have never quite developed a new retirement life, Everyone in San Francisco’s is 30/ LOL. Eventually I will understand what to do with my time.  Moving from one coast to anthother has not been easy.  And LOL being 72 has not been easy either.  

 

Controlling my T2 has been great. 

 

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notme

My husband is heading into retirement in the next seven years.  I pray we make the seven years because I do worry about healthcare.  

 

God Bless anyone who has this struggle.  Clint, I pray the very best for you.  I hope you enjoy some free time and good health.  Also you, Fraser.   This should not be a time of uncertainty.  This should be a time of peace and a job well done.  

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adiantum

Fraser your words  are standing out boldly to me.  I'm planning on selling my house  & buying another ..somewhere.

My priorities are simple.. online grocery shopping, nature & a safe region for me and my dogs.

 

I feel sure that a new area will be great for diabetes control as I'll be active exploring new sights.

 

I think we should all prepare for our ageing long before it happens.

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buddy7

Have to say I’m now entering my 12 month of retirement due to my age, working for a family company once I got to the age of 65, I was asked by my employer a great friend for years, (who is now deceased, God rest his soul) to carry on working for him, until I see it fit to retire, and I did. But my age and the daily grind of travelling to work took its toll, so it became a time when enough was enough, so I took full retirement on 21 April 2017 at age 74.

 

Days away to my retirement kind of felt the experience was going to be a daunting one for me being out of work, not having to get up those early mornings for work, what am I going to do now with myself now there’s no work. But then you tender the bucket list, finding time for all those things you so often put on the back burner to do when you were working.

 

Can’t say I know a lot about mergers, but from what I gather they can be a bit unforgiven (a pun there somewhere) if you’re financial status isn’t very solid, something I provided for years ago, 3 private pensions and a state pension to come at retirement, with a mortgage paid up, I’m respectable comfortable financially at  the moment.

My Dear Clint can only wish you a pleasant, peaceful and healthy retirement. And wish you all the best for the future. :D

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princesslinda

Congratulations Clint, you've made it!  Sounds like you're getting the best of the deal.  Now figure out what you really want to do in live and go and do it.  I really, really hope I live long enough to retire.  Not sure what I will do, but it darn sure won't be getting up at 5 am to go to work.

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TX_Clint

It’s official now. Today is my actual last day although I haven’t worked since Tuesday. The company gave me a little extra for my severance pay. 6 months 💰 pay. Not a bad parachute at all. 😜

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