If we were really a team then anyone with a C &O or VP in their job title would take a pay cut. You know the ones making millions of dollars per year.
Employees over 60 years old who already qualify for social security benefits and can access their retirement accounts without penalty should take the VSP.
We shall see if our older coworkers thought of others younger than them who may face layoff because you stayed on instead of taking the VSP.
15 replies (most recent on top)
Since when can you retire at 60 I thought Social Security the earliest was 62 and like others said with no insurance benefits. The job market isn’t kind of even those in their 50s. It’s just rough all the way around.
Gen-Xers in their 60’s are not positioned to retire early. Females especially! When we had babies, we lost years of possible retirement funding. And, our life span means many of us will continue to work to 67+ to grow our funds. We still have many low-earning years to knock off our social security. Reality is, male spouses still die way too early. We were not well-educated on the finesse of handling our own retirement, and may definitely now be aggressively catching up. Unlike previous generations, our financial plan includes working later, plus, we’re not “seniors” in the way our grandparents were. We have a life, hobbies grandkids, travel, and a wealth of knowledge and dedication that our generation has always brought to the workplace. Insurance is another reason to continue working full time until age 65.
Oh so fu--ing old persons older than 60 need to retire, eh junior?
@bb So hold up we should resign if we are in our 60s because we have a magical big 401K to live on ? Really. Unbelievable
@a2 agree. I will be living under a bridge
@OP agree with some of your comments however people over 60 do not qualify for Social Security until 65 unless they want to take reductions and also do not qualify for Medical (Medicare) benefits until 65 so I think it’s unfair that you expect older workers to give up an income for someone else. Everyone is in the same boat with different things happening in their life and have to make very difficult decisions. Having to sacrifice for the “younger” employees should not have to be another factor in that decision.
If you are not 65 you are not eligible for Medicare. Healthcare is a major cost that most people can’t afford. So it’s not just that easy for those that are in the 60-64 range.
@aj You can get SS at 60 through your full retirement age (for me 67) but at a reduced rate. Definitely don't want to get before 65 unless you must. You are locked in to whatever rate you start
@OP PS: 60 year olds don't get Social Security, it is 67!
The bigger issue for 60 year olds will be health insurance…Cobra is astronomical and not many places will hire a 60 year old.
yikes... I'm pretty sure our older colleagues are just as worried as us younger folks even if they are close to the retirement age. we have no idea what is going on in their personal lives and if they can even afford to retire. have you seen the current state of the economy?
those who are in their 60s or even 70s, most will probably be cut. this VSP is to protect the company from age discrimination claims.
who really needs to get cut are the high paid incompetent people leaders, regardless of age. I have a Director on my team who is absolutely clueless, disorganized and has poor communication, doesn't have their priorities in order and their entire team is in disarray as a result.
These replies are exactly what they want, in fighting. It is corporate greed to blame not you colleagues regardless of age. In this economy who other than the uber rich or those moving out of country can afford to retire. Keep your vision clear equals this problem is with them not each other!
@a3 thank you ! You are absolutely correct !
You have no idea what financial position 60 year olds are in!! Not everyone 60 and over has the luxury of retiring early much less living off of of this bs VSP offer! People who make >1M should be the first to take it.
Not everyone over 60 is in a position to retire.