My retirement date is my only light at the end of this BofA tunnel. I'm too experienced for most entry level roles and seen as too old for the senior jobs I'd actually want. It's a very frustrating and powerless position to be in professionally.
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@4x5 - you can keep your 401k with the bank. I am told (but never been able to verify) that the bank does not charge an Administrative Fee (probably why they pay us less), which is actually a big win, if true.
Plus the investment choices with lower cost funds has improved. (looking at you Vanguard)
You may have a wider range of options elsewhere, but do make sure you understand all the Fees that would entail, as Fees are a cancer on your hard-earned funds.
I always thought I'd move my 401k out the minute I left, but now doing the math, I will keep the funds here. (and just have to bear the heartburn of giving this place any AUM)
When you retire, can you still keep your 401k with the bank or do you need to rollover to an IRA or other retirement account?
OP - I was in a senior role and it was no picnic. Still cr-ppy pay and people above crushing you every. single.day. Relentless.
You will be much happier when you leave, and will forget the names of all the horrible people in about a week or two.
It does get better.
Do I miss the paycheck? Yes.
Do I regret retiring too soon and paying COBRA? not one bit. It's my cost of Freedom.
heads up, I found ACA was actually the same or more (!!) than COBRA in my state. So be sure to explore thoroughly before taking the plunge.
That said, you can't put a price on happiness and I felt like I'd lost 150 lbs when I walked out.
You do what's best for you. Start doing less and be sure to take all your accrued time off before you pull the plug. If you do need to stay a bit longer to bolster your savings, then do as little as possible.
Wishing you peace. It is better on the outside.
@OP I am looking forward to my retirement from BofA by end of year. @ev is correct with option to tap into 401K early, but it was not an option for me. Everyone has different circumstances to include marital status in regards to dependencies on health care. When you are under the age of 65, health care coverage is not cheap. For instance, I do not have the exact cost for COBRA, but look at "DD" in Box 12 of your W-2 for your total cost of health coverage paid by BofA and yourself. This will give you a general idea on how much COBRA will cost plus administrative fees. This is why I am looking at the ACA exchanges for cheaper options.
It was your comments regarding too experienced and too old for other opportunities in the bank that got my attention. There is nothing that we can do to change this. Age discrimination is hard to prove and most importantly BofA knows how to cover their tracks. It is best to call it quits and move on to another pasture. Maybe a part-time job will suit you as @ev recommended. Not for me, I am looking forward to spending time with my grandchildren. Good Luck!!!
Are you aware of IRS rule of 55? Allows penalty free distribution from 401k if you retire from company where the account is held between 55-59.5. I plan on using this to retire at 55 or 56. Might get a part time easy job for health insurance to save on burn rate.