I’m going to stay as long as I possibly can, every year I’m here my 401K and pension grow, it’s another year closer to having kids raised and house paid for all while taking advantage of the benefits we have and enjoying around a month of vacation every year. If at some point they let me go I’ll take my severance and work experience to the competition and work there as long as I can. Control the controllable, put more in your 401K, pay down debt, take advantage of training and or tuition reimbursement while it lasts.
37 replies (most recent on top)
Amen, Dig In!!
Oh man I’m sorry, didn’t realize you were told go to IBM or hit the bricks... I’d retire too if I were in your shoes. Sad thing is they want and are counting on a percentage of employees to call it quits before going to IBM. So much for all that pivot training for technology jobs of the future in 2020.
@2mje, wow that’s awful. Was just mentioning something I heard. Didn’t ask anyone to ‘listen’, just said to be sure and investigate if you could decline and get severance. Trying to help out - my whole team was surplused earlier this year.
I agree with Digin comments.
People aren't listening because that is absolutely not true @1etx, if you decline the offer you do not get anything, no pro-rated bonus and no severance. Nothing. Take the deal or walk empty handed.
@1mim - I heard you may be able to decline the IBM move and still get severance? Check that out
Screwed with only 2.5 yrs from MR75......Thanks for nothing AT&T!!!! a $400+K loss. The shareholders need to revolt and throw out the entire leadership crew.
@1oyc - that was roughly my plan, because I knew my group was going to get surplussed eventually but instead we just got handed off to IBM. So much for that strategy.
If you are surplused you get six months severance so if you are basically ready to retire and think you might be impacted I’d hang tight and see if they give you a nice parting gift of six months pay.
Being currently at 21 years with the co, and now at MR77 (being past 75 makes be feel like cut bait), I have the pension (now free and clear of any fines or penalties) along with the 401K/Roth. In the face of this bloodbath 9K+ outsourced, and expectation of more out the door, whether more outsourcing move (a c-ap-a move by the co) or a surplus, maybe it's best for me to take voluntary retirement and the annuity, and not wait for surplus, as it could be an outsource instead? I could retire early, as I move into my late 50's, and start having a real life.
Not everyone has that huge pension jump at those milestones. I don't. I'll hit MR75 next month and the pension amount does not change significantly. I keep hearing about it jumping "hundreds of thousands..." it must depend on legacy company. I am non bargained for legacy Cingular/ SBC.
@1dhi
" you’re not in the union so you could be fired today. Thats the way it works. If you make derogatory remarks you will be on the list for termination."
25 years and never have been in the Union. There was no union in Mobility when I started in 1994 in a role that later became bargained for. Glad I have never been in the Union. Seems to me they don't do much for their members but take their money, and the Union leadership I have dealt with over the years are poorly educated, inarticulate buffoons.
I agree, managers in that last window to have a pension would be easy targets if you are looking at saving money immediately from a pension obligation standpoint.
I believe that managers like myself with between 15-25 years service and under the age of 50 have the target on our back. The company can let us go prior to hitting the mod75 rule and or 30 yrs service and save hundreds of thousands in pension payout per employee then hire someone younger for less money, fewer vacation days and no pension. Once you hit your magic numbers of mod75 or over 30 years service T doesn’t save as much.
@1wrh you’re not in the union so you could be fired today. Thats the way it works. If you make derogatory remarks you will be on the list for termination.
Never said it was a guarantee I’d be here in 9 years or even in 6 months, just saying I would like to stay long as I can. I’m not running away from the paycheck, benefits or investments I have. If they let me go then I’ll roll it all over and go to work someplace else most likely until I’m 62 then officially retire. My point being, don’t run away from a steady paycheck and money that’s growing. If they choose to let me go then I’ll of course adjust accordingly.
I just find it interesting that you seem confident that you'll still be employed at T nine years from now.
I am about your age, non bargained for, and I don't see it happening. People of our age are targets. This was crystal clear during the last couple of large surplus events.
Okay so maybe 8% is too lofty of a goal and I gain 6% over 9 years and it’s 2/3rds more than I had at 51... my point was that staying to 59 years old would allow pension and 401k to grow while collecting a generous salary each year. The idea that you “lose” money working beyond your earliest point of retirement is very flawed.
@ 1WWB
In order for your 401k to double in 9 years you will need a 8% return.....which is close to historical averages. Look up "Rule of 72" I use it all the time to estimate future growth. It can also be used to figure out how inflation works against you. It will take 24 years for your money to lose 50% of purchasing power at 3% inflation.
Good luck to all navigating your retirement years.
I did a typo and put 33 instead of 23, either way at 53 MR75 doesn't apply to me.
@msu have you considered taking advantage of the employee assistance program?
@10aK6Nc3-msu I don’t quite have 30 years but when I look at pension estimates in netbenefits it shows an increase of around 200k from age 51 with 30 yrs to age 55 then it’s another 180k from 55 to age 59 1/2. I can promise you my 401k will go up from age 50 to 59 1/2, it will actually double PLUS if I continue working past 30 years I’m not drawing from my investments. Why walk away from a six figure income and benefits with vacation at age 51 to end up with less money (like half as much) if I work to 59 or 60? Keep working kids, you retire early and realize life is more expensive than you thought there is no go back.
@wnq, don’t sell him short, he may be the youngest and brightest of 12 children, and all raised exactly the same, with green teeth!
And thanks, this old Dinosaur is gonna have to wait for awhile before I forget the Corn Flake analogy....or change to Oatmeal!
Now excuse me while I go back to "stealing checks like a first line manager," it’s what we do.
Old timers...
Not a single one worth their weight.
Stealing checks like a 1st line manger.
Dinosaurs.
@10aK6Nc3-msu - who p-ss-d in your Corn Flakes this morning?!? So you dig on crackin at all the old timers with your judgements and opinions... Dude... get over yourself... did you self anoint to Grand Wizard of Oz?!? ... take a breath and get some oxygen flowing into that brain of yours... your mama didn’t raise you to have such x harsh opinion... ... now go back to work...
@msu, how great it is to come across such an all knowing intellect such as yourself. Pearls of wisdom with every sentence that spews from those insightful brain cells.
I’m not even sure why you even care why a person enjoys, or needs to work here....has to be a personal thing.
"You are not here because you choose to be. You planned poorly" How on earth would you know....this is going beyond a "personal thing."
I was considering an answer to each stupid quote but I’m old, and I wear glasses and I remembered what a friend once told me: "Never argue with stupid people, they will drag you down to their level and then beat you with experience." Mark Twain....doubt you know him!
Doubt you’re old enough to fathom the incoherent babbling you just graced us with but to quote, "the ignorance is your own."
I’m 1 year and 5 months from the 75 rule. Hope I make it.
Folks, some of you really need to understand your benefits. Like this person. MR75, it is ANY AGE after 30 years.
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Don't assume you'll get a package, 33 years with this company but too young to qualify for MR75 and just transferred to IBM.
about 2 hours ago by Anonymous | 5 reactions (+3/-2)
Post ID: @10aK6Nc3-kac
Some of us went through divorces, paying for college etc. I plan on staying as long as I can with 27 yrs.
401K can be tapped at 55, and IRA at 59.5
This goes to show how ignorant people are.
Not the OP.
If you are 30+ years, your pension and 401k lost money.
You are not here because you choose to be. You planned poorly.
You more than likely banked on healthcare being a benefit. (Gone)
Your pension took a huge dump, keep going longer it will be chump change.
You have a house note. Not chance you can retire woth a house note.
Loading up a 401k that you cant touch with a penalty until 59.5 is not helping you.
Staying longer for medical costs to go up.
Why lie?
You didnt plan and you need this job.
Banking on SS too.
Retirement takes planning and when I hear these people with 30+ telling me it is a good paycheck, you can have the same paycheck sitting at home if you invested your money instead of spending like crazy.
No sorrows for those over 30 years.
The ignorance is your own.
The that have over 40 years, don’t be like a couple guys I worked with. They didn’t get a chance to retire. Both passed away and never got to enjoy retirement!! Same with my father in law, different company.
Sadly my job has given me a fine appreciation of drinking. I really wish I could sit back and collect a check, but they are literally running my group into the ground. No such thing as time off or a vacation. I get calls and texts every time I take off and have to work ridiculous hours every week. That being said, I’m leaving end of the year. Staying just to get my bonus at this point.
Don't assume you'll get a package, 33 years with this company but too young to qualify for MR75 and just transferred to IBM.
With six weeks vacation plus the paid holidays you are really getting paid yearly salary to work about ten months. At that point just do what you can and go home, why get stressed out. Stay as long as you can.
I’m in Year 43....great money, 6 weeks vacation....why would I leave? We don’t work hard! 😀 Just a stupid numbers game.
@10aK6Nc3-xpz Me! 41 years.
Stay as long as you want, some CO techs stay over 40 years