My wife and I will be retirement age in less than 10 years. We’ve already discussed options of early retirement for me while she continues her career because I honestly don’t see a future here. It has been proven over and over again that current upper management has no idea on how to run a business. And with a constant flow of layoffs, I don’t want to be caught unprepared if I’m next on the list.
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I agree, do not pull from your 401 too early! My wife whom worked for an engineer company as an engineer admin for 35 years decide to retire in Dec 2019 thinking I would be fine for at least 6 more years...in April, I got laid off. Together we decided it was not wise to retire early and withdraw from neither one's 401...and get ridiculously penalized in taxes since neither one are retirement age. Luckily I was able to fine work in July. Prayers to you all!
Sounds like the OP should have made better choices in his life.
If you sat and watched this company fail over and over again because management can't run a business as you say, then you should have made a change back then since you're not happy.
You are part of the problem!
Nah, just work your job at NOV and stop feeling personally invested. If they lay you off, they lay you off. The job will feel much easier to deal with when you stop caring so much. Keep collecting money, at least for now while this COVID garbage is still going on.
Daunting I get it. I nailed at 50. Playing the stock market which is yielding. The Mrs says I should do if full time.
Too much of a gamble tbh.
That said we are buying a B&B out right with the profits of shares. So she can have her career which she loves and I can semi ish retire at 50. She’s 10yr younger than me.
Guess what I’m saying it’s what you make it. The don’t worry I’m sure you have transferable skills, I took a leak of faith with nothing. Just handed in m notice. I’m so much happier, better person.
Just do what you want and don’t question your decision it will work out. Trust me.
Thats wrong because or covid there is no penalty!
I am so jealous that you are able to do early retirement. Good job making financially sound decisions to be able to afford early retirement. We have a long way to go and young kids in our fifties - s—s to be us!!!
@OP+170HoUA9, I too am appalled at how mismanaged the company is. Put in 25 years and was laid off a couple of months ago. I dont understand how laying off many of your long term, loyal, dependable employees is beneficial, especially in the current economy. Seems like the seasoned employees would have been able to take on more work load then others with less experience. It's almost like upper management wants the company to fail?
Anyway, good luck in your future. Happy to hear you have a wife and can make these types of decisions together. God Bless you
Start looking ahead!!! Don't pull anything in a 401-K, if under 55yrs. you would have to pay 50% on early retirement & a penalty if you pull $$$ out. If you get layoff @ NOV just transferrer your $$$$ to another 401-K plan or a "GOOD" CD. Good-Luck in both of ya'll's future Ex-NOV employ 42yrs Remember don't get in hardship $$$$$$ debit