So I have given my manage 6 weeks notice and would like to know what exit plans I should make with HR and my benefits. I have over 24 years with Xerox and 58 years old.
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Take snips, and print out all of ur personal $ info with hcl on ur HP ptr. U nd good records. Make sure u have link to online forms. Phone #s for HR, benefits, Make sure u have access to any hcl site like adp. They will prob let u go before the date u designated, like I was
i would suggest some study before taking that lump sum:
https://www.metlife.com/content/dam/metlifecom/us/homepage/institutionalRetirement/lifetime-income/MetLife-Paycheck-or-Pot-of-Gold-Study-Final-exp4-2020.pdf
And if you're getting 20 -24 % a quarter in this market, I would definitely learn about "Sequence of Returns:
" https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwjHqe3kisHsAhXFl3IEHZyEBDgQFjAAegQIAxAC&url=https%3A%2F%2Fwww.blackrock.com%2Fcl%2Fliterature%2Finvestor-education%2Fsequence-of-returns-one-pager-va-us.pdf&usg=AOvVaw271ELGAlnAtZuLxQAWGrNl
Thats got to be some high risk stuff.
Also make sure your financial advisor is a fiduciary.
Well first congratulations ! I was in the same boat as you 34 years of service and age 57 when I took early retirement. My financial advisor suggested to me first take your pension and then your 401k and roll in over. Remember your pension is not secure if Xerox gets in more financial trouble but your 401k is yours. I currently am making 20 to 24 percent per quarter on my money. Try not to touch that money until age 65. Your insurance issue is easy. In collage I worked for a hardware store and loved it. Today I work for Lowe’s part time and enjoy it immensely. You won’t get rich but it is fun and you receive health, denial and vision benefits all for $60.00 a month for a single person. You must be frugal during these times because I only bring home about $1600 to $1800 per month part time. But the company And the employees are very good to you And respect you. I will be surprise that xerox will honor your six week notice. I turned in my notice and was ready to negotiate a termination date but I was instructed to turn in my parts and my exit interview was three days later and my company car was picked up in two days at my house. Mine you I had a full territory of Igens and just came back from Iridesse school in New York in November and this all happen at the beginning of March. I lost my wife in February due to a long illness and this is why I took early retirement. I knew I could not tolerate my customers saying “ my magenta has too much magenta and there is a 2 millimeter skew from front to back”. You realize that life is too short and if you are unhappy in a working environment then it is time to leave. Just remember at Lowe’s you will never have a customer come up to you with a copy quality issue just a legitimate dripping faucet issue. Good luck.
Also any vacation accrued be prepared to wait for the check. It took them 9 months to process my check. It was a nice little surprise but irritated it took so long after the fact.
As previously stated, talk with a financial advisor, people here aren't qualified.
Things to consider:
- healthcare ends on your last day of work. Make sure you have something lined up before your last day. Consider ending your employment on the last day of a month as many healthcare plans only start the first of the month. But verify all that for yourself. COBRA is expensive compared to other options like the ACA. That's assuming you are retiring early at 58 and you aren't starting a new job right away with benefits.
- if you are retiring now and not going back to work, you likely can't get subsidies this year on the ACA for healthcare. But next year you can, depending on how you manage your income. Check with an advisor here.
- only your advisor can tell you what's best in your situation with your pension. You can roll it into your 401K, you can roll it into an IRA, you can take the annuity now or later. For my situation I found it best to roll into my 401K to remove the risk of Xerox being able to do something with it. Honestly I don't know what they can or can't do with the pension, but I've heard of horror stories of other companies Icahn got his fingers into.
- Since you are over 55, you have the option ('rule of 55') of taking money out of your 401K without the additional tax penalty, normal taxes apply of course. If you roll this into an IRA, that option goes away. Again, check with your financial advisor.
- make sure you know exactly how much vacation you have used and have left. Since we are in the 4th quarter, you should have all your vacation available to you, and you should get paid for any days you haven't used.
- before a month ago, I'd say stick around until the last day of the year so you can get your 401K match. But that's gone, so it doesn't really matter unless you have some other circumstances.
Good luck!
Take your pension immediately. Call the benefits call center. They are in kY and they were fantastic. She walked me through it. The easiest thing ever. I didn’t roll over my retirement. That money is mine and my financial advisor recommended I keep it there instead of roll it over to ur since ur is a 403b.
No advice. You are lucky to get out. Roll your retirement into an iIRA and think of the good times gone by. This is not the company you started with.
You might want to ask a financial advisor rather than a random website filled with trolls. Take this down!