Thread regarding Wells Fargo & Co. layoffs

Retire vs Quit vs Wait for Layoff?

Planning to retire in the next one to three years, but could go right now. Financially able to go at any time but with COVID going on, life won't change much. Sitting at home watching TV vs sitting at home watching a monitor and getting paid for it.

Is there any material difference in Quitting vs Retiring vs being Laid Off?

I would assume that simply quitting closes some doors, such as retirement benefits like health insurance. But I don't know. Would it not be a good strategy to wait for a layoff/severance, instead of quitting or retiring?

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| 2442 views | | 5 replies (last December 2, 2020) | Reply
Post ID: @OP+18c8w7uv

5 replies (most recent on top)

Why would you quit? Do your job, hang out for retirement or retire. And if not that, then wait for a package. In that case you can probably get the package AND retire.

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Post ID: @1gdg+18c8w7uv

I used the WFA reorg. displacement as the gateway to my retirement. 52 weeks of salary continuation and will officially retire in in mid Jan 2021. I would do the same if I was in your place and use whatever SC and then officially retire assuming you are displaced. Why give up free money and benefits?

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Post ID: @1sxs+18c8w7uv

If your end goal is sitting in front of a TV till you die, just quit and put your heart and soul into watching TV.

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Post ID: @1pio+18c8w7uv

You should talk to an accountant or financial planner, not ask internet randos.

Financial planners can be a bit sketchy, so you just want to pay someone to review your situation, not invest your money, unless you have a ton of money.

We did that a few years ago when we had a windfall year, and the FP saved us a ton of money, mostly by giving us the best dates to do ABC with the money.

Really, this is not the best place for this question.

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Post ID: @paf+18c8w7uv

I would wait for a layoff, get the nice package, and then can get the retirement benefits later. You can coast for a few years until they lay you off, in meantime collect the checks and relax.

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Post ID: @naj+18c8w7uv

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