Why not offer people who qualify for retirement 12 months severance and clear out some space ?
10 replies (most recent on top)
They should ask people to volunteer for displacement. If you can afford it.. to get the 60-days then severance.
Everyone is retirement eligible. All you have to do to retire is quit and live off your savings.
You keep your health care during severance period, then go on COBRA at the WF rate for 18 months. If you are 30 months from Medicare it's a no brainer from that perspective. WF insurance for an individual was $934 a month when I pulled the trigger and CORA is $522 a month. I will be 7 months shy of Medicare when my COBRA runs out but there is a nice perk if you can do it. OBAMACARE subsidies are based on earned income. My spouse has a smaller salary job and I will be using only post tax cash for living expenses in 2023. That leaves me with such a small taxable income I will qualify for $57 a month OBAMACARE for those 7 months.
Eligible for retirement just means you can buy your health insurance at WF group rates.
That's it.
It's not much of a perk.
Whether you can afford to retire or not is a different thing, as the answers on this thread have shown.
That would be an excellent idea. I got plenty in my 401(k), though I gave up on that years ago, as I found high dividend paying stocks to be better. I just hang onto the 401(k) as that’s my back up plan.
Besides, all my favorite holdings are super cheap now. Would love to throw a full year salary into those stocks.
Unfortunately, I think the company feels I am too valuable to displace/retire.
WF retirement eligible but I still have some decades before I can draw on my 401(k) and WF hasn't paid me enough to prepare for early retirement.
I turned 62 recently, eligible for SS but kind of afraid of retirement. 38 years in my profession, the last 6 at WF. Very accomplished in my profession but somehow reduced to inconsistently meets at this shtshow. An employee evaluation system that has such a negative bias with the goal of lowering raises and bonuses and to put people on the layoff bubble. I would gladly take a severance package and close the book on the biggest group of incompetent, inflated sense of self a* holes I have ever come across. Not to mention very unprofessional CYA cowards!
This bank is too toxic to offer employee friendly options. They would rather we "self-select" which is why I have quietly quit.
They don't want to pay any severance if they can possibly avoid it. That's the issue.
Not everybody that is eligible for retirement actually wants to retire. Not everybody that is retirement eligible can retire b/c they're too young to draw their 401k (59 1/2). Then of course the the issue of health care. If you're under 65 you can't go on medicare and who knows how pricey retirement health insurance is with Wells b/c of course they don't cover sh*t on that.
I fit in that category -- too young to technically retire, but eligible per company rules.
I suppose if somebody said, here's a year of severance with health care, I'd probably take it.
Now, unless they're laying you off, I seriously doubt they'll offer early retirement.