The only people I know who aren't job-hunting are the ones who can see the retirement finish line. They hate it, but they're hanging on. One colleague is less than six months away, he'd love to be laid off, get a paid summer and unemployment. I keep telling him they won't do him that favor. But I get it.
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@fb Spot on.
LP once meant “Loyalty Pays”. It now means “Leave Please”
GP once meant “General Partner”. It now means “Greedy Pigs”.
@fw this is 100% factual guarantee, in stone, signed in blood, objective, truth, and reality. These zero percent chance you’re wrong. We’re all done for. I don’t even know why we’re wasting our time even talking about it because of how done we are. I’m moving my family into a van down by the river now based on your facts.
@fb Don’t count on lp percentage you are getting now. 12.5% of it is going away. Transferring to B shares will pay more for a couple years (perhaps) but it’s a house of cards for LP owners.
@fb It's a tough job market as we all know, but if you find something else, I know that similar roles more often than not you would get a 20-30% pay increase. Look casually - there is nothing wrong with keeping some coals in the fire, especially if you get to a breaking point and just need out ASAP.
This is honestly the worst place to be right now, but I can't justify leaving with how much in LP capital I have tied up. Based on current capital and future projections I'd need about a 70% pay increase to offset the loss of future LP income, so for as long as the LP is solvent and intact, I can't afford to leave.
But... if I can land a 25% or better pay increase, I don't think it would be a hard decision. I just hate to throw 20+ years of tenure out the window to start over somewhere else.
There is not mandatory retirement rule based on age. But there is a "Rule of 70" that indicates you can keep certain thing after you retire. When I started I worked with a school teacher who became an FA in her 60s and was an FA for almost 20 years when I met her.
@OP, I retired for Rule of 70....... it's been a blessing for me to have my mental health back. I wasn't waiting around.....
I have been with the firm a couple of years. So not knowledgeable about this.
Is there a certain age at which the firm mandates that you retire? Specifically asking about someone at grade 13.