There is a lot of talk about retirement eligible employees leaving this quarter. If you are not retirement eligible but are considering leaving, you should talk to your financial advisor. Your financial outlook may be better than you think. Many people are waiting to turn 55 to retire. You may want to consider another number. How much money do you need to retire? When you hit that number you have an option to retire before 55 on your own terms. Yes there are things to work out like medical insurance but that is also possible. Your financial advisor can give you contacts to help you navigate this path.
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Leaving before 55 basically cost you 5 years of pay as retirement will be based on age 65 vs 60.
Add in you need to do something about medical for 10-15 years.
If it is not a severe impact to you financially, why do they want you gone so much?
My advisor is EF Hutton, and they say…
I left at 53. Best decision ever! What I am walking away from is a fraction of what I am getting. No more stress, no more commute, no more pretending to care, I get to sleep in and I started my own business doing what I love. What I gain in years, and in health, is worth far more than a few more years to get 75% pension & healthcare. If you do not know your numbers you need to learn them! Thank you ExxonMobil. I’m a multi-millionaire that can retire early!
My advisor changed recently.
The investment firm outsourced all advisors to India.
The transition is expected to create an additional 0.000000000000000000001 profit, but increase risk 10x.
@ct I see a lot of jobs being outsourced overseas or being performed by contractors now.
Even if grandpa leaves there is no guarantee that that position will be filled as it was before.
Special thanks to all of you who proved you could work from home during COVID.
The boomer is not holding you back. Try again.
Cost of living forcing older folks to postpone retirement as well. Older folks are not vacating the jobs that would/could go to young adults starting out.
Do yourself a favor and meet with an advisor in your early 40’s or sooner.
Give your 6% to get your 7% and hand them the rest of your money so that they can manage it for a small fee.
We used to be able to trade daily but the company took that option away.
Establish a good relationship now and find your advisor before you are about to retire.
Let’s all leave at once!
@OP No, not yet. Have you?
I am over 55 and finally spoke to a financial advisor.
He ran the numbers and I have enough savings plus Lump Sum that I never need to work another day.
I turned in my notice and left.
I really feel sorry for those new hires that post on LI about being so happy to accept an offer from EM. There is a near zero chance of reaching full retirement at EM with the annual layoffs and likelihood of encountering a bad boss that drops them to NSI.