I am very frustrated and disappointed, but I try not to dwell too much on what happened, I think that the energy should be directed to looking for new opportunities. I don't think it will be easy at 50+ regardless of skills though?
19 replies (most recent on top)
I was RIF'd in December 2022 after 20+ years of service. I am 60 year old white female. I found a better job in 6 weeks once I started looking in earnest. AARP has a pretty good website for job hunters. Good luck and don't despair - life is better after Verizon....
Take heart!
I was just shy of 58 (with 28 years of service) when it was my turn last fall. The thought of looking for work at my age was terrifying. Take advantage of the coaching and advice being offered through LLH; my counselor Jonathan was outstanding. Know that having Verizon on your resume is a HUGE plus, despite the fact that it is now a toxic employer. Networking is indeed the key, but I assure you there are PLENTY of jobs out here with employers that will indeed appreciate the perspective and experience that comes with people of our generation. It's only the 'vessel' that's 50 - at your core you are still the person you were at 30 and prospective employers WILL see that it you show it. It may well take time, but with persistence I promise you will find a new and better home. I know it! If I did it, you can too.
Plenty of consulting firms will take you depending on your skill set especially if you are in IT
There is life after VZ! This is an opportunity for you to invest and rebrand your skills.
Have faith, not every company is like Verizon. There are companies that respect, and even seek out, experienced employees. Best of luck.
@1jnx+1mRWp3E8 You may withdraw in the calendar year you turn 55, penalty free, from the 401k of the employee you worked for when you became unemployed.
@1qrx+1mRWp3E8 As long as you do not roll it into an IRA.
Look up the IRS "Rule of 55" for additional details.
I worked for Verizon for over 23 years and was part of the reduction in force back in March. I was shocked as well as my team. Make sure you budget your severance as it it paid in a lump sum as well as the anticipated taxes that will be taken out. 22% Federal,7.65% FICA/SS and whatever your state income tax is. Also if you are of retirement age (formula calculated by years of service and age) you should be fully vested in the Stock Together Awards. At least that is what was in the last severance package. There are jobs out there and if you are fortunate enough to secure one outside of Verizon your severance package is another way to save it for retirement or other savings. I am saddened by the current state of Verizon but the company had been extremely generous in comparison to other companies. Most companies did not pay bonuses, stock awards, a majority of your medical,dental and vision plans as well as a 6% 401k match. Please note I am not in or was in Human Resources. I know it feels so unfair and there are many many mixed emotions. Please know it may seem like the end of the world to many but please believe me when I say there is life after Verizon. For all those that are in the uncertainty phase of what will occur, keep strong, keep your faith and continue to be your best. I wish all of you were not going through this but know whatever the outcome you will come out stronger. I know I am.
If you are over 50 and white, you stand little chance of finding equal or better if you don't do something unique.
Next over 50 heavy-set women and black men will have a difficult time finding equal or better.
These are the realities of life and why there are so many retreads in the company after their time in the desert is over. Most are very happy to return.
There is no penalty if your 55 at the time when your rif’d.
@pei+1mRWp3E8 stop. You don't know anyone's financial and personal situation. Sometimes people have life events that wipe out any savings and are in fact having to live paycheck to paycheck.
Post ID: @pei+1mRWp3E8
I have financial alternatives to survive and not just the employer sponsored 401k plan, pre-tax or Roth. But this is not the rationale to have been displaced aka RIFed.
Post ID: @pei+1mRWp3E8
Withdrawal from the pre-tax employer 401k sponsored plan will be taxable at a 100% as additional income. Plus a penalty if you are younger than 59 1/2 years of age. Therefore, adding money to the employer approved 401k plan is not the only option.
I was piling money into my 401k for 30+ years anticipating the day I’d have VZ in my rear view mirror. I guess you had other priorities.
Look at all of the regional players, they want your experience..
Post ID: @kqk+1mRWp3E8
How old are you? Insensitive and boneheaded commentary.
Post ID: @kqk+1mRWp3E8
The best made plans, contingent plans, do not always have an effective and timely solutions.
Corporate executives are the unconditional problem and the issue. Thus, these VZ executives should all be fired. The remaining corporate executives should only be paid US $1/annum and no executive benefits and their bread-and-butter should only be compensation based on higher stock prices.
I guess none of you planned for this.
Same. the hatchet man got my partner and me over the last few rounds. It's hard but I'm reinventing myself in a whole new field. Sad to have to start at entry-level and half the salary after a lifetime of building skills and moving up the corporate ladder. However, I'm excited for the change of field and the chance to at least start fresh. I know of someone who was laid off in the 4Q22 round at age 65 and he landed a new job outside with a different telecom company within a few weeks. Stay the course.