I am 50 years and work for the company for the pass 20 years , I would like to retire. Does anyone who work HR have any info if I will get to keep my discount card and any type of lump sum of money. I did call 88sears but the respond was very conflicting, I don't think they understand English. Thanks
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bzrz--If you are fifty and you have invested wisely and have enough to retire then you need to understand that you cannot take any money out of a retirement account until you are 59.5 years old without paying a hefty penalty.
I too have invested wisely and I too have enough to retire, but I am not willing to give back the penalty and the tax benefits I have has over the last 25 years so that I can retire a few years early. That would negate, to a large extent, any returns and advantages I have accrued over these decades.
If your funds are not in a retirement account please remember when you sell those investments that have made you so much money you will pay the capitals gains tax on that money. A tax which is hefty in and of itself.
If on the other hand you have invested wisely and have an overflow of cash or other liquid assets laying around that can support you and your needs (food, shelter,transportation, medical) for the next 30-40 years, then by all means retire and enjoy life.
Get yourself a good accountant and figure it out.
@bzrv if true you should be an investment advisor. Or you make a lot more than me. I could never retire @ 50. Not even close. I have kids though.
@mko, I'm 50 and have worked for Sears for 12 years and I have invested wisely. I'm set for life. You need to "wake the ef up" and figure out where you went wrong with your retirement planning.
I still have my discount card but I refuse to use it since my job was eliminated March 2016 after 38yrs. I was forced to retire. I have not purchased anything from Sears since. I used to purchase everything I needed from Sears when I was employed there. I shop at other places now. By the way I have a job that I enjoy now. I make a little less money but I am STRESS free.
Do you mean a pension when you say lump sum of money?
Normally a person has some working years ahead when they are only 50. If you have serious health problems maybe not but other than that you would probably feel better doing something even you can afford not to work full time.
67 y/o with 40 years is borderline, one of those gray areas. Strive for 3 more years, until you hit 70, when you will maximize your social security. Then simply cut your hours back to part time status so you aren't a total drag on society.
NOPE, not for a retiree. I had 18 years with Sears. Store closed down in March 2017. The retiree does not get the points, they get the discount card. Thank You God.
Discount card? Didn't that get eliminated?
How about 67 with 40 years??
In order to receive the pension, you must be 55 years old. Yes, you will get to keep your employee discount card. I had to call 88 Sears, to let them know that I was a retiree. I received my new card in about 9 days. You are not old enough to retiree, you may have the years, but you do not have the age.
The person may have inherited a bunch of money. Perhaps the person has a spouse who has earned quite a bit. Perhaps the op has a medical issue and will also be on disability. So many different scenarios. Why would you assume the op cannot afford to retire?
You're 50 and you want to retire? You need to wake the ef up. Unless you have a ton of money invested, which you don't, because you have worked for Sears for the last 20 years, you don't have near enough saved to just retire.
I am not tracking.
What do you want to do?