Everyone, let's collaborate here and share whether we are taking option 1 (off payroll 3/29) or option 2 (off payroll 2/18) and the reasons why. It would also be good to know age and years of service. I know I want out. I'm 55 with over 30 years of service. I want the extra few weeks of pay. My thinking is that I want to take from them as much as I can. I still haven't made the decision because I don't want to get stuck in a rotten job. I think hearing what people think about the likelihood of getting another job in the company and the rationale behind the decisions to leave earlier or later would be good for all.
19 replies (most recent on top)
58 y/o with 29 years in. Take option 1. Option 2 will look like a voluntarily departure on your behalf. You may not be able to collect unemployment benefits if you "quit". Do the math. Find out if collecting unemployment would (in the long run) be worth more that your severence. Take option 1, play the game, get the extra month's pay and then STILL be eligible for severance. Wait for your severance check AND THEN go file for unemplyment. Swallow your pride and do what you need to maximize your income. A desire for income is what made you begin working in the first place.
Option 2. F-ck em'.
I thought about this a lot, and it wasn't an easy choice. Sure, I'd love the extra few thousand $$. But at what price?
I don't need my manager or HR creating unnecessary hoops for me to jump through with the threat of losing my severance. Knowing my current manager, they definitely, undoubtably, certainly will. I don't need to go through the charade for HR of applying for and being rejected to jobs I would never consider. Think about it - they make Option 1 attractive for a reason! Would it be fine? Probably. Is it worth the worry and stress? Hell no.
I am ready to take control of the next steps in my life without ANY strings. The first time in 8 years I'M deciding what's next for ME and I'm feeling really empowered.
I'm glad to take my money and run, head held high, and never look back.
Can we all stop acting like we’re financial gurus. Talk to your financial advisor if you have one. I spent over an hour on the phone with my financial advisor going over the options. Go speak with a professional. If you don’t have one and you live in New Jersey call my financial advisor. His name is Jason Grosso. His number is 856-222-4540. His team is at Morgan Stanley. CALL HIM. I’m 61 with 34 years. We can’t afford to make financial mistakes at this stage of our lives.
@1rvi If you're turning 55 or older the year you leave the company, you can withdraw from your 401K penalty free. Look up Rule of 55.
If you're 54 the year you leave the company, you can roll your money into an IRA and take advantage of the 72T rule for penalty free withdrawals.
In general, when you make a withdrawal from your 401K before you reach age 59 ½, the Internal Revenue Service may charge you a 10% early withdrawal penalty. You'll also pay taxes on any amounts you cash out because these funds come directly from your pre-tax income.
Rip the band aid off. Took option 2. Minimum knowledge transfer to the person in India who is supposed to takeover my work. I will say the LHH outplacement is helpful, but the more classes you take, the more you realize you better have saved up enough to retire without having to try to get another career position in this ageist job market.
"Don't Leave you won't be able to touch your Lump Sum till 59 1/2/."
Please stop... You have no idea what you're talking about.
Option 2. 38 years. Not even thinking of another job at T. Leaving early is my small, however, costly way of getting to say I still am the MFCEO of myself and I get some decision.
If you have not gotten financial advise, go do it. It worked out so much better than I thought
I left over a year ago and had a job lined up. I took option 2 and stayed longer, it even overlapped with my new job for two weeks. I had no issues.
If you take the later date option, they require you to apply for a job. But honesty that’s it...I was a sales guy and applied to jobs that I knew I wouldn’t even get an interview.
They then forced me to apply to one job, but wasn’t even relevant.
Lastly if you are trying to leave and take the later option, just make sure to complete your competencies on the HR portal, as it is required.
I would make sure to give yourself low competencies scores, so no one wants to hire you...if you are trying to leave.
Just shy of 23 years and I'm 59. Taking option 2 and looking both internally and outside. Not holding out any hope I will be hired for anything within at&t... I'll take my severance check and go.
You only need to worry about getting a job offer if you are a pilot or a flight attendant
with experience and live in Dallas. Otherwise trust me, you got nothing to worry about.
Option 2. 55 years old, 38 years. The thousands of people made surplus are vying for the same open jobs, so the odds of getting one (that you actually like) would be 1 in a million chance. As someone already said, they do these layoffs twice a year so staying will buy you only a few more months until November when they usually do another huge cut to get people off the books before end of year to show they made a profit. Same o, Same o every year. You're just a number in the big corporation, and your value, hard work, experience, loyalty and dedication doesnt really matter at the end of the day.
Option 2-38 1/2 years of service & 60 years old. I want to get my money and get the hell out. AT&T is the Death Star.
Age 42, 20 years of service. Staying till 3/29 but actively looking for a job outside T. Figure even if I got lucky and got another job with T now, probably end up in same boat again down the road. Rather leave now and start over elsewhere.
Stay. Volunteered in January of 17. Transitioned my work and boss stopped talking to me basically. Did nothing almost all of march.
@sjy That isn't true. There is a loophole which allows you to withdraw from your 401K without penalty in the calendar year in which you turn 55. The catch is that you have to leave the money in your 401K--once you roll it into an IRA, this rule no longer applies. You can also withdrawal from your 401K without penalty by taking 72(t) distributions.
Don't Leave you won't be able to touch your Lump Sum till 59 1/2/. Or get hit with a 35% tax penalty.Stay put. Nobody will hire a 55 yr old. Been there done that. Relax take those b--tards for every penny you can...
Agree.. Stay and play for the extra pay. There thousands of people being laid off..
They do not nominate you for jobs. Submit for a few you are not qualified if you want to look legit.
No reason to leave early unless you have a higher paying job lined up.