Announcement

Collapse
No announcement yet.

O T. Best way to retire I ever saw !

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • #16
    I was fired from my previous job about 2 years ago and a former coworker called two weeks ago for a reference. I gladly gave him a good reference as he was very good and very much under appreciated. I asked what everyone thought about me getting fired. He said he was the only one that knew, the boss told everyone I had decided to retire and just collect my royalties! So does that mean I'm retired and didn't know it?

    Comment


    • #17
      Originally posted by garyhlucas View Post
      So does that mean I'm retired and didn't know it?
      Pensions are often collectable even after a long period of time. You may have a large sum sitting in an account somewhere.
      At the end of the project, there is a profound difference between spare parts and left over parts.

      Location: SF East Bay.

      Comment


      • #18
        Being collectable does not necessarily mean that you can collect retroactively. Normally you have to attain a particular age before being eligible to collect it, for one thing.

        And you generally need to formally request the pension payout. The pension may likely not start paying until you request it.

        That information, and all the other governing rules of the pension will be in what is called a "plan document", which you should have received a copy of when you went to work at the company. That "plan document" may have been revised since the original release, and if so, you should have received updates as they occurred. Unfortunately, most people don't keep that stuff, hopefully you did, and can dig it out for reference.

        My wife (retired) was a fully qualified pension actuary at a well-known consulting firm, so I have access to a certain amount of info on pensions, although I don't have one myself.
        CNC machines only go through the motions

        Comment


        • #19
          last year, after 32 years of dedicated service, I just said goodby to a select few people and walked out. Horrible moron for a boss the last two years and I just couldnt stand it any longer. Kept hoping for his management to wake up and see this azz hat for what he was, but his bosses kept moving on after 6 months and a new one would take over...so no one ever got it. Anyway, I told azz hat at 9am "today is my last day" and his response was "ok, I'll get the paperwork started". I'll tell ya, I could feel my blood pressure drop 30 points that afternoon when I walked out. Best decision I ever made!!! now living the dream!! I was only 60 at the time.

          Oh, by the way, the first 30 years were great...just the last 2 were hell. And I did something sort of similar to what the OP mentioned. After so many years I had a ton of vacation time every year, so I would just take fridays off from August thru December.

          Comment


          • #20
            Ran my own welding/machine shop for 35 yrs. Toward the end we mostly made one item, small jewelry presses. Around the thousandth one my last employee was pissed one day and said "screw it, I've had enough", and walked out. I was finishing up the run a few days later when he walked in sheepishly and offered to help finish that batch. I gleefully told him that was unnecessary, and gave him a substantial bonus. What a great day that was - I was 69 at the time. Now I get to play in my shop when I want to, making fun things - clocks, wrought iron stuff, and all kinds of things I never had time to do. Now I guess I'm a hobby machinist/welder. Love it!
            Johnny

            Comment


            • #21
              Back at the end of 2016 things were really slow at the company I worked for and I could see the writing on the wall. I had already discussed retiring with my wife in Oct. of 2017, if I was lucky enough to continue working that long. I came as no surprise when the CEO came into my office in early Feb. of 2017 to tell me they had to lay me off. I told him I could see it coming and that I knew it was beyond anyone's control and that I planned on retiring in Oct. 2017 anyway. He told me my last day of work would be the last week in Feb.
              As that day approached I began cleaning out my office of personal items and archiving old files so whoever took over wouldn't have to sort through old stuff to figure out what it was. I told my customers who to contact for any work or parts that they might need. On going projects had to be turned over to others who didn't want them but somebody had to over see them until completion. When my last day came, I made sure to go through the shop and say good by to all the people that I'd worked with through the 42 yrs I'd been there. I went to our VP of Operations to say good bye, turned in my company credit cards and my key's. As I was head out to my truck I was told that the CEO wanted to see me, I figured it was to wish me well, so I headed to his office on the other side of the property. When I got there he told that he had changed his mind that that he wanted me to stay longer.
              I then went back to the VP's office and got my credit cards and keys back and had to move stuff back into my office and went back to work. For the next few months, as my retirement approached I kept asking about who was I to train as a replacement but never got an answer.
              One week before I retired they finally brought in a new hire who had zero experience in metal work and told me to train him and asked if would I consider staying longer. The kid they hired was a good kid, eager and hard working, just inexperienced. In reality, it would probably take a couple of years to teach him blueprint reading, estimating, man power requirements, shop methods and machine capabilities to someone who had never set foot in a steel manufacturing plant. I stayed an extra month but the VP of Operations told me I could stay as long as I wanted! The young kid still needed a lot more training so when I left he was turned over to the VP of Operations for that and I'm sure thats why he, the VP, wanted me to stay even longer.
              As a side note, the CEO retired a few months after me followed by the VP of Operations a few months after that! Along with a couple of retirements from in the shop, nearly 160yrs of experience out the door in about one year! That new kid ended up becoming the CEO of the company but only stayed in that position for 2 yrs, couldn't handle it and quit! IMO He was basically set up to fail by moving him up too quickly.

              Comment


              • #22
                My last day in the electrical trades will be Friday, September 30th of this year. Thanks for the inspiring stories! I'll try to live up to them.

                As for paperwork, most of our pensions have a three month lead time and minimal paperwork. The tiny pension has a six month lead time and several pages of documentation. Ain't no justice.

                Comment


                • #23
                  I retired 3 times. The first was from the phone company after 25 years on the job. They had converted the pension plan to a 401K, so there was not much incentive to spend another 20 years there. I left with little fanfare since I was only 42 when I retired. I started work the following Monday at the power company with a $60,000 a year pay increase. I retired from that job in 5 years when they shut down my division. Still no party when I left. After all, I was not even 50 years old yet. So I signed up with an internet company and worked there for a while. After a while the commute and rat race was too much effort. I was ready to retire in 3 more years or one bad meeting. I retired at 57 after a particularly bad meeting. The company was in the habit of firing contractors with zero notice, so I turned in my badge and keys and left that day. I ended up with 3 modest 401Ks to fall back on. My wife says that I retired really well but much too often.

                  Dan
                  At the end of the project, there is a profound difference between spare parts and left over parts.

                  Location: SF East Bay.

                  Comment


                  • #24
                    No reason to despise a 401K. They have a big advantage over a pension. A pension is known as a "defined benefit" plan.... you get a fixed number of dollars per month from it. It is, literally, a "fixed income" (as in "seniors on a fixed income"), and can be absolutely shredded by inflation.

                    You will never get any more dollars per month than that, but there is some risk, depending on the pension, that you may get less, or even nothing. Any pension covered by the PBGC is pretty safe, the others, such as union pensions, can be dicey.

                    The 401K, if sensibly managed, has no particular upper limit, which a pension does. Of course it has more risk than some pensions, but generally it can do pretty well. Mine, which I am not yet forced to take money from, has done extremely well so far. And 401K money is substantially lawsuit-proof.
                    CNC machines only go through the motions

                    Comment


                    • #25
                      I[ve semi-retired only once (so far) and it's worked out perfectly.

                      I was at my last full-time, 40-hours-a-week, job at one of the big Internet/tech companies. It was not working out -- 20-something-year-olds have a different notion of how to write software, I mean "code", than 60-something-year-old engineers. For about two years I dreaded going to work in the morning - so much so that I started to go in real early in order to have a couple of hours without having the benefit of my cow-orkers presence, advice, and leadership... Wife was saying "retire". Financial advisor was saying "You have enough money, retire". I was saying "But I _want_ to work, I _like_ my work..."

                      Eventually a friend put me in touch with some folks who were doing interesting networking research and my employer started "easing me out". I didn't fight it. I left them and went to the new gig -- consulting two days a week at the hours of my choosing, from anyplace (including at our off-the-grid summer camp . Plus I'm making 70% of my former salary... AND I'm working with some Really Very Smart and Talented(tm) people as opposed to kids who are told they must be smart because "We hire only the best and smartest people". (In retrospect, that was probably the beginning of the end for me ... I asked my (old, he was in his 30s) manager "'best and smartest'? So what. Every company says that ... did you ever hear a company say "we hire only second rate people"?" He was not amused... :-(

                      PLUS I get to spend a lot of time with my grand daughters...

                      Frank

                      Comment


                      • #26
                        I worked with a couple of workaholic company men, one sticks in my mind, he retired, I think he was a senior caster or some such, like a foreman, he decided to call in to work to see how the guys were doing, he lived for work, the plant manager called security and he was summarily escorted out of the building.
                        he had been there 50 odd years, good lesson but I felt bad for him.
                        many I’ve worked with only lasted a couple of months to a few years and just up and died, that’s sad imho
                        one guy got a lift home after a retirement do, he asked the driver to drop him off by the crematorium, the driver said bit soon init, no you twat my daughters picking me up.
                        mark

                        Comment


                        • #27
                          Originally posted by boslab View Post
                          one guy got a lift home after a retirement do, he asked the driver to drop him off by the crematorium, the driver said bit soon init, no you twat my daughters picking me up.
                          mark
                          Funny one! Sounds like a Sir John Stevenson, RIP.
                          Lynn (Huntsville, AL)

                          Comment

                          Working...
                          X