Over 55 only

[Anonymous]

How does someone with 25 years in the industry completely deplete their 401K/IRA in only two years post layoff?

read the post again, poster stated that they were NOT tapping into Soc Sec, pension or 401K/IRA monies yet.

Sounds like they are looking to bridge to 65/66 yrs somehow.

Good luck, it can't be easy.

 

[Anonymous]

Here's a few questions is this age of unnaturally low interest rates - take the monthly annuity payout or the lump sum when you leave? Will Merck survive long enough for you to fully "enjoy" the annuity seems to be issue here! Also, wait until 62 (even if you have to work at Walmart to afford to do so) to get the full amount of your defined pension or take the (reduced amount) right away?

 

[Anonymous]

Here's a few questions is this age of unnaturally low interest rates - take the monthly annuity payout or the lump sum when you leave? Will Merck survive long enough for you to fully "enjoy" the annuity seems to be issue here! Also, wait until 62 (even if you have to work at Walmart to afford to do so) to get the full amount of your defined pension or take the (reduced amount) right away?

I took the lump sum based on very unscientific reasons. Those of you who are better in investment and financial matter may have better ideas. My thought was to take it and invest it myself, severe the tie from this toxic company. Another reason was the uncertainty if Merck would still be a stand alone corporation in another five or ten years. If it becomes part of Pfizer, would the monthly pension check deal get changed. I heard of too many horror stories from Parke Davis, Pharmacia, Wyeth reps after they were folded into Pfizer.

 

[Anonymous]

I too was “encouraged to retire at 55”. I worked very hard knowing what was coming and hoped I would be spared. But, I understand that I made too much to keep. What am I doing now? I started a business and learned a new skill. Loving it. Will I ever make enough money with it to live on? Hard to say now. But that is not why I decided to write today. I encourage my fellow baby boomers to morn what the society did to us, by decimating all the social contracts we were raised with. Now, it is time to think about the young people who are now in the prime workforce. They are being enslaved by the society in a way that is worse than what they did to us. Their lives are being stolen one day at a time. Companies are taking far more than they are giving back and they are killing our children. I call on baby boomers to stand up to these companies who have wronged us and are now wronging our children.

 

[Anonymous]

Here's a few questions is this age of unnaturally low interest rates - take the monthly annuity payout or the lump sum when you leave? Will Merck survive long enough for you to fully "enjoy" the annuity seems to be issue here! Also, wait until 62 (even if you have to work at Walmart to afford to do so) to get the full amount of your defined pension or take the (reduced amount) right away?

No question-I would take the lump sum and run. In theory, you have been saving via your 401K as well, so you have money in the stock market. There is no way in hell I would trust Merck to invest my money for me (pension-wise). I do not want the hassle of trying to figure out if they are doing the right thing with my pension. I would take the reduced lump sum and invest it outside of the stock market.....depends on where you live, but real estate is a great investment in my area. Pay cash and you instantly have passive income. I have two homes I own mortgage free. You cannot imagine the freedom it gives you because of the income coming in, not to mention the tax deductions. Plus, it is really not that hard to manage...been doing it for years. Another thing you could do if needed is put yourself in a better position financially (pay off your mortgage, car, credit, etc and LIVE that way).

 

[Anonymous]

I too was “encouraged to retire at 55”. I worked very hard knowing what was coming and hoped I would be spared. But, I understand that I made too much to keep. What am I doing now? I started a business and learned a new skill. Loving it. Will I ever make enough money with it to live on? Hard to say now. But that is not why I decided to write today. I encourage my fellow baby boomers to morn what the society did to us, by decimating all the social contracts we were raised with. Now, it is time to think about the young people who are now in the prime workforce. They are being enslaved by the society in a way that is worse than what they did to us. Their lives are being stolen one day at a time. Companies are taking far more than they are giving back and they are killing our children. I call on baby boomers to stand up to these companies who have wronged us and are now wronging our children.

man, truer words were never spoken...I can't believe how scary and horrendous corporate Amerika has become...so toxic....and it will be worse for the next generation...I remember during the boom years they said there was going to be a labor shortage, and not enough workers to fill the jobs...boy was that boneheaded and wrong...Corporate America has become corporate serfdom, where people are absolute slaves to these companies for their survival...Lives are being ruined and stolen as the poster says...

 

[Anonymous]

I live in the NY metro area....no mortgage but over 13K/year in taxes....who wants to own yet another house and worry about another 13K in taxes and whether or not I can count on renters, not to mention the cost and hassles of repairs when you are a homeowner. Thinking of selling when retiring and moving out of this area....maybe becoming a renter myself! Homeownership is not all it's cracked up to be. Being a landlord has its headaches as well. At this stage of the game, I want to be as stress-free as possible. BTW, have nice 401K (500K+)...hoping to live off of that and the sale of my house. Will continue to work after leaving pharma, just to get out of the house and have extra spending money (a Barnes and Noble job will do, if nothing better is out there!) While I traveled a lot over the years, and deprived myself of nothing, I am now living as frugally as possible, given the change in the industry, the economy, etc. Feel bad for younger folks, as this country is not what it used to be.

 

[Anonymous]

58 here. Got laid off from Merck 2004 (Vioxx) at the ripe age of 51. Have been working temp jobs ever since, until the recession hit and even those are hard to find. House will be paid off next 1-1/2, so doing what I can to keep my head above water!

 

[Anonymous]

I live in the NY metro area....no mortgage but over 13K/year in taxes....who wants to own yet another house and worry about another 13K in taxes and whether or not I can count on renters, not to mention the cost and hassles of repairs when you are a homeowner. Thinking of selling when retiring and moving out of this area....maybe becoming a renter myself! Homeownership is not all it's cracked up to be. Being a landlord has its headaches as well. At this stage of the game, I want to be as stress-free as possible. BTW, have nice 401K (500K+)...hoping to live off of that and the sale of my house. Will continue to work after leaving pharma, just to get out of the house and have extra spending money (a Barnes and Noble job will do, if nothing better is out there!) While I traveled a lot over the years, and deprived myself of nothing, I am now living as frugally as possible, given the change in the industry, the economy, etc. Feel bad for younger folks, as this country is not what it used to be.

Yeah, living here pretty much sucks now for sure, but dont' feel too bad for the younger folks...that wanted an Obama nation, and they got an Obamanation...

 

[Anonymous]

I live in the NY metro area....no mortgage but over 13K/year in taxes....who wants to own yet another house and worry about another 13K in taxes and whether or not I can count on renters, not to mention the cost and hassles of repairs when you are a homeowner. Thinking of selling when retiring and moving out of this area....maybe becoming a renter myself! Homeownership is not all it's cracked up to be. Being a landlord has its headaches as well. At this stage of the game, I want to be as stress-free as possible. BTW, have nice 401K (500K+)...hoping to live off of that and the sale of my house. Will continue to work after leaving pharma, just to get out of the house and have extra spending money (a Barnes and Noble job will do, if nothing better is out there!) While I traveled a lot over the years, and deprived myself of nothing, I am now living as frugally as possible, given the change in the industry, the economy, etc. Feel bad for younger folks, as this country is not what it used to be.

You must be long term legacy with a working spouse. I know a few people from NY I talk to at sales meetings. Most can hardly pay their basic expenses. I would never consider living any where near that area of the country.

 

[Anonymous]

If I'm smart enough to work for this company I'm smart enough to do my own financial planning. Don't waste 1-3% of your net worth on an "investment advisor". Trust yourself. Nobody cares more about your money than you.

 

[Anonymous]

I live in the NY metro area....no mortgage but over 13K/year in taxes....who wants to own yet another house and worry about another 13K in taxes and whether or not I can count on renters, not to mention the cost and hassles of repairs when you are a homeowner. Thinking of selling when retiring and moving out of this area....maybe becoming a renter myself! Homeownership is not all it's cracked up to be. Being a landlord has its headaches as well. At this stage of the game, I want to be as stress-free as possible. BTW, have nice 401K (500K+)...hoping to live off of that and the sale of my house. Will continue to work after leaving pharma, just to get out of the house and have extra spending money (a Barnes and Noble job will do, if nothing better is out there!) While I traveled a lot over the years, and deprived myself of nothing, I am now living as frugally as possible, given the change in the industry, the economy, etc. Feel bad for younger folks, as this country is not what it used to be.

Pretty amazing. Must be a manager to have 500K saved or at the least an high end salary exec / sr exec. 20 or more years in?

 

[Anonymous]

Hey guys. Nice thread. My kids are now out of college, have jobs. Have a nice home in the Midwest. Wondering where I stand financially in this world. So here goes.

Only debt is the house. Owe $110k,, value $325k
No other debt or loans. Have right around $570k in 401k, stocks and $55k in savings.

401k is down about $125k...ugh

 

[Anonymous]

Hey guys. Nice thread. My kids are now out of college, have jobs. Have a nice home in the Midwest. Wondering where I stand financially in this world. So here goes.

Only debt is the house. Owe $110k,, value $325k
No other debt or loans. Have right around $570k in 401k, stocks and $55k in savings.

401k is down about $125k...ugh

VERY well off.

 

[Anonymous]

Here's my situation:

2 homes in Midwest; Both are paid off; I live in one and the other I rent out for $1400.00/month.
Total value of homes after values fell = $463,000. $300,000 for mine and $163,000 for rental.
No debt - no credit cards, no car loans, no kids.
$300,000 in 401K
$127,000 in savings
Laid off last year and looking for work mainly because of health insurance for me and my spouse. Hard to get a reply, least of all an interview from jobs I've posted for.
Truly fed up with looking for a job and corporate in general.
Thinking of starting my own business, but don't know what to do.
Suggestions???

 

[Anonymous]

Here's my situation:

2 homes in Midwest; Both are paid off; I live in one and the other I rent out for $1400.00/month.
Total value of homes after values fell = $463,000. $300,000 for mine and $163,000 for rental.
No debt - no credit cards, no car loans, no kids.
$300,000 in 401K
$127,000 in savings
Laid off last year and looking for work mainly because of health insurance for me and my spouse. Hard to get a reply, least of all an interview from jobs I've posted for.
Truly fed up with looking for a job and corporate in general.
Thinking of starting my own business, but don't know what to do.
Suggestions???

Live in NE. Would be impossible to get that far here. House 300K with 248K mortgage. High property taxes and high state income tax. About 78K in combined 401K and IRA from old job, 27K in savings. Car loan and 2K on credit cards monthly. Live modestly, check does not go far. Relocation is on the top of my list.

 

[Anonymous]

Here's my situation:

2 homes in Midwest; Both are paid off; I live in one and the other I rent out for $1400.00/month.
Total value of homes after values fell = $463,000. $300,000 for mine and $163,000 for rental.
No debt - no credit cards, no car loans, no kids.
$300,000 in 401K
$127,000 in savings
Laid off last year and looking for work mainly because of health insurance for me and my spouse. Hard to get a reply, least of all an interview from jobs I've posted for.
Truly fed up with looking for a job and corporate in general.
Thinking of starting my own business, but don't know what to do.
Suggestions???

VERY, VERY good shape.

 

[Anonymous]

Only thing left is to sell cars, insurance, or real estate.

 

[Anonymous]

Live in NE. Would be impossible to get that far here. House 300K with 248K mortgage. High property taxes and high state income tax. About 78K in combined 401K and IRA from old job, 27K in savings. Car loan and 2K on credit cards monthly. Live modestly, check does not go far. Relocation is on the top of my list.

I had always heard NE was pretty cheap living - where are you at? Even Omaha or Lincoln seem reasonable to me based on what I've seen in city reviews.

 

[Anonymous]

NE also refers to North East or New England, not only Nebraska!!