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Old 06-09-2007, 03:12 PM   #1
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Default A New Life....?

It hasn't been quite a week yet since I found out that my employer will be retiring me early at 55. :(

It'* raining outside and I'm feeling particularly depressed today.

I should be happy that I'll finally be free of work and able to do as I please but you need money for that too.

It will be a hard adjustment moving from an annual salary of $100 K down to $35 K.

As much as I don't want to admit it, I might have to sell some if not all of my vehicles.

I shouldn't have to do it right away but within the next two years as I am waiting for 55 to arrive while on severence continuance.

What will I end up with
Maybe have to move down to a sub compact or just pick one of my current cars and keep that one.
It would have to be one that would be economical to maintain and drive.

Which one would you choose

1988 Jeep 100,000 miles
1979 Formula Firebird 75,000 miles
1979 Trans Am 95,000 miles
2000 SSEi 30,000 miles

Sure, I could pick the Bonne but if I lose a trani or something else major, that would be it.

I think it might be better to get rid of them all and buy a new smaller vehicle with a warranty and trade it up every year or buy a good 3 year old one with a warranty.

My pick of the bunch would be the Jeep because of its versatility but then I would have to sell all of the Pontiacs.
Victor, my son, has been promised the Trans Am but I don't feel particularly comfortable giving him that car. Much too powerful for such a young driver.

I will have to burn my credit cards. Much too easy to loose control of spending.

I know I will feel differently in six months but right now I feel a little lost.

I feel too young to retire and too old to start over.

30 years of working in this Mill felt like a life sentence of hard labour and it'* about time that it'* over.

Hopefully I can still afford the internet and TV.

.........anyone know someone who was a Walmart greeter....
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Old 06-09-2007, 03:50 PM   #2
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Whats stopping you from finding other employment?

My current boss is retiring early, moving to Floridam and then going back to work while still collecting his retirement from here.

I've another boss already doing the same thing.

They're allowed to work upto a certain salary.
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Old 06-09-2007, 03:54 PM   #3
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Hey I hear the Marijuana trade is pretty big out there....


No seriously Do something that you have always wanted to do Start planning now and come 2 years from now you might just be making more money then you are right now.
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Old 06-09-2007, 04:16 PM   #4
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tough spot to be in. You have built up a nice stable of cars though. Personally. I would sell the two 79'*. Keep the jeep as d.d. and bonne as toy.

good luck
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Old 06-09-2007, 04:17 PM   #5
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First of all.

Ya gotta break up this one man pity party

I'm sure that you would have put aside some sort of savings over the last 30 years and maybe invested some of it in company stock.

It'* time for you to take a step back and think about some of other contractors and suppliers you have worked with over the years . Use the network you've built over the years to possibly move into a better position.

A move may be imminent unless there are other opprotunities right in the general area where you live

BTW.............

I'll talk the Bullet if ya decide to get rid of her
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Old 06-09-2007, 05:17 PM   #6
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No No No "The Bullet" Will have a home here in a Garage built for 7 Where she can be kept in as good of shape she is in now.
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Old 06-09-2007, 05:36 PM   #7
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...it'* always the darkest just before the dawn... You'll find your way... and it'* normal to go through the range of feelings from depressed to hopeful to relieved to being depressed again. It'* normal and hundreds of GM workers are going through the same thing here in my local town. I know a guy who is retiring at 49 (30 yrs)...used to a 100k salary...now is making $12/hour and living off his retirement.
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Old 06-09-2007, 10:11 PM   #8
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Paul, you know that we have been there, and my suggestion to you right now is not to do anything. Do not do the knee jerk reaction thing, you need to look at your situation rationally, because if you do not you will end up doing something stupid.

The most important thing you have got to do is get over it, I know it is hard, I know that your confidence is shot, I know that you are feeling depressed and anxious, but life goes on. And being depressed will not make the situation any better, infact it will make it worse. Take some time to way your options, and then talk to Laura, talk to the kids, and then make the best choice for you and the family.

I am speaking from experience Paul, so trust me. You are one of the most intellegent men I know and you are highly marketable, and I know that you will find the perfect job for youself. Things will work out in the end. I promise.
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Old 06-10-2007, 01:57 AM   #9
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Thanks.
You're all right, I will make it just fine.

My situation is slightly different. I am not 55 yet. If I work within the next 2 year severence period before I'm 55, I lose my Pension and just take the $180,000 cash pay out .... which turns out to only 79,000 after tax.
If I wait the two years collecting my normal salary then I qualify for a $40,000 yearly pension for life.

The choice is obvious.

There is nothing stopping me from getting work after I'm 55 but after a couple of years of Freedom on full salary, what would you do?

The more we look at it the better it really looks.
If I were just a couple of years younger when this happened, I'b be screwed and would probably have to work a 12.50 job for life.

I really should be thankful.
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Old 06-10-2007, 02:07 AM   #10
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You will be fine on the pension. My dad had to retire early because of medical reasons. He was worried about $ as well because the earlier he retired the lower the pension. He is doing fine though, and I'm sure his pension is lower than 35K/year. His bigest problem was going nuts with nothing to do all of the sudden. He has some hobbies now so all is good.

I'd probably be one of the old guys working at the hardware store or something. Easy job and you get to show people tools all day! Even if it were only something to keep me busy.
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