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Old Today, 12:41 AM
 
13 posts, read 6,017 times
Reputation: 81

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Just got laid off today, upon returning from a week's vacation, by my Fortune top 10 employer. Been with them since May of 2003, except for a 10 month gap in '16-'17 when I was also laid off by them. Felt fortunate to get rehired in Feb 2017, since I was 61...and they matched my former salary.

Soon to be 64 and my plan was to retire sometime between April 1 and August 31 of next year. I don't get the sweet severance as in '16 but I do get a couple months. Severance, plus six months unemployment, am thinking I can string this out nicely and ride off into the sunset almost as planned.

Frankly, I will be happy to give corporate America the finger. I am set this time (no pension, but me and the spouse have really good ss benefits and solid 401Ks). But that was not the case when laid off by other employers in '82, '97, and '03. The whole layoff thing gets tiresome. I feel for the younger generations who have to deal with the same garbage. It's hard to be loyal to an employer when they will dump you in a heartbeat just to meet some exec's budget, likely due to their own mismanagement.

Any other soon-to-be retirees encounter similar BS?
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Old Today, 04:03 AM
 
Location: The Triad (NC)
28,982 posts, read 63,153,235 times
Reputation: 33139
Quote:
Originally Posted by AZPurdue View Post
Soon to be 64 and my plan was to retire sometime between April 1 and August 31 of next year.
Just got laid off today, upon returning from a week's vacation, by my Fortune top 10 employer.
By one particular person within that particular office of that F10 company.

Quote:
I feel for the younger generations who have to deal with the same garbage.
It's hard to be loyal to an employer when they will dump you in a heartbeat
just to meet some exec's budget, likely due to their own mismanagement.
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Old Today, 04:21 AM
 
Location: Ypsilanti, MI
2,542 posts, read 3,742,926 times
Reputation: 5018
Let's see:
AZ might equal Arizona work location
Purdue might equal Engineer
Multiple Lay-offs by Fortune Top 10 Company over past 3 decades might equal......

Do you work at the Yuma Proving Grounds?

If so, I am glad to hear you are financially set for retirement, as our former common employer sure doesn't care about us,
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Old Today, 05:45 AM
 
Location: DFW - Coppell / Las Colinas
32,369 posts, read 37,111,147 times
Reputation: 39280
There are a lot of Pro's and Cons of being successfully self employed.
Being laid off by a crappy boss ranks low.

I got laid off of my first Defense Contractor job out of college and also watched my father do the same several times over his lifetime. I decided then I did not want to play the corporate game never knowing if you'd have a job year to year. Especially in the Defense Contracting business.
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Old Today, 05:46 AM
 
6,493 posts, read 4,887,101 times
Reputation: 13607
Quote:
Originally Posted by AZPurdue View Post
...... It's hard to be loyal to an employer when they will dump you in a heartbeat just to meet some exec's budget, likely due to their own mismanagement......
I never had that happen, but I did have a string of disappointments:
1. Company lost a Federal contract and some workers were offered employment by the new contractor. I left before this happened.
2. Financial issues and cutbacks. I left due to the uncertainty.
3. Hired and transferred to a new location after 18 months.
4. Company went through a merger and location above was phased out.
5. Fired so a new manager could bring in a favorite employee.
6. Company went through a merger and location was closed.
7. Last employer: I worked and retired without an issues except employer has very small wage increases for senior workers.

All of these changes meant lots of physical moves: Cleveland to Little Rock to Kansas City, to Los Angeles to Chicago to Phoenix to Long Island (3 different locations, stayed in same house but commute was longer each time).

I always worked hard and gave my best. If I had it to do over again I would have spent more time on myself and less on the jobs.
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Old Today, 06:56 AM
 
2,540 posts, read 901,665 times
Reputation: 6516
First of all, I have to bring up a pet peeve of mine. I'm old enough to remember when "layoffs" at the steel mill where Dad worked meant, "There's not enough work for you right now but we'll call you back when there is". I know the OP mentioned being let go and re-hired but that's a different process- no guarantee that they'll select you. When the message is, "Go home and don't come back", that's NOT a layoff. It's a firing.

Anyway- OP, it sounds like life has thrown you a curve ball but you're prepared. I'd planned to retire at 65 but got sick of the toxic politics and left at age 61. That was 2014. I know I've been blessed by a good market in those years, but when I look back at what I would have accumulated over the 4 years till I hit 65, I don't think it would have changed how I live now. Life is good.

Enjoy the next phase of your life!
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Old Today, 07:02 AM
 
Location: Tennessee
24,304 posts, read 18,109,144 times
Reputation: 28566
Sounds to me like you're in a good spot to hang it up. I'd step away at this point.
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Old Today, 07:19 AM
 
Location: Scottsdale, AZ
8,327 posts, read 5,096,736 times
Reputation: 30493
Quote:
Originally Posted by AZPurdue View Post
Frankly, I will be happy to give corporate America the finger. I am set this time (no pension, but me and the spouse have really good ss benefits and solid 401Ks). But that was not the case when laid off by other employers in '82, '97, and '03. The whole layoff thing gets tiresome. I feel for the younger generations who have to deal with the same garbage. It's hard to be loyal to an employer when they will dump you in a heartbeat just to meet some exec's budget, likely due to their own mismanagement.
Why be loyal to an employer in the first place? I assure you the "younger generations" are not. In Silicon Valley they change jobs at the drop of a hat. The abundance of restless talent is why so many tech firms locate there.

I was only laid off once and my manager had tears in his eyes while doing it. I ended up comforting him. After all, the company had been bought by a larger, even more soulless behemoth and anyone who didn't have their head in the clouds could see layoffs were coming.

Anyway, you two seem all set. $900k goes a lot farther in PHX than it would in coastal California. I think you'll be fine.
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Old Today, 07:25 AM
 
Location: Atlanta
344 posts, read 522,465 times
Reputation: 578
Never was laid off and never worried about it. My professions were layoff-proof.
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Old Today, 07:58 AM
 
6,493 posts, read 4,887,101 times
Reputation: 13607
Sometimes I wonder. Are we loyal to our employers or just to lazy to look around and get a better job?
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