What are the benefits of retiring from WF with the rule of 80? Are there any? Can’t withdraw from 401k until 59.5.
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“Wrong. If laid off there is a tax rule that you can get 401k penalty free at 55 but not if quit. Must wait til 59.5.“
Wrong- its if you leave your job for any reason during the calendar year you turn 55
"What is RSR grant everyone talks about?"
@1krg+1vrQNN02
"URSRs are restricted shares. You have to have TVC 50+k now to get those."
TIP: When someone asks what URSRs are, or anything else related to it, you can pretty much assume that they won't know what TVC 50+k means and anything else related to it. Spell it out for god's sake.
I hate this board.
Now go ahead and downvote.
URSRs are restricted shares. You have to have TVC 50+k now to get those.
“ At 55, you can draw from 401k without penalty.(rule of 55)
However for SSI you will have to wait till 62“
Wrong. If laid off there is a tax rule that you can get 401k penalty free at 55 but not if quit. Must wait til 59.5.
SSI is for disabled who don’t have enough SS credits built up. SSDI for those that have enough disabled credits. Neither is based on age 62. You can start collecting SS at 62. SS is NOT SSI or SSDI nor related much at all.
Thx. I know I can look this all up but worth hearing. I was also confounding keeping the RSRs but under the same vesting schedule vs immediate vesting. Keeping the RSRs is better than forfeiture, certainly. Money itself is fungible of course, but I have no way to lay odds on WF’s future prospects so I think I’d be a better steward of that equity elsewhere.
What is RSR grant everyone talks about?
I retired in March and can confirm that you do keep your RSRs and they vest as normal. I recently received something in the mail asking me to confirm that I am not working for a competitor of WF.
What if you “retire” in the spring right after an RSR grant? Will even those immediately vest? 🤔
At 55, you can draw from 401k without penalty.(rule of 55)
However for SSI you will have to wait till 62
@+1vrQNN02 how do you retire at 55 when you can’t draw from 401K until 59.5 without penalties or draw SSI until 62?
Yeah, only a tiny % of people actually get the medical subsidies. You have to basically have been with the company for 30+ years but not be Medicare age. Very few fit into that category. Most of your lifers either are, or will be soon, 65. It's pretty much a non-benefit at this point.
RSRs are cool, but a large majority of the employee pool don't get those either. Retiring here is pretty much pointless, and it could rob you over your severance and bonus opportunities. Not much point in telling the company you're leaving, unless you get RSRs.
You can retire earlier than 59 1/2 using the rule of 55. Check it out.
i believe the real practical benefit is that you dont lose rsrs.. you retain them and they vest per their schedule
some legacy folks may have some very limited health benefits