Thread regarding Wells Fargo & Co. layoffs

If you need your 401k and you're using SEPP, and you and your family can survive on that + your wife's income, sure, go ahead and retire. I'd wait until after bonus though.

Meh… I call BS!! But seriously what dum--ss leaves 100K in melting cash.

49 and $1.6M invested plus another $500k in house equity, with no inheritance kickstarter. I even pi---d away (financially speaking) my 20s in the military with no retirement savings.

It can be done by anyone if you are disciplined and make smart choices.

Nothing like bragging about how your finances are propped up via deaths in the family. Classy move.

Why is this far fetched? 48
915K 401.800K house paid off and wife got 1.2 inheritance. Su-kas

Keep working via your internet surveillance. Wells is paying me a years severance while I double dip. Lol

Fools

Well you can convert the 401K into a 72t IRA and still probably have a mill at 60 if invested properly. The other mil will be the other half of the equation. You can certainly pull in a comfortable 100K year. Then you can work consulting gigs. F WF. Go for it.

I wish I had your financial situation. I hardly have anything and will probably work forever 😭

There are no complex projects at wells 🤣🤣🤣🤣

Bunch of 2008 asp.net starter kits still all over the place with some being VB 😆.

@OP perhaps spend some of that loot on learning to use spell check.

This guy/gal is full of something for sure

I was displaced from WF earlier this year. 57. 10 years with the company. Decent portfolio but also have a government pension of $70k a year. Limited debt, chose to work part-time for a few years. I’d wait until 50s to consider retiring. Health care is a big concern, but that came with my pension. If you can figure that out, then retiring in your 50s is very doable.

@OP Sit tight, stay the course and let them lay you off! Get the severance pay and the additional 60 day non working notice pay and YE bonus and 401K match. Number one rule of Wall Street: never leave money on the table get every penny you can out of Wells Fargo. And don’t let them mark you as retired in the system. The minute you’re marked as retired in the system Wells Fargo will automatically notify Social Security and Medicare and you don’t want that. Do that on your own.

Sounds as realistic as Biden’s mental acuity….

And if true you are truly a miserable soul to try and brag about that. A$$hat

weiners, do you gobble them or swaller em whole?

Push through until retirement. Who needs joy?

Retire. Life is short.

You will need to have likely a relatively aggressive portfolio. Life happens and many things can change in your life. It sounds like you are very well suited to retire if you were in your 50s. 42 you have a long way to go on a “fixed” income. You need to determine your expenses including Healthcare out of pocket and insurance, housing upgrades and mainenance, car refresh (figure that is going to be 100k with inflation). As long as you can spend 200,000 per year as a household make sure your portfolio can cover that for the next 40 years minimum. Plan for the bad times not the good with investment swings. Retirement is based on what you plan to spend and what your investment return is over the long run.

People with a negative net worth picking on a guy with a 3mil net worth and advising that they are doing it wrong.... Hahaha!! You cant make this stuff up!!!

It's entirely possible that when OP says "cash" they really mean some kind of liquid high yield savings, short term paper, whatever, not $ in a checking account or something. Obviously it could be better invested, but it could be a temporary situation. Got a windfall, haven't decided where to invest it yet, whatever.

@ah
Wondering the same. Nobody, I mean nobody keeps a mil in cash. That is id--tic.
Without going into alot of reverse math.
But, If started early, say at 22, and both made really good money, maxing out both 401K/Roth's while raising the kids, conservatively, will get you to that number for the 401K.
Saving that much in cash? Why? There is something missing.

The minions are mad, jealous, and broke.

Slowly but surely pull back, OP. Get on the downsize list and make them pay you a severance.

If you have a million in cash, you are not a savvy enough investor to retire at 42.

Fake post . 45K bonus annual bonus yet has Net worth 3 million at 42. I don’t think so.

Put your cash into an income generating hard asset. Cash is great, but it's fiat.

Hold out, they owe it to you.

First off, GREAT JOB!

Secondly, if you retire at 42 do you have some things to keep you busy? Any time consuming hobbies that you love? That's my personal fear of retiring early. What am I going to do....

I would also suggest plugging your numbers into a good retirement calculator. Work out some scenarios if you work another year, 2 years, 3 years, 5 years? Maybe you would come across a scenario that could persuade you one way or another.

Quiet quit and use your time to develop a small business. Get your health insurance sorted. Then wait to be laid off and take the severance.

Same boat...been 3 years and got all my stock options exercised from jumping over to wells...really do not see the 2028 stock options for 2k keeping me around...wells does this...hires you with high salary as they don't train people then load you up to the point its not sustainable...simple cycle but an ugly one..I d say stay til February and see how long it takes to fire you...one lady in my group just stopped coming in but doing bare minimum and she did that the entire 3 years I ve worked here...I think just got sick of it and got a new job though...maybe she worked 2 jobs for a while but I don't know..