I was at the meeting in 2011 when the new VP of IT was introduced. He told us he had to divest himself from his IT consultant company in India. My buddy sitting next to me said he sounded like a nice guy. I replied to him this guy is going to cost me my job. Sure enough a bit later Allstate India, whatever they call it, took off and I was RIF'd.
It would have been great to work a few more years and leave on my own, but really can't have regrets. After nearly 25 years of service I was able to save nearly 2 million dollars in wages, 401K and pension.
TW will not be around much longer, but don't get any hopes up. The next one will be just as cutthroat.
4 replies (most recent on top)
3lqk+18bMzFSF. You understand that the stock market doubled in the past 4 yrs right? And the housing market more than tripled from its low from 2012... so your bragging is misplaced and misguided.. false equivalency. Also the market crash in 2008 was a real crash not this blip that just occurred. The market will end the yr at record highs... so whatevs
If you didn't learn anything while working at Allstate or getting RIF'd its that you need more than one form of income. I had much less time (5 years) and ended with $50K between both retirement accounts. My 401k alone was on track to hit $50K last year but the stock market took a dump so it was just rebounding the past month but then RIF'd.
Totally possible - back then. The old pension was good, either lump sum or payments. The company screwed everyone but the younger you were, the more you were screwed. The cash balance pension is a complete joke, you will end up with 10-15% of what you would have if you were older. Born in 1950, hired in 1980 and retired in 2015, your pension provides you about 50% of you your final year pay. Born in 1980 hired in 2010 and projected to retire in 2045 (pipe dream), your pension will pay you about 8-10% of you final year pay. Hmm I wonder where all that money went?
Wow, I must have been wayyy underpaid! I had over 27 years in before getting RIF’d, moved up the ladder, good with my money, took sacrifices and maxed out my 401(k) each year, and I’m nowhere near that. Hmmm. Envious.
Wait! You saved 2million dollars in wages as a claims adjuster for Allstate? AND 401k and old timers really had it made. I worked for Allstate for 15 yrs before being rif’d and could barely afford to rent a room from my parents for 500$ a month for the first 6 yrs I worked there. My 401k and pension are a joke and I contributed 10% of my pay. Corporate America. .. life gets more expensive and pay gets worse and worse.