Lets ignore the lost week of vacation. Based on what I have seen, the insurance cuts will cost you $1,300 a month before medicare and $300 a month after. Annually that is $15,600 and $3,600. In order to produce $15,600 annually, you would need $390,000. We get this number by using the 4% rule ($15,600 x 25). After 65, you will need $90,000 to cover the expenses. Do you have $390k? I don't.
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No, you no longer have 820K minus 390K as stated above ...Talk to a financial advisor you need approx 1.5M to live even relatively comfortable....minus the 390K as stated above you will need to work for another 10-12 yrs...hot dogs and beans for you or as most will need to do is to pick up a side job in retirement probably necessary,,,,,,
They already took those away from us decades ago. They are just getting around to you now.
Do the same benefit cuts and salary limits affect the Warner Media side or just targeting Leg T employees?
Should this be a reason to start gender discrimination lawsuit?
I agree with OP, benefit cuts is good short term but terrible long term. T needs productive motivated employees. Despite their bias against older workers, its statistically true that older workers tend to be more productive and stable. It’ costs a lot of money to train new employees, by cutting benefits, t seems to be discouraging long term workers from straying so, as their workforce average age and tenure decreases, they think it will be a saving but what really will happen is high turnover which will cost them more in loss productivity and training costs. Short sighted IMHO. Cut staff in areas that are not growing and they are getting out of, but cutting benefits across the board screws everyone. Bad decision. My .02.
Do you have $390k?
Yes. I started saving when I was eligible: $820,000 in retirement funds and still growing. Cleared all my debts. Sorry your financial plan wasn't very good.
There currently is Obamacare, an income based program. That could alleviate costs for some people.
OP numbers are misleading. For retirement considerations it applies only to how many months prior to age 65. Sure, family coverage costs can be $800~$1600 month. With Medicare, you pay $148 from Social Security then supplemental premium costs average $275~$400 per individual. This is not new, like anything, premium prices slowly increase every year.
T dividend is almost 7%, are they planning to cut that? Cutting your benefits is going to pay those dividends.
Sit down, be quiet, and just be thankful you have a pay check, for now. However, tomorrow..is another day.
Signed
We who allow you to still be employed.
I e never worked anywhere that offered medical in retirement. And I think this company stopped offering it to new employees in 1998.
Either way it's a c-ap shoot. If you stay and forego the medical benefits, they can surplus you the next year or force you out some other way. If you leave to keep the benefits, they can take them away from you at any time.
I can see OP's point. Apples to apples, you would need $390k to generate the benefit without costing you any additional money. However, you are correct a 10 year retirement would only cost you $156k but that money is gone.
The 4% rule is to get income the rest of your life. The $15,600 annually is only for the years between retirement and 65. So, although a substantial amount, the lost benefit is much less.