I turned 65 earlier this year and planned to retire sometime this summer. Suddenly came true w/package as plus. I prefer Ford offering voluntarily package rather forced me out.
Wish you (still at Ford) build Ford stronger and Impacted find job soon and better.
17 replies (most recent on top)
Free Healthcare in retirement is long gone for all salaried employees. The defined benefits plan gives you $6000 per year to help toward your private insurance until you are Medicare eligible. They have removed that from the new pension.
If you have the defined contribution pension and want a consistent income stream, you are free to purchase an annuity, or any other investment product that you prefer. That is one of the benefits of that plan. You have control.
Everyone gets the 401k. And if you have the defined contribution pension, the company contributes an addition percentage of your salary every month toward retirement. People with the defined benefits pension don't get that.
To be clear, a regular 401k is an account that you can contribute portions of your paycheck to, and the company may provide some sort of match.
If you can't understand this, please quit. We will replace you with more competent employees.
If you’re healthy and mentally sharp why not continue working after 65 if you still love what you do. Companies used to realize that having employees of various ages was an asset. Older people have years of experience and can share with the younger employees. Younger employees have more current education and fresh ideas. Their energy is contagious and an inspiration. Older employees can learn from them.
"...used to stagger around the office."
That's not livin' at all. I'd never want to be that guy...70's and staggering around the office. Horrible.
So you have something to offer, you're faster and you've learned how to stitch through the wickets and deliver a winning hand. Stick around we need you in spite of the scorecards. If you're like my father and you really like what it is you do, be aware the 70's really slows you down. Please take stock.
There is life after Ford.
Back in 1992, I worked in Light Truck CAD during college. The oldest Ford employee in North America was 79 and used to stagger around the office. Nice guy, slow, a bit hard of hearing, a bit incoherent, but collected a huge paycheck. Wow, those were the Glory Days. That was my goal back then. Boy was I wrong!
Let's make this clear. If you were hired after 2004 you do not have a pension. You only have a 401K. That 401K only works if you put money in it. If you were hired before 2004, your pension will only be available to you if you reach the age of 55 and have 10 yrs of employment. Understand?
Grok says,
A defined contribution pension is a retirement plan where you and/or your employer contribute a set amount regularly (e.g., a percentage of your salary) into an individual account. The funds are invested, and the final payout depends on the contributions made and the investment performance. Unlike a defined benefit pension, which guarantees a fixed payout, the retirement income from a defined contribution plan varies based on how much is saved and how well the investments do. Examples include 401(k)s in the U.S. or similar plans like RRSPs in Canada. You bear the investment risk, and there’s no guaranteed amount at retirement.
So pensions that offer healthcare and a guaranteed income are gone.
Why do so many people still claim there is no pension? All salaried people get pensions. Those hired before 2004 get defined benefit pensions, and those hired after get defined contribution pensions. Both have advantages and disadvantages. Defined benefit usually pays out a little better, but your stuck with the golden handcuffs. If you leave before 55 years old or 30 years of service, you get sc--wed out of most of it. Defined contribution fully vests in 3 years, so you can bail out anytime and keep your money.
If you were hired after 2004 and don't know this stuff, do us all a favor and quit now so we can hire someone competent to take your place.
For myself as a Boomer I find hard to understand some of the underlying envy from younger generations.
When we were in your age range we harbored no ill feelings for the Greatest Generation as we were well aware of the sacrifices during WWII and Korea they made.
For us it was work=$$=car=freedom.
Those who complain we hoard wealth apparently are unaware that wealth will be theirs soon enough.
Probably should have been laid off a long time ago.
Learn the difference between your and you’re.
In this context “you are” would make more sense.
Good luck, boomer!
My view: you can stay as long as you want: 65, 70, 75 whatever pleases you.
But the question is why? Do you need the money or are you scared of being bored? Life is full excitement once you retire.
At 65, it's time to go
They changed the retirement age to 67, and if you haven’t noticed, pensions are no longer offered.
You’ll probably never get to retire.
This is the world you want.
At 65, it's time to go... Lol make room for younger folks. I can't believe those who just hang on. You think seeing friends pass away, would convince them to retire... Yikes .
Is it a package as in the old days, or just your 9 months severance pay?
Wow so you held out for a package we'll done looking after yourself, a very parasitic mindset HR has created
Take care, Mike.