Any advice for someone who needs two more years till they retire? Trying to get all my ducks in a row. Who do I need to meet with, and what should I prioritize? My last day is Friday. I've been working there for over 2 decades, but they said severance is capped at 26 weeks only. Please only actual advice, not up for jokes or sarcasm atm.
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US only. For anyone 65 or older, get on Medicare (Parts A & B) even if you have to pay the salary-based surcharge. If you are laid off, Medicare only starts on the first day of the month plus supplemental plans require a fair amount of time to get in place. COBRA won't cover you if you are "Medicare eligible." If you happen to be in an accident or have a serious illness during that time, you will have no coverage.
Hang in there to everyone affected , the AI field is booming , try to reach out to companies buying and deploying AI hardware . I have been through 2 layoffs , the tough decision is to move or not, sometimes you have relocate to keep your career alive
@OP I was in a similar situation 7 years ago when I was laid off by a Dell competitor after 28 years with that company and in my 50's. I ended up at Dell, watching it now go through the same thing my prior company did in terms of endless rounds of layoffs and cost cutting. My advice:
- Let everyone in your network (and not just professional, but neighbors, buddies at the gym, family members, you name it) that you're looking for work ASAP. You never know who knows someone who is hiring, and at your age, you're much more likely to find another job that way than applying to jobs online.
- Take advantage of any outplacement assistance Dell offers or find some government funded services to brush up resume, LI profile, and interviewing skills.
- Be prepared to take a lesser role for less money than what you were previously making. In Trump's economy, you can't be choosy.
- Persevere.
Good luck to you!
Sad truth is if you're over 50 you're almost never going to get hired by another tech company, especially now when you're competing against the entire world.
Try to find a consultant job or something.
Failing that, I guess drive an Uber. Even THAT business only has 5 years left or so before AI starts to replace them.
@ay It wasn't a joke, its a valid option....
Enjoy the Fall and Holidays!
Use this time to reflect on the Lord and family have faith and know that the Lord has a plan for you and if you haven’t surrendered, maybe this is exactly what he’s trying to tell you surrender and accept Jesus as your Lord and Savior.
Make sure that you fill in the skills section on your LinkedIn profile with either hot skills in the market or your own real strengths if you think they are in demand in this market. LinkedIn ranking algorithm seems to use that section heavily.
Plus there are a lot of startups out there that are hiring like crazy.. You won't find those on LinkedIn. Check wellfound and other similar websites.
So sorry to read what happened. We should be nicer to each other as humans.
Don’t seek financial help here. Your first move should be talk to a financial planner. At least call Fidelity or your favorite advisor.
@ab Didn't the person say no jokes, wasn't even funny D*ckhead.
@ar …
Thank you for clarifying what is and is not considered severance. I am not the OP, but found it very helpful and clear.
I did have one question though…I thought the severance was uniformly/always 2 months (in the US; although I am also in TX if that’s relevant). It’s been two months for as long as I can remember. But you said you got 3…did you negotiate for more? Does it vary by grade level? Is there some other factor I’m missing?
TIA
Similar situation when I was WFR last August. 20+ years which was the max 26 week severance (US/Texas). Texas does pay unemployment when laid off from Dell. Max is ~$525/week for 26 weeks (6 months) limit 1 year to use. Apply for unemployment, they will delay payments until severance time is up then you switch on the unemployment checks. If you don't qualify for Medicare yet (65yo) the you can use Cobra (expensive) or try Obamacare. Bridging healthcare is the pain.
Texas can NOT deny you Unemployment Insurance due to your getting Severance. They can delay when you can collect until your severance has run out. This is what happened to me. I got 3 months Severance (the 1 week for each year is not considered severance) and thus I had to wait 3 months before I could start collecting unemployment.
It is important to phrase your answers to questions they ask correctly. The 3 months you got in pay is Severance, the other stuff is not considered Severance.
Also your Severance is paid to insure you won't sue the company. That is written into the agreement. You are waiving rights to legal action in return for the $$.
If you are in the United States (which I assume you are) then call up Fidelity and ask to speak with an Advisor. If you have over $250k in your 401k with Fidelity (which after 20 years I hope you do) then it should be free of charge. They will help you look at your situation in regards to retirement.
Regardless get your Unemployment insurance started as SOON AS POSSIBLE. I'm sure you saw the dismal job growth numbers. So get it going as soon as possible.
But in all don't panic. Keep your spirits up and reach out to friends for support. And Good luck.
I got WFR'ed almost a year ago to the day as an "older" employee with 24 years of experience. Getting capped on the severance was insulting and cr-ppy, but it is what it is. I haven't heard of anyone negotiating a better deal. It is what it is. Bear in mind that Texas state unemployment may very well rule that your severance disqualifies you for unemployment benefits. That's what they did to me. Good luck.
If over 59 1/2 you can bridge 2 year with 401k healthcare is biggest issue go on health connector. Collect unemployment
@OP If all else fails check out Rule of 55
Dell is a fu--ing heartless company. Fu-k them.
Assuming u are IS based. Run the numbers thru AI for the art of the possible. Obviously don’t give any PII but it’s pretty good at mapping it out. How much saved after tax, pre tax? Do you have other income streams, rental property etc. How far are you from 62 for social security? For my scenario if I collected at 62 versus full retirement age at 67, it would be 10.5 years before the full retirement collections to break even with the age 62 distributions, so 77.5 old of if I waited to collect at 67.
The big wild card is health insurance. Sor
I'd recommend looking into contracting. The base pay will probably be less, but a lot of companies do offer benefits.
@ab what an awful thing to say.
Welcome to walmart
meet with your financial planner.
Also over 60 here and got my walking papers this morning. Time to self reflect, find something to build your legacy upon. Wondering how many other “seasoned “ employees like us were on the target list.? I smell age discrimination!!!! Replace us all with 20 year old NGSA with zero sales experience at 1/2 the pay!!! I wish you all peace and happiness in your next venture!!!
Looks like you are going to need to start tapping into your 401k if you are of age.
If not of age, see rule of 55 for 401k.
we could sue for ageism.
@a2 Right, I need to find something too, but I don't feel very optimistic.
@a3 2 more years of similar income, yes, with benefits. My partner's health is not the greatest, was really hoping to have good health insurance
Yes to 401K and house being paid off. But looking to downsize anyway house is too big for me. No savings. Just trying to figure out if I can get more for severance or not/or see what all is available in terms of resources.
2 more years of what? Same income?
same here man...just a few years away. If I could wait a year until 62, at least I could start my SS payments. Need to find something until that time. Depending upon what you do, the job market is tough...especially for us older folks.
Too many questions to gauge that for you. Savings? 401k? House paid off?