So I’m done with this place. Trying to figure out my options been with the company 22 years closing in on 50.
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Have you heard about retirement packages as a possibility?
@ca+1k5am9z6s - omg, are you me?
Was in the same boat, but grinded thru to 60. Gave up on a package after 35 years and announced my retirement in Q1 this year (post bonus, of course).
Maxed out HSA for the past decade, which is a GREAT benefit -- using that to pay COBRA + one year of ACA before Medicare. (if that even continues to be a thing)
Glad I waited out. It was d@mn hard but in a Much Better Place Now than if I bagged out at 50.
Hoping the best for everyone. At the end of the day, you gotta just do you.
@gs where did you the info about legacy nb employees? Do you know anything apply to security pacific employees?
@gs there is such a think. I think rule of 75. There is a calculation but I think mine equals about$800 a year...
Before you roll your 401k into an IRA look into the rule of 55. You could take penalty free distributions from your 401k account if you retire from the company between age 55 and 59.5. if you roll your 401k into an IRA, you'll have to wait till 59 and a half to take penalty free distributions.
@ca since you are over 59.5, you can roll your 401k over now. You don’t need to wait.
This is a niche question - but are there any legacy NationaBank employees left? I was looking for retirement info and found a provision where legacy NB employees hired before 2000 receive a health insurance benefit. Anyone else fit this scenario?
I looked into it...absolutely ZERO benefit to applying rule of 60 or 70. ACA is a joke unless you plan to live exactly where you signed up (i.e. have to use specified doctors/hospital) or personal health insurance is another option but the ones I found were limited to 9 doctors visits per year (excluding wellness visits) with premium of $700+/month. ACA was about half that but I want to be able to see doctors even if I'm traveling within the U.S.
@by In the same situation over 60 as a B6... COBRA not a good option as it too expensive. I've looked at the Healthcare exchanges as Medicare is still a few years out. Based on what I heard and read, 2026 medical coverage premiums are going up for the exchanges. Also, ACA premium extended credits may go away as they expire end of 2025. Congress is still twiddling on their feet. Two questions that I had are if retirement at early January, BOA medical coverage is still active until end of month? Also, how is the deduction for that period paid? Exchanges do not support partial months with coverages starting on the 1st.
For retirees, I do not see the BOA benefits that are worth retaining or getting. I will not do my banking with BOA. My 401K will be rolled out at first opportunity. Basically, during retirement I want to forget the words "Bank of America".
Anybody else with their thoughts?
I have more years and past 60, and feeling the same. I'm trying to figure out if there's any benefit to retiring vs. just leaving with a couple of weeks notice. From what I've read, there isn't anything substantial other than maybe the opportunity to get cobra. Anyone have a good summary?