I was at Xerox for about 40 years as a worker bee (non-management). Retired in 2020 after waiting for a vrif or irif package that I was never eligible for ( for one reason or another). So I left on my own accord (at 62). Best thing I ever did. Even back then the writing was on the wall. Carl had already taken over the CEO and board and it was only a matter of time. I know I was lucky but also calculated health subsidies at a lower income and had a few $$ put away just in case. Yes, I was an oldtimer with a pension and 401k. But its been 6 years and i havent touched either. If your young get that resume updated (by a professional if necessary, they have contacts you dont). If your old enough, Don't wait for the package, you may wind up with nothing. Bankruptcy will likely effect any pension payouts. BTW, if your in the US the best investment is your HSA. No tax in or out and can invest it all. I lowered my 401k to max out HSA. Best retirement planning I did.
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@fj Majority of folks do earn less in retirement than in peak earning years. That's the whole purpose of retirement savings (401K, IRAs HSA) , to ensure you will have sufficient funds when you stop working. In 2026, I can earn $100K in TAXABLE income as a retiree and STILL be in the 12% marginal tax bracket. Does $100K/yr in retirement sound like someone who is "broke" to you?
@fb Duh. That's what happens to most in retirement.
@fa So you are planning to be broke during retirement?
@fa Only if your income is reduced significantly. That assumes you will be earning less.
@ez Not entirely accurate. If take a deduction of IRA contributions when I'm in the 28% marginal tax bracket and then draw from the IRA when I drop to the 12% marginal tax rate (due to a significant drop in income when retired), I do save quite a bit over a lifetime.
@a3 you don’t save taxes with an IRA, you defer them.
You people are going to walk away with 11$ and swift kick in the A S S
Get the heck outta here.
@dk IT Services
@df What division is that?
Bad advice for many of us. I would collect far more in NYS unemployment insurance than I would ever get from severance. Yes, I ran the numbers, and it isn't even close. NYS boosted their max payment last year by roughly 70%.
This is a great post. Thanks for sharing what you accomplished. Finally a decent real world a bout possibilities. Funny I am being told our division doesnt qualify for VRIF.
Thanks Chat gpt
Most sensible and true comment probably ever posted here.
Get out now!!!! Without a doubt.
Xerox will sc--w anyone for any reason. That’s a fact. Leave with your dignity and cut your losses.
Between the ludicrous housing costs and absolute sh-t retirement packages companies now offer I figure I'll just work until I'm too old/tired then take a lead aspirin.
Nobody is surprised to hear that not having to work anymore was a good decision.
Sounds so (eerily) familiar. I also retired in 2020 but DID receive an IRIF parting severance "gift" (not to mention UI payments for a year). Rolled my entire RIGP lump sum into an IRA and have watched it grow over the past 6 yrs. Another difference is I max out both my IRA and HSA contributions each yr and save thousands in income taxes. Feel VERY fortunate to have been "pushed" out (liberated) when I was.
Good for you. But most of what you wrote doesn't apply to many of us.