If I’m laid off, do I need to be 55 to be considered an early retiree with benefits?
Do they ever make exceptions if you’re close to that age?
Good luck everyone. It’s wild out here.
5 replies (most recent on top)
@kn Assuming you're in the U.S., you go on medicare for your health coverage when you turn 65. If you retire earlier than that, you have to pay for your own medical coverage. You can either just find a policy on your own and pay the price, or go to one of the "Obamacare" exchanges and find a policy there. Either way, you will pay $$$$$. If you get laid off and are not old enough for medicare, you can continue on your existing company-sponsored plan via Cobra, but you pay the FULL amount (the bank doesn't continue paying their portion) plus an administrative fee. It would probably be cheaper to go the Obamacare route, but still very expensive.
@kn no
Is there really no subsidized medical?
Unless you are at a very high level that most on here don't know about, U.S. Bank does not provide retirement benefits. I guess you can get alumni banking products if that is what you mean. As another poster pointed out you can take money out of the 401k without penalty if you leave your job in the year you turn 55. But that isn't really a retirement benefits, just a federal law. Could you give an example of a retirement benefit you are wondering about?
What benefits? There are no retiree benefits. You can leave your 401k in that account and retire and draw from it with no 10% penalty if you are 55 - you should ask your cpa for all the details. US Bank doesn’t have any retirement benefits. You can draw your pension- if you have one. It will be smaller at age 55 than it will be in 10 years - but nothing wrong with drawing it.