do people retire from Wells Fargo?
21 replies (most recent on top)
I wanted too, but Chuckles the Clown said otherwise.
No, they get retired.
Yes, with restrained jubilation
I had my First Union pension; it was just sitting there doing nothing.
@f2 but if you have a bunch of RSRs you can keep from retiring it’s not exactly nothing
@dz
Assuming you are aware of Rule of 55. If unemployed, by choice or not, if you are over the age of 55 you do NOT have to pay the penalty on early retirement withdraws as long as they are with the plan you had when you became unemployed. You will have to pay tax on any non-taxed (i.e. Roth) funds you withdraw.
And if you happen to live in Iowa you do NOT have to pay tax on the $$ since it is from a retirement account. If not Iowa, check for your state. There are a few other states with same non-tax on retirement funds.
Had 12 years at the Stagecoach, 58 at the time of displacement. You get nothing in retirement except keeping your RSRs. “Retirement” means nothing.
I was laid off and severance ends when I am 59.5. Job market stinks and ageism is real. I am retiring for now on my 401k and IRA. Health care insurance can be purchased for less than Cobra. Health Insurance is still expensive.
WF has no 'retirement' program. When you leave you get nothing beyond a free checking account and VERY expensive health insurance. Believe the cheapest insurance starts at like $1100/mo.
If you have been there long enough you will have your own Cash Balance Plan, which was a bit of a company-aided retirement fund. Was stopped when Wachovia was purchased and WaMu portfolio taken on.
Personally know several
Soylent Green retirement plan.
I kid.
Wells Fargo Managing Directors are so fossilized, I hear Exxon wants to harvest them for the oil reserves.
People "retire" from WF all the time. But it's basically in name only. The Pension was dumped over a decade ago. This year, without any fanfare, Wells got rid of pre-medicare healthcare for those under 65. It was available at full cost (they dumped any subsidies over a decade ago), but at least it was an option. So, yes you can retire from this company- but it means you quit after so many years of service and take your 401k. You basically get zero from the comapny for it. There's no value in staying here for a career.
Mostly way earlier than they wanted to
@ap No Fauchi ouchie or booster jab for this cat!
People don’t really have any real world or transferable skills upon leaving this company so they tend to become lifers. They also took the 4 hour PTO to take the needle in 2021.
Because Shart is impatient and if you're 50 years old he has no way of knowing if you are 3 years from retirement or 30.
Personally I plan on giving him every opportunity. He doesn't deserve to have rescued severance costs after the S he's pulled.
@ac why would they lay you off or fire you if you get close? There isn’t a pension any longer. If they lay you off you get severance. If you retire it costs Chuckie nothing.
If you want to stay and are lucky enough to not get fired, sure
Not anymore! Nowadays they’ll either lay off or fire anyone that gets close
You can retire from WF if you are 55 and have at least 10 full years of service. I was displaced, so I won't hit that mark this November. If I do not take a lump sum severance and take continuance instead, I will receive my last paycheck on my 10th WF anniversary...
Absolutely and I am one of them.
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