Thread regarding Wells Fargo & Co. layoffs

Retire with some dignity, and find another job that you truly enjoy.

Wait

I am in the same boat as OP, although with a little less tenure at Wells Fargo and therefore, a little less severance. I plan to ride it out. I have done a good job for the bank for a number of years. The bank has gotten its money's worth out of me. I am going to make Chainsaw Chuckie pay me that severance. I will think about what I want to do next during the 60-day notice period. OP, I advise you to do the same.

OP and others in their 60s. How much in total savings will help to retire? Going on my 10th year now. There are lots of takes on this but would be good to hear from my actual colleagues. Thank you

OP - How do you know you'll still be alive at 65?

Go away for free, or get a years worth of pay to go away. Not a very difficult choice, really. Unless there are mitigating circumstances you're not telling us about, hold on and see if you'll get a sev. In the meantime max out all retirement accounts. 401, catch up, HSA, and IRA. If you're close to being able to afford to retire, you can afford to save that $40k or so to boost those savings before you sail off into the sunset.

18 years will get you what, 9 months of severance. If in a state that allows unemployment at same time, severance all the way. Especially since there is a good chance will not get canned and maybe get more severance. Don't forget, WF will also give you 2 months' notice period, and will let you ride out insurance until severance is up. Sooo, you will have a full one year to sit back and chill. WIN!

It's up to you. Do you have a decent manager and as someone else mentioned, how many "knives" are on your team? Be aware you might get treated badly as other posts have mentioned, with YE/Midyear review downgrades, things being fabricated to add to the reviews, some useless "PIP" to get you out the door, etc. If you are not at risk from the above, maybe coast along. If you might be at risk, think long & hard how much the extra salary is worth to you when faced with potential games being played.

As someone laid off earlier this year many years earlier than I thought I'd retire, my stress level is down so much and my quality of life has improved dramatically.

I am accepting that I would rather just economize my finances rather than get back into another job and risk it being just as stressful as WF. Having a bit more money every month isn't worth having fewer years of life and lower quality years.

it's a financial question and a health question and a work environment question.

you didn't share any of those circumstances... if you can afford to retire, go for it.

i'm older than you are and as long as i'm healthy and able to work, i'll keep taking the paycheck. I work hard, but i know how to control work/life balance and enjoy both - and I have a job and a boss I like and am good at.

If you are my PITA co-worker who tells everyone about your financial ability to retire now, monopolize all meetings with nonsense and think you know it all because you invented it all for WF, PLEASE do retire, ASAP!

You already said you were working until 65 so you already answered your own question.

It depends on how nontoxic you can make the environment. In quiet quitting there are several factors: management (direct and 2 up),
the work (interesting, mundane), your co-workers (how many knives they have), the economy/inflation (and don't fool yourself thinking "no recession" when the inversion curve is where it's at), benefits (and medicare requires "supplements").
I got laid off after 10 years and over 65. You can find jobs but there are more rejections.

Very slim job pickings at age 60. Stay as long as you can/want, enjoy the salary, bennies and PTO. Keep your head down, smile, do enough not to draw attention. The game is to
“ stay in the game “ until YOU wish to go to quit. At this point there no longer any career advancement probability. Max out your 401K contributions, save as much as you can and simply stay in the game until you decide to punch out. After 37 years in, I knew my number was in the algorithm to sever me 5 years before it got punched. Unless you have another job, stay put and smile knowing your playing the long game.

For the rest of you in your 30’s to 50’s, you need to be moving out of your job every 5 years, Nobody gives out golden watches anymore and loyalty to a company is so in the past.

Stay for the easy money.

Greed -- for lack of a better word -- is good.

Greed is right.

Greed works.

Greed clarifies, cuts through, and captures the essence of the evolutionary spirit.

OP here, I appreciate all the response’s except the one. Was just trying to get other folk’s perspective :)

Medical is the only issue at 60. If you can jump on your spouses plan then it's a no brainer. I retired early with a family medical issue to take care of intending to go back. Did not happen. My day today has gone like this.

• Woke up at 7:00 and made my wife's coffee and smoothy
• Watched British Open while having breakfast
• Next hour arguing with Aetna on a bill and getting a rebate from Hyundai for a CLUB
  I had to buy for my car.
• Played Pickleball for an hour
• Showered
• Watched Dead City during lunch
• Went shopping at CostCo
• Entered this post......

May have to relax the rest of the day until happy hour starts.

My blood pressure is down 30 points with no dr-gs. I weigh 20 pounds less. I have visited relatives some of whom I haven't seen in 20 years. I play with the neighborhood kids several times a week while waiting for grandchildren to be born. I volunteer a lot and do chores and errands for real senior citizens. A year of total bliss.

You will be shocked at the cost of medical insurance...now and later when you qualify for medicare. Hold out for the severance if you can as you will be covered during the severance package period (so long as you don't take the lump sum payout).

Quiet quit, do enough to not get fired but maybe can get laid off.
This way you can have more time back and still get a paycheck. I had an old boss that always said "I'm as loyal to the company as it is to me" given there's no benefit to retiring (other than more time) I'd ride it out, you owe the company nothing.

OP-- I'm in same situation.....tho I'm 63--- I'm going to hang in a couple of years for either severance pkg or 65 for medicare.

If you are financially comfortable and not happy at WF, answer should be clear.

Otherwise stick around and hit the cruise control button at WF. Your best years are ahead of you!

male life expectancy in america is 76 years. The last 10 years of your life are sitting waiting for meds, waiting for blood work, waiting for the 20th doctor to see you to rob you blind. You working longer for a fancier grave, to pay your doctors more.. I would retire as soon as i could and enjoy what time i had left, cause it's not long.

Severance all the way!

Get your Stanley Hudson on!!

You're 60 and can't make this decision for yourself? Maybe you should just quit

Severance. Getting laid off is a good note. No one is going to hold it against you. WF as a corporate entity couldn't give a sh_t about you.

Mail it in and wait for severance. With your tenure you’re looking at close to a years pay (18 * 2 weeks per year + 60 day notice (Warn Act) + unemployment insurance. This is a No brainer for someone your age.

OP here, not a health issue, just thinking it might be a good way to leave on a positive as opposed to outright quitting

Severance can be very lucrative for you, 18 yrs x 2 weeks pay per year on top of the 60 day non-working notice period. Almost a year's pay for starting your retirement, starting the rest of your life, early!

Depends on how miserable you are. I would hold out for a severance unless my health was a factor.

If you can afford to retire- do it. There’s no sense in waiting around a toxic environment for a few more months pay. Go out and enjoy your time! Seriously if you want advice you could ask your financial advisor their opinion and they’ll give you an answer based on your financial situation which no one here can do. But in my opinion, getting a bit of severance doesn’t make working somewhere you dislike worth it.

You get nothing if you "retire", in fact since your under 65 you don't even get the 401k match because they changed the rules to steal that from you a few years back. Just wait and collect the paycheck.