Death by 100 billion printing paper cuts. Wife an I each retired after 32 years. 3 and 7 years ago. Both at 57. Grabbed our 1.9 mil RIGP (both when interest rates were near zero) between us and ran for the exits. I got the 1 week per year salary continuance and health care for the 32 weeks. We started a small business 10 years ago that pays for 70% of our day to day. Don't need to collect SS till 70 now. Fixed income Bank CD IRA is bringing in $55k- 65k for the next 7 years. We just nibble on it. The moral is.. if you are less than 45-50, run don't walk away from the festering, rotting carcass that Xerox has become. Re-invent yourself. Good luck....
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Profoundly disappointing that a Xerox retiree would come on this site to brag about how well he’s doing financially when Xerox people are losing their livelihoods. You could deliver the message “there is life after Xerox” without all the bragadocious chest-thumping. Please get over yourself.
I started at $7000 and finished at $205000 and when I took the cash it was $1.2m.
Reality says if you grabbed 1.9 mil RIGP both of you were NOT techs making 40 to 68K a year. The only way that 1.9 mil would happen in 32 years would be to have annual salaries of 140k a year each (280k between both you and your wife) and saving every penny you could. The salaries 30 years ago were substantially less meaning even LESS likely that your RIGP ended up being 1.9 mil.
There is no “toughing it out”.
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On one hand being 45 at xerox today is very different than being at xerox 10 years ago. The other hand is holding an empty jug of Magenta Kool-aid.
On one hand you are bragging about your retirement package because you worked 32 years and exceeded the retirement age of 55. On the other your advice is leave if your under 45. Seems like the right advice would be to tough it out and make it to retirement age. You also exposed yourself as a very little man bragging about your financial situation. This is a sign of weakness. Something a very unlikable pathetic little man does. I bet you wonder why you don’t have friends.
Great plan. Our situation and result was similar.
I cant imagine ANYONE 50 or under that is choosing to stay at XRX. There is no way to make it out of the hole; the deck is stacked against you.
Pension lump sum rates used to be set for the next calendar year based on August rates of the preceding year. If the rates went up for the next year meaning that the lump sum would go down, you were able to retire before the new rates went into effect and get the higher amount. This has all changed now. The rates have been creeping up and the lump sums have been going down. I worked closely with a financial advisor before deciding whether to take the pension or the lump sum. Everybody's situation is different regarding lump sum vs pension.
Call BS all you want. The amounts are easy to calculate if you are in the program.
I call BS on the amount on your pensions!
Mine is $1.1 even at todays rates. Better pull the trigger. $3.0 in total. $150k from CD's.
RIGP plus 401k... edit..