Thread regarding Ford layoffs

Financial Independence Retire Early? (reddit)

Spend everything on credit card but do not misuse credit card

Keep track of all your spending at the end of year

as a single person, my saving to overall earn(after tax, after 401k, after HSA, after Roth IRA) is 61%

How did I do that? Stay below mean, spend no money on useless stuff,, spend good fortune on something I truly like (spent on travelling for me and my mother around $5000, spent $2000 on camera), after all that, >60% saving goal achieved!

Total compensation is the money ball. I saw this exact problem last year and took the PRP. As a 25 plus year supervisor, my salary was $163K (started at $58K), ACIP was $15K, and pension lump sum value was increasing at $78K per year.

Instead of hanging on as long as possible and being let go at the end of my career, I self elected to leave on my terms and completely avoided the feelings associated with being let go.

How did I do this? By saving. Saving money has always been a priority. When I started my career, my father told me about this new savings plan called a 401K. He said if I could save 20%, I would have no problems retiring. However, he never told me about the hidden benefit of living below your means.

So I saved 20%, my wife didn’t work outside of the home, our 4 kids attended private elementary and high school and public universities. Everyone got what they needed and some of what they wanted.

When I retired, I owned my house (5 bedroom) and two cars. I elected to take the monthly pension to supplement my $1.8M in investments. If we increase our yearly expenses by 50%, our funds have a 99% chance of lasting until my wife is 100 years old.

My dad was right about saving but he didn’t tell me how little panic I would feel during staffing reductions, like 2008, when you have money in the bank.

If you do not or do survive this RIF, find a way to save 20% of your income. There is a way. You just have to prioritize. Piece of mind is priceless.

Underpaid? What do you do in what industry? Total comp includes salary, 401k match, health , dental, vacation time, etc,....many people I know think they are underpaid but are only considering salary. They don't consider the value and cost to the company or government ( local, school district). Of their pension and healthcare when they retire.

TIL I'm seriously underpaid.