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chang
Contributor ○○○

Fired

Just informed by my manager that my services will no longer be required.

I'm actually relieved. My company has been on a slow, suicide spiral for over a year. There have been hundreds of senior managers fired, ironically the best and brightest in the company. I've been wondering why I appeared to be the last man standing, and jealous of everyone else's golden handshake.

I might have start posting on this forum from now on.

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72 Replies
Gary1952
Contributor ○○

Re: Fired

I was fired once years ago early in my career. Don’t miss work one bit in retirement. Some of the people yes. After all the posts it sounds like financially you are good so enjoy the journey. 

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chang
Contributor ○○○

Re: Fired

I have just become a much more conservative investor.

Wellesley here I come!

Actually I feel liberated, exhilarated, and overjoyed. The company and management have been stressing me tremendously for the entire year.

chang
Contributor ○○○

Re: Fired

It occurred to me, my three months notice period will take me to January 2020. If I don’t work next year, and continue to live overseas, my entire income might be well under the foreign earned income exclusion of $96,000 (?). In which case I can sell positions with significant CGs and avoid them altogether. A once in a lifetime chance to reposition my portfolio without any penalties. (More or less ... I’ll need to look more carefully into the numbers.)

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ElLobo
Participant ○○

Re: Fired


@chang wrote:

Just informed by my manager that my services will no longer be required.

I'm actually relieved. My company has been on a slow, suicide spiral for over a year. There have been hundreds of senior managers fired, ironically the best and brightest in the company. I've been wondering why I appeared to be the last man standing, and jealous of everyone else's golden handshake.

I might have start posting on this forum from now on.


Boeing gave me a 5-10-15 Golden Handshake back in 2003.  Five days of severance pay, a 10 speed bike, and 15 minutes to turn in my badge and get my sorry ass off Boeing property! 8-)  Enjoy.

JonSnow
Explorer ○

Re: Fired

Sorry to rain on your parade, but the exclusion only applies to, we’ll, earned income. Still, being free from work is a plus. Enjoy.

Foreign Earned Income

Foreign earned income is generally pay, such as wages, salaries or professional fees, received for personal services performed in a foreign country. Foreign earned income does not include: pensions, annuities, social security benefits, dividends, interest, capital gains, or alimony. Additionally, foreign earned income does not include wages paid by the U.S. government to its employees. Individuals paid by the U.S. government under a Personal Services Contract (PSC) are considered employees of the U.S. government
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chang
Contributor ○○○

Re: Fired

Jon: yeah I guess that makes some sense. Oh well, I will still be examining my portfolio through a slightly different lens going forward.
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Gary1952
Contributor ○○

Re: Fired

You are on the right track if you can set it up. You didn't say where the $96k would come from.

What I did was save enough after-tax dollars to supplement my SS benefit for a couple years, maybe more. I do not plan to pay income tax and use that time to capture gains in a taxable account and do Roth conversions.

 

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blackfoot
Follower ○○○

Re: Fired

It will turn out to be the best thing for you- it happens at least once to everyone who chooses to work in business! I worked myself out of a Corp Officer job at a Fortune 500 company just right before I retired and it was great to leave that in my rear view mirror!

I have always enjoyed and respected your posts and will look forward to even more. Best Regards!

yogibearbull
Valued Contributor

Re: Fired

Welcome to the retiree club.

In the few months remaining on job, think about maxing out all possible tax-deferrals - 401k, 457, etc. Beware that company 457 cannot be rolled over into T-IRA as 401k can be.

Public 457b are different.

YBB
ElLobo
Participant ○○

Re: Fired


@Gary1952 wrote:

You are on the right track if you can set it up. You didn't say where the $96k would come from.

What I did was save enough after-tax dollars to supplement my SS benefit for a couple years, maybe more. I do not plan to pay income tax and use that time to capture gains in a taxable account and do Roth conversions.

 


As Gary pointed out, if possible, do as much Roth conversions as you can while you're still in the zero tax bracket.  It may even make sense to pay a 15% tax on money you deferred at 35%.   But don't use the Roth conversion money to pay the tax.  Put the full deferred tax money into the Roth.  That's the only way to contribute to a Roth, once you're retired, with no earned income.

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racqueteer
Participant ○○○

Re: Fired

Congratulations?  Sounds as if 'Liberated' might be a better term for it?  ;-)

I'm one of those (optimistic) people who believes that things happen because they are SUPPOSED to;  opportunity rather than conclusion.  Seems as if this comes at a time when you wanted to devote energy/time to a physics PhD anyway?  Well, now you can, and you don't have to work it around other things (unless you decide to).  So maybe this is just an indication that the time has come?  Best wishes for what's ahead!

SteadyEddy
Explorer ○○

Re: Fired

Fired or Laid Off?? 

Big difference - I am hopeful it was a layoff.

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Kings60Man
Follower ○○○

Re: Fired

What is your plan for Health Insurance? This is what keeping me tied to the job till I am axed.

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mozart325
Explorer ○○

Re: Fired

Make sure to take full advantage of Roth conversions  (moving money out of traditional IRA's into Roth IRAs each year). That should save you a lot in taxes when you have to start taking RMD at age 70 1/2.  

GLI2019
Contributor ○

Re: Fired

You strike me as a man with considerable intellectual and financial resources, so I imagine you will feel liberated.

My sense is you are younger than some of us so don't be in too much of a hurry to join some of us on the Wellesley couch! :-)

Cheers.

Bob

rhythmmethod
Explorer ○○○

Re: Fired

Hey Chang, I'm both offering condolences and congratulations, if that's possible. FWIW, I've changed directions a dozen times, drumming business being what it is. I have never felt more satisfied than now. Except very currently, where I'm a little stressed with too much work. That is to say, the future is yours to invent as you see fit. I look forward to your next chapter! Wishing you all success and also interested to see to you re-deploy your ass(ets). - rm


@racqueteer wrote:

Congratulations?  Sounds as if 'Liberated' might be a better term for it?  ;-)

I'm one of those (optimistic) people who believes that things happen because they are SUPPOSED to;  opportunity rather than conclusion.  Seems as if this comes at a time when you wanted to devote energy/time to a physics PhD anyway?  Well, now you can, and you don't have to work it around other things (unless you decide to).  So maybe this is just an indication that the time has come?  Best wishes for what's ahead!


 

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CupertinoBiker
Explorer ○

Re: Fired

First of all, semantics, you were laid off. I know, that distinction is moot, except when you look go looking for work. I'm sure you know this, just sayin...

I've been laid off twice, both times when the company was in a downturn. And, I was glad both times. The first time, about 25 years ago, the company was bought out, and everyone knew the writing was on the wall because the pattern of the new parent company was to cut staff, cut R&D, and operate at a minimum budget.  We looked at the parent companies last buyout, and that company had about 96 employees in a dept similar to mine (environment health and safety), and was cut in half, then down to 4, then down to 2 staff, basically just lawyers. Cheaper to pay off safety claims and outsource work then to actually try and improve worker conditions and be proactive. I was glad to leave, with my severance I bought a new minivan, just in time for my growing family (2 very young children). I was delighted. 

The second time, I had 16 years of employment, made it through several rounds of layoffs, as the work and mood became increasingly depressed. I was working in IT, supporting new projects, and work simply dried up due to lack of funding. All our time was spent cutting budget, minimizing overhead. I was delighted again when I got notice.  It took 6-8 months to find work, but with severance, that was no issue at all. 

I always ended up in better circumstances after a layoff.  I hope the same happens to you!

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cliff
Explorer ○○

Re: Fired

 

Chang, it sounds like you’ll have more time on your hands fairly soon.  Constantly having to sign in to Morningstar will chew up some of those idle minutes and perhaps cause you less aggravation.

 

youth
Explorer ○○○

Re: Fired

Chang:  Life begins!  After retiring, I became a Consultant, Race Horse Owner, Professional Gambler, Commercial Real Estate Owner and a Vanguard Flagship Investor.  At 80 years of age, I am still active.

Good luck and move on!

Gabe

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