Retirement On Hold

   / Retirement On Hold #1  

RSKY

Elite Member
Joined
Oct 5, 2003
Messages
2,767
Location
Kentucky, West of the Lakes, South of Possum Trot.
Tractor
Kioti CK20S
Well.

They announced this morning that the plant I work at will close by the end of the year.

What do I do now?

Go ahead and retire? (See Retirement thread below....or above)

Stay and hope for a settlement?

This is probably the best thing that could happen to me but there are 1900 other people who work there who need their jobs.
 
   / Retirement On Hold #2  
Well.

They announced this morning that the plant I work at will close by the end of the year.

What do I do now?

Go ahead and retire? (See Retirement thread below....or above)

Stay and hope for a settlement?

This is probably the best thing that could happen to me but there are 1900 other people who work there who need their jobs.

The 5,000 folks working at the Toyota plant were in a similar situation... those that stuck it out received a decent severance, federal assistance and others things...

A few that retired before the package was announced lost out on everything... even those out on disablility lost out.
 
   / Retirement On Hold #3  
I'm sorry to hear about the plant closing. If you don't mind me asking, what sort of plant is it?

Steve
 
   / Retirement On Hold #4  
For you, this could be good news, just have to adjust your timeline and take advantage of that time.

My first concern would be to wonder if this could hurt me in any scenario? would company be able to change anything of importance later that might affect retiring before the closure?

Most likely, it would be to your advantage and wait for the company offer.

Best of luck
 
   / Retirement On Hold
  • Thread Starter
#5  
To answer your question we make tires

Very labor intensive job.

I have only three years at this plant. My insurance is with my previous employer, whom I spent thirty three years with. I lost half my pension there because I was only fifty two when it closed. We lost four tenths of a percent of our pensions for every month under the age of sixty-two.

I was one of the last to leave because they ran the mixing department two years after the tire building stopped. I had little experience in that area but was one of the four supervisors they picked to stay. (Still have other supers ticked at me over that.) So I actually went thru two plant closures at the same place.

Yep, started when I was nineteen and worked there until I finished college. Graduated after eight part-time years during Jimmy Carter's time in office. High inflation, high unemployment, high interest rates. I would take my resume' someplace and they would laugh at me. 'Don't you know we have laid off half our workforce!!'. So I stayed where I was.

I have thought about this all morning and will tell the 'Boss' that when they start laying off I want to be the first. The younger guys and gals need to keep their jobs and it won't hurt me to go.

I can draw unemployment, get a severance package, retire for good!

This is probably the best thing that could happen to me. But it still breaks my heart to think of the younger people just starting out with families, or expecting their first child.

I think I am beginning to hate all politicians, especially the anti-business, socialist group we have running the country now.
 
   / Retirement On Hold #6  
Sometimes there are training opportunities if the jobs moved offshore. perhaps you need some training for a new profession, maybe something you might have considered a hobby if you had time...
 
   / Retirement On Hold #7  
For those who don't remember, you had recently been posting about calling it a day and retiring.

I'd ride this out. You've nothing to lose and everything to gain. Since the cat's out of the bag on closing the plant, you'll get whatever they are going to offer, get unemployment type benefits and so forth. That ought to push you down the road well over a year financially.

I guess your thinking about retirement all week has had an effect on your preparedness for this closing. You are blessed in that you have your ducks in a row. I doubt the other guys do. Yup, ride it out. You'll be retired soon enough, that is for sure. "By the end of the year" can mean as early as end of summer or fall. That's going to come quickly!! Get ready to enjoy your retirement. A positive attitude, my man.
 
   / Retirement On Hold #8  
Get some paper and make yourself a budget of all your income and out goes, pension, SS and what ever. Once you have all the figures before you, than you will know where you stand. Yeah, it sucks to have the rug pulled from under you.
Where are all those shovel ready jobs?
 
   / Retirement On Hold #9  
Where are all the shovel ready jobs? I hear there are plenty of permanent full time ones up at the white house shoveling all that s**t coming out.
 
   / Retirement On Hold #10  
Rumor has it that they call the White House the Fertilizer Factory. Not knowing all the facts and possibilities, I'd be inclined to follow bp fick's advice. The only downside might be that retiring late in the year with a big severance package, vacation and sick time, you could end up giving a lot of that back in taxes.

Yup. Often a concern. Perhaps the company will defer any severance to the next year, or, as sometimes happens, it comes in installments over the next year anyhow. Either way, your tax adviser will have ideas.
 

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