Retirement On Hold

/ Retirement On Hold #1  

RSKY

Elite Member
Joined
Oct 5, 2003
Messages
2,847
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.
 
/ Retirement On Hold #11  
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.

Lost? I would think of it as you earn your pension wage, the longer you work there.

These pensions are not that common anymore, the companies purposely underfund them so that the PBGC picks them, and you get half your pension, if you're lucky, as none of it is guaranteed. The PBGC is very under funded.
 
/ Retirement On Hold #12  
Ride it out and take the package...my two cents. The other thing is to stay busy, very busy.
As I get older I find myself watching those further down the road. The ones who are active and stay active seem to do better than those who set on their duff.

BTW< Is this the Goodyear plant in Union City? My dad retired from there, my Uncle was getting ready to and my step brother is the Union Steward. I hate to hear this, it's gonna kill the economy there.

Another Uncle retired from General long ago. Do you know any Pucketts or Allen's?
 
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/ Retirement On Hold #13  
I wondered today when I heard Goodyear was shutting down , if that was where you worked ? Factories and mines have closed here and most were offered severence , job training at the local junior college ( for some of my older friends turned out to be " hobby training " carpentry , autobody . ) I really hate to see this shutdown , for you and all the others it effects . I hope your h. r. department can give you good advice . You have my thoughts and prayers , hang in there .
 
/ Retirement On Hold #14  
...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!

I know you are trying to do what is best for everyone else, but sometimes plant closings and major layoffs work differently than expected. Often the first ones laid off find the best jobs in the area, and the later ones find all the local jobs taken already.

Ask around before you volunteer.

And, good luck on your retirement.
 
/ Retirement On Hold
  • Thread Starter
#15  
BTW< Is this the Goodyear plant in Union City? My dad retired from there, my Uncle was getting ready to and my step brother is the Union Steward. I hate to hear this, it's gonna kill the economy there.

Another Uncle retired from General long ago. Do you know any Pucketts or Allen's?

You guessed correct. It is Union City.

I spent 33 years at General/Conti. I know a lot of the guys at General but there were more than five thousand that worked there over the years so I don't know them all. Most people knew me because of where I worked in the 'Tire Room'. And the last few years I was all over the plant because I had part of Maintenance too. At the last it seemed I knew everybody and they all knew me. I felt like I owned a part of that place and it still hurts to drive by and see the walls down.

The plant covered 69 acres under roof.

I started the year after they had thirteen wildcat strikes. Went thru a few of those on both sides. One time the State Police had to get all us supers out. Those were the bad old days. At the end it was running well but had outdated equipment and the upper managers wanted to move our prodution to Mexico to cut cost. That turned out so well that ALL involved in planning that program lost their jobs.

When General closed I swore I would never set foot in another tire plant. My unemployment and severance had run out and I was at the Unemployment Office seeing what I could sign up for when my cell phone rang. They were calling me from Union City for the fourth time. Production Manager said it was the last time he would offer. I had to go outside the office to take the call. Had a daughter getting married the next weekend and in a weak moment I accepted the job.

At U.C. I am an 'outsider'. Most of the people have worked together for twenty or thirty years. I stay non political and take my breaks at my desk on the work floor. I knew when I started it was a short time until it closed but I thought it would last one more contract.

That small town will be devestated. Wages there are from $13 to $24 per hour. Some of the top producing tire builders made close to $40. To do the job as well as some do you must be a weightlifter, gymnast, and ballerina all together. Takes a month to teach how to run the machines. Takes years to do it well. There is nothing nearby to take it's place.

Three people that worked with me at General work for me at U.C.. One drives 135 miles round trip.

I will stick it out to the end. But if offered the chance to get out with benefits I will take it so the younger ones can work. Goodyear has a great reputation for taking care of the people when they have to shut a plant. Many of the younger ones will relocate to other plants in other cities.

When U.C. closes it will be the end of the road for me.
 
/ Retirement On Hold #16  
When one door closes, another door opens. Make some lemonaide.

Good luck.
 
/ Retirement On Hold #17  
My dad was the second maintenance man they hired when the U.C. plant opened. He stayed for 30 years and retired in '03. You are right about them all knowing each other, I think everyone hired in at the same time and never left. Every time I talk to Dad he tells me that he was at another funereal for someone retired from G.Y.

The General/Conti plant is gone? I was at the Mt. Vernon Conti plant last fall and they were going gangbusters, expanding, new conveyor system, etc.

We have a similar thing happening here in Fenton, MO. I drive by Chrysler car and truck plants 1 and 2 everyday. They are in the process of tearing them down now.

All those jobs are gone and will never be back. I really wonder how the common man is supposed to feed his family. I really feel bad for U.C., that area is going to be hurting.
 
/ Retirement On Hold #18  
I live in a town that Goodyear left almost 30 years ago. This town never saw those jobs come back. Our government is a joke; the laughing stock of all of those in the world. To say our leaders are flawed is an understatement.

I am not a guy who is for electing movie stars, comedians or pro wrestlers, but Trump was right on with what he said at CPAC yesterday. This country needs to wake up.

Take a look

Donald Trump: Ron Paul Can't Win - Political Hotsheet - CBS News
 
/ Retirement On Hold #19  
RSKY, it sounds like you have all your ducks in a row and should be fine. I wish you the best for a long and happy retirement. The younger folks at the plant (and many other plants across this country) are going to have a much harder time. I really believe that this country is at a tipping point. Voters had better start paying attention and find candidates that will actually work for the nations best interests - if there are any out there.
I don't have any kids, but if I did I wouldn't have a clue as to what they should do when they grow up. Hedge fund manager? Financial advisor? Political pundit? Sorry, rant over. Class dismissed.
 
/ Retirement On Hold #20  
I agree with those that say ride it to the end, get what you can, then retire if you can afford it. If they offer early buyouts, take that. In my company, those that took the buyout made out great, those that stuck ended up fired with nothing.
 

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