Were you forced into retirement?

Had finances in place to retire early at age 55. Corporation was downsizing management. I could keep my position with added responsibility at the same pay or take a retirement package that made it possible to retire better off than I would have been at age 55. So retirement at age 54 was more than welcome.
 

When New York State wanted to pare down their Tier 1 employees (people hired on or before July 1, 1973) who get a high percentage of their retirement salary, didn't have to make any contribution to their pensions, and other benefits, the State offered a "retirement incentive" in 2010. I don't remember the details, but back then it seemed heaven-sent. I elected to take an early retirement at age 58. Never regretted it. Back then I received 80% of the average of my last 3 years salary. The only drawback - I lost my vision and dental insurance.
 

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old medic said:
Mine was the Opposite, had my retirement plan, and was kind of forced into STAYING because of the pandemic. added two more years.
They were still trying to get me to stay or at least work PT.
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Yup. That makes sense. You were an emergency worker? Did they force you to get vaxxed? Just curious. That would've been a way to retire.
 
DH & I have had a small business for decades. About 8 years ago we lost a big customer who represented about 1/3 of our business. Rather than replace them we decided it was time to start ratcheting down anyway.

We reconfigured by selling our inventory to a competitor, eliminating the retail component, closing the warehouse, having no employees (we only hired summer help anyway), and strictly manufacturing to order via contractors, rather than maintaining a shop or stock inventory.

We work part-time from home, supplying two wholesale customers. We arranged to keep the parts of the business that each of us enjoyed the most. So no dipping into savings, we took my SS at 65, delayed DH's SS until it maxed out at age 70 (plus from ages 66-70 he got half of my SS on a spousal claim). We've funded some nice vacations, have given our kids/grands generous gifts with the earnings and have kept our retirement next egg intact.

We'll stop when the time feels right. It's our intention to give our customers a year's notice when we're ready to step down.
 
debodun said:
When New York State wanted to pare down their Tier 1 employees (people hired on or before July 1, 1973) who get a high percentage of their retirement salary, didn't have to may any contribution to their pensions, and other benefits, the State offered a "retirement incentive" in 2010. I don't remember the details, but back then it seemed heaven-sent. I elected to take an early retirement at age 58. Never regretted it. Back then I received 80% of the average of my last 3 years salary. The only drawback - I lost my vision and dental insurance.
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I faced much the same situation at age 59 back in 1992. Best move I ever made. We've thoroughly enjoyed the last 32 years and have, fortunately, had reasonably good health.
 
I was told i was going to die in six months, I was 32, their doctors confirmed it , they set me down in the personnel office, told me I had 30 minutes to plan my retirement, Hated retirement, lost all my friends, It was not about the money, already had my military retirement, plus was a 100 percent from V.A. I'm 75 now, still ticking .
 

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The company I worked for started to hire recent graduates from HVAC schools because they were desperate to fill positions.
These students are taught the basics of home repairs and little to no Commerical applications.

I was the only one left with Commerical experience (Boilers and Chillers) and was constantly called at home
and asked to come in and handle 'Emergencies'.

Asked for a raise and they stated that times were tough and couldn't offer more money.
Handed the HR person my work keys and guit.
First time in my life I didn't give 'notice'.

Since then, when I feel the urge or need a little more spending money, I'll take on a Heating/Air Conditioning
repair or installation.
Nice to pick and choose when and what jobs I take on.
I've also found that it keeps my mind sharp fiquring out the problem and get it running.
(My opinion is most large HVAC companies hire 'part-changers' who replace parts till the units runs.
The homeowner is charged for this 'fix' and are at the company's mercy.)
 
Not forced. But I should have retired last year. I run a small warehouse for a telecom company. They wanted me to give them 6 months notice before I retire so I could train the new manager. My company is not employee friendly and the person I will train will start at more money than I make after 20 plus year with them. That in it's self is BS. When I decided to retire Jan 1, I told then I would work 2 days at 7 hrs each day to help train someone. I also told them I wanted $6 more an hour. They probably did not have a choice but to accept what I offered. I guess I forced my retirement...
 
Yes, I was forced into retirement in June 2020 at 62 y/o after 20 years with my company. The company was in the travel industry and was hard-hit by Covid. I didn't feel picked on because 50% of the company was retired, laid off or furloughed. Most of those who were "retired" were long-time employees on the top of the pay scale. This was simply a $$$ decision made by a public corporation.

My company did continue to insure me for quite some time, they gave me a nice severance in company stock and I received increased Covid-related unemployment payments for over a year. It was a hard deal to pass up.

I would have probably worked another 5 years or so but after I was "retired" I realized I had enough financial resources and interests to retire, I was tired of the corporate politics and pressure and fed up with the job. It's one of the best things that has happened in my life.
 
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Not forced per se. I actually loved the work I did (software development), but the conditions in which I had to do it deteriorated to the point that I just sort of gave up. Corporate tech company attitudes of unreasonable deliverables, in ridiculous time frames, with inadequate resources just made it impossible to expect success. I was 62, my finance guy said we could do it - so I did.
 
My situation was a 'sort of'. Carrying for my elderly parents whom I lived with while still working I often found them on the floor or outside on the ground. And, they behaved very tired all day. So, I thought I should be home rather than working to take care of them. Did not want to be away if I was needed. So, I quit my job.
Eight months later they seemed to be doing much better for some reason.

They told me they had faked it all. They would lower themselves to the ground or floor and waited for me to find them. When I left for work at ten p.m. they would go to bed. But, would stay awake all night reading and watching tv until a few hours before I got home. When I went to bed at two p.m. they would then sleep, too. Thus my parents faked it all to get me to be home with them. Does this equal being forced into retirement? Sort of, I guess. I very much would have preferred to work longer and retire later than I did. After I quit my job my parents lived for another 15 years.

I never returned to work, but cared for my parents until they passed.
 
Yes...kinda. Covid hit and we were loosing our lease at the IRS building.
They were offering early retirement, so I took it. In order to continue working I would have needed to get a Covid shot...and I just wasn't going to do that. No regrets.
 
Youngster said:
Was your retirement of your own fruition or were you forced into it? If you were forced into it, did you come to realize it the best thing that ever happened to you?
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I decided to stop working. I still get asked to join teams today. I simply don't want to do it.

I largely fell out of love with my profession. With what I did. I can still do it, but I don't want to. So for me, it's a choice.

If I re-entered work, it would be for someone whom I truly believed in. A charity of some kind, for example. But not the corporate giants.
 


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