History, Politics And Current Affairs

Just got the estimate of my payout if I take a voluntary retrenchment. Now I have to wait and see if they will let me go (for the sixth time of asking). 4 weeks pay for each year, plus various accumulated leave, and I've racked up 22 years.

warshipadmin wrote: ↑Fri Mar 31, 2023 6:59 am Just got the estimate of my payout if I take a voluntary retrenchment. Now I have to wait and see if they will let me go (for the sixth time of asking). 4 weeks pay for each year, plus various accumulated leave, and I've racked up 22 years.

This is voluntary redundancy?

Do you have another job lined up? If so, 88 weeks pay is a very nice retirement egg, and you can move into another position to finish out (I assume) your working years.

Belushi TD

Due Care, Please ??
Do the math very warily as a nasty spike in inflation may gut your fund, trash investments...

Plus the taxman will take a huge bite out of it, work out what you'll get AFTER tax.

Yes voluntary. Retrenchment packages are taxed very leniently in Oz, I'll pay about 14% on that. Since my medical adventure 7 years ago I've only been working half time anyway, so in total this is 6 years of my current after tax pay. I'm 62, I have no intention of working full time again tho doubtless I'll do a bit of consulting. We have a financial advisor, I'll be speaking to him before deciding, but it is pretty much a no brainer. I am in the happy position that my retirement income will be almost identical to what I am on now due to compulsory superannuation and 18 years of FIRE before I met my wife. When she sold her house we went to see the same finance guy and he asked her what she needed to retire on, she'd worked that out, he said you could retire tomorrow, and she did.

Ahh. I’ve heard that Australian retirement schemes are good, but this sounds excellent.

It sort of is excellent as it is compulsory but it is also an irresistible honeypot of cash that the government likes to fiddle with. Payments into super are untaxed, and withdrawals are lightly taxed.

An offered VR is different to, though intertwined with with to some extent, superannuation in Australia.

I'd say go with it. Unless the offer is rescinded prior to acceptance, then it may be a done deal.

May because I really don't know much about private sector doings.

Jonathan

Current path

Check with finance guy/vampire (he gets 1% of funds in management per year)

check with blue stocking accountant

HopeTF that I get offered it.

I'm getting short now (175 days), government retirement is a bit convoluted 1/3 based on years of service and paygrade, 1/3 based on a thrift savings plan (think 401K) and 1/3 from social security. They will add time of service based on sick leave not used can't remember the formula there but I have about 2 months worth of sick time accumulated. I will be able to sell my annual leave back but it will be taxed at a higher rate. When I leave this time I want to believe I will be retired for good from compensated employment. Still considering my options post retirement, though part of the plan is an extended trip to visit with the in-laws.

Bob Dedmon wrote: ↑Sat Apr 01, 2023 12:37 pm I'm getting short now (175 days), government retirement is a bit convoluted 1/3 based on years of service and paygrade, 1/3 based on a thrift savings plan (think 401K) and 1/3 from social security. They will add time of service based on sick leave not used can't remember the formula there but I have about 2 months worth of sick time accumulated. I will be able to sell my annual leave back but it will be taxed at a higher rate. When I leave this time I want to believe I will be retired for good from compensated employment. Still considering my options post retirement, though part of the plan is an extended trip to visit with the in-laws.

...Just wanted to pop in and say 1477 days to retirement and hush, Bob.

Mike

warshipadmin wrote: ↑Sat Apr 01, 2023 11:19 am Current path

Check with finance guy/vampire (he gets 1% of funds in management per year)

check with blue stocking accountant

HopeTF that I get offered it.

Im retiring in a few weeks. Some of my savings are self invested and some are managed. The returns are no different except that the managed funds have that management fee. To be honest, money management will be a part time job for me when I retire and I anticipate saving that fee and getting better returns. At 62 I am physically and mentally done done done with full time work. I may pick up some sort of part time job if its something I really like to do but quite simply, I will adjust my lifestyle to match my income.

I asked for a layoff (id get something like one year severance) but my employer didnt want me to retire let alone lay me off so Im not going to wait. Id be thrilled to live another 30 years but these days its a crap shoot. Something could take me out at any time.

Get out when you can and get busy living.

To be brutally honest, I have not planned well, either for retirement or college for my kids. I am likely to have to work until I die, which is a thoroughly depressing state of affairs. On the plus side, my wife has started working recently as well, which helps a bit.

As much as I'd like to say I have a date in mind, I pretty much don't.

Those of you who planned smarter/better than I did, please enjoy your retirement for me!

Belushi TD

I'm probably going to be working into my 70's by choice. I have fun doing what I do and it does keep my brain busy. I'll probably back off to part time at some point, or simply taking long vacations, though. Since a lot of what I do is desk work, there's no physical reason to stop.

My retirement planning is good and have a decent portfolio so that I won't be reliant on a job. Enough so that SS will just be the bit on top for discretionary spending.

kdahm wrote: ↑Mon Apr 03, 2023 8:10 pm I'm probably going to be working into my 70's by choice. I have fun doing what I do and it does keep my brain busy. I'll probably back off to part time at some point, or simply taking long vacations, though. Since a lot of what I do is desk work, there's no physical reason to stop.

My retirement planning is good and have a decent portfolio so that I won't be reliant on a job. Enough so that SS will just be the bit on top for discretionary spending.

My plan is to work into my 80s, then maybe go back and get a 2nd PhD or something.

I might “retire” after 30 years in government to change careers.

Retirement? In theory I have 20-25 years to go. But I'm not holding out much hope of that actually happening; I think reality will bite me in the ass.

Given my luck in investing and real estate so far, we'll see a 1929 style crash just before I pull the handle. That assumes of course that the government doesn't either (a) seize retirement assets to redistribute "fairly" in a "guaranteed pension", or (b) legislate my career field out of existence in the name of "green".

gtg947h wrote: ↑Mon Apr 03, 2023 9:50 pm Retirement? In theory I have 20-25 years to go. But I'm not holding out much hope of that actually happening; I think reality will bite me in the ass.

Given my luck in investing and real estate so far, we'll see a 1929 style crash just before I pull the handle. That assumes of course that the government doesn't either (a) seize retirement assets to redistribute "fairly" in a "guaranteed pension", or (b) legislate my career field out of existence in the name of "green".

The thought has occurred to me that when SS runs itself too far into a hole or when the nutters take reparations too far, someone will say that I have too much and that someone who never worked a real job in his/her/its life should have my money instead. Not much I can do about it regardless.

My official super account is about 1/3 of my expendable net worth, then I have the shack in the bush which I'll be selling at some point, and then about the same again in directly held shares. My financial guy thinks I should roll all that into super, but I share your concerns, future governments can, and probably will, introduce further taxation on super accounts.

warshipadmin wrote: ↑Fri Mar 31, 2023 6:59 am Just got the estimate of my payout if I take a voluntary retrenchment. Now I have to wait and see if they will let me go (for the sixth time of asking). 4 weeks pay for each year, plus various accumulated leave, and I've racked up 22 years.

just got the "we really dont want you to retire right now but if you wait till xxx project is done we will lay you off with yyy severence call" Wow, with that much $$$ on the table I have to think about it.