Is there a retirement age in BNY Mellon .I have seen people as old as 65+ still employed with us . I do not have issues with senior people working in BNY Mellon but I have a hard time convincing them to get the job done . They are the Grandparents of today's workforce with enough experience but the people in mid 30's - 40's and 50's are targeted first for lay offs than the retirees .
17 replies (most recent on top)
Funny you guys are talking about retirement. Be realistic. That paradigm is long gone. Reinvent yourself and pursue something you enjoy. Unless you have millions saved. You are going to work a long time.
There is no such thing as “a retirement age” at BNY Mellon. You leave at their choice or yours and you evaluate and manage your options. All benefits differ based upon start date(s) , service years, age, breaks in employment and differing personal impacts from pre-merger, contract cuts and changes throughout 2005 - 2019, etc. This is also even true of the 401K, where rules have varied wildly in many areas based upon employment years and start date.
Everyone in your aisle has had significantly different deals for at least the last 11 years. It is incumbent upon you to get engaged, figure out your deal and determine your options. Best advice is to network with coworkers of similar job, age, service years and compare notes. This is difficult but quite necessary.
About fixed income investments, any boomer with a million or few in their 401k can watch their indexed account continue grow while they take minimum distributions. Thats a way to stretch income over 30+ years of retirement. It’s a matter of what is riskier, conservative fixed income, or active growth? (Do you feel lucky?) Hopefully those are the ones not so interested in fixed income investments. Having said that, diversity is usually a good “strategy”. Good luck to us all!
Regarding the article posted in this thread, I would bet half of all those people knowing nothing about fixed income securities are BNYM employees. Probably in India but possibly US. Probably in fixed income area.
Always: FOLLOW THE MONEY. It makes sense for BNY to keep senior workers that could retire soon without a severance package. If long-timers, their salary if probably lower than you might expect, anyway. Just happens, laying off “younger” workers with a severance package gives them time to get another job, but BNY probably not doing that just to be nice. Its probably cheaper. This is America: it’s always about the money. Thats called: capitalism. Good luck to us all!
Coincidentally there's an article on press release today on My Source and BNY Mellon's official website
https://www.bnymellon.com/us/en/newsroom/news/press-releases/nearly-half-of-baby-boomers-dont-know-when-to-add-fixed-income-investments-to-their-portfolios-according-to-national-research-st.jsp
Typical age discrimination BS. All the financial articles say to work till 70 to max out social security payments. I’m 35 years with the bank no one else knows what I do. Please lay me off and get 2 or 3 young bright eyed punks to be on call 24x7 work weekends and so on
Thanks for the laugh. Doofus.
Well, I have a hard time convincing anyone under 30 they are getting paid to get THEIR JOB done!
" How dare you ? You have stolen my dreams and my childhood with your empty words , Lmao "
Many companies value older workers - including workers in tech areas for good reason: stability, reliability, knowledge, etc. Get real, dude.
In no more a boomer then Pres Obama, I'm just stuck dealing with the hot mess the older boomers and beyond left us. You know swapping out pension plans for 401ks, not providing medical anymore, constantly downsizing us as if it we can retire at 55 anymore.
Short answer: If true, they don’t respect you.
Sounds like they are all within reason.
OK ! Boomer .
Get used to it. The retirement age goes to 67 next year, for those 60 and younger. We are supposed to be working longer.
I truely believe you got it all wrong.
This post is ridiculous