Retiring from a bank successfully has become as rare as finding a needle in a haystack due to all the layoffs going around for the past several years. In fact, your chances of getting struck by lightning are probably higher than achieving a successful retirement from a bank.
3 replies (most recent on top)
Most people I know who qualified for retirement and were ready to leave begged for packages and couldn’t get them. There is not much benefit to being a retiree from the bank.
It's terrible but there are things you could do to prepare. Start by building up your 401k (max out contribution). Using the IRS rule of 55, IF you retire from the company where your 401k is held, you can take withdrawals without penalty starting at 55. I'm hoping to retire before 60. If they came along and gave me a severance package at 57-59 I would be grateful.
Another way to prepare is to pay off your house while you're still working and minimize your monthly expenses as much as possible (pay off all debt). If you plan now and make some sacrifices in order to save more and get your financial house in order, there is no need to work into your 60s.
OP here. I'm sorry if I sound jaded, but two of my coworkers were laid off in the last round a few years before retirement. How is that okay?