Retirement?

Discussion in 'AstraZeneca' started by Anonymous, Aug 30, 2014 at 8:14 PM.

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  1. Anonymous

    Anonymous Guest

    I'm 48 and have been here for 17 years. I'm worried about this Pfizer deal. What is the thinking about us older reps that are not too far away from retirement? Even a year severance will not help much. Serious replies please!
     

  2. Anonymous

    Anonymous Guest

    I was in pharma over 20 years, and I knew I got paid a lot for calling on docs. If you figured this out a long time ago, you knew to save money and live BELOW your means, if not you were not using your head.
    If you are a good rep which I think you are, you will wind up on your feet. So good luck and stay positive.
     
  3. Anonymous

    Anonymous Guest

    At 48 I wouldn't think of you as an older rep. Maybe 55+ and at that point you might not be far from retirement as you say, depending on time you have with the company, how you invested, and if you are under a legacy defined benefit plan.

    I too am worried about Pfizer and what that might mean to people under older plans and if they will continue to be honored. The Brits might work out a deal for job protection to cover AZ employees if it comes to a takeover, and that was a big concern last go round, but there's no protection in the U.S. Hell, at that point will the U.K even care about the U.S?

    Job protection in one location will certainly mean slash and burn at another to cover such an enormous buy out, and Pfizer's history is to buy, keep the goodies, and gut the rest.
     
  4. Anonymous

    Anonymous Guest

    AZ retiree here. They will not bridge you to qualify for retirement. I don't know which "retirement plan" you are under, but you need to look at the SPD document that covers your plan. I was lucky when I retired in 2012, because I self-identified, took 62 weeks severance and a lump sum in my pension.

    AZ/Pfizer can do whatever they want to a pension plan. Your 401K is yours and if you are under a cash balance plan, you should be OK, but there are no guarantees.
     
  5. Anonymous

    Anonymous Guest

    One thing you must be aware of is AZ does not care for you. I would get a financial adviser and a lawyer. When this goes down you will need protection. Many of us have been prepared since this started. Ask around, perhaps your team mates have been the ones planning. If you can find an associate that is aware of the freedom movement they may be able to help. There is a network of freedom personnel. Just ask.
     
  6. Anonymous

    Anonymous Guest

    Is that the imaginary one led by Captain America?
     
  7. Anonymous

    Anonymous Guest

    This is great advice. When I retired the company made multiple errors in their pension and bonus payout calculations. You must have an attorney and/or financial planner who is familiar with the tactics companies use to screw you out of eligible pay and benefits because AZ will pull every trick in the book to fuck you over.
     
  8. Anonymous

    Anonymous Guest

    I am 50 and I have right at $1 million via my 401k combined with the wife's smaller IRA contribution of about $100 k.

    I have almost everything invested in Vanguard Index Funds. They do very well and are super low cost.

    The pharma match of 100% of the first 6% is a godsend combined with the free retirement money AZ contributes to my account every month.

    Ride AZ until the bitter end. Then, when we are all laid off if the Pfizer deal goes through, get a new job and enjoy life! Even if you are paid less, keep your money in the market and let it ride until you are ready to retire at 60 or 62.

    The rule of 72 is very simple. Divide 72 by the return you expect in the stock market via Vanguard. If I am conservative and expect an overall return average of 7% then my $1 million will double in 10.3 years. That means if I never touch that money at age 60 I have $2 million waiting on me and that assumes I never add another dime via AZ. I might last at AZ 1 or two more years depending on Pfizer and the Crestor patent expiration. That is two more years of contributions from me and AZ.

    Plus, I will have Social Security as well. Now I need to go exercise to make sure I am still here in 10 years!

    Even if I die in a car wreck in 5 years, I take pride and comfort that I have provided for myself and my family should I make it till 80. If you save and live below your means, it really does reduce the stress level in your life.
     
  9. Anonymous

    Anonymous Guest

    True. Once you leave AZ, no matter who you are or what level you reached in your career or how long you have been here, they forget about you weeks before you leave. And good luck trying to get anyone to help you with your benefits. You are a total cost item to them and AZ is all about squeezing dimes to make nickels.
     
  10. Anonymous

    Anonymous Guest

    Yeah, except for the suite level execs who are treated like princes.
     
  11. Anonymous

    Anonymous Guest

    There is no guarantee of your 7%. The market is at an all time high right now because there is no where else to put money. Cash pays on the order of .1%. If you can make 7%, why not borrow money from a bak at 4 and put it in the market? Because there is too much uncertainty.

    The economy is shrinking, unemployment is high, we have had no recovery. There are a record # of people on disability payment. Companies are moving out of America to avoid the big tax rate here.

    Talk about your 7% and sing "wonderful wonderful," but tell me why the market is going up 7% a year from here if you want to make any sense.
     
  12. Anonymous

    Anonymous Guest

    If you were one of the lucky ones who took retirement and a lump sum in 2009 and invested it in the market, then you would have tripled your money in 5 years. If that is you then sell and take some of your gains out and sail into the sunset.
     
  13. Anonymous

    Anonymous Guest

    One thing AZ does not want is to pay your pension. The closer you get to retirement the closer they want you out!
     
  14. Anonymous

    Anonymous Guest

    That's the problem. Its folks like the original poster that are screwed! These Aholes will get rid of you. Maybe get a year or so severance. Sorry. Life in pharma.
     
  15. Anonymous

    Anonymous Guest

    I bet you said that seven years ago and are still in bonds???
     
  16. Anonymous

    Anonymous Guest

    keep your money in the market and let it ride until you are ready to retire at 60 or 62.
    (QUOTE)

    You can't time the market. You don't know when the next crash is coming.
     
  17. Anonymous

    Anonymous Guest

    The historic return in the stock market via the S&P 500 is 9.55% from 1928 - 2013. This is the "annualized" or geometric average. 7% is below the historic norm and very conservative.

    http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/histretSP.html

    If you need a job, move to Texas. The economy is booming!

    http://www.dallasnews.com/business/personal-finance/headlines/20140815-higher-wages-likely-to-follow-texas-job-growth-economist-say.ece
     
  18. Anonymous

    Anonymous Guest

    I am leaving AZ with a package and lump sum from my legacy pension. The total cash payout will be over 1.5 million. I am nervous about investing it in stocks at the current record highs. Any advice besides getting a good financial advisor. I can not afford to lose a big chunk of this money if the market crashes again.
     
  19. Anonymous

    Anonymous Guest

    Depending on your age you could put the money in bonds and dividend paying stocks. The stock allocation percentage can be less if you are over fifty.

    Remember, the markets crash but with time they do recover. If you buy the right investments and stay in, not selling at the bottom, they do seem to recover.
     
  20. Anonymous

    Anonymous Guest

    Not the poster, but look at the actual long term history of market performance. Poster likely means an average return of 7%, some years up , some years down, but 7 % on average. Now that you've been given an answer, now take a look at the 5-10-15 year results of the fund compared to the same time period for the market in general. 7 % is a sound proxy to use for projections.