My issue: Retirement????

Discussion in 'Pfizer' started by Anonymous, Dec 27, 2013 at 8:53 AM.

Tags: Add Tags
  1. Anonymous

    Anonymous Guest

    Here's my issue: I can't go through another restructing and layoff. Happened three times already, and I"m 48 and I'm a rep here. I want to retire at 55 if I can make it. Married with stepkids though not paying for any of them as they live with their other bio father and all out of college.

    I have 200,000 left to pay off a 700,000 house.
    I have 1.3 million in retirement accounts.
    I have a pension worth 150,000.

    Should I cash in that retirement pension from another drug company and manage myself. It appears to make 6% a year guaranteed if it doesn't fold. Retirement calculators show me at 2.5 probably in 7-8 years. I don't live a crazy expensive lifestyle either.
     

  2. Anonymous

    Anonymous Guest

    Well, first off what does your spouse bring in and is she planning on retiring at the same age?
     
  3. Anonymous

    Anonymous Guest

    Are we experiencing a layoff?
     
  4. Anonymous

    Anonymous Guest

    wife has no assets really except a little social security
     
  5. Anonymous

    Anonymous Guest

    good for building a nest egg...but retire at 55?

    The old formula is taking 4% withdraw rate from your next egg that's about $50,000 / year from your savings...

    Pensions great BUT will company keep it and when can you start drawing from it , I'd let that ride if its earning that well.

    How much in Taxes / Insure / Upkeep is that $700,000 house gonna cost you (maybe downsize to paid off home/condo)...

    Have the Mrs's pick up a side job NOW...diversifies your income and helps with the BIG What IF I Get Laid OFF Next Time...who's gonna cover mtge...

    Who's gonna pay for your Health Insure at 55? (the company??) How about that new car when you retire at 55 (another $500/month PLUS gas/service expense)?

    Good Luck and SAVE, SAVE , SAVE....
     
  6. Anonymous

    Anonymous Guest

    Your issue: getting married to a broke woman with kids!
     
  7. Anonymous

    Anonymous Guest

    Let's assume you last in Pharma another 3 years. That is 3 years you have to start a small business. Learn the ropes while employed and who cares if you break even. When the eventual end comes at Pfizer you will be ready to transition in running your business full time. Live off the small business income and social security and unemployment/severance. Try to wait as long as you can to touch savings.

    I have been in Pharma 18 years and I really don't understand why more reps don't start their own businesses. You have the time, you have the freedom, you should have some start up money - It must be most have fell into a lazy lifestyle of working 25 hours a week. Your friends have been laid off and you got lucky. Maybe not so lucky next time.
     
  8. Anonymous

    Anonymous Guest

    Your major concern should be paying of that mortgage. I retired 2 uyears ago w/ similar amount in retirement accounts and doing fine on money but the biggest drawback is - I still have a similar amount owed and wish the payments were money in my pocket. The advantage I have is - on medicare w/ Pfizer retiree secondary plan.
     
  9. Anonymous

    Anonymous Guest

    i meant retire from pharma by 55 if i can. If not, yeah i'll do something for 35 grand a year or so
     
  10. Anonymous

    Anonymous Guest

    Start your own business! You hear that a lot on this site...sounds easy....but starting a small business is about the hardest thing you'll do. 50% to 80% FAIL in first 18 months (of course you'll be the exception)....start up financing? Loan from Bank? Dip (a big dip) into your precious savings? borrow from family and friends? ... you've been a rep of 10+ years enjoying a nice 9am-3pm life stopping into doctor offices..let's drink a cup of reality here...unless you've got a super solid partner AND money to burn AND your partner has tons of experience in that business field you'd be better off doing something else.
     
  11. Anonymous

    Anonymous Guest

    I doubt the $1.3mil. Probably more like .3Mil
     
  12. Anonymous

    Anonymous Guest

    Here is your issue: This is either a joke or someone does not know much.

    Yea, you can cash in your pension at age 55 and manage yourself if the company allows for a lump sum pymt., otherwise it will be an annuity. It also can't fold, its guaranteed by federal law. And you don't have much in it to loose if you start taking it at age 55 with the reduction p/year you will incur. Apparantly, you forgot to read the fine print about pensions. what else you not know. How are you going to retire at 55, if you do not plan on dealing with additional layoffs??? Can you explain that one. And anyone who thinks living in a 700,000 house on a pharma rep. salary is not living above their means. Well, I'll let you figure that one out. Find it hard to believe the 1.3 in retirement.
     
  13. Anonymous

    Anonymous Guest

    LOL I agree. $700K(with 500k equity) home as a pharma rep. is not likely…Especially if he claims to have saved 1.3Mil for retirement.
     
  14. Anonymous

    Anonymous Guest

    Yes I really do have 1.3 million. Yes and I made money in real estate and resunk into new house that's why I have a low mortgage. Sorry people have to be haters of those that just are somewhat frugal. My older drug company will let you take pension out above 40 into a lump and Pfizer will let you take lump at age 50
     
  15. Anonymous

    Anonymous Guest

    This identical post is on the Forest board. Do you have two jobs or are you looking for advice for different sources? Are you on all the other Cafe Pharma company's boards with the same question??? WTF
     
  16. Anonymous

    Anonymous Guest

    Here's what I did recently. Hope it's helpful. Realizing the internal risk at Pfizer were high - I began researching potential businesses (bizbuysell.com) with specific cash flow ranges sufficient to cover my bills. After looking at 5-10 potential businesses, I purchased a business with a top line of about 700k and 25% margin. Total investment was about 500k (owner financed 300k). I leveraged savings but there are ways to leverage your 401k without any tax implications. Then I waited until my group was restructured, turned down a reassignment and took the severance. With the stock price up and 15 years with the company, I netted about 400k after taxes. So here's where I am now - 'retirement is fully funded and my current expenses are covered by the new business.

    I know it's a challenging time but believe me; you can get beyond it. Hang in there!
     
  17. Anonymous

    Anonymous Guest

    Never heard of any company allowing for pension withdrawal under 55, and Pfizer will not let you start taking pension out until one hits the age of 55. Its not that hard to read the documents and listen to the teleconferences on pension benefits that Pfizer has offered. My friend, you don't know what your talking about if you think Pfizer lets you draw pension out at 50. In addition to that, anyone who w/draws pension early before age 65 will incur a % decrease per/year which can amount to a significant amount of money. At Pfizer it is a 6% p/year reduction if you don't hit age 55 for every year before age 65 you decide to withdraw. If you hit age 55 while at Pfizer and w/draw before the age of 65 it is 4% p/year for every year prior to age 65. These types of reductions are standard and would impact anyone with a pension at any company. Why don't you know that????
     
  18. Anonymous

    Anonymous Guest

    actually not true. just talked to a fidelity advisor this week. as per terms of separation, one can take lump at 50. maybe it's cause I was with Pharmacia previously and merged.
     
  19. Anonymous

    Anonymous Guest

    yeah it's true. former Searle. I can take out at 50
     
  20. Anonymous

    Anonymous Guest

    Sorry, ain't no way you netted 400k in severance, you'd need 50 yrs with the company to get that. IF your new business makes it over the long haul, you're set...congrats to you.