Life after being a drug rep at Merck is fairly predictable these days given the numbers of reps jettisoned, and the mediocre state of the economy. Here is what you can expect folks, if you quit or get harrassed/pushed out of Merck: 20s : Full recovery is possible if not likely. You can play off your bad career choice to potential employers as yourthful ignorance, and even have time to fully start over in another industry, quite possibly even capital equipment. 30s : You have wasted some time, and shown a propensity toward taking the easy way out vocationally, but time is still on yiour side. You many need to get creative to explain years of pharma on your resume, but it can be done. You are definitely on the cusp in your 30s, but a successful career transition to a real (ie. non-pharma) job can be yours. 40s : Things are starting to get a bid dicey in this decade folks...You are getting a bit long in the tooth as they say, and in pharma rep years, you are ancient. Still, if you can accept the sacrifices that will need to get made, you can escape pharma hell, and carve out some sort of living. Make no mistake about it though,, the parrty is definitely over at this point. 50s : This is where it gets ugly people...Really ugly...Fugly even ...This is where I found myself after a lifetime of being a pharma "hotshot." (VP Awards, Management level sales jobs, 6 figure salaries.) Here is what goodies the universe has in store for all the 50-somethings post-pharma. You will bounce around of short stint, low-level sales jobs, taking anything that comes your way. Working for a fraction of your pharma wages, you basically stay working just to have paid health insurance, and not tap in to your IRAs and 401(k)s. You will be working much harder for alot less, and the fun times in life, will be fewer and far between compared to your youth... I hope this will help other Merck reps plan for teh future...Wish I wuold have known how it all works way back then.. As they say, "youth is wasted on the young."
wow...but what about the 60s crowd? Edging near the golden 66 or 67. Where do these people fit in? We have a few on board. Guess they are lucky to have lasted till the SS years, its the toughest age group with cuts.
I somewhat disagree. If you have been saving, been a hot shot for years, been with Merck for awhile...you should be able to say thank you Merck when they lay you off and walk away with some $$ and may never have to work again.
good point, and you may be 100% correct…Here's the rub though…You never know how long you are going to live, and if you will outlive your money…Even if you become extremely frugal, keep yourself on a strict budget, and live in a reasonable cost of living city/state, you can never predict longevity, medical expenses, family emergencies, etc… Could I retire today after 24 years with Merck and never work again?? Maybe…but can I take the chance in my 50s of running out of money in my 70s and being really screwed?? I don't think so…One can't really count on things like Social Security 20 years from now… anyway, FU MERCK...
this is true...Pharma prays on young, inexperienced kids, and burns and churns them when they get wise to the lies... just like their are stages of life, there are stages with predictable repercussions when one chooses pharma as a "career." Welcome to the Hotel California...You can check out but you can never leave...
I agree with #3. Everyone knew years ago this industry was on shaky ground. Some of us prepared for the worst whether retiring of being let go. My wife and I don't have a summer home, no boat or other expensive toys, but we both were able to retire early in life. I have no sympathy for people who don't try and control what they can control. I know sometimes life sends you a curve ball, which isn't planned for. But have some discipline with where you spend or invest!
I knew the end was near when we had the influx of Ken and Barbie dolls. Every other month we would have another a dozen of new reps stood up and introduced themselves. I am no maths whiz. But I kept asking myself it had to cost us $ with salary, car, benefits and more for each of us even though Merck was loaded. My physician friends were pissed at having 10 Merck reps calling on them for the same product (Vioxx). To the other poster about the unpredictability of life. That is why you should try to plan early. Merck has no loyalty for you and neither should you.
Pick up a free copy of their retirement planner workbook from Fidelity. I think there is an online version. Work through it. I have enough to live past 92 when they said 25% of the people retired in their 50's would be still alive. Go play the credit card game with all the free offers. Good credit = more opportunities to save and maximize your $.
If in 50's and saved smartly, take the severance and earned pension...invest in monthly dividend paying stocks/etf's. If you have 500K to invest, you can earn +$7000/ month. I can certainly live off of $84K a year. Obviously there is risk (like any investment), but there are closed ended ETF's that pay 9-10 cents a share every month. Just gotta find them.
Agree with above poster about being in or close to your 50's and planned for the future. I saw this coming and after 15 years of a great run with Merck, got canned. Was end of 2011 and last of the best severance packages. Got bridged to retirement so was the best of a bad situation. Can access retirement health benefits as long as there is still the mother ship available to support this. With savings, investments and access to my future pension at age 55, I am told by my finance mentor I am fine. The key is at our age, retirement is not a normal feeling. We feel a need to work and stay busy. I prepared and saved for this eventual outcome but quality of life is not the same. Tried a couple of sales gigs out there but they sucked. Staying is this industry seemed toxic. So glad I did not buy that $50 grand swimming pool, add on to my house w/out a good reason, take hugely expensive vacations and alas not blow my six figure salary and great bonus on shit I could not fall back on when I knew this industry was imploding. Glad I have put away for a rainy day, made the kids expect they have ownership in paying for their own education and can ride this wave of what my future will be. The job prospects for us 50 and older suck. If you are in my position, you just need to find something to keep you busy. Read and learn from this you younger folks. It is the classic ant and grasshopper story. Save for you rainy day and make this terrible experience much easier on you.
Not making it to the landmark for retirement benefits is like being in critical condition. Less money and little chance of making it. Screwed.
The is hysterical ! $7K/mont x 12 months = %$84 K/yr 84/500 = 16.8% return. Simply not achievable routinely. Quack
Yup. I cracked up when I read the original post. Market if flat this year but guy is making 17%??? I have a managed account that I rolled my pension into when I took the lump and it only earned 8% last year. All in ETF's.
Mine is earning close to 10% but it is not normal. Stocks have been doing too well since my retirement. Great for me but will not last. Re-balancing it right now.
