Handling two offers
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many years ago, I left a permanent position to become a consultant. They had been trying and trying to bring me on board, but I didn't want to work in Cleveland - it would be over an hour drive every day, just to that office. So, they called one day, and said they opened up a position where I could work in Akron instead, permanently. So, big money? I took it.
The first day on the job in Akron, I reported for work - no one met me, I had no instructions, I was just there. Later on in the morning. some employee came up and found me - said that they didn't have anything for me to do, I should just go home early.
Puzzled, I went home, and just as I got in the door, the consultant company called, and said they needed to see me asap. So, I drive up an hour to their office, and they said my first day of work was a disaster. They "didn't like the quality of my work" etc.
"but, even though you failed this one, we have another one for you" they said. I asked where it was, knowing I've been had...
and they said "Strongsville" which was 2 hours away. So, I walked out of that office, went to the secretary, told her to find the highest person in charge and have him come see me immediately. She did. I explained the farce to him and he turned red with anger, and apologized. He may have fired this corrupt moron. I turned down a paycheck for one day's work and said "I'd rather not have worked here even for one day". so he took care of that.
On the way out, the same secretary begged me to come with her. I went back to an office, where another employee said he just wanted me to know they did the same thing to him - but he stupidly took it, and now he's regretting it every day. They lie.
Just be careful out there - there are turds to not step on and ruin your shoes. lol
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many years ago, I left a permanent position to become a consultant. They had been trying and trying to bring me on board, but I didn't want to work in Cleveland - it would be over an hour drive every day, just to that office. So, they called one day, and said they opened up a position where I could work in Akron instead, permanently. So, big money? I took it.
The first day on the job in Akron, I reported for work - no one met me, I had no instructions, I was just there. Later on in the morning. some employee came up and found me - said that they didn't have anything for me to do, I should just go home early.
Puzzled, I went home, and just as I got in the door, the consultant company called, and said they needed to see me asap. So, I drive up an hour to their office, and they said my first day of work was a disaster. They "didn't like the quality of my work" etc.
"but, even though you failed this one, we have another one for you" they said. I asked where it was, knowing I've been had...
and they said "Strongsville" which was 2 hours away. So, I walked out of that office, went to the secretary, told her to find the highest person in charge and have him come see me immediately. She did. I explained the farce to him and he turned red with anger, and apologized. He may have fired this corrupt moron. I turned down a paycheck for one day's work and said "I'd rather not have worked here even for one day". so he took care of that.
On the way out, the same secretary begged me to come with her. I went back to an office, where another employee said he just wanted me to know they did the same thing to him - but he stupidly took it, and now he's regretting it every day. They lie.
Just be careful out there - there are turds to not step on and ruin your shoes. lol
many years ago, I left a permanent position to become a consultant. They had been trying and trying to bring me on board, but I didn't want to work in Cleveland - it would be over an hour drive every day, just to that office. So, they called one day, and said they opened up a position where I could work in Akron instead, permanently. So, big money? I took it.
The first day on the job in Akron, I reported for work - no one met me, I had no instructions, I was just there. Later on in the morning. some employee came up and found me - said that they didn't have anything for me to do, I should just go home early.
Puzzled, I went home, and just as I got in the door, the consultant company called, and said they needed to see me asap. So, I drive up an hour to their office, and they said my first day of work was a disaster. They "didn't like the quality of my work" etc.
"but, even though you failed this one, we have another one for you" they said. I asked where it was, knowing I've been had...
and they said "Strongsville" which was 2 hours away. So, I walked out of that office, went to the secretary, told her to find the highest person in charge and have him come see me immediately. She did. I explained the farce to him and he turned red with anger, and apologized. He may have fired this corrupt moron. I turned down a paycheck for one day's work and said "I'd rather not have worked here even for one day". so he took care of that.
On the way out, the same secretary begged me to come with her. I went back to an office, where another employee said he just wanted me to know they did the same thing to him - but he stupidly took it, and now he's regretting it every day. They lie.
Just be careful out there - there are turds to not step on and ruin your shoes. lol
Oh man I would of been fuming too.. Drive an hour for that bullshit? I would of left too.
I got an inside contact at the hospital who said that its a good place to work. They are a growing hospital and from what ive read in their handbook, the benefits are awesome. Employee pharmacy with small co-pays, dental, vision, and medical insurance, 5.23 hours of PTO earned every pay period. The perks are there, lets just see how it goes once I get in.
I wont lie when I tell you that I prayed before my interview, not something I would normally do, but he answered my prayer so that's promising lol.
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sounds great. I wish I had had a great place to work my entire career - but in IT - things change too much. I hope you can retire there after a great career ! Retirement is really great, btw.
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sounds great. I wish I had had a great place to work my entire career - but in IT - things change too much. I hope you can retire there after a great career ! Retirement is really great, btw.
sounds great. I wish I had had a great place to work my entire career - but in IT - things change too much. I hope you can retire there after a great career ! Retirement is really great, btw.
That's good to hear Cal.
I still got another 40 years to think about it but it is important to start planning now.
The one good thing about the college I work at is the State Retirement Plan. I put in 9% each month, they put in 20%
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that is great. Over the years, I accrued a lot of money in a 401k. Great that you already know it's really important.
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sounds great. I wish I had had a great place to work my entire career - but in IT - things change too much. I hope you can retire there after a great career ! Retirement is really great, btw.
That's good to hear Cal.
I still got another 40 years to think about it but it is important to start planning now.
The one good thing about the college I work at is the State Retirement Plan. I put in 9% each month, they put in 20%
That's good to hear
I still got another 40 years to think about it but it is important to start planning now.
The one good thing about the college I work at is the State Retirement Plan. I put in 9% each month, they put in 20%
Do you have that same option with the other position? If not this is a no brainer. I put in the max in the Thrift Savings Plan under the old Civil Service Retirement System from day 1 availability. That allowed me to retire at 61 and I have never regretted it a day. Hint to the wise. Never withdraw money from any IRA or Supplemental retirement plan unless forced to do so. I even left a two year college plan sit there for 40+ years that I had only contributed about $2,000-3,000 to which became worth over time around $50,000. I converted anything eligible to roll over into an IRA I control in stocks. The other $20,000 I take now as RMDs (required minimum distribution that starts at age 70 1/2).
Anyway I had a choice similar to yours where I could stay in management, which I hated, or go back to being a peon with my love of counseling being paramount. The latter was less money but I never regretted the decision. Follow your heart and praying for guidance helps IMO. The one thing here where I think cal and I agree completely. EDIT: Well two more-CC for self defense and love of the outdoors are two others. Now if I could just get him to give up the king.?
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unless it's a serious emergency - yep - like Tex said - try to NEVER take money out of your 401K, etc. The penalty, lack of interest accrued, is not worth it. Over just a few decades, you will be shocked at how much it grew.
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unless it's a serious emergency - yep - like Tex said - try to NEVER take money out of your 401K, etc. The penalty, lack of interest accrued, is not worth it. Over just a few decades, you will be shocked at how much it grew.
unless it's a serious emergency - yep - like Tex said - try to NEVER take money out of your 401K, etc. The penalty, lack of interest accrued, is not worth it. Over just a few decades, you will be shocked at how much it grew.
TRUE the penalty is just having to pay tax on the savings you previously got tax defered on in a traditional 401(k) plus 10%, Roths do not get penalized.
The big penalty is the precious time you will lose to even think of making it up again.
I try to advise people to pretend it just does not exist until you retire.......or turn 70 1/2 and have to start making required small systematic withdrawls.
If you withdraw money from your 401(k) account before age 59 1/2, you will need to pay a 10% early withdrawal penalty, in addition to income tax, on the distribution. For someone in the 24% tax bracket, a $5,000 early 401(k) withdrawal will cost $1,700 in taxes and penalties.Mar 20, 2017
In most cases, you are required to take minimum distributions, or withdrawals, from your 401k, IRA, or other retirement plan after you reach 70 1/2 years old. Though you can withdraw more than the minimum amount, you may have to pay income tax on your retirement income.
Your first RMD can be delayed until the April 1 following the year in which you turn 70½. For all subsequent years, you must take the RMD by December 31 of that year. A RMD for a year iscalculated by dividing the market value of your 401(k) account - as of December 31 of the prior year - by a life expectancy factor.Nov 15, 2017
Do check with a tax professional if you have more questions......or a bunch of hacks like us for FREE
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That's good to hear
I still got another 40 years to think about it but it is important to start planning now.
The one good thing about the college I work at is the State Retirement Plan. I put in 9% each month, they put in 20%
Do you have that same option with the other position? If not this is a no brainer. I put in the max in the Thrift Savings Plan under the old Civil Service Retirement System from day 1 availability. That allowed me to retire at 61 and I have never regretted it a day. Hint to the wise. Never withdraw money from any IRA or Supplemental retirement plan unless forced to do so. I even left a two year college plan sit there for 40+ years that I had only contributed about $2,000-3,000 to which became worth over time around $50,000. I converted anything eligible to roll over into an IRA I control in stocks. The other $20,000 I take now as RMDs (required minimum distribution that starts at age 70 1/2).
Anyway I had a choice similar to yours where I could stay in management, which I hated, or go back to being a peon with my love of counseling being paramount. The latter was less money but I never regretted the decision. Follow your heart and praying for guidance helps IMO. The one thing here where I think cal and I agree completely. EDIT: Well two more-CC for self defense and love of the outdoors are two others. Now if I could just get him to give up the king.?
Do you have that same option with the other position? If not this is a no brainer. I put in the max in the Thrift Savings Plan under the old Civil Service Retirement System from day 1 availability. That allowed me to retire at 61 and I have never regretted it a day. Hint to the wise. Never withdraw money from any IRA or Supplemental retirement plan unless forced to do so. I even left a two year college plan sit there for 40+ years that I had only contributed about $2,000-3,000 to which became worth over time around $50,000. I converted anything eligible to roll over into an IRA I control in stocks. The other $20,000 I take now as RMDs (required minimum distribution that starts at age 70 1/2).
Anyway I had a choice similar to yours where I could stay in management, which I hated, or go back to being a peon with my love of counseling being paramount. The latter was less money but I never regretted the decision. Follow your heart and praying for guidance helps IMO. The one thing here where I think cal and I agree completely. EDIT: Well two more-CC for self defense and love of the outdoors are two others. Now if I could just get him to give up the king.?
I just read through my benefits handbook and they just have a standard 401k, so they match up to 5%.
I can roll over my SCRS 401(a) into my new employer's 401(k).
I did accept the position at the hospital. Just seems like a better opportunity, more room for advancement, and more skills and systems I can learn.
My first day will be on the 17th. Very excited about it.
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Great advice from all of you, I really appreciate the knowledge.
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Do you have that same option with the other position? If not this is a no brainer. I put in the max in the Thrift Savings Plan under the old Civil Service Retirement System from day 1 availability. That allowed me to retire at 61 and I have never regretted it a day. Hint to the wise. Never withdraw money from any IRA or Supplemental retirement plan unless forced to do so. I even left a two year college plan sit there for 40+ years that I had only contributed about $2,000-3,000 to which became worth over time around $50,000. I converted anything eligible to roll over into an IRA I control in stocks. The other $20,000 I take now as RMDs (required minimum distribution that starts at age 70 1/2).
Anyway I had a choice similar to yours where I could stay in management, which I hated, or go back to being a peon with my love of counseling being paramount. The latter was less money but I never regretted the decision. Follow your heart and praying for guidance helps IMO. The one thing here where I think cal and I agree completely. EDIT: Well two more-CC for self defense and love of the outdoors are two others. Now if I could just get him to give up the king.?
I just read through my benefits handbook and they just have a standard 401k, so they match up to 5%.
I can roll over my SCRS 401(a) into my new employer's 401(k).
I did accept the position at the hospital. Just seems like a better opportunity, more room for advancement, and more skills and systems I can learn.
My first day will be on the 17th. Very excited about it.
I just read through my benefits handbook and they just have a standard 401k, so they match up to 5%.
I can roll over my SCRS 401(a) into my new employer's 401(k).
I did accept the position at the hospital. Just seems like a better opportunity, more room for advancement, and more skills and systems I can learn.
My first day will be on the 17th. Very excited about it.
Sounds great and good luck to you!
If you are not required to roll your 401(a) over you can leave it there if you like it and start new with your new employer or if you don't want the hassle just roll it into the one new plan.
I always recommend taking the maximum match it is FREE money plus if you are younger take the Roth 401(k) if it is available all future investments and gains will be tax free upon withdrawl. That is generally better than the tax break now.
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That's good to hear
I still got another 40 years to think about it but it is important to start planning now.
The one good thing about the college I work at is the State Retirement Plan. I put in 9% each month, they put in 20%
Do you have that same option with the other position? If not this is a no brainer. I put in the max in the Thrift Savings Plan under the old Civil Service Retirement System from day 1 availability. That allowed me to retire at 61 and I have never regretted it a day. Hint to the wise. Never withdraw money from any IRA or Supplemental retirement plan unless forced to do so. I even left a two year college plan sit there for 40+ years that I had only contributed about $2,000-3,000 to which became worth over time around $50,000. I converted anything eligible to roll over into an IRA I control in stocks. The other $20,000 I take now as RMDs (required minimum distribution that starts at age 70 1/2).
Anyway I had a choice similar to yours where I could stay in management, which I hated, or go back to being a peon with my love of counseling being paramount. The latter was less money but I never regretted the decision. Follow your heart and praying for guidance helps IMO. The one thing here where I think cal and I agree completely. EDIT: Well two more-CC for self defense and love of the outdoors are two others. Now if I could just get him to give up the king.?
Do you have that same option with the other position? If not this is a no brainer. I put in the max in the Thrift Savings Plan under the old Civil Service Retirement System from day 1 availability. That allowed me to retire at 61 and I have never regretted it a day. Hint to the wise. Never withdraw money from any IRA or Supplemental retirement plan unless forced to do so. I even left a two year college plan sit there for 40+ years that I had only contributed about $2,000-3,000 to which became worth over time around $50,000. I converted anything eligible to roll over into an IRA I control in stocks. The other $20,000 I take now as RMDs (required minimum distribution that starts at age 70 1/2).
Anyway I had a choice similar to yours where I could stay in management, which I hated, or go back to being a peon with my love of counseling being paramount. The latter was less money but I never regretted the decision. Follow your heart and praying for guidance helps IMO. The one thing here where I think cal and I agree completely. EDIT: Well two more-CC for self defense and love of the outdoors are two others. Now if I could just get him to give up the king.?
My wife just officially retired one year and 3 days ago at 62 on her social security plus nurses' hospital pension we still have not touched our IRA MF or her 401(k) or anything else and will not anytime soon.
Drawbacks- less SS and pension, paying her healthcare insurance, until Medicare at 65 expensive!
Benefits- retired, priceless! 42 years was enough in the hospital system.
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