After 33 years with a multinational medical company the traditional pension was being changed by using the corporate bond rate vs the government bond rate in the formula to determine benefits payout. In 2008 The PPP government plan went into effect causing payouts to vary tremendously depending on the prevailing interest imputed into the formula which included yrs of service, highest 3 yrs salary, etc., etc. etc.
The January after the 1st year this went into effect my pension-lump sum dropped in value by $80k which was horrendous after spending 30 years with the company to see it dropped that much overnight. By year three the trend reversed and the payout was at an all time high. That evening I showed it to my wife and said tomorrow I’m pulling the cord and retiring. Best thing I ever did it was 11/01/2010 I was 57 and never looked back. I chose the lump sum vs the annuity because for 40 years I’ve followed the financial services industry and absolutely love it so I knew I could manage the money. Also with my hefty 401k and my wife’s 401k together ensured our financial security.
Now fifteen years later I’ve never regretted my decision and with the markets cooperating since 2010 were in a strong position for the rest of our lives.
Like many on HD we grew up when money was tight then came kids, private schools etc., etc we never over spent we were watching our inflow and outflows. Today we’re often told if you don’t fly first class your daughter's will. We’ll do business class especially on longer trips but not first,
it goes against our grain…
Worked for 33 years in a top 10 multinational pharmaceutical company and through Fidelity we were able track what our pension payout would be upon retirement. After the 2006 Pension Protection Act passed the multiplier in the formula went from government bond rate to the corporate bond. As interest rates climbed payouts dropped, one year the drop was $80k. I told my wife that after 30+ years in the same company now that I was nearing retirement what was happening was just not right. In 2010 the corporate bond rate actually declined and the payout had recouped the prior year’s drop and hit an all time high. That night I told my wife tomorrow I’m putting my 2 weeks notice and I’m taking the lump sum, I was 57 years old. Even though it was a spur of the moment decision I knew we had sufficient assets to retire. Before turning 55 we had five different financial services company do a depth analysis with Monte Carlo simulations and all five said we would be fine when I decided to call it quits. In 1984 I bought 100 shares of a $3.00 stock that doubled after a few months based on the recommendation of a business acquaintance who traded stocks frequently. Right then I knew I needed to learn everything I could about stocks, bonds, investing etc and since 1984 I have done just that. Back in the day when we would visit different financial services companies to see if wanted them to manage our money every single one would say to me you should be on this side of the desk with the depth of knowledge you have about our industry. My answer was always, I’ve spent 30+ years working in a stressful corporate environment and now that I’m out you want to suck me back in, thanks but no thanks. We’ve never looked back and like others have said in HD we’ve enjoyed a healthy stock market which has lifted our 401k’s, the pension lump sum and our other investments. Financial advisors have told us through the years, if you don’t fly first class, your daughters will, but we just can’t get over that hump. We have been Blessed to enjoy a worry free retirement in excellent health.
This post really struck a nerve with me. In 2019 I tried the CPAP machine after having insomnia since the mid 90's. After a couple of nights I discontinued using it and returned the machine. My biggest complain was the continuous air pressure made me repeatedly decompress my ears throughout the night. This past year my sleep was getting worse and I went to the university sleep center and had the sleep study with all the wires you referenced. It came back that I definitely needed to use the machine. After explaining my prior experience the doctor told me that the newer machines are not "continuous pressure" and are instead "automatic pressure" only pushing air when you breath in, so I agreed to give it a try. You explanation of the mask issues was spot on and the nose mask made my nose super sensitive, the doctor said it would go away after a couple of weeks. I plowed through with the dry mouth, the strap on the head etc and recently acclimated to all of it. Like you said, "I still don't love it" but I'm committed to using it, I'm glad to hear it gets better with time. I just began two months ago and I'm averaging 7 hours per nights and yes, definitely sleeping better. As a teenager and even after collage I slept great often past noon, now more and more friends tell me they too use the CPAP machine. I'm assuming this happens more as we age since we're all in our 70's although some have been using it for years. According to my wife I'm not a big snorer although some nights, especially when I'm super tiered I have occasional mild snores. Even though you began your post by saying, "this may be a stretch for this forum," I was glad to see Jonathan thought it was appropriate, thanks for sharing.
This story prompted me to post on HD for the first time even though I joined a few years ago. March 13, 1987 is the day we got married so like you Andrew it truly is a special date for us. We were leaving on a Caribbean cruise the next day so the wedding had to be on “Friday the 13th” and we’ve been happily married ever since. Our stories prove that “Friday the 13th” can be the luckiest day of your life...
Comments
After 33 years with a multinational medical company the traditional pension was being changed by using the corporate bond rate vs the government bond rate in the formula to determine benefits payout. In 2008 The PPP government plan went into effect causing payouts to vary tremendously depending on the prevailing interest imputed into the formula which included yrs of service, highest 3 yrs salary, etc., etc. etc. The January after the 1st year this went into effect my pension-lump sum dropped in value by $80k which was horrendous after spending 30 years with the company to see it dropped that much overnight. By year three the trend reversed and the payout was at an all time high. That evening I showed it to my wife and said tomorrow I’m pulling the cord and retiring. Best thing I ever did it was 11/01/2010 I was 57 and never looked back. I chose the lump sum vs the annuity because for 40 years I’ve followed the financial services industry and absolutely love it so I knew I could manage the money. Also with my hefty 401k and my wife’s 401k together ensured our financial security. Now fifteen years later I’ve never regretted my decision and with the markets cooperating since 2010 were in a strong position for the rest of our lives. Like many on HD we grew up when money was tight then came kids, private schools etc., etc we never over spent we were watching our inflow and outflows. Today we’re often told if you don’t fly first class your daughter's will. We’ll do business class especially on longer trips but not first, it goes against our grain…
Post: What Age Did You Retire—and What Made You Decide It Was Time?
Link to comment from December 28, 2025
Worked for 33 years in a top 10 multinational pharmaceutical company and through Fidelity we were able track what our pension payout would be upon retirement. After the 2006 Pension Protection Act passed the multiplier in the formula went from government bond rate to the corporate bond. As interest rates climbed payouts dropped, one year the drop was $80k. I told my wife that after 30+ years in the same company now that I was nearing retirement what was happening was just not right. In 2010 the corporate bond rate actually declined and the payout had recouped the prior year’s drop and hit an all time high. That night I told my wife tomorrow I’m putting my 2 weeks notice and I’m taking the lump sum, I was 57 years old. Even though it was a spur of the moment decision I knew we had sufficient assets to retire. Before turning 55 we had five different financial services company do a depth analysis with Monte Carlo simulations and all five said we would be fine when I decided to call it quits. In 1984 I bought 100 shares of a $3.00 stock that doubled after a few months based on the recommendation of a business acquaintance who traded stocks frequently. Right then I knew I needed to learn everything I could about stocks, bonds, investing etc and since 1984 I have done just that. Back in the day when we would visit different financial services companies to see if wanted them to manage our money every single one would say to me you should be on this side of the desk with the depth of knowledge you have about our industry. My answer was always, I’ve spent 30+ years working in a stressful corporate environment and now that I’m out you want to suck me back in, thanks but no thanks. We’ve never looked back and like others have said in HD we’ve enjoyed a healthy stock market which has lifted our 401k’s, the pension lump sum and our other investments. Financial advisors have told us through the years, if you don’t fly first class, your daughters will, but we just can’t get over that hump. We have been Blessed to enjoy a worry free retirement in excellent health.
Post: Time’s Up
Link to comment from November 16, 2024
This post really struck a nerve with me. In 2019 I tried the CPAP machine after having insomnia since the mid 90's. After a couple of nights I discontinued using it and returned the machine. My biggest complain was the continuous air pressure made me repeatedly decompress my ears throughout the night. This past year my sleep was getting worse and I went to the university sleep center and had the sleep study with all the wires you referenced. It came back that I definitely needed to use the machine. After explaining my prior experience the doctor told me that the newer machines are not "continuous pressure" and are instead "automatic pressure" only pushing air when you breath in, so I agreed to give it a try. You explanation of the mask issues was spot on and the nose mask made my nose super sensitive, the doctor said it would go away after a couple of weeks. I plowed through with the dry mouth, the strap on the head etc and recently acclimated to all of it. Like you said, "I still don't love it" but I'm committed to using it, I'm glad to hear it gets better with time. I just began two months ago and I'm averaging 7 hours per nights and yes, definitely sleeping better. As a teenager and even after collage I slept great often past noon, now more and more friends tell me they too use the CPAP machine. I'm assuming this happens more as we age since we're all in our 70's although some have been using it for years. According to my wife I'm not a big snorer although some nights, especially when I'm super tiered I have occasional mild snores. Even though you began your post by saying, "this may be a stretch for this forum," I was glad to see Jonathan thought it was appropriate, thanks for sharing.
Post: Sleep Disorder
Link to comment from October 18, 2024
This story prompted me to post on HD for the first time even though I joined a few years ago. March 13, 1987 is the day we got married so like you Andrew it truly is a special date for us. We were leaving on a Caribbean cruise the next day so the wedding had to be on “Friday the 13th” and we’ve been happily married ever since. Our stories prove that “Friday the 13th” can be the luckiest day of your life...
Post: Friday the 13th, the Luckiest Day of My Life
Link to comment from September 15, 2024