1 Reply Latest reply on Dec 7, 2009 5:58 PM by AnnaLee

    When the downsizing falls

    snydeje
      After 32 years as a university staff member in Student Affairs - with good benefits but 32 years to get even what would be called an average salary for my area... my department was eliminated -- they say to cut costs - there is just a director and I'm the second staffer - activities coordinator for 800 students... anyway -- they have given me a position - just 6 years to retirement that is some $7,000 less than I was making... yes - you're right - I have a job - but this has put me into a brand new mode of thinking... paying bills, cutting costs, and still wanting to keep my retirement "nest egg" -- anyone else in this situation - or is this an undestatement... worried in Florida.
        • Re: When the downsizing falls
          AnnaLee
          snydeje said...



          After 32 years as a university staff member in Student Affairs - with good benefits but 32 years to get even what would be called an average salary for my area... my department was eliminated -- they say to cut costs - there is just a director and I'm the second staffer - activities coordinator for 800 students... anyway -- they have given me a position - just 6 years to retirement that is some $7,000 less than I was making... yes - you're right - I have a job - but this has put me into a brand new mode of thinking... paying bills, cutting costs, and still wanting to keep my retirement "nest egg" -- anyone else in this situation - or is this an undestatement... worried in Florida.

           

          I feel your pain. You are right. Don't let anyone make you feel guilty because you still have a job. My husband just retired from the State of Delaware. They were planning a 8% across the board cut in all salaries. They ended up cutting 2%. He retired a month after the cuts took effect. For people nearing retirement losing one's job or undergoing a reduction in salary that affect one’s retirement benefits is devastating. Those seven thousand dollars were probably part of your planned retirement savings.

          It is difficult to tell/suggest to people what to do when the lost income is large. You seem to have it figured out though. The best you can do is to reduce your spending as much as possible while you are still working. The best goal is to retire debt-free or as close to debt-free as you can get.