Q: Do you have any suggestions for someone retiring from AT&T?
When it comes to HR it is all about making life easier for the employees, even after you leave your company. If you are retiring from AT&T there are 5 life hacks which you absolutely need to take advantage of, to ease your transition into retirement.
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Take out a line of credit in case of emergencies. You can take out a line of credit against your home equity, this is called a “HELOC”. You will want to do this while you are still with the company because it can become significantly harder to get a line of credit once you are no longer employed. The loan is free until you actually spend the money, so there is really no downside.
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Watch this video on AT&T interest rates. The biggest mistake AT&T employees can make is retiring on the wrong date. Rising interest rates can have a major impact on your lump sum value and the date you retire will determine which interest rates AT&T uses. https://www.youtube.com/watch?v=E-DFlVFFE2M&t=32s
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Take a look at the Fidelity website and calculate your pension for the current interest rates as well as next year’s interest rates. See how significant the drop is in your pension lump-sum before deciding on your retirement date. It is possible that some people will be effectively working for free for the next two years, if they choose to stay with AT&T in a rising interest rate environment. Again, the BIGGEST mistake AT&T employees can make is retiring on the wrong day.
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Call three AT&T retirees and ask what they would have done differently when retiring. They have been through the exact scenario that you are currently going through and will have some great advice. Everyone makes mistakes, and smart people learn from their own mistakes, but wise people learn from the mistakes of others. Have a conversation with a retired ex-coworker about their experience transitioning into retirement and I promise you there will be a nugget of wisdom that is beneficial to you.
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Utilize a Social Security calculator to determine your benefit and confirm the income you’ve seen on your Social Security statements is correct. Social Security is known to make mistakes on these statements so using the calculator is very important. You can use a government calculator at https://www.ssa.gov/OACT/quickcalc/ which will help you determine the benefit you will receive in retirement.