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AT&T may be preparing for a workforce reduction…will you be ready? Thumbnail

AT&T may be preparing for a workforce reduction…will you be ready?

There sure has been a great deal of change at AT&T this year! A few months ago we wrote about the SIPP offer extended to some employees, and our sources tell us the targeted number of employees did not accept. There have also been some Management employees that are receiving offers of up to 6 months of severance to quickly move along as AT&T attempts to reduce their management workforce. If these trends continue we could see new offers that are similar to the “Management Voluntary Offers” or “Surplus Declarations” of old, over the next few months as AT&T attempts to reduce their overall workforce. These reductions may also impact employees that aren't necessarily near retirement age either. Many AT&T employees may be asking themselves, "Am I ready for a new career…whether I want one or not?", and the questions that go along with that can be hard. Questions like:

  • How will you cover medical insurance and expenses in retirement or a transition? The cost of medical insurance has increased sharply in recent years, and you may experience some sticker shock!
  • What will your actual income be after all considerations from a SIPP or Surplus offer?
  • What will your total income be in retirement or a career transition? Are you considering all sources?
  • Have you considered all expenses during retirement or a career transition?
  • How far away from Medicare are you and how will you cover the gap?
  • How does Social Security factor in and do you have a plan for maximizing this benefit?
  • How will this impact your spouse?
  • Retirement can last as long as 30 years for many people; do you have enough savings or income sources to cover that time?

Some of the answers to these questions, such as medical insurance coverage, are still up in the air as AT&T works through their plan.The advisors at Sound Financial have been helping AT&T employees navigate retirement and deal with these questions and offers for over 30 years. As various deadlines from AT&T loom, you will need to make an informed decision based on facts and experience, and you may have to make these decisions quickly! We would encourage you to follow us on Facebook or LinkedIn or fill out the contact form to join our newsletter distribution list.This will allow you to stay connected as new information is released. We will also go into greater detail on each of the bullet points above. Our goal is to partner with you as you make these challenging decisions. Contact us today for a free consultation and let us help you navigate YOUR retirement or career transition journey.

The Author

Chris McAlpin

Managing Partner and CEO

With over a decade and a half of helping clients manage their finances and move from a life of work to retirement, Chris has helped his clients align their purpose with their profit in their financial plans. Chris has a Master of Business Administration from Mississippi College and a Bachelor of Accountancy degree from the University of Mississippi.