Unexpected Retirement - Do I Take the Retirement Package?

A result of the infamous year 2020 is that companies are looking left and right for ways to cut costs. One way many companies are trimming the fat is by offering early retirement packages to their most experienced team members. There are many questions you should ask yourself if you have received the offer of an early retirement package. Listen in to discover what you need to be thinking about in this situation. Even if you have been planning to retire you may not be ready just yet  You may have been considering and planning your retirement for a while now. But even if you are well prepared for that future date, receiving an early retirement offer can still feel like you are being thrown a curveball. You may not feel like you are ready to pack it in just yet. Even after all of your planning, there is an internal struggle. What should you do if you are offered an early retirement package? If you receive an early retirement offer you may have a limited amount of time to make your decision. The first thing you should do is seek counsel. Gather your team together. This should include your spouse and anyone whose opinion you value in these matters. Next, you’ll want to consider how the package can serve you. Will it simply move forward all the things you were planning? Questions to consider before taking the package There are many questions you should consider before coming to a decision. How will this package affect your benefits like pension, life insurance, and your vestedness within the company? How will it affect your healthcare options? Filling the gap between workplace provided health insurance and Medicare is the biggest challenge of early retirement. Listen in to hear all the questions to ask yourself if you are offered an early retirement package. What if you’re still not ready to retire?  What should you ask yourself if you say no? Do you want to continue and stay in your role at the company? If you do, what will that look like? Will your job become harder? If you don’t accept the package will that affect workplace politics? Before you come to any decision you need to make sure that you have a feasible plan in place. If you aren’t sure how to create that plan, consider joining the Rock Retirement Club. We have a masterclass where we teach you how to build a plan that is designed just for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [5:07] What should you ask yourself if you receive an early retirement package offer?Q&A SEGMENT [16:08] A question from a listener that received an early buyout package[21:24] A suggestion for a series theme[22:35] How to migrate to a more balanced portfolio[24:20] A bond index questionTODAY’S SMART SPRINT SEGMENT [29:46] Work on your retirement planning projectResources Mentioned In This Episode The Pie Cake episodeThe bond series - Start hereRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyWork with RogerRoger’s Retirement Learning Center