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Taking an early retirement package
Old 02-06-2015, 04:03 PM   #1
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Taking an early retirement package

Hi All,

I've been a saver since about 21. I used to do all of my own investing from lessons taught to me by my mother. That is up until the mid ninties when I started paying more attention to fun then money. The wife and I handed over our assets to a financial manager but I still have an account with my company.

I probably should have kept on top of it more, looking back now I just think he has done a poor job. But I cant complain too much since it "appears" we can retire soon.

My company is likely going to lay somone off. If I want to stay I can but the severence pay is a two year paycheck and the possibility of not being offered again. This along with our savings appears to be enough. Although we are still factoring in our sons college expenses-he's 15.

I thought since the likelihood of my company offer is VERY high I need to bone up with what others have to offer as far as advice in ER and hey maybe I can help them too.

Look forward to being aboard.
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Old 02-06-2015, 04:06 PM   #2
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Welcome to the forum and glad to hear you are in a position to be unconcerned (well, mostly) about the possible layoff.
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Old 02-06-2015, 04:20 PM   #3
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I think a lot of folks on this forum still working would do a back flip if they got offered a 2 yr severance package (with medical)
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Old 02-06-2015, 04:21 PM   #4
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To be sure you have enough to retire you need to know your spending. Include everything including taxes and healthcare (which usually change in retirement). Once you have an all in number, plug it into firecalc. Make sure you explore all the tabs to input ss and any other income sources you might have.

Consider dyi the investments to same the FAs fees.

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Old 02-06-2015, 04:35 PM   #5
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Originally Posted by Twistnshout View Post
I thought since the likelihood of my company offer is VERY high I need to bone up with what others have to offer as far as advice in ER and hey maybe I can help them too.

Look forward to being aboard.
Welcome to the forum, Twistnshout. Here are some questions you may find helpful. Some Important Questions to Answer Before Asking - Can I Retire?
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Old 02-06-2015, 04:37 PM   #6
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I think a lot of folks on this forum still working would do a back flip if they got offered a 2 yr severance package (with medical)
Yeah medical, dental, eyes, too. But who knows how long it will last with whats going on now in healthcare. But happy about it for now.

From what I've gleaned (so far) is nothing changes in my coverage until I hit 65. Need to learn more about this.
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Old 02-06-2015, 04:40 PM   #7
Confused about dryer sheets
 
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To be sure you have enough to retire you need to know your spending. Include everything including taxes and healthcare (which usually change in retirement). Once you have an all in number, plug it into firecalc. Make sure you explore all the tabs to input ss and any other income sources you might have.

Consider dyi the investments to same the FAs fees.

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Good info. I tried FIREcalc and I must be doing something wrong. It asks for your spending and portfolio and thats it. There is a little more to it then that. Pensions, SS, etc. that need to go into the calc and I dont see that??
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Old 02-06-2015, 04:43 PM   #8
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You need to go through each of the tabs near the top of each page:
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Old 02-06-2015, 04:45 PM   #9
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Welcome to the forum, Twistnshout. Here are some questions you may find helpful. Some Important Questions to Answer Before Asking - Can I Retire?
Thanks! Yeah I found that and the FIREcalc. Never heard of it until this day. Just wish I understood it better?

My company has a fidelity retirement calc that is pretty understandable. In a down (really down) market I fail while in my 90's. It shows my spending as the culprit. I have inflated my numbers a bit. So its likely the reason. Still I'd rather be over then under.
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Old 02-06-2015, 04:45 PM   #10
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Good info. I tried FIREcalc and I must be doing something wrong. It asks for your spending and portfolio and thats it. There is a little more to it then that. Pensions, SS, etc. that need to go into the calc and I dont see that??
A stated in the forum prior, use all the tabs on top, it will show you the way
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Old 02-06-2015, 04:50 PM   #11
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Originally Posted by Twistnshout View Post
Thanks! Yeah I found that and the FIREcalc. Never heard of it until this day. Just wish I understood it better?
Spending some time reading this will help. FIRECalc: How it Works
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Old 02-06-2015, 04:51 PM   #12
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You need to go through each of the tabs near the top of each page:
NICE! THanks!
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Old 02-06-2015, 05:15 PM   #13
Confused about dryer sheets
 
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Think I got er figured. THANKS all!

BTW the numbers look pretty good, but still playing with them.
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Old 02-06-2015, 06:24 PM   #14
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Two year severance, I would jump on that. Just make sure your numbers are good before you pull the trigger.
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Old 02-06-2015, 07:05 PM   #15
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Another tool that is easy-to-use is the Lifetime Planner in Quicken Deluxe and higher.
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Old 02-07-2015, 06:55 AM   #16
Recycles dryer sheets
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Honestly with a 2 year severance you almost can't make a bad decision if it is reasonable to get employed at anywhere near your old salary. Take the money, work the plan and if you conclude in 6 months you want or need to work some more do it, nest eggs build up nicely with double pay at your age, add compounded growth and that takes care of spending in your 90s that you mention. Enjoy your success


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