phoneguy55
Dryer sheet wannabe
One month ago, I was still of the mindset that I needed to stay with Verizon for 4 more years, which would get me to 60. With the absolutely horrific working conditions there as of late, ( the public has no idea...) I jumped at the chance to take an early retirement incentive which was proposed during the first week of March. The stipulation was that you had to be "gone" by April 1st. You can only imagine what the last few weeks have been like, since this came out of left field. Now, here I am on my first unemployed Monday morning in 26 1/2 years. It's kind of surreal.
My basic plan as of now ( with investment advice scheduled this week) is to have the $480K lump sum pension placed into an IRA to avoid any tax issue. The 401K amount, is going to stay with my employer's Fidelity plan in case I need to take any distributions before 59 1/2. The incentive gave me $27K cash and $950 a month for 48 months. For now I will take the summer to decide if I can make this all work as is.... ( using the $250K 401K as income until 62 1/2) or if I will need some kind of supplemental employment.
Any thoughts, critiques, or suggestions ?
My basic plan as of now ( with investment advice scheduled this week) is to have the $480K lump sum pension placed into an IRA to avoid any tax issue. The 401K amount, is going to stay with my employer's Fidelity plan in case I need to take any distributions before 59 1/2. The incentive gave me $27K cash and $950 a month for 48 months. For now I will take the summer to decide if I can make this all work as is.... ( using the $250K 401K as income until 62 1/2) or if I will need some kind of supplemental employment.
Any thoughts, critiques, or suggestions ?