Hi everyone!
I'm a 50 year old guy who just completed 30 years with a company whose stock has gone from $80 to $2 in 8 months. I think I'm lucky because I'm grandfathered in what's called a 'lump sum' retirement - whose option can be removed by management at any time (since I'm management). The company is also facing layoffs and record declining sales.
So - I decided to pull the trigger and get out now - while the getting was good. My retirement would be about $2700 per month right now (unless the company goes bankrupt and it gets cut by the gov) -- or a lump sum of about $450K. Obviously I'm taking the cash. Decided to cash out some to pay off all bills - but most goes into a rollover IRA. The wife makes very very good $$$ so we will be just fine.
Does this sound like an insane strategy to anyone? We've had folks jumping ship now for several months - and if the lump sum goes I'm at the mercy of a company that appears to be falling off a cliff?
It's a very difficult decision - but I don't think I could wake up every day knowing I blew the retirement lump sum and now have a company that's gone upside down.
Thoughts? thanks ;o)
I'm a 50 year old guy who just completed 30 years with a company whose stock has gone from $80 to $2 in 8 months. I think I'm lucky because I'm grandfathered in what's called a 'lump sum' retirement - whose option can be removed by management at any time (since I'm management). The company is also facing layoffs and record declining sales.
So - I decided to pull the trigger and get out now - while the getting was good. My retirement would be about $2700 per month right now (unless the company goes bankrupt and it gets cut by the gov) -- or a lump sum of about $450K. Obviously I'm taking the cash. Decided to cash out some to pay off all bills - but most goes into a rollover IRA. The wife makes very very good $$$ so we will be just fine.
Does this sound like an insane strategy to anyone? We've had folks jumping ship now for several months - and if the lump sum goes I'm at the mercy of a company that appears to be falling off a cliff?
It's a very difficult decision - but I don't think I could wake up every day knowing I blew the retirement lump sum and now have a company that's gone upside down.
Thoughts? thanks ;o)