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Old 08-22-2021, 02:33 PM   #41
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Wow, I'm turning 64 in 2 months. I would jump at an offer like that from the company I've worked for 31 years for!
Having worked remotely for the past 18 months and facing the prospect of MAYBE soon having to go back to commuting to NYC from NJ everyday, I'm trying to figure out with my financial advisor if I could retire early.
Well if you are comfortable in providing financial info here, you can receive many informed responses in conjunction with your FA advice.
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Old 08-22-2021, 03:09 PM   #42
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Dtail, Thanks, I am brand new here and just filled out my profile and will post a Hi, I am... very soon. I've been reading a few of the threads, stickies and some of the topics here and I have no doubt I will get alot of great advice in regards to when I COULD retire. I will definitely post soon and provide financial details when I do. Thanks, Brian
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Old 08-24-2021, 03:39 PM   #43
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Look at the "three bucket" approach for retirement funds.
One great thing about retiring at age 60 is that you have 3 years to convert pre-tax retirement funds to Roth before it could possibly impact Medicare premiums (IRMAA).
Plus, if you choose to work at it, I think you will find that your health improves due to less stress, more sleep, and more time to exercise.
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Old 08-24-2021, 04:20 PM   #44
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Figure out how you will occupy that 50-60 hours a week that work + commute has taken up.

My company made a similar offer - a year's salary added to the retirement package. I took the money and ran because I didn't think they'd ever make a better offer - and they haven't.

For me, staying busy was easy - I wanted to complete the degree I never had time for so I went back to college full time at 55 1/2 - not the only gray-haired student there but I did get the question from a much younger class member: "You don't need a degree. Why are you working so hard on the classes?" My answer: "I'm paying for this so I intend to get my money's worth." and I did - graduating with honors. I've retired another 3 (maybe 4?) times and, since I turned 70, I've become an author with currently 8 ebooks on Amazon - not getting rich at that (3800 books sold in 5 years) but I'd be writing the fiction whenever the characters in my head start having interesting conversations so I might as well share it ;-)

Good luck!
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Old 08-24-2021, 05:43 PM   #45
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Say adios, and go buy the boat. Enjoy your retirement.
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Old 08-24-2021, 07:18 PM   #46
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Congrats! I hope to get an offer like that some day.

However, before you accept consider negotiating for more. If you have any restricted stock ask that it vest immediately. Also, since you have been there fir 35 years, as for 2 weeks severance for every year of service. You may not get it but have nothing to lose by asking.
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Old 08-24-2021, 08:14 PM   #47
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Check out the book How to Retire Wild, Happy & Free.

I found it a good read about the non-financial considerations.

I’ve got a “plan” for that too, and a “retirement mentor “ friend.
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Old 08-24-2021, 09:23 PM   #48
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Check out the book How to Retire Wild, Happy & Free.

I found it a good read about the non-financial considerations.

I’ve got a “plan” for that too, and a “retirement mentor “ friend.
A60Dan, I read that book and thought it gave a good perspective about retirement from a non-financial perspective. I'm always looking for other books to read on the subject.
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Old 08-25-2021, 05:01 AM   #49
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......
This is a major point of debate here because there really isn't a clear best strategy. However, I look at this as you are: longevity insurance, and more room to do Roth conversions. The only reason I'd start earlier is if the stock market really tanked and I didn't want to be selling investments at a low. I have a lot of cash and bond fund holdings to tap first so it'd have to be really bad to start SS earlier than 70.

I would also consider converting more before starting SS since you have over a million$ in tax deferred. Estimate what your taxes at 72 will be with conversions to 12%, 22%, and 24% between now and age 70.
^^^^^ this - you are single and have quite a large percentage of your net worth in tax deferred space. Your SS will take up close to $50K of your single filing in pension income - RMDs will be due when you are 72. By spreading out the Roth conversions over a longer timeframe, you are able to convert them at a lower tax rate as well as possibly meet the ACA limits. You could do a quick spreadsheet analysis on where that point would be on ACA with/without Roth Conversion and COBRA with/without Roth conversions at the different tax brackets.

Single people have much lower tax bracket thresholds, so the thinking with regard to 'up to what bracket to convert' is a different story than MFJ.

You said you don't have much to do if you retire - the excursion above should keep you busy for a little bit :-)
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Old 08-25-2021, 05:30 AM   #50
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My only concern is what I will do with my time after I retire. Also, since the majority of my social life revolves around my work, I will have to figure out what to do there, too. Financially, I am not worried at all.
Look around next time at work and imagine what it will be like when everyone over 60 leaves. And the offer is sweet. Time to go and find new experiences.
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Duh!
Old 08-25-2021, 06:50 AM   #51
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Duh!

[QUOTE=REWahoo;2650013]What's to think about - take it!/QUOTE]

Took the words right out of my mouth.
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Old 08-25-2021, 07:28 AM   #52
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Congrats! I hope to get an offer like that some day.

However, before you accept consider negotiating for more. If you have any restricted stock ask that it vest immediately. Also, since you have been there fir 35 years, as for 2 weeks severance for every year of service. You may not get it but have nothing to lose by asking.
FYI, this deal is pretty set: there is a legal contract listing all of the items, and the same terms are being offered to hundreds of people across the company. There is also a FAQ, etc. but it is unlikely that they would do any negotiation with one person when it is a detailed description being offered to hundreds. The amount of severance is tiered to numbers of years of service: the full year severance only applies to people who have more than 25 years of service. Only people that have greater than 15 years of service and those who are at least 60 yo are eligible.

Interestingly, part of the legal contract also says that any person who takes it will not be allowed to ever be hired or contracted by my company at any point in the future.
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Old 08-25-2021, 08:29 AM   #53
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I would jump at this offer. You sound like you are set financially. Start your next chapter now! It’s great.
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Old 08-25-2021, 11:28 AM   #54
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I'd jump at it. I wish my company would do something similar! Take it and don't look back!
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Old 08-25-2021, 12:17 PM   #55
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I would jump. When I was at megacorp they made a similar offer but no age restriction. EE's had to have 10 years service.

It was completely oversubscribed. Worse still, the best people left because they were the ones with the skills, the reputations, and the contacts to secure alternate employment even before the left.

One of my colleagues, in his early sixties, took a subsequent an offer. Megacorp convinced him to stay for a year.

He essentially worked for much less than salary because the commuted value of his DB dropped considerably during that year.

Sign up now. Before they have a chance to rescind the offer or change it. Spend the balance of employment time working on the tax, the health care issues, and getting on with any retirement plans.
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Old 08-26-2021, 11:28 AM   #56
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Interesting, I found this site: https://i-orp.com which I really like for retirement planning..

Thanks for bringing the i-ORP Extended tool to my attention, but I seem to have a problem when I enter the break down fro Stocks and Bonds.

Please see my Post Here in the Early Retirement > FIRE and Money forum.
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Old 08-27-2021, 02:49 PM   #57
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One of my previous employers offered "packages" to employees that were of a certain age with specified years of service. The fine print in legalese reminded employees of what "at will" employment was. Many took the deal. Some did not, because they wanted to "keep working". About eight months later, there was another "head count reduction", WITHOUT packages. Some of those reduced were ones that had passed on packages.

So, OP, your only decision is how to handle heath care insurance when you take the package! Enjoy! It's time!
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