Considering retiring on October 31

[ychuck46]

Duh!

What's to think about - take it!/QUOTE]

Took the words right out of my mouth.

 

[allenciox]

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.

 

[whatnot]

I would jump at this offer. You sound like you are set financially. Start your next chapter now! It’s great.

 

[nadnerb]

I'd jump at it. I wish my company would do something similar! Take it and don't look back!

 

[brett]

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.

 

[flash9]

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.

 

[FLJim]

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!