I Have 12 Hours to Make the Decision

[WestUniversity]

Lean more! Yes, I vote strongly for the package, and to ER.

If you don't take it, you could end up working the next year and then retiring anyway, no package. Then you've basically worked a year for free.

Another vote for take the package...

 

[JoeWras]

Packages are getting too rare. TAKE IT.

My Megacorp offered it twice, and many now wait for the next one. The last one was over 10 years ago. It won't happen anymore. They just layoff.

 

[marko]

marko's Second Law: Take the money and run.

 

[jollystomper]

As someone who also enjoyed his job and had a salary higher than the OP's, retiring last year was a great decision. Go for it!

 

[freedomatlast]

Well, I got in about 6:30 AM today and I told 'em to put me on the ER list. I'll know in about three weeks whether all in the chain of command, including the legal department, approved it.

 

[Dtail]

It's now past 7:00 am central time, tell us how it all went.

Yes, what was your final decision?
Don't let us down.

 

[Mdlerth]

Not being judgmental at all here

By the time I came across this thread, it was already past H-hour, so my recommendation doesn't matter.

I see OP decided to accept the package. Unquestionably the right decision.

ETA: I had started writing a post encouraging the author to go for it, but I took so long that by the time I was done so was the deal.

 

[griffithee]

marko's Second Law: Take the money and run.

This reminds me of the Junior Submarine officers golden rules:

1. Always take the short term good deal.
2. Never stay up for drills. If they really, really want you, they will come and get you.
3. Never sweat another man's good deal.

A code to live by.

 

[LiveBelowMeans]

You won the lottery. Congrats!

 

[Jerry1]

Congratulations. Hope it gets approved. I had the same package and took it. I actually volunteered for it. Don’t regret it one bit.

 

[Cassius King]

Congrats. Hope everything works out!

 

[Spanky]

Here's the decision I need to make by tomorrow at 7:00 AM:

As other says, take it! What have you decided?

 

[Badger]

Amazing that you actually took the time to write the post when someone wants to give you $150,000 to not work.


Cheers!

 

[Chuckanut]

I agree with your decision to take the package.

Time and health are the most precious assets and we have far less control over them than we do our finances.

 

[freedomatlast]

As other says, take it! What have you decided?

Post #30 above: Well, I got in about 6:30 AM today and I told 'em to put me on the ER list. I'll know in about three weeks whether all in the chain of command, including the legal department, approved it.

Thanks again to all for the replies.

 

[tominboise]

As mentioned, 12 minutes would be what it would take.


Did you accept?

 

[Dtail]

As mentioned, 12 minutes would be what it would take.


Did you accept?

See post #40. Yes.

 

[camfused]

No brained. Take it!

 

[HI Bill]

Amazing that you actually took the time to write the post when someone wants to give you $150,000 to not work.


Cheers!

+1

I can't believe there's even a question. Whoooo hoo!

 

[RetMD21]

My hesitation is largely based on the finality of the decision and there are some aspects of work I will miss such as the social interaction with some very smart and interesting people.

It is a big transition and irreversible. I have been hesitating about making the jump myself but there has been no pressure. Sort of mixed blessing I guess.

 

[flintnational]

Option 1) Work the next 12 months and make $150K.
Option 2) Not work the next 12 months and make $150K.

If you had chosen option 1 we would have made fun of you. Congrats!

 

[USGrant1962]

If you had chosen option 1 we would have made fun of you. Congrats!

+1

 

[Brat]

Note that the early out must be approved by executives higher up. My HR experience is that those who exercise the early out early in a reduction are those who the corporation can least afford to lose, and those former employees are the most successful in finding new employment. While the OP has been planning his retirement later this year he isn't really ready for it so soon. He may be asked to maintain a relationship with the employer past the severance date to facilitate a transition... on the other hand, many corporations just tough it out. Much depends on what the employer plans in their restructuring.

OP: make a copy of your contact list and keep it at home. At a minimum, it is handy for party invitations. The biggest adjustment in retirement is the loss of social contacts. It impacts men more than women because many men see work roles as a measure of their success and collogues/professional peers comprise their social network. It is also an adjustment for the family as many who retire try to find a new role at home requiring an adjustment of 'territory'.

Congratulations, you have a rare opportunity.

 

[Perryinva]

Glad you made the right decision. That was an awfully short window!!

FWIW, my last day was yesterday and I officially joined the FIRE ranks (assuming 61&4mo is early) after taking advantage of basically the same package, except my pay will go on for 14 months, with only 6 months paid medical, but they provide excellent subsidized retirees medical for only $265/mo till I turn 65, 3 years later. While I only have about half of your portfolio size, the real kicker was the package started my pension (about $55k) at the same time, so a hefty “double dip” for a year. It did take me about 12 minutes to decide, but it really came out of nowhere so there was some scrambling to do. I had planned on 5/2020 as my date, so it really was a no brainer.

Congrats, and I hope you get it.

 

[JoeWras]

Note that the early out must be approved by executives higher up. My HR experience is that those who exercise the early out early in a reduction are those who the corporation can least afford to lose, and those former employees are the most successful in finding new employment. While the OP has been planning his retirement later this year he isn't really ready for it so soon. He may be asked to maintain a relationship with the employer past the severance date to facilitate a transition... on the other hand, many corporations just tough it out. Much depends on what the employer plans in their restructuring.

These days, most true MEGA corps create a field of "pre-approved" participants. This field tends to have broad requirements. Picking and choosing the ER candidates is a recipe for a lawsuit, so that's why they do it.

I believe my old megacorp stopped doing these because of exactly what Brat says. Megacorp lost those they could least afford to lose.