footballman
Confused about dryer sheets
- Joined
- Jul 6, 2015
- Messages
- 6
have been with the same company for almost 30 years and found out that it is being sold to a competitor. I am in my early 50's, so I cannot do early retirement. Finances are in good shape with emergency fund of about 6 months. At this point, no one knows who will survive but I am a top performer and may be kept but need to plan for the worst.
My questions are:
1. I have a 15 year loan on my house with $1811 payment of P&I. I refinanced 5 years ago, so there is 10 years left. I could increase the length of loan to 15 or 20 and reduce my payment by 500 or 700. Current rate is 4%, new rates are 3 3/4%. Is it wise to look at lenghtening loan?
2. I assume what I qualify for in my pension now is mine. I ran the pension calculator and I could receive a sizeable lump sump and then can receive single life annuity beginning at 55. I believe waiting until 62 would be better as that would maximize payout. If I do get a cash payment now, can I roll that into a rollover IRA with my 401k?
3. On medical, based on my years of service, I would pay 35% of medical but with buyout, I am not sure if this is a benefit I would get at 55? Document say if you are involutary separated 50-54, you would get this at 55 but not sure this applies for company being sold.
I have looked at all expenses and cut where I can. Is there anything else I should be thinkng about with a sale of company?
Thanks,
Mike
My questions are:
1. I have a 15 year loan on my house with $1811 payment of P&I. I refinanced 5 years ago, so there is 10 years left. I could increase the length of loan to 15 or 20 and reduce my payment by 500 or 700. Current rate is 4%, new rates are 3 3/4%. Is it wise to look at lenghtening loan?
2. I assume what I qualify for in my pension now is mine. I ran the pension calculator and I could receive a sizeable lump sump and then can receive single life annuity beginning at 55. I believe waiting until 62 would be better as that would maximize payout. If I do get a cash payment now, can I roll that into a rollover IRA with my 401k?
3. On medical, based on my years of service, I would pay 35% of medical but with buyout, I am not sure if this is a benefit I would get at 55? Document say if you are involutary separated 50-54, you would get this at 55 but not sure this applies for company being sold.
I have looked at all expenses and cut where I can. Is there anything else I should be thinkng about with a sale of company?
Thanks,
Mike