My company is offering an early retirement opportunity for all those >=60 that would go into affect October 31 for those that take it. Since I am turning 63 on September 30, I fall into this group.
The benefits are $18k in an HRA, plus 3 months up to 1 year of salary based on years of service. I have been with them for 35 years, so it would be the maximum (1 year) for me.
According to any retirement calculator out there, I have much more saved in and outside retirement than needed to take me to 99 years old (the FIREcalc calculator estimates that the minimum I would have at that point would be the same balance as what I have now). I am also maxxed out on social security, starting this year I have > 35 years of earnings, of which 32 of the years hit the salary limit for social security (and the lowest year of the 35 was my first full year at my current company, when earnings were still 93% of the limit).
At any rate, what kinds of things should I be thinking about as I decide whether to take this opportunity? I have to decide by September 15 whether I will take it or not. Oh, also, I am single, with no dependents.
Thanks for any advice!
The benefits are $18k in an HRA, plus 3 months up to 1 year of salary based on years of service. I have been with them for 35 years, so it would be the maximum (1 year) for me.
According to any retirement calculator out there, I have much more saved in and outside retirement than needed to take me to 99 years old (the FIREcalc calculator estimates that the minimum I would have at that point would be the same balance as what I have now). I am also maxxed out on social security, starting this year I have > 35 years of earnings, of which 32 of the years hit the salary limit for social security (and the lowest year of the 35 was my first full year at my current company, when earnings were still 93% of the limit).
At any rate, what kinds of things should I be thinking about as I decide whether to take this opportunity? I have to decide by September 15 whether I will take it or not. Oh, also, I am single, with no dependents.
Thanks for any advice!
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