I was offered Early Retirement today and was wondering is an offer of early retirement a good thing?

[Kacey811980]

[MTC29]

I took an early retirement offer back in 2013 at age 53 and it was the best decision I ever made.

Keep in mind that my retirement plans were to leave work at age 55, so by exiting early I only took a 5% hit on my pension, which my employer partially made up with a lump sum of (taxable) cash. My health insurance is covered until I go on Medicare at age 65. Due to my being born in 1960 I am not eligible for full Social Security benefits until age 67, although I can take SS this year with a hit to my benefits. I'm on the fence on this one.

Keep in mind that there is one thing in life that you cannot buy... time. I used my early retirement years to travel around the world. Until COVID screwed up the planet I was going on two or three major vacations each year. I plan to pick up where I left off next year.

Good luck in whatever you decide to do.

[Kacey811980]

@MTC29 well im pretty sure im taking it got to talk to my fiance Shae first and see what she says first. I they will cover my 85 percent of my salary 75000 dollars a year plus will cover full health insurance until im 67 years old its a great deal I think

[MTC29]

I'm not a financial planner, but my advice is to focus on the health insurance, which is going to be your biggest retirement expense. If you and Shae marry and you can be covered on her health insurance, then you are home free until reaching age 65 and going on Medicare. At age 41 you are still a young woman- at least to an old guy like me. You could take on a parttime job or do contract work... or travel and sit around and be lazy like me.

One last piece of advice. (Okay, Boomer) when I was age 41 it seemed like it took me three lifetimes to reach 40. At age 61, those 20 years all happened in what seems like a blink of an eye. Trust me, time will begin moving faster for you now.

[roy_ricky09]

2 options
If you are getting monthly pension or severance package, it's okay to accept
If you can still work somewhere else, it's alright then as well
One should always have a second income these days... You were earning 75k. so means you have specific skillset and you can work somewhere else as well with higher packages

[rachel776]

it seems like a very good thing, you have 20 years for a whole other career. talk to a financial planner to make sure you're being offered a good deal. make sure it's a fiduciary financial planner, not a fee-based planner

[Kacey811980]

@rachel776 that has already been done, and the deal is I keep 80 percent of my salary and full health coverage until im 67 years old plus I saved up lots of money since I was 16 so im pretty much set for life💖

[SarahJ92]

@kacey811980 its a great deal plus we get to spend so much more time together. I want you to be happy. go for it baby girl 💖

[Kacey811980]

@sarahj92 it is I already decided to take it and it is what I want I love you 😍

[SarahJ92]

@kacey811980 I love you too baby forever I be glad if its what makes you happy. we will have to celebrate. so think we can get some vacation time before your official retirement?

[Kacey811980]

@sarahj92 well I want to make sure your taken care of you regardless so i was hesitant at first, and I think we can I do have three weeks of vacation time I need to use before the end of the year. what kind of celebrating you want to do?

[SarahJ92]

@kacey811980 I know and I love you for it but you got to take care of yourself too baby girl and good I was thinking maybe some pre retirement sex for my lucky gal.

[Kacey811980]

@sarahj92 I will and my last day is July 30th. I do have to go in to the office to clean out and stuff actually have enough leave to carry through the retirement date so we can go on vacation 💖

[Andres77]

Consider it a huge bonus and find another job.

[Kacey811980]

@Andres77 I need some time to think on it, I was thinking of taking sometime off I need a vacation

[exitseven]

It depends on what you want to do with your life. If you get a good pension and hate the job then you should retire. You could do something else that interests you.

[Kacey811980]

@exitseven i got a really good pension and I have burnt out and I still get most of my 80 percent of my salary if I take this package and full heatlh insurance coverage. I have exactly decided to take the deal

[exitseven]

I don't blame you. You are still young enough to do something else.

[20yearsolder]

You must have been there for a long time. Yeah it can be a good thing but can you really retire on the package that they're offering?

[Kacey811980]

@20yearsolder yeah 20 years, plus I have been saving up for retirement since I was 16 during my Wendy's days prior to my job now won't say how much I have saved but its over a 100,000, its a 401 K package plus they will cover my health insurance until standard retirement age for me is 67 years old. im still trying to decide if its a good deal? I mean it seems good

[20yearsolder]

Yeah but you have to take into consideration what it cost you to live per year, $100,000 sounds like a lot of money but if you calculate all your bills for the year, I'm guessing you'll run out in about 5 years or less. I don't know if I'd take it or not

[Kacey811980]

@20yearsolder well if I dont I get laid off next year, that is just what them minimum I have saved up its a lot more than that I just dont want to say the exact amount here, but they are also covering 80 percent of my salary every year until 67 years old.

[20yearsolder]

Then I think I would jump all over it if they're going to give you 80% of your pay

[Kacey811980]

@20yearsolder yeah I make 75,000 per year so i think its a good deal too, but im not going to decide right away I got until December 19th to decide. I got to ask My girl also my fiancé first but yeah I think I am going to take it.

[20yearsolder]

I understand discussing it with others but I think you're silly if you don't take it

[Kacey811980]

@20yearsolder I am sure my fiancé would say the same thing. 😍

[midnightmoon05]

I remember when I was younger hearing people say, being a millionaire. Because being a millionaire was a lot and means you are “rich”.
I am older now and I have become a millionaire and I see that a million dies not buy much. So… I started to learn more about todays new millionaire… it’s $3m the new $1m.
Depends where you live.,. I would agree,.. the new millionaire is $3m. to live through our retirement into our 70s-80s or even into our 90s, add on to inflation.

[midnightmoon05]

My husband and I planned our our retirement, it’s a lot to break down the numbers.
We don’t know exactly what your expenses are with your partner… her finances situations… kids? Etc… you have to break down your monthly expenses plus inflation for the next 30/40 years.

[TheMajesticKing777]

I don't know I'm too young to know anything about retirement but maybe it's a good thing but I don't know how it all works tho

[888theGreat]

Depends on how much they offered. You will be taxed to death on a lump sum. Inflation is going hyper.

[Kacey811980]

@888thegreat 80 percent of my salary and full health insurance coverage until im 67

[888theGreat]

Sounds like a loss to me. You would still need to work somewhere else. You would need $2 million to even have a chance of making it until you were 85.

[Kacey811980]

@888thegreat well I dont spend a lot of money either so I also have a lot of money saved up too.

[36FS45]

If it's something you can afford, go for it

[Kacey811980]

@36FS45 well I have a 401K plus they are covering my health insurance until 67 then it covers 60 percent after that plus I have saved a lot of money since I was young, I just worried about my Fiance is going say.

[36FS45]

You gonna discuss it with them first?

[Kacey811980]

@36FS45 yeah with her yeah her name is Shae. I got to consult my financial advisor. I also want to see if the plan will cover my fiance as well.

[36FS45]

Yeah, you gotta make sure it's gonna be enough to see you both into the future

[Nikki1989]

It's a great deal. I would go for it.

[Kacey811980]

@nikki1989 I am going too its a done deal. plus its what is best for my fiancé shae.

[Anonymous]

It depends of the terms of the retirement package.

[Kacey811980]

well its a 401K covers all my health insurance until standard retirement age plus I saved up lots of money since I was kid more than enough to live on.

[Anonymous]

That's a sweet deal, I say go for it. Take some time off and then find another job that could interests you.

[ArtemisSilver]

Take the money, then work elsewhere.

[In_Trance]

good in what sense?

[Kacey811980]

@In_Trance I get to keep 80 percent of my pay until age 67 and full coverage insurance if I accept this deal

[In_Trance]

What if you get another job?
Are there stipulations about that?

[Guardian45]

Depends. What kind of work do you do?

[Kacey811980]

@Guardian45 well im a hospital administrator and I make a very good salary

[Guardian45]

Then potentially it could be worthwhile

[RuthlessAggression]

No, it's not

[Kacey811980]

@ruthlessaggression why is that?

[RuthlessAggression]

I just don't

[Kacey811980]

@ruthlessaggression oh ok well I get to keep 80 percent of my salary and full health insurance until standard retirement. I think its a helluva a good deal

[RuthlessAggression]

I think it's pathetic to retire early

[Kacey811980]

@ruthlessaggression well I think its matter of personal choice, just you know i didn't ask for it, my boss offered it to me, plus I have a younger girl fiancé who has ptsd from trauma from domestic violence and human trafficking victim so I want to spend time with her and the people I love

[RuthlessAggression]

i don't care

[Kacey811980]

a little harsh dont you think?

[RuthlessAggression]

not at all

if you don't like it, don't ask the question

[Kacey811980]

@ruthlessaggression well I just want allow guys to answer from now on fair enough. I personally think you are jealous if I was in your shoes I would be sore too

[RuthlessAggression]

not at all

i think what you're doing is pathetic

[Kacey811980]

@ruthlessaggression thank god your in the minority then.

[RuthlessAggression]

don't like it, don't ask the question

[Kacey811980]

@ruthlessaggression I ask whatever question I like. whether you like it or not. let me ask this why is it so pathetic to retire early?

[RuthlessAggression]

if you don't want the answer, don't ask the fucking god damn question, you pathetic piece of shit

[Kacey811980]

@ruthlessaggression fuck you punk go harass another woman I am not your bitch

[RuthlessAggression]

Get off here you fucking bitch