I am in a dilemma whether to agree to it or not.
9 replies (most recent on top)
My first thoughts are insurance. My package only included COBRA. So instead of like $300/month, it was like $1500/month.
Second is that any package $s will get normal tax. So assume you will only get two thirds (or so) after taxes.
Remember that if you get X weeks payout, you can't live that many weeks if you need COBRA benefits.
If you get "retired" then any options are still good. If you separate, then I think they expire immediately or within 90 days.
If you have a pension (and are vested) I think you cannot start collecting until 55. Now is the time to look into the pension analyzer and start thinking about what option/timing. You may get the option to cash out within the year after separation. With the market down now it may be a good time (consult a financial analyst).
Get any credit lines/credit cards, etc. set up now so you can enter in employment. After you are let go you will have to enter "0" for income. Not saying to go buy a lot of things, but have credit available.
Finally, think about whether you are locked into your location (house/schools). If so, check the local job market. You may need to think of selling home/moving depending on how long you can wait for a replacement job.
My first thoughts are insurance. My package only included COBRA. So instead of like $300/month, it was like $1500/month.
Second is that any package $s will get normal tax. So assume you will only get two thirds (or so) after taxes.
Remember that if you get X weeks payout, you can't live that many weeks if you need COBRA benefits.
If you get "retired" then any options are still good. If you separate, then I think they expire immediately or within 90 days.
If you have a pension (and are vested) I think you cannot start collecting until 55. Now is the time to look into the pension analyzer and start thinking about what option/timing. You may get the option to cash out within the year after separation. With the market down now it may be a good time (consult a financial analyst).
Get any credit lines/credit cards, etc. set up now so you can enter in employment. After you are let go you will have to enter "0" for income. Not saying to go buy a lot of things, but have credit available.
Finally, think about whether you are locked into your location (house/schools). If so, check the local job market. You may need to think of selling home/moving depending on how long you can wait for a replacement job.
My first thoughts are insurance. My package only included COBRA. So instead of like $300/month, it was like $1500/month.
Second is that any package $s will get normal tax. So assume you will only get two thirds (or so) after taxes.
Remember that if you get X weeks payout, you can't live that many weeks if you need COBRA benefits.
If you get "retired" then any options are still good. If you separate, then I think they expire immediately or within 90 days.
If you have a pension (and are vested) I think you cannot start collecting until 55. Now is the time to look into the pension analyzer and start thinking about what option/timing. You may get the option to cash out within the year after separation. With the market down now it may be a good time (consult a financial analyst).
Get any credit lines/credit cards, etc. set up now so you can enter in employment. After you are let go you will have to enter "0" for income. Not saying to go buy a lot of things, but have credit available.
Finally, think about whether you are locked into your location (house/schools). If so, check the local job market. You may need to think of selling home/moving depending on how long you can wait for a replacement job.
Take it because you can find something else and get your one year paid. It’s either take the voluntary or get prepared for involuntary .
Call the HealthyMoney line. Very helpful but a little painful now with interest rates rising
There is nothing to consider, neen there done that. Take it! I did during the last VRP on 2020
My pension was frozen in the early 2000s.
If you're over the age of 57, have a sound financial plan and are going to be bridged financially until the end of 23 you have to ask yourself just 1 question.
Would you have to find another career. If there is no chance of that then take the money, freedom and memories with your loved ones.
The Pension payouts are lucrative, we are the last of a generation right place right time. If you are frozen or not this is a lottery ticket we can cash now.
It depends what the elements are and when you originally planned on retiring.
How many weeks pay as incentive to exit?
How long is medical extension?
All pension payout options still available?