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The following article was published in our article directory on July 20, 2015.
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How Do I Evaluate an Early Retirement Offer?

Article Category: Advice

Author Name: Bart R

Many companies are being forced to cut costs just to survive. One of the most popular ways to do this is called "downsizing" or "rightsizing," which is corporate speak for laying off a large number of employees.

If you're fortunate and of the right age, you might be offered an early retirement package instead of just being let go. If you're not given a choice in the matter, you may at least get what's called a severance package (more about that later). If you are offered the choice of continuing to work or taking early retirement, be sure to carefully evaluate the package you're offered. Here are 10 things to consider in evaluating that offer.

Consider your company's financial health-- In other words, how likely is it that you will actually be able to keep your job if you turn down the offer.

Calculate the financials-- compare the financial incentives you are being offered to the benefits you would have received in retirement if you stay at your job. For example, a onetime bonus is not likely to be higher than if you were to work longer and have higher earning years factored in to your pension calculation.

Cover your expenses - when you take an early retirement, you need to plan on paying your expenses for 30 years or more. This means that a buyout offer needs to include enough money to cover your bills not just today but far into the future.

Make a counteroffer - if you are being offered a true early retirement package, there may be room to discuss its terms. One employment lawyer says he believes that almost every aspect of a retirement package is potentially negotiable.

Find healthcare - if you are less than age 65, try to ensure that your early retirement package includes health insurance. The sad fact is that almost everyone over the age of 50 has at least one health condition that could prevent him or her from buying affordable individual health care coverage. In the event that your employer doesn't include health insurance as part of your package, consider using COBRA continuation coverage, which will protect you for at least 18 months.

Factor in Social Security benefits - your Social Security payments will be calculated based on an average of the 35 years where you earned the most money. If you retire early, this means losing out on having another higher earnings year factored into that calculation.

Review what you are owed - before you sign a buyout agreement, make sure you are getting all the money to which you're entitled. Make a list of any money still owed to you in the form of bonuses or commissions. If you have unused sick or vacation time, make sure you get some compensation for it.

Consider your taxes - you may have a choice of taking your payout as a lump sum or as a monthly check. You should consult an accountant or financial adviser as to how this money will affect your tax liability so you will know which of these options makes the most sense for you.

Read the fine print - before you sign the contract, examine it carefully and if possible have an attorney look it over. You may find that you would not be able to work for a competitor or solicit customers from your company. You may also be required to waive your right to sue the company for commissions, overtime or discrimination.

Check out the job market - if you think you might have trouble finding another job with similar pay and benefits, it might be in your best interest to pass on the early retirement offer. You might actually be able to use that buyout money to move into a part-time job or a field of work you would find more enjoyable.

Most early-retirement offers include a severance package. This is an amount of money based on two factors - your annual salary and the number of years you worked at the company. Your employer might offer you one or two weeks' salary or even a month's salary for each year of service.

Try to make sure that your severance package will be enough to help you transition into the next phase of your life. Be sure to check out the payout options available. You might find you can take the severance payment as a single lump sum, which would allow you to invest the money to earn income or to meet large expenses such as paying off your mortgage. Or, you may he able to defer payments over several years to spread out the income and reduce your tax bill accordingly.

In the event you are downsized rather than offered an early retirement package, you may at least be given a severance package. In effect, you may be offered a severance package based on a "take it or leave it" basis.

Keywords: retirement,early retirement,retire,retiree,early retirement offer,financial planning

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