Woul you walk away from job if.....?

[riptides]

Your current employer offers you continued health benefits for two years, and serious cash in your retirement funds equal to your "dream" number?

I see the job market sucks,
I see the economy NOT getting better.
I see three or four possible, probable NOT job offers.
I see a salary hit on a NEW job.

If you stay, your prospects for continued employment are like everyone elses, business shifts, you know.
If you stay, your salary and benefits will most likely stay the same, business sucks, you know.
If you stay, you can plan on being the fire-fighter, hot-spot fixer, cog in the machine, A-team, fly-team leader, jack-of-all-trades, master of none, you have always been. You may not get shot at anymore, bombs and IED's, well part of the job, you know......

Based on yesterdays economic/GLOBAL news...... my glass is 1/2 full, and is looking like it needs another ice cube.

What says the old guard and newbies of TBN. Would you DO IT?

 

[joemd11]

Wow, sounds tempting but still a tough call for sure. My concern would be the health insurance. After that 2 years is up, will you be eligible for medicare or will you have to buy it yourself? I hear it can be pricey unless you just get a policy covering catastrophic stuff. You should probably be talking to a financial planner if you are not doing so already. Good luck in making the decision. I hope you can swing it.

 

[newbury]

How close to retirement?
How much do you need to support your family versus what you can positively take in?
I walked almost a year ago with a "promise" of being rehired as a retired annuitant. Then they cut out all retired annuitants. Glad I was not depending on the extra $$.

 

[ddobson]

Usually the first offer like this is the best one they'll offer if you are looking to jump ship.

 

[smstonypoint]

My concern would be the health insurance. After that 2 years is up, will you be eligible for medicare or will you have to buy it yourself? I hear it can be pricey unless you just get a policy covering catastrophic stuff.

I'm with Joe. Even if you are (or soon will be) eligible for Medicare, you would want to purchase a supplemental Medicare policy for expenses not covered by Medicare. Medicare Part B is $99/month, but the supplemental policies can be pricey.

The SCOTUS is supposed to rule on Obamacare in the near future, and the Court's ruling may influence your decision. (NB: I'm not making a comment one way or the other on Obamacare.)

Good luck.

Steve

 

[Carl_NH]

Friend of mine got his offer last year and took it from a major food Co. got multiple years of severance pay plus unused vacation time, and medical coverage to retirement age (8 years away).

He took it and started a business and is doing well. From my perspective with 10 years to retirement age, a package like you mention with a healthy retirement fund deposit I would do this and start a business and set aside some of the funds for medical insurance.

I would not expect to land another job easily and most likely at a lower pay scale than the present.

 

[MoKelly]

Wow, sounds tempting but still a tough call for sure. My concern would be the health insurance. After that 2 years is up, will you be eligible for medicare or will you have to buy it yourself? I hear it can be pricey unless you just get a policy covering catastrophic stuff. You should probably be talking to a financial planner if you are not doing so already. Good luck in making the decision. I hope you can swing it.

Very smart advice. Very smart. Health Care is the one area that can really really hurt you financially in retirement. Make sure this is buttoned down before making a decision --- especially if you or a family member has a "pre-existing condition".

MoKelly

 

[Oaktree]

Your current employer offers you continued health benefits for two years, and serious cash in your retirement funds equal to your "dream" number?

Would you DO IT?

I guess a lot depends on how much you "need" a job (both financially and mentally-ie the need to feel "useful").

I'm in a similar situation where my services may not be required after this fall...don't anticipate any severance even approaching the generosity of what you're being offered though. If I were in your shoes I'd probably take it.

 

[bucktaker]

real question is what is yout current age and planned retirement date? Is this a military early retirement?

 

[2LaneCruzer]

You don't give us much to go on, but I'll take a crack at it. The buy out sounds good; you'll really appreciate it when you reach retirement age. If it were me, and I was not yet at or near retirement age, I would look at my options during the interim. If I concluded that I could survive, I would probably take the buy out. Surviving, of course, would depend on whether you and your wife or partner, if you have one, are or would be employed; if you could opt in on her insurance, and if you have sufficient funds/income during the interim. The simple bottom line is financial.

There are other considerations that are pretty important too: If you have several years before retirement, and you find yourself left without employment, you need to think SERIOUSLY what you will be doing with your time during the interim. A man who has worked all his life for the other person will face a dramatic change in routine...washing windows, trimming trees, bushes, fertilizing the lawn and making cutting boards will only occupy you for a few months. You can slip into a depression of sorts, and that's not good. I would consider some sort of self employment, as much to keep busy as for income.


Even though the economy is bad, some jobs are more plentiful than others. I see you are in Information Technology; that has been a good field in the past; I would hope it still is...maybe a state or local government job? They can be very rewarding!

Oh, one more thing. Sometimes the grass always looks greener; if you really like your job, that is an important consideration. I have had 4 major jobs in my career; the first one was good, the second bad, the third was by far the best (in terms of what I did and the professional freedom I had; money not so much) and the fourth was horrible...the point being, if you have a job you really enjoy, you may want to stick with it...the next job may really suck!

Sorry to carry on so; good luck with whatever decision you make.

Dennis.