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Do Your Retirement Planning

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Joined: 13 Feb 2011
Posts: 6

PostPosted: Thu Mar 30, 2017 12:44 pm    Post subject: Do Your Retirement Planning Reply with quote

My wife, age 62, recently received an early retirement offer from her employer. As these usually work, she had very little advance notice that this was coming and only a 3 week period in which to evaluate the offer and submit her decision. She is an executive and has a very complicated salary structure including stock options, deferred compensation, stock purchase plan and a pension and a 401k. She is very consumed by her work and hasn't paid a lot of attention to retirement planning. When confronted by this offer, her first response was to think that I'm not ready to retire and the company just wants to get rid of all the older employees so they can bring in lower paid younger ones. Having had experience in these matters, I reviewed the offer and I thought she should seriously consider it. She wanted an outside financial adviser to evaluate it first before making a decision. I called a fee-only adviser and explained the situation. He knew what we wanted but said that his firm needed to do a complete financial workup and it would take at least 5-7 weeks and cost between $2500 and $7500.

The point of this post is that you need to be prepared ahead of time to make retirement decisions on short notice. These early retirement offers are becoming more common and often come out of the blue with little warning. Even if you reject the offer, it may be an indication that there will be a reduction-in-force after the early retirement offers are processed. It's possible that you may have to make a retirement decision even if you don't want to retire yet.
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