This week’s theme is: Early retirement offers - what should you do if this happens to you?

Today, I’m talking about weighing the complex decisions of early retirement offers. As I discussed throughout the week, determining whether or not you should accept an early retirement offer is not an easy decision for most of us and it’s something that should 

I hate to be the bearer of bad news, but when you’re in your late 50s and early 60s, you just don’t have the same opportunities to move into a new career or move across the country or just be flexible in general about work, the same way you might have been in your 20s or 30s. The decision to work and your ability to work later in life has serious implications for your long-term retirement success. 

So we need to get this decision right if you’re faced with an early retirement offer. So let’s bring this all together and discuss all the different aspects of an early retirement offer to consider: 

• First of all, you need to determine if you can afford to take an early retirement offer, and if you can’t you’ll need to weigh the likelihood that you could get let go later anyways and make a plan B
• How will your early retirement offer impact your money - mostly your health insurance, social security, and your retirement savings. I talked about that at length earlier this week but you’ll also want to understand the impact of early retirement on your pension if that’s part of the deal too
• And then if you do accept an early retirement offer, would you retire? Would you work part time or try to find another full time job? Are there job opportunities in your field or would you need to change careers? No easy task late in career. Or perhaps you have expertise in an area where consulting work is in high demand.
• Most of us don’t plan on early retirement - after all you are still working when you receive the offer, so it’s important to ask yourself are you ready to retire - not just financially but emotionally as well. Moving into retirement is one of the most important transitions you’ll make in life. It will completely change your daily routine and how you spend your time. You’ll need to make sure you’re really ready to retire and make some plans for how you’ll spend your time in retirement so you don’t become bored or depressed after the initial honeymoon period wears off. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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