Early retirement buyouts have been around along time, but more so now than ever. There are things to consider before taking an early buyout.
You’ll want to think about if a buyout is the best financial choice for you now and down the road. What does your spending look like, your living expenses, and outstanding loans? How close are you to retirement and will you want to get another job and if so, what are the prospects of getting another job? Of course, turning down an early-retirement offer is no guarantee you’ll keep your job, either.
Whatever you may be offered be aware you can negotiate. Read the fine print and don’t be afraid to go to someone like me to go over the details.
The best buyout offer is one that can bridge the gap between now and when you want to be able to retire. If you get a lump sum buyout offer, you’ll want a plan of what you’re going to do with that money.
The longer you wait to take Social Security you increase your benefit by about 8% a year. If you take your benefit at say 62 you’ll lose 30% compared to waiting until your FRA full retirement age. You have to consider inflation, health care costs, taxes, cost of living, the list goes on.
If you want assistance with an early retirement buyout call for an appointment 320 679-5183 or go to yoursafemoneyshow.com.
No comments:
Post a Comment