I went to the presentation about the early retirement offer yesterday. I don't yet have my individualized packet which would detail my payout offer, but here is what I have figured out from what they said:
I would get a cash payout of $10,500. I would get another $12,000 to go toward medical insurance, but it would not be designated in any way. In other words, it would be on me to set up my own plan. They would also put an extra $525 into my retirement fund.
Since my monthly medical expense would only be $108 per month for a Medicare supplement, the $12,000 certainly sweetens the pot for me.
On the loss side, I would have to quit on June 30, therefore losing six months of income. So it's basically a $22,525 gain and a $21,000 loss. Almost a wash. BUT -- I would have the luxury of quitting six months earlier for basically the same benefit.
I think I'm going to go for it, if the packet actually comes up with the same numbers.
My numbers are low, because my length of service here is short. Others will get much bigger payouts.
They are only letting 25 people do this, and 79 are eligible. If more than 25 apply, they will make decisions based on the financial welfare of the College and the needs of the departments. Since my payout is so low, I figure I might be one of the chosen.
Freedom in July???? Mind-boggling!
Okay, I may retire early after all!
January 29th, 2015 at 02:13 pm
January 29th, 2015 at 02:18 pm 1422541095
Wow! How exciting to have the chance to ponder that opportunity! Good luck in your decision!
January 29th, 2015 at 02:30 pm 1422541817
January 29th, 2015 at 04:11 pm 1422547905
That's great that you'll probably have a reasonable option to consider. Maybe your personalized offer will be more than just a wash
January 29th, 2015 at 04:54 pm 1422550496
Since your payout is so low, you may be LESS likely to get chosen. Your retirement will have less of an effect on the budget than an expensive employee, so the expensive employees may have a higher priority.
For me, time is more important than money. Not having to commute through the traffic and bad weather and spending the six months of my time on what I want to do would push me toward taking the offer, unless there was a large financial impact. I would ask a lot of questions, but I would probably sign on the bottom line if the impact were small.
January 29th, 2015 at 05:01 pm 1422550873
You may be right that I am less likely to be chosen. Maybe there will be fewer than 25 who take it!
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