This assumes no voluntary beforehand or a voluntary that's a non starter. I know the Involuntary policy states that's not allowed but anybody thinking of putting their hand up anyway to see what happens? Anybody so fed up with their job or not happy with their newly assigned duties, job, or supervisor and can't get out?
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I am retiring in 2 months and going with lump sum. I didn’t go with the pension because I don’t have any faith in the longevity of the company.
If your thinking about lump sum retirement in the next few months don’t forget to consider the interest rates. As they go up the lump sum goes down. If you have over 30 years it works out to about an $80k drop for every 1% increase in rates. Although that will vary based on your annual pay.
Everyone is different and has different financial needs. Healthcare is a big cost so wait until you are 65 or make sure you budget for higher costs. Lots of good books on retirement these days. Buy a few and read. Meet with a financial advisor. Run the numbers. Do a basic worth statement. Jump in. If you have skills you can always work again if you need to.
For retirement, meet with a financial planner. There are many aspects to it, such as retirement vs. lump-sum; Social Security considerations and of course, medical. The medical is the toughest part of the equation, so start educating yourself on your needs and of course, your family's. If you have a spouse who is in his/her 50s, you will need to cover insurance until Medicare kicks in. How will that be funded?
If you are getting just the 401-k plan, how will that payout? Do you want an annuity, in times when interest rates have been low? Perhaps not. Interest rates are rising, so it may not be worth locking your money up "forever" in one. I have a 401-k plan which is well-funded, but the question is, how much will you need to take out? I like the 401-k plan, since I can take out what I need when I need it. Since I come from the finance side of the house, I figure I can at least blunder through it. For those of you that are thinking of leaving F, figure out what your market-value is outside of F. Some of you are quite marketable, others are historically-tied to F processes and procedures, which may not be very much in demand outside of the F "family". My two cents.
If you are retirement eligible and looking to take a lump sum, be very careful with a voluntary that separates you Dec 31.
Involuntarily started today, at least at the agency level.
We just went through a VSSP. Then next play in the playbook is involuntary separation.
I will gladly leave if they offer a voluntary separation package. I have had enough.
I think management would prefer people volunteer. better than having to Suprise someone and deal with the emotional factor.