So this may depend on your length of service, mine is 37 yrs but here is a question, where is the incentive vs a layoff?
VRIP Layoff
Lump Sum 1 week/yr 1 week/yr
Pension Base Base
Supplement Till 80% SS Till 80% SS (was told by Pension help desk it's the same)
Healthcare Same Same
So for some of us, taking early retirement is the same as laying ourselves off. Am I missing something?
After 37 yrs you should be in a position where you have substantial equity in your house, a healthy savings and investment portfolio and a generous pension entitlement that you don't need to worry about a few thousand here and there. It's more important to consider how you want to enjoy your retirement away from the shackles of an employer. You've earnt it.
I took a VRIP in 2016 and never looked back. You've probably already done this, but my decision was made easier because I maintained a spreadsheet with various age scenarios (Social Security at 62, 67 or 70) plugged in the numbers for different ages with all sources of income for my spouse and me and weighed against expenses. When the VRIP was finally offered, my decision was on the spreadsheet. Best wishes to you!
I took a VRIP in 2016 and never looked back. You've probably already done this, but my decision was made easier because I maintained a spreadsheet with various age scenarios (Social Security at 62, 67 or 70) plugged in the numbers for different ages with all sources of income for my spouse and me and weighed against expenses. When the VRIP, the decision was on the spreadsheet. Best wishes to you!
You should be comparing vrip to voluntary retirement, where you get nothing but your standard package (2 weeks notice versus 37 weeks). Take the money. Don’t assume you will be layed off