In recent months, many companies have been struggling with numerous aspects of their business due to the economic hardships caused by the pandemic. This situation forces businesses to look for creative ways to cut costs, and one of the methods that companies may use for this is offering early retirement for some of the employees. In today’s episode, we explore what to do if you receive an unexpected early retirement package and how to look at the offer objectively and make a pragmatic decision.
[01:39] Cutting Costs – Why companies are starting to offer more and more early retirement packages for employees and how the legal aspect of employment comes into play.
[05:19] Unexpected Decisions – For most people, an early retirement package may come as a surprise, and it may become a difficult and emotional decision that you have to make in a short period. Grant shares his thoughts on how you can approach the issue to make a wise decision.
[08:13] Analyzing the Offer – How to analyze an early retirement offer and quantify its benefits.
[11:10] Retirement & Health Benefits – How an early retirement offer may affect your workplace retirement benefits and your health benefits.
[14:29] Financial Plan – Another crucial factor to consider when making this decision is how early retirement might impact your cash flow. Grant shares his thoughts on how to analyze your cash flow before making the decision.
[16:48] Turning Down an Early Retirement Offer – Potential changes that may happen in your workplace if you decide to turn down an early retirement offer and how to prepare for them.
[19:57] Life After Retirement – Grant shares his thoughts on how to keep your financial stability and manage your time effectively after retirement.
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