I've been anxious to retire for quite some time now. The problem is that so many influencing factors have changed making the decision more difficult than one could imagine.
My daughter has extended her education requireing me to provide her with Health Insurance for at least an extra two years longer than I had planned. (She's due to recieve her Masters this December and has no job prospects as of yet) My company is rapidly eliminating all retiree benefits, including access to affordable Health Insurance which I desperately need for my wife until at least 2017. The list just goes on and on.
My employer is going through bankrupcy proceedings and has just offered us an opportunity to take a buyout. Here's the situation...
* I am fully retirement eligable and I really hate the hours I'm working.
*There is a buyout plan available through the end of 2012 that will net me an extra year's pay if I leave now, payable as an individual annuity spread over several years.
* My 401K has reached my goal level and is ready for investment.
* It is fairly certain that the company will eliminate all retiree Health Care benefits within the next twelve months.
*My retirement income will be less than 50K per year.
* I don't have any marketable skills for this fast paced digital world but I do hope to find at least a long term part time job to help offset Health Insurance costs, a job that I can commute to by bicycle of course.
The big advantage to leaving now is the extra year's pay. I have until the 19th of this month to decide if that extra cash, payable only as an annuity for now, is worth the leap into the great unknown. I was hoping for the opportunity to make this decision before the current buyout plans expired at the end of 2012. Now that my wish has materialized, I'm scared to death that I'll make a poor choice.
I looks like I'm going to have to pedal home the long way this evening, I gots a lot of thinking to do!!