After you’ve been working your entire adult life, when a company presents you with an early retirement offer, it seems wise to take it. It can even be tempting if you’ve been planning to get out of the job for some time. But you should never accept an offer without first carefully reviewing your options.
Many people dream of early retirement, but the decision to take it can be a complicated one. There are both emotional and financial considerations to evaluate. There is a psychological impact of early retirement. If you are not fully prepared to transition from your full-time job to a more leisurely schedule, the adjustment can be challenging. You can even face more health issues as a result.
Experiencing mental health problems like anxiety is extremely common for someone who has not planned for the transition from working to early retirement. This is why it’s beneficial to determine whether or not you are psychologically ready to make the jump from your job to being retired sooner than you anticipated. Breakdown the offer that you were given by your company to determine whether or not it is worthwhile to retire early. The offer should include a breakdown of this important information and you are in particular interested in any post-retirement medical insurance and a severance package.
Compare the severance package provided by the company to the earnings you would make if you stayed employed. Since Medicare coverage does not begin until you turn 65, you will need to have health care insurance that will protect you from your early retirement until your 65th birthday.
Ready to talk options? Then it’s time to call a Massachusetts estate planning lawyer to discuss more about your retirement and your estate.