We talked about it, but that's less than two years salary, and we want to see what the next six years will bring. We want to be financially ready when we both retire in 2014.
From what your dad says, so far, none of his friends have signed on, even though they all have their thirty years in. A buyout is exactly that--A BUY OUT.
The 140,000 is for any employee with 10 years or more who cuts all ties with g.m. They get what ever retirement benefit @ 62 that they have earned but no medical benefits, etc. If I were to retire I would get 45,000 and all my benefits. The money could be paid out lump sum or an annuity or in a 401k to avoid taxes. I would get 37000 dollars a year for my life plus the 45,000 dollars buy-out. But I am too young to retire now and I can earn 80,000 to 90,000 a year. My job if far too enjoyable and easy to give up. I just got the GMT 900 mid-cycle enhancement body-shop position,and it should be an interesting next 2 years.
3 comments:
We talked about it, but that's less than two years salary, and we want to see what the next six years will bring. We want to be financially ready when we both retire in 2014.
From what your dad says, so far, none of his friends have signed on, even though they all have their thirty years in. A buyout is exactly that--A BUY OUT.
Ed, you want to add anything here?
The 140,000 is for any employee with 10 years or more who cuts all ties with g.m. They get what ever retirement benefit @ 62 that they have earned but no medical benefits, etc. If I were to retire I would get 45,000 and all my benefits. The money could be paid out lump sum or an annuity or in a 401k to avoid taxes. I would get 37000 dollars a year for my life plus the 45,000 dollars buy-out. But I am too young to retire now and I can earn 80,000 to 90,000 a year. My job if far too enjoyable and easy to give up. I just got the GMT 900 mid-cycle enhancement body-shop position,and it should be an interesting next 2 years.
loVe dAd !!
congrats on the new "position" dad!! sounds like you'll be busy.
ryan
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