NGC retirement advice wanted

[fotoguzzi]

My company CBS inc is offering buy outs to anyone who's age and years employed adds up to 80 which I qualify with ease. I'm 65 with 30 years in. Terms are 2 weeks pay for every year worked so 60 weeks for me. They would continue to pay regular checks thru that time period and I would stay on same health plan which includes my wife. After that I go on Medicare. Plus I'd get lump sum covering vacation time that might be about 8 weeks.
I have a meet tomorrow with Human Resources guy at work. What questions should I have for him?
The biggest negative I can see is once taken I could not ever be employed there again, I had hope I could work as a freelance or contractor like some other retirees have done but that's not allowed now.

I feel like I'm forced to take the deal because if I don't then retire in a year or two the offer isn't there.

I've had a taste of retirement since Jan 3rd when I had surgery on my wrist and elbow. Been sitting around home with my arm elevated for 6 weeks.. I'm not a sit around kind of guy so probably need another job at least part time, especially after the 60 weeks runs out, my 401k is not that big. The vacation has been nice, didn't have to go anywhere during the polar vortex and now during Feb when we already got over 20" of snow in just 2 weeks. So that's been nice.. wife jokingly says we'd need marriage councilling if I don't have a job

Interested in your feedback... and suggestions for good paying part time work. Thanks!

[Loop Tonti EV]

If you want my opinion I'll quote Steve Miller; "go on take the money and run"

[oldbike54]

 Ask if you can work as a freelance contractor after signing the deal , technically you wouldn't be an employee , have known people who did exactly that .

 Oh , who says you must sit around after retiring ?

 Dusty

[dxhall]

The question I'd be asking myself is -- if I don't take the buyout, for how much longer will I work for CBS?  If the answer is "only a year or two," then not taking the buyout doesn't make much sense. 

[yogidozer]

I'm sure you have other interests that you are now free to pursue.
Volunteering is also an option. So many possibilities doing that.
Then there's the outdoors. Hiking, camping, trail maintenance.
Hobbies you've wanted to try? Fly fishing, mountain biking, skiing, the list goes on.
I'm sure your wife has a million projects lined up.
Or get an RV and spend quality time with her.
Good luck, enjoy yourselves 

[RinkRat II]

 
    Not knowing your financial situation Ill just throw this out there.  Take the money and pay off any debt, roll the rest into a roth IRA with index funds, live off social security and your 401 till you find your freelance gig. Obviously you love what you do and can probably find something related part time.  Good Luck Foto!

       Paul B

[sdcr]

As a longtime print media employee, if I was offered that package, I would probably accept it.

 I am a few years younger than you, but have almost the same tenure. The company that purchased my company a few years ago, has not offered any buyouts in my department (yet). Other departments, news reporters, circulation departments  were recently offered 3 days pay, for every year of service and Company medical paid for three months. Actually, they were not offered, but asked to leave, and given that severance package.

[JJ]

Take the buyout NOW...and don't look back.   30+ years is more than enough working for ANY company.  It might not be there in 1-2 years, and then you will regret it.

I just retired last August on my 64 birthday...and starting collecting Social Security.  No regrets.  Plenty to do. 

Besides, how much longer do you think you have left on the planet?  The answer is, at 65, maybe 15-20 good quality years, then, it's all over...

Good luck to you!

[Vagrant]

The second buyout will suck! Grab the $ and ride!

[sdcr]

I think JJ nailed all of the important reasons.

Take the buyout NOW...and don't look back.   30+ years is more than enough working for ANY company.  It might not be there in 1-2 years, and then you will regret it.

I just retired last August on my 64 birthday...and starting collecting Social Security.  No regrets.  Plenty to do. 

Besides, how much longer do you think you have left on the planet?  The answer is, at 65, maybe 15-20 good quality years, then, it's all over...

Good luck to you!

[twowings]

Do it....become a full-time motorhead! 

[pebra]

This sounds like a very good offer to me.
When I was 65 I probably wouldn't have accepted it, however (I did when I was 68   ).

My point is, if you like your job and had planned to work for several more years, I wouldn't let this offer rock the boat.
In my opinion there's a value in staying in a job you like  -  interaction with colleagues and clients, and probably good for the wife, too.

[dlapierre]

I've always maintained that the work ethic is a terminal illness. Once infected with it, the drive to remain useful never goes away. That's what I'm hearing from you.
You have accrued skills. Everyone does, after a time. They can be transferred elsewhere. You just have to find where.
For me, volunteering here and there has developed into earning opportunities from time to time. And, its enlarged my network of ever more interesting people to get to know.
Do that, and you'll soon wonder how it was you had the time to actually work for a living.

[fotoguzzi]

interaction with colleagues and clients,

I'll definitely miss that, there is such a huge variety of people working in the news business.. I could probably still find some freelance through some of them.

Ps, my dog says, take it and run!

[Perazzimx14]

By the age of 65 I am hoping that I'll close to a decade of patial/retirement behind me. While I like what I do I'm not working one day longer than I have too. Life's too short and too many unridden roads.

TAKE THE MONEY and thumb your nose at all of us still setting the alarm clock.

[Cam3512]

By the age of 65 I am hoping that I'll close to a decade of patial/retirement behind me. While I like what I do I'm not working one day longer than I have too. Life's too short and too many unridden roads.

TAKE THE MONEY and thumb your nose at all of us still setting the alarm clock.

Amazingly, I find myself agreeing with Lance lately, so he must be right!

[Perazzimx14]

Amazingly, I find myself agreeing with Lance lately, so he must be right!

Was it the beef jerky thread that finally brought you around?

[Cam3512]

Was it the beef jerky thread that finally brought you around?

HA!  Yup, the title.

[Perazzimx14]

HA!  Yup, the title.

Just watch what you say Chuck In Indiana is supposed to be jerking his beef later tonight or tomorrow.

[Chuck in Indiana]

Just watch what you say Chuck In Indiana is supposed to be jerking his beef later tonight or tomorrow.

This is true.. and the point is.. I have *time* to jerk some beef.  I quit punching the clock at 47 with 30 years service. (!) That doesn't mean I haven't done other things besides what I was doing for "work." Some are related.. I've run my own machine shop for 30 years, too. Retired from that. Some are not.. but there have been many things. By this time, I've almost forgotten what "work" is like. Retirement is the best job I've ever had.

[Chuck in Indiana]

Retire?
I hated it but then what I did was not work to me...so back at it.

So it you do "take the money and run"don't quit working at something..ever.

Find something you have enthusiasm for and work at it......if you don't you may find that life without purpose is a dead end.

It needs to be something with commitment otherwise it will be to easy to just quit. A goal is required.

My .02c

That is my point, too. Mike hit it right on the head, there..

[Lannis]

I've taken two severance packages in my career, and I can tell you that the one you're being offered is a good one!

I'd take it and run.   DON'T worry about whether you might be "sitting around" after you quit working for a paycheck.   Do worry a bit about how it's going to affect your wife's daily routine, even if you're not bugging her all the time; talk it over seriously.

I started taking my Social Security payout at age 62, the minute it was available (I retired at 60).   You're waiting longer and will have a bigger check, all in your favor.

Deal of the century.  Go for it!

Lannis

[mjptexas]

I'm just into year two of retirement.  I should have listened to Lowryter and retired a couple of years earlier.  Now, I was pretty tired of what I was doing, and had a decent 401k. 

The first buyout offer is ALWAYS the best.  Once you are on the list you never get off.  Sooner or later they will run you off.  You are the only one who can determine what the trade-offs are.  But if it was me, I'd take it!

[GearheadGrrrl]

'CCO is a great place to work, heck, it's a legend. But no point in hanging around till they carry you outa there.

[John Croucher]

You have lived longer than you are gonna live. Take the buy out and enjoy the few years you have left.  One thing money cannot buy, time. 

You will find you have more to keep you busy than you can think of.  I am retired and work every day at something. Just completed three 12 hour days working on investment property.   Give back and mentor young people.  It is very fulfilling. 

I will be 60 in a couple of months. 

[xackley]

I retired the day I turned 62. Looking at pensions from  boilermakers and county, with reduced tax rates for retiree's, I have more spending/saving money than when I made an honest living. And there are more projects at home to keep busy with, when I get the urge, than I will ever finish. Jeep, motorcycles, guitars, camera, and traveling a month or so each year provides a lot more entertainment than a 9to5.
I sold my time and talents until I didn't have to, and have no regrets.

Don

[Gliderjohn]

Go for it! Retirement can leave you with so many options. I had a really great job in many ways but it took me about 10 miles on my final drive home from my job to adjust and have not looked back after 3.5 years. Stay physically and mentally active and continue to interact in the the world in whatever ways that work for you.
GliderJohn

[LowRyter]

My company CBS inc is offering buy outs to anyone who's age and years employed adds up to 80 which I qualify with ease. I'm 65 with 30 years in. Terms are 2 weeks pay for every year worked so 60 weeks for me. They would continue to pay regular checks thru that time period and I would stay on same health plan which includes my wife. After that I go on Medicare. Plus I'd get lump sum covering vacation time that might be about 8 weeks.
I have a meet tomorrow with Human Resources guy at work. What questions should I have for him?
The biggest negative I can see is once taken I could not ever be employed there again, I had hope I could work as a freelance or contractor like some other retirees have done but that's not allowed now.

I feel like I'm forced to take the deal because if I don't then retire in a year or two the offer isn't there.

I've had a taste of retirement since Jan 3rd when I had surgery on my wrist and elbow. Been sitting around home with my arm elevated for 6 weeks.. I'm not a sit around kind of guy so probably need another job at least part time, especially after the 60 weeks runs out, my 401k is not that big. The vacation has been nice, didn't have to go anywhere during the polar vortex and now during Feb when we already got over 20" of snow in just 2 weeks. So that's been nice.. wife jokingly says we'd need marriage councilling if I don't have a job

Interested in your feedback... and suggestions for good paying part time work. Thanks!

the two things that concerns me:

1. " 401K not that big".

2.  No mention of pension.  Can you live on Social Security?

[John Ulrich]

interaction with colleagues and clients,  I'll definitely miss that, there is such a huge variety of people working in the news business.. I could probably still find some freelance through some of them.

I missed that for about a week then got busy in "retired life" and have not looked back.  Freelance is the key.  Make your own hours, do the "gigs" you like.

[Rough Edge racing]

 Retirement? just do it,don't over think it...I retired at 56  on the spot with little to no thought about it..I then started a one man electrical contracting shop to bring in a few bucks using my experience gained from working at the trade..At 65 you can collect SS and Medicare, do it now ,tomorrow may be too late...