Retirement Incentives: Should I Stay or Should I Go?

Is there an incentive offered by your employer?
“Should I consider it? Does that incentive make sense for me? What are the conditions of the incentive?”

Incentives to retire can start an employee planning, move their plan along or help an employee leave the workplace.

Incentives are offered by an employer to either save money and jobs or change the culture of the workplace. There are many types of incentives. Incentives cost the employer money whether they are state or locally sponsored. You should be ready if one is offered.

The most common type of retirement incentive in schools is a cash offering. The offering can be based on many criteria: sick days, dollars per years of employment, percentage of salary, lump sum paid over several years or reduced payments for retiree health insurance.

The employer dictates whether or not to offer the incentive and what it will be based on because that incentive must make fiscal sense for them.

An incentive must make sense for you, too. Fully examine the offer before you decide. Always remember, emotion and economics.

“Do I really want to leave? Can I afford to leave? What happens if I stay”?
If these are your questions, this may be the time to talk it over with a consultant.
Hank Sessa NYS Retirement Guide