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Because of significant shifts in our economy due to COVID-19, Honda of America has announced an early retirement buyout option. There will likely be many more companies following suit in the next year.
If this email doesn't directly apply to you, please feel free to forward it to someone you might know who would benefit from it.
This isn't cause for alarm and it is not the first time that large companies have offered buyouts to their workers. This is one way for companies to reduce labor costs and still be competitive in the market. Whether or not it is beneficial to the worker really depends on their personal situation. That's where we can help!
Honda of America recently announced early retirement options for many US workers nearing retirement. This seems to be affecting workers at all skill and pay levels, as well as at all US locations. The terms of the buyout have been distributed to those affected.
If you or someone you know has questions or would like someone to help assess your options, we would be glad to have a conversation with you. The 'buyout' will be good for some and perhaps not as good for others - depending on your situation, your age, your plans for alternative work after retirement, etc. This isn't a cookie-cutter decision and we believe we can help you understand your options.
Is Early Retirement for you?
This link is for a video from our website that talks about some of the pitfalls of retiring early. However, if you receive a buyout offer that compensates well for leaving early OR if you are willing to find alternate work for a few years OR if you've saved well and planned for retirement, you might be able to take the plunge.
We have experience in helping people navigate AND understand their choices and we offer a no-pressure environment. We will help you understand how much income you can generate from the buyout offer, from your 401k or other investments, and whether it is advisable to accept the offer.
Contact us if you'd like to have a conversation!