Retiring to Lock in Benefits
June 28, 2009 by Stephen Kersey
Filed under Finance
With many organizations, agencies and government entities around the United States trying to save money, retirement benefits have often been on the chopping block. As a result, many employees have decided to retire to lock in the previous benefits.
Examples can be seen across the country. In the National Football League, a few members of the Indianapolis Colts’ coaching staff decided to retire to lock in benefits.
Another example can be seen in the city of San Diego, California. According to a recent report, in excess of 600 employees for the city have decided to retire this year. The yearly average in the past has been around 200. But with cuts to the the retirement pension and the retirement medical benefits forthcoming, many city workers have decided to get out now.
If you are in a similar situation, make sure to closely consider your options. If you are facing significant cuts if you don’t retire, a lot of times it makes sense to lock in those benefits. But in this economy, the security of a well-paying job might trump other concerns.
Retirement Benefits (Image: Flickr)
