If you are a Ford employee, should you take Ford Motor Company’s early retirement buyout, or keep working? The last time Ford offered an early retirement incentive program, out of 89,000 employees, only 1,000 employees took the company’s package.
The question you need to ask yourself, before taking Ford’s offer is, can I retire? Ford’s current early retirement package is a bit complicated. The amount of the package varies depending on age, years of service, and includes a $25,000 car voucher. However, some Ford employees, could be eligible for $70,000 as part of the early retirement package.
Now $70,000, is not a lot of money for retirement, and no Ford employee can retire on just the company’s package alone. $70,000 translates into only $230 in monthly retirement spending. However, what if you are already in a position to retire, $230 per month could pay for your utility and cable bills in retirement.
You need much less savings to retire than you’ve been told. Financial planners, and online retirement calculators, use a guess (80% of your salary) to calculate how much savings you need for retirement. Your salary is irrelevant, when it comes to retirement planning, how much you spend in retirement is what counts. Early Retirement planning calculates how much savings you need for retirement based on how much you plan to spend in retirement. A much more accurate method that gives you, not your salary, control of your retirement savings needs.
If you are a Ford employee, find out how much savings you need to retire by trying our free retirement calculators, before you reject the Ford early retirement package.
Ford Motor Company’s early retirement package, at first glance, may not seem like enough money to choose retirement. But when combined with your net worth, any possible pensions, and Green Retirement planning, it may be enough to help you retire today!
2 responses so far ↓
1 Review Satisfaction // Apr 29, 2011 at 1:10 am
Ford took a stand when they downsized, If the Union wasn’t there protecting the workers they would have nothing just like all the other Americans that had lost their jobs too.
WHY? Maybe it could be all the rotten leadership and government of the USA.
We must take a stand now before it is to late. Social Security? That we all paid into to help us along for retirement? It looks as if that may fail us too.
I f everything continues the way it is going for all of America then we better cash in on the” “American Dream” that the United States government is stealing from us.
Take a Stand for America!!
Reviewsatisfaction.com
2 j phil geyser // Jun 19, 2011 at 9:10 pm
I am retiring from ford and I still don’t know how much I will get or when…. I have talked with several people with the retirement plan and now know less than I knew before. The are now leaving messages on my phone about my marital status. I want to give my single status to them but the system won’t let me in with my id and password. I don’t knw what to do and need the moneyl Also, I asked for info on the A plan for retirees…… Nothing has been mailed so far and that was a month ago. HELP.
Leave a Comment