Are you considering taking an early retirement package?  Make sure to consider all aspects before making one of the biggest decisions of your life.  Here are a few question we would go over together to assess whether this makes sense for you at this time.

1.  What are the tax consequences of the package?

2.  Does the package include a lump sum severance payment? If so, will your client be able to roll this payment over into his or her RRSP as a retiring allowance?

3.  Does the package provide for continued extended health care or group life insurance? If not, what are the cost implications for obtaining private insurance?

4.  How do the benefits compare to the benefits that you would have received at normal retirement age?

5.  If the employer usually provides for a payout of unused sick-time upon retirement, is this still available?

6.  If you are a member of an Registered Pension Plan, does the package eliminate or reduce early retirement penalties, or will your pension be reduced for life?

7.  How will early retirement affect your retirement income? How soon can you begin receiving CPP and OAS benefits?

8.  What is likely to happen if you do not accept the package?

9.  What are the possibilities for obtaining another job, or consulting? Is this somethingyou even wants to consider?

10.  Are youpsychologically or emotionally ready for retirement? Have you considered what you are going to do to fill the time?

There are many things to consider. Make sure to visit us.  We can help you make an informed decision.