I said yes because that’s pretty much what I’m doing this fall anyway. If you meant forfeit your pension, then I have to say no.
That’s not a bad point. Depending on your situation, you might find your “Year’s worth of income” is significantly less if you’re paying insurance out of pocket, even with COBRA (since your employer stops paying their portion)
Nope. It’s all about retirement at this point. I’ve been at the same employer for decades now and have to both reach a certain magic age( which I can now see glinting on the horizon )and put in enough time to make it financially workable. Ask me again in 5 years and my answer might be different, but right now I’d be kind of screwing myself.
No, I like my job, it’s a desirable position at a senior level, and those kind of jobs are thin on the ground. A year off would be lovely, but I’d struggle to find a job as good after that.
You know what, that’s actually a really fair point. While I am intellectually aware that in the US health care and employment are joined at the hip, I have never directly experienced it, and thus I should admit that it didn’t even cross my mind when considering this hypothetical. It doesn’t change my answer, but it does give me some context for other peoples answers that makes a lot of sense, so thank you for your response.
I’d take it, it would allow me to finish off getting my degree as a full time student rather than taking 1-2 classes per semester piecemeal in-between my work schedule. I can finish and find a job in my new career field much quicker this way!
These go to the point I immediately thought of when reading the OP. A year of salary does not, in many cases, equal a year of compensation. For people who have benefits, salary accounts for only about 66-75% of total annual compensation. One has to factor in one or more of the following: health and life insurance, PTO, 401k match, discount employee stock purchases (ESOP), pretax flex spending plans, etc. For me, a year of salary would equate to about 8 months of compensation, seriously watering down the deal.
Based on that analysis, even if I didn’t 100% like my job, I’d have to wish him well but decline the offer.
“My previous employer had some unforeseen bad luck and I was offered an early retirement buyout incentive payment.”
I probably wouldn’t. But it’s tempting.
There’s no option for the way I feel.
I’d love to have that money, and be able to basically retire, but I’d be screwing the customers and my boss. The money would be offered for a mean, hurtful reason, and accepting it would be mean and hurtful too.
I would vote no, because I couldn’t guarantee that I’d get a similar or better job within a year, based on the job I have now.
I used to work at a dead end job. Easy to get and not much fun, so in that case I would say yes. Even though I’d get less money from the offer, I could find another job in the same industry within a week or two.
I’m freelance, been so for 30 years, so I don’t see it happening that way. That means that I would not be screwing the company or my boss, but my customers. However, I could wind down at short notice, if not quite after lunch that day. Since I am of retirement but not able financially to retire, a year’s earnings would be great, but frankly a year’s money is not really enough.
As has been pointed out many times, the issue is whether you have a dead end job, an OK job or a career. For the first it’s a no-brainer, you can get another equally (un)attractive job at a moment’s notice. If you have an OK job, a lot depends on how close you are to retirement. A year’s salary - and especially without the benefits - is just not enough. And if you are in a career, then I think you have too much to lose unless you were about to go anyway. But even if I took it under those circumstances it would not be a walkout after lunch.
And, assuming that the guy was on the level about actually giving you the money and not just playing a nasty practical joke, I think he would have to sweeten the pot with at least three years of salary to get any but the dead-enders to move.
That’s neat. Get your money and then work for the guy that gave it to you, as a good rate, I hope. It’s quite likely that Mr. Nouveau Riche (you Canadians understand French, doncha?) has little idea about managing his money and can either go to somebody he knows (that’s you), while hoping that your financial acumen is at least half of what you say it is, or else get well and truly eviscerated by a stranger.
Purely BYW, but why offer such a ridiculously big top prize in the Powerball et al? Better to spread the happiness around and make 500 millionaires instead of one semi-billionaire who is rich beyond the dreams of avarice and has more money than he or she can ever spend.
That was the severance package I took a couple of years ago and it was nice. In addition to the years salary, they gave me the accrued vacation days and the usual and and the usual bank holidays
I’m not that trusting, there would have to be certified cash in my hands first.
Last time I was laid off, I didn’t find a permanent job for six years. No way I’d take off for a year’s salary.
Since I am between jobs right now, the question is moot for me.
My last job? No way. I’m a teacher, and I would not do that to my students.
The retail job I had before the teaching job? Once I had a teaching job lined up, in a heartbeat.
One year’s salary is not enough, unless I can collect retirement.
If I loved my job, no. If I hated my job or otherwise mistrusted my future in it, yes. If it was a load more, like five or ten times, then absolutely even if I loved working there.
Currently I am unemployed, so it wouldn’t amount to any great changes except relieving a load of stress.
I voted no, as I like my job. However, if I hated my job, maybe. I really could use the money, and I probably wouldn’t have a hard time getting a job somewhere else relatively quickly (certainly within a year)
It would probably be a bad move long term though. My career choice is a fairly small circle. I’d be concerned about that ever getting out, and worry for every interview rejection that it was about that.
My job may well be ending next year, so ask again next June.
However peculiar this sounds I would not accept money from a co worker or even a good friend.
Chances are down the road they will want to to help move a body.