X
gracefully greying

Articles & Videos

gracefully greying

Articles & Videos

  

Layoffs and Buyouts

Layoffs and Buyouts

The Current Reality, and How to Protect Yourself

Ford Motor Company recently announced that it is targeting the elimination of 1,400 U.S. salaried jobs by year end as part of a multiyear $11 billion restructuring. The layoffs will be achieved through voluntary buyouts, the U.S. automaker said in an email sent to employees. The buyouts will be offered to employees who are eligible for retirement, according to an article published by the New York Times.

In these uncertain times, we have asked one of our sponsors, Robert Sinnaeve of SS&H Financial Advisors, to provide some advice to those who might be facing hardship or uncertainty, and specifically to those at Ford Motor Company.

- Most of the individuals will be offered some sort of incentive package to leave.  Do not run out and spend it, as they might need to make it last. 

- Some may be in the executive plan which could mean they have an option to Annuitize or take a lump sum from their pension plan. 

- With rates as low as they are, a lump sum distribution is likely their best option.

- Take this time to get your financial house in order. 

- Start with a Net Worth Statement.  It should not be to detailed but everyone should know what they have and where it is. 

- Consult with a professional to see if their money is working for them.  A professional will help set goals and then will take steps to fulfill those goals.

 

Previous Article How to Financially Plan for Any Possible Long-Term Care Needs
Next Article Mandy Moore and Alzheimer's
Print

Theme picker

Search

 

Sponsored Content

Rochester Center for Behavioral Medicine

Wayne State University Institute of Gerontology

  

 

Recent

12

Theme picker

Coronavirus Resources

Layoffs and Buyouts Layoffs and Buyouts

Layoffs and Buyouts

Ford Motor Company recently announced that it is targeting the elimination of 1,400 U.S. salaried jobs by year end as part of a multiyear $11 billion restructuring. The layoffs will be achieved through voluntary...
Are You Covered? PPEs Are Not... Are You Covered? PPEs Are Not...

Are You Covered? PPEs Are Not...

Lisa Scholnick, RHU, LIC, owner of LisaCo, discusses disability income and it's importance, especially during the Covid-19 pandemic era, and beyond.

WATCH: Disability and Life... WATCH: Disability and Life...

WATCH: Disability and Life...

In this interview, sister and brother team, Lisa and Gary Scholnick, discuss the ins and outs of disability and life insurance. Lisa Scholnick, RHU, LIC, is the owner of LisaCo, Lifetime Income Sales Associate, and...

Theme picker

All Categories

 

Sponsored Content

David Blatt Mortgage Advertisement

Lifetime Income Sales Associate & Advanced Income Solutions Advertisement

Cronin Law

  

 

seniormusings

Features, Thoughts, & News to Live By

senior musings

Features, Thoughts, & News to Live By

 
Gracefully Greying Icon Logo