The 10 Most Difficult Retirement Decisions

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If you retired from GM after October 1, 1997, you know that your pension option decision time is coming to a close. On June 1, General Motors announced their plan to lessen their pension liability by approximately 26 billion dollars. This leaves you with the power to choose between a one-time lump-sum payment, continuing with your current monthly payment, or taking a new form of monthly benefit. You need to decide which option you'll go with by July 20, 2012. Before you do, it's important to understand the complexity of each and every option so that you can choose which is best for you. You can watch this informative video which outlines the three available options by following this link: http://youtu.be/32ZRne7AoTQ. Additionally, it's highly encouraged that you seek the advice of a seasoned financial planner.

Barbara Raines 7:07AM July 10, 2012

I HAVE A QUESTION IF I COLLECT SS AT AGE 66 AND STILL WORK AND CONTRIBUTE INTO SOCIAL SEC. WILL IT EVERY INCREASE AND DO YOU GET THE INCREASE EVERY YEAR THANK YOU FOR LETTING ME KNOW

LOUISE KUHN of NY 9:59AM April 04, 2012

Good broad overview. On the manufacturing thing, please cut me a break - I don't believe it. There are zillions of workers who are unemployed. If they are so worried about losing skilled workers, where are the training programs to replace these retirees? And, are you sure the retirees can actually afford to retire?

SPM of NJ 6:52AM September 19, 2011

You hinted at it with the whether to keep working one, but behind that is the question whether to actually retire at all. While some may be just fine totally retired and others working part-time, a few also realize that working full-time helps keep them sharp, motivated and feeling like they are a contributor. Of course, part of that decision is whether you do something different even if it is full-time.

Chris Sinclair of GA 4:52PM September 05, 2011

Great article Emily. Very thorough overview here.
And thanks for addressing the last point "what will you do?" In my work with clients, that often translates into "who am I now" or "who will I be when I stop working?" It's especially true for professionals, who have long defined themselves by their work.
Many people have the financial wherewithal, as you mention; so it's not so much a financial decision to "retire," but a personal consideration of how to use their precious life energies in the next 20, 30 and possibly even 40 years beyond their initial career.
Some stay stuck in careers they know because of overwhelm in even considering what's next and how to establish it. We work on legacy development, the pinnacle of self-actualization - taking their authentic and and true interests and gifts, combined with a true sense of personal purpose, to make the contribution only they can make in whatever form works for them, to truly benefit the people, places and things that matter most to them.
Estate planning and financial planning are important tools to making that happen, but often only scratch the surface of what is possible for people that leads to something truly fulfilling at this next phase of living.
Cheers, Dolly Garlo, RN, JD, PCC
www.creatinglegacy.com

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frankieboothe of CA 5:40AM August 30, 2011