“Can I Afford to Retire Now?” Navigating Big Questions Around Boeing’s Voluntary Layoff and Retirement Packages

In August 2020, Boeing announced that the company will once again be offering Voluntary Layoff (VLO) packages to qualifying employees. Below, CWM offers some tips and resources (originally published this spring) for employees considering their next steps.

If you’re one of the thousands of Boeing employees now considering a Voluntary Layoff (VLO), the decision can be a daunting one, as there are a number of considerations that require careful analysis and strategic planning. For decades, we’ve counseled professionals who have built careers at Boeing – and this month, we’re helping clients and many of their friends and co-workers navigate the multitude of financial and lifestyle variables to determine if a VLO is right for them. If you've already made the decision to retire, there's still more to consider. Check out our other post, Boeing’s Voluntary Layoff and Early Retirement Packages: Not a “One-Size-Fits-All” Decision.

Most start with the big question: Can I afford to retire now?

At Comprehensive Wealth Management (CWM), we refer to this scenario as the “Retirement Plunge.” You’re standing on the edge of a cliff about to jump into the water below, but you don’t know if the water is deep enough.

To help determine if you’ll be able to stay comfortably afloat in retirement, our team of financial advisors encourage you to consider important questions, starting with:

  • What are my monthly expenses going to be in retirement?
  • How much of an impact are taxes and inflation going to have on my retirement?
  • Should I take the pension in payments or roll over as a lump sum into an IRA?
  • What do I do with my Boeing VIP?
  • When should I start Social Security?
  • Which health care option should I go with between now and when I turn 65?
  • How do I service my debt in retirement?

So, how will you wade through it all to know whether the water is deep enough? At CWM, we can help. With decades of financial planning and wealth management experience for clients across Snohomish County, we work with Boeing employees and retirees on a regular basis to understand their full financial pictures and run scenarios to help them decide whether retiring now is a smart decision, and what retirement may look like for them.

Our team understands the Boeing culture and mindset, as well as the unique considerations of manufacturers, engineers, managers and executives. Consider us your coaches as you dive into retirement, offering expertise and strategic guidance to help make the plunge a success.

If you or someone you know is interested in talking through the VLO and retirement options, please contact us online or at 425.778.6160 to schedule a free, no-obligation phone call.

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