It has been a frustrating day to say the least. I woke up to a email saying my company will be freezing our pension plan by 2023 and will be offering buy outs if wanted. I'm confused by the situation and need to ask my Reddit family for advice. So let's break down what I have and what I'm working with.
My life: I'm a 32 year old male in upper management for a shipping company. Been with the company for 14 years. Worked my way up to this level. No college education. I currently make around $80,000 a year plus I get a stock bonus every year of $6,000 grade a stock from company. I am married and have one child and own a house.
Stats: Household income: $100,000 a year combined w wife Debt: $5,000 in credit cards, no car note or loans House: owe $150,000 left on 30 year mortgage Stocks: $20,000 in grade a stock 401k: $28,000 in S&P 500 stock from multiple companies diverse.
Now here's my question. If I get offered a payout from my pension, what should I be looking for. The only reason why I stayed with this company was the nice pension, but since the news I cannot trust this for my families future. I need advice. Should I take it and if so how much would I expect (roughly). Been paying into system since I was hired back in 2003. If I don't take it, decide to stay, what you you recommend I should do to keep my finances positive for future outlook. Any help or advice would be much appreciated.
Thanks in advance Adam
Submitted June 27, 2017 at 07:45PM by MrKFCGravy http://ift.tt/2tVsCia
