UAW workers look at $60,000 bonus and reasons to retire

Susan Tompor | USA Today | Nov 21st, 2019

Do you have a retirement game plan? 

“Decisions in these first few years of retirement will have long lasting effects over the next 30 years of your life,” said Sam G. Huszczo, a chartered financial analyst in Southfield.

A six-figure lump sum, even after taxes, is a large amount of money. But “the sustainable income that it could generate is likely much less than one realizes,” he said.

“If this bonus has lured you into retirement and not just the next job, you have to quickly get yourself mentally ready for life on a fixed budget.”

If the bonus helps you retire from working, it will be even more important to have an emergency reserve if you’re giving up a consistent paycheck.