I think many people end up taking buyout offers quickly because 100,000 (or some other lump-sum payment) can seem like a great deal of money, only to end up realizing after the fact that it wasn't enough to justify leaving. People need to avoid the wide-eyed feeling of I'm winning the lottery and make sure they think about if I am 50 I still got decades ahead of me.
More Quotes from Dallas Salisbury:
Many people don't even contribute to a 401(k) plan when given the option. And of those that do contribute, 75 percent contribute a fraction of what they could contribute.Dallas Salisbury
If it's money that an individual would otherwise have to borrow, meaning they'd take out a loan against a credit card or run up a balance, they are better off economically if they borrow from themselves.
Dallas Salisbury
The magnitude for trying to create an administrative system and make it functional for 140 million people (in Social Security) could be done, but it will take years. The federal thrift program is having problems and that's a lot fewer people.
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These results illustrate why it's often risky to rely on 'average' numbers, which are too often the only thing that's reported, ... The database shows that individuals' personal experience is often very different from the average.
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The PBGC report misses much of what has been happening among defined benefit plans.
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Workers should think about it very carefully and go through a very clear evaluation.
Dallas Salisbury
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