Much of this was true for me too. I was with one company for 30 years and had a defined-benefit retirement plan, two actually (I also had two other fairly small defined-benefit plans from previous jobs). Defined-benefit retirement plans are wonderful but very rare these days.Bob cruise director wrote: ↑Thu Apr 29, 2021 9:58 am
First thing was that I am lucky that I worked for one company for 38 years that had a defined benefit retirement plan and I had the advantage of getting into 401K's when they started. Income is one factor for each of us. Also your general financial health - how much debt do you have and how much savings do you have.
When my defined-benefit retirement plans were frozen in a shift to a 401K matching-contribution plan, it meant that my defined plans would remain intact, but would no longer grow as my employer would stop contributing to them and start contributing to my 401K. So after a few years, at 62, I took a buyout (an extra year's pay plus bonus). I could then tap into the frozen defined plans, and I could switch the 401K tax-free into an IRA (in which I had more control of investments).
Emotions, of course, aren't so easily planned, but I really cashed in by being able to spend much more time with my family.