Boeing Retirement & Layoff Planning

Do you understand the strengths and limitations of your Boeing Pension?

For example, have you considered what the long-term impact to your retirement will be if you take the pension versus a lump sum payout? And if you choose to take a lump sum, what will you do with this money?

Do you know if you are eligible for a level income special allowance or an early retirement supplemental payment? 

When making decisions about your Boeing Pension, make sure you have all the information.

When you leave employment with Boeing, you will need to make some decisions about your VIP account - even if that means leaving your money in this account at Boeing.

Depending on your individual circumstances, you can decide to rollover the funds to another qualified plan, Individual Retirement Account (IRA), or you can choose from a number of distribution options.

The impact of your choices may affect you and your spouse/partner's (if applicable) long-term financial well-being and taxable income.

Being aware of potential health care costs as you leave Boeing and/or face retirement can allow you to understand what you are able to pay for and what you cannot. 

When you decide to leave Boeing, consider such questions as "What health insurance coverage do I need?" "What are my plan choices?" and "What will COBRA cost me?"  

Don't leave answers to your healthcare questions unanswered because this might mean higher costs for you in the future.

Questions and concerns about Social Security abound:

"How much will my income benefit be?"

"How do I maximize benefits for me and my spouse?"

"When should I begin taking Social Security?"

These are important questions. Getting the right expertise in answering these questions will help ensure that you get the most from your Social Security benefits.

Do you know if you have sufficient financial resources to last throughout your retirement?

Determining how much money you need in retirement is a process. It shouldn't be a number that you pull out of thin air.

The process should include looking at your current financial situation, and developing an approach based on your expenses, time horizon, and risk tolerance.

This process should also take into consideration, among other factors, all your potential sources of retirement income, projected expenses and tax liability throughout retirement.

As you consider leaving Boeing, remember that tax planning should play an important role in your financial strategy. 

Your financial decisions will have implications about how much tax you (and possibly your spouse) pay both now and in the future. 

Working with both your financial advisor and a CPA will help ensure that you pay the taxes you owe but not more.

How will your decisions affect your spouse (or partner) today and in the future?

Managing your retirement lifestyle is all about understanding how choices will work financially for both you and your spouse/partner.

Considering how your retirement and/or layoff scenario affects your spouse/partner can help you both make smarter financial decisions.

How would you cope with a sudden change in your life?

Are you prepared to lose your income from Boeing?  Are you prepared to manage a change in your health or in the health of someone you love?

It can be scary when life throws you a curve ball and you aren’t prepared.

Let Dwayne design a customized financial strategy for you.

A well conceived financial strategy will help you understand your retirement cash flow, determine your acceptable risk, grow your retirement assets and leave you better prepared to manage what comes your way.