My software developer husband is considering taking an early retirement package that puts 14 months of his base pay into his pension and allows medical coverage at active employee rate for 2 years and retiree rate thereafter. We can live for at least a year, possibly more off savings. We could also take distributions from IRAs and Roths, but we'd like to avoid that. It appears he wouldn't be laid off if he didn't take the pkg., but there are no guarantees that wouldn't happen down the road with just layoff benefits, not this great retirement pkg. He hasn't been happy with his job, although his boss said things might get better. But this megacorp seems to change managers every six months.

At age 61, would you stick with the same company/job with no guarantees that you'll still have a job several years down the road, or would you take the retirement package and try to find a new job? Each choice has risks. Can a 61 year old software guy find a new job that he really enjoys? We're willing to move, and a cut in pay is inevitable. Has any 60+ person found a satisfying job within a year?

I am disabled, BTW, so my income is disability--me working would make things easier, but it's not happening. Always get disability insurance because you never know. That's my pubic service announcement.

Can you lower your expenses enough to live off your existing income? Could he start collecting the pension immediately?

Personally, if I were offered a generous retirement package I would take it. But I am nowhere near 60 so it's only a hypothetical question to me.

Simple answer - yes.

My dad's 61, a firmware engineer and he's job hunting - not because he has to but simply because he doesn't like what some new management is doing. His field is pretty specialized so he's taking his time (in other words, being lazy about it) but he is optimistic that he'll find something else. He started that job just a few years ago after a layoff so he was an "older" employee then and found the job in a few weeks.

What I would think about is, how much demand is there for your husband's skills? Are companies hiring for his level of seniority? Just how much does he dislike his job? Can he stay where he is, continue to collect full time pay and start sending out resumes now? Some sectors of the tech market are hiring like mad while others are in a lull, so what type of software engineering he does would make a difference. One more question, would he be ok with consulting/contract work, or would he need a straight to hire position?

Personally, if I would get such offer, I would not accept at the age of 60. I can’t imagine even myself to get job and accept it

While it's certainly possible to get a new job in one's 60s or even 70s, a lot of people at that age in the software business strike out on their own as independent developers or consultants. My brother is 63 and works as an independent software developer after being laid off a few years ago. I have a good friend who's 74 and recently went back to school to retrain for a new career and after just a year has a thriving business in his new field (conflict resolution and mediation).