The weather's changing here in Florida for the first time in a while, I was able to go through my morning run without feeling like I was in a chapter of Dante, some Ferno, the employment market's changing as well as we approach the final weeks of the year. Many workers of all levels are assessing their commitment to their current employer. Tammy and George are to executive level appliance that I have had the pleasure of helping they're responsible for the wellbeing of hundreds of individuals, both have had successful careers to enjoy the lifestyle that they have achieved. Burnout is obvious for me. I can see the exhaustion in their faces as they describe all they have done to keep their organizations running during the pandemic, both of the questions, whether they can continue working at the current pace within the last quarter, they've asked, can I quit?
Of course they could quit. The real question is if they do quit, can they experience a lifestyle that they will enjoy and maintain their dignity and independence? Hi, I'm Chuck Lewandowski certified financial planner professional. Today. I'll discuss how with a little pre-work, you may be able to avoid pitfalls and enjoy your new lifestyle. If you choose to join the great resignation. I mentioned Tammy and George, they're not alone. Media outlets have reported that workers have resigned at extremely high rates over the last year of to the department of labor. Over 4.3 million people quit their jobs in August alone, which is a new record. I've worked with several C-suite executives that have successfully transitioned from the lb office to the retirement optional phase, where they retired outright or transitioned to a new career. We jointly developed a financial plan and stress tested the outcomes by developing several.
What if scenarios each of these plans incorporate three important pillars. Number one, they had a clear understanding of personal spending. Many executives have the luxury of not worrying about day-to-day spending. Once you leave the comfort of corporate life at wherever, you need to understand your household budget, as well as you had known your department's labor budget. My friend Jim is 55. He was offered a big buyout first company by a competitor. Once he looked at the details of his budget, he realized that a big buyer wasn't enough to sustain him and his wife into the radio. So he negotiated a big or buy number two, no, the tax impact of your income sources, seven plan withdrawals from retirement plans, exercise and stock options. Social security benefits, all have different tax ramifications. A detailed liquidation plan should be developed to maximize your cashflow while minimizing uncle Sam's take Joan.
The former healthcare executive started consulting firms was able to avoid Medicare surcharges by fully funding, a solo 401k retirement plan. Number three, you need a plan for health care coverage. This aspect of moving on maybe a wild card for you and any covered family members, Cobra, Obamacare, Medicare, each have different financial impacts. Whether you continue to work or choose to retire, everyone has different healthcare requirements or plan. These incorporate the appropriate coverage specifically for you and your family. These three factors are just some of the variables that need to be addressed. If you want to make a break from your career, detailed financial plan, fully explored these points as well as many others. If you're considering the next phase, your employment life, please give me a call. Let's make a plan.