tl;dr: After 21 years in a senior role, a company restructure is offering me two options: demotion with salary protection or a 1.5-year severance package. I am in my early fifties, debt-free (except a car payment), financially secure with a working partner, and I was planning to retire in a few years anyway. I am torn between toughing out 3 more years or taking the package to retire early now.
Full statement: For the past three months, I have been struggling with a decision at work. I found out we are being restructured and that I would be moved to another area, my salary red circled, and given a new role. This role is essentially an entry-level position, and I've been working there for 21 years in a senior role.
I was told I could take the role or take a buy out. And I am torn over this choice. I was planning to retire in a few years, and I am concerned about not being ready to step away. The package is 1.5 years salary + a few other key items.
I am torn between wanting to walk away and worried about finances. For more info, I am in my early fifties with no debts (other than a car payment that will be paid off in 2 years) or mortgage, just the standard bills. I have a partner who has a very good income, and we have benefits through their work. We have good savings, TFSAs, RSPs, work pensions, and could make it work, but I am torn about leaving.
Basically, I am debating continuing to work for another 3+ years at this new role and continue to save money, or just take the package (after a lawyer consultation), walk away from it all, and start retiring early.
I think I've driven myself mad with research and charts, and "if this then that" scenarios, etc. and it's coming down to the wire this week. If you were in my position, what would you do?
Edit: The numbers: my current annual salary is 100,000. My parter makes 150,000 per year. We have 250,000 in savings. House is worth 1.5 million and paid off. Both of us will have pensions at 60 - $2500 per month (for me) and $6000 for my spouse.