Author: Natalie Pine
If your university has offered you a Voluntary Separation Package (VSP), you have a lot to consider. As a firm specializing in helping professors and higher education administrators, we have helped many people navigate these early retirement decisions. We’ve created the following checklist so you can get prepared and avoid common mistakes.
Our best piece of advice? Get organized, then focus on tax planning. Some strategies can help you stretch your payout further, but these require time to put in place. (These strategies were discussed in our previous article.)
VSP Preparation Checklist
Bottom line, you’ve got one shot to do this right. Too many people don’t get professional advice, then leave money on the table. Take your time, do your research, and you can be rewarded with more financial security now and down the road.