Take a buyout offer
In some cases, your employer might offer you a buyout package in exchange for retiring voluntarily, rather than forcing you out abruptly. The package usually includes a severance payment, paid insurance, lifetime annuities and other perks.
If you have been offered such a package — and if you believe that you will be laid off whether or not you accept the offer — consider taking it. You can invest the money in an annuity or an income mutual fund to help create a replacement monthly income.
