My Dad is being asked if he voluntary wants to retire from his company? He's been offered a package and if he doesn't accepted there's a possibility that he still may lose his job and obtain a package with less benefits than the one he is currently being offered. What should he do?

So my dad works for a transportation company and has dedicated almost 30 years of his life to this company. He just turned 55 a month ago and wasn't looking to retire for a few more years because of medical insurance coverage to my mom and my 4 eligible siblings.

Last week several employees received a packet and were invited to a meeting where they were given the option to retire voluntary. The company states in documentation that they are looking to reduce their regional workforce to meet business need due to COVID19. If not enough people retire then they will look to reduce the workforce through a severance package lesser than the current Voluntary Retirement Package.

The current voluntary package contains 4 years added of base salary ~ $200k. A $565 dollar a month as a supplement to pension until age 62, don't know what his normal pension will be. A retiree medical plan that covers eligible dependents until the retiree is medicare eligible. Cost for retiree medical plan is ~ 1k per individual per year. My dad is leaning to me for advice as he immigrated to this country and made a living for himself and his family with no education. His 401K is at about 200k.

We currently owe a mortgage of 200k and are renting 2 units in the back which pays for the mortgage. However my dad relied on his work income to cover food, bills, and other expenses.

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