EARLY RETIREMENT AND NON-COMPETES
Even with our sagging economy, some folks are considering early retirement. Some are offered “early retirement packages” by their corporate employers as a way for the corporation to reduce its payroll and become leaner and meaner in these tough economic times.
Early retirement may be just what the doctor ordered for you. However, there are many issues to consider such as how will you pay for health insurance?…how long will you live and how will you pay your living expenses?…and will you work part-time, as long as your health permits, to help pay for future costs and expenses?
Some employees may face restrictions on new employment if the employer asks them to sign a non-compete or non-solicitation agreement. The restrictions can make it difficult for an employee to work at a similar job. Non-compete agreements limit work for competitors and non-solicitation agreements prevent an employee from contacting clients of their former employer.
Consult with an attorney if you are considering early retirement and are presented by a retirement package which contains a non-compete or non-solicitation provision. You will be glad you did!