Question: I am taking early retirement next year because it is a defined benefit and I am concerned the company might change it to a 401k. My plan is more than others at the company because it has a cost-of-living increase. I have no credit card debt, only five years left to pay off my mortgage. I am scared [that] it's not enough, but I know i can get by. I also have the opportunity to work for other companies, just not as much income, but a friendlier and honest environment. Is my plan for no debt and happy life worth it?
Suze Orman: How do you have a happy life if you quit and you're scared to death?! When operating from fear, you will ALWAYS make financial mistakes! Are you sure if they take the defined benefit away next year that you'll lose it? I don't think so! They're not going to just give it to new employees. Check it out more carefully, but as long as you're afraid to do something, it's better to do nothing than something that scares you.
