This is an open letter to the financial institution employees offered voluntary retirement this week of November 10, 2012 as well as to all individuals who have been made redundant during Bermuda’s serious economic downturn.This week has been a tough week for all of you. Whether you were aware that a retirement package was in the offing, or that it was a complete surprise, you are most probably still trying to come to grips with your new reality.You must now begin to assess what the best decision for you will be as you look toward what may be a radical change in your career and your life.Please know that many of us empathise with you and that you are not alone during this abrupt change in your environment. There have been many individuals in the same situation who have preceded you. Without a doubt, until Bermuda digs itself out of this recessionary gutter environment — a recovery that could take years — there will continue to be those who will follow your path.These statements are not mere platitudes, nor is this column written in order to solicit business.It won’t make it any easier for you even we were to tell you that we know how you feel — because we have been there: out of work, in the unemployment line, watching the number of employment ads disappear while trying to pull together a current resume, and working with clients on such a life changing decision. It is no picnic to face nerve-racking employment interviews, and so humbling to receive (if you are successful) another job offer where the compensation package is far, far less than your current salary.There is no question that our economic times are very, very tough. We, in Bermuda, are experiencing an unprecedented massive shift in the way business is conducted. Many, many businesses are in strict survival mode, implementing radical job cost measures. Line items that are changing are:From full-time jobs for life to part-time all the time;Employee benefits that were considered a universal right, now may not be offered at all, regardless of government mandates;Those with the right education attributes, social media comfort, and specialised experience skills will find jobs;Jobs utilising generic skills may continue to disappear;Our dependency upon foreign businesses and visitors for economic stability will not change.Emotions may be difficult to keep in check. You may be depressed or angry.Should you decide to retire?Will you be made redundant later?What every your decision, do not allow yourself to become bitter. Negative comments toward or about your current or past employer may return to haunt you when interviewing for a new position.Your Finances are a top priority.Exactly where you stand financially now?What are your bare bones monthly expenses?How much cash have you saved?How long will it last? Be sure to calculate short and long-term time without a paycheck. This means running your bare bones budget out at least two years into the future.Apply immediately for the hardship withdrawal from your Bermuda pension.Be very selfish — you are in survival mode. You need to save every dime you can get your hands on. This means — do not lend, or give any of your retirement settlement package to relatives, friends, or charities.Do not spend — on vacation or shopping trips to “get your head on straight”. Again, until you know definitively that there is another job for you, every single cent must be hoarded. Keep the mantra in mind — that if you do not t take care-of-you first, neither will anyone else.Realistically review the retirement package that you have been offered. You should consider carefully, not only the amounts provided to you now, but also the cumulative benefit that you will receive in the future. In monetary terms, just the health benefits offered is huge due to the spiralling annual cost of health insurance.Employment consultants, and experience dictates that the best offer (on a voluntary separation) is generally the first offer. Your first inclination may be to continue on in your current position. Understand carefully your decision consequences and focus on the business big picture, six months, one year, two years from now. Will that job still be there?Do not make a hasty decision.Good luck.Disclosure: The author is not employed by, nor is she affiliated with any domestic Bermuda Bank.Caution — Cross border tax planning will be needed for Bermuda resident employees with United States connections.Martha Harris Myron CPA PFS CFP (USA) TEP at Patterson Partners Ltd provides integrated cross-border tax, estate, investment advisory and related strategic planning services in Bermuda. She is a member of the American Citizens Abroad Professional Tax Advisory Council. www.americansabroad.org For additional information, mmyron@patterson-partners.com or call 296 3528 http://www.patterson-partners.com