Your employer has announced it wants to eliminate several hundred jobs by offering buyouts, also known as early retirement packages, to a group of employees. That group includes you.

Analyzing the financial implications of a buyout package may be difficult enough if you're more than happy to go. It gets complicated on the emotional side when you intended to be loyal but now see that loyalty as betrayed. So consider first the security of your job if you decide to stay. Will it be eliminated later with a less attractive severance package or none at all? And if you stay and the job stays, how will you feel about working for an employer that gave you the highway choice?

Your age and life stage will greatly impact your decision. You may be young enough that retirement now isn't an option, so the severance will be your paycheck while you find another job. Or you may have young children and decide severance will provide income while you stay at home for a few years. If you were looking at retirement within a few years anyway, this could give you the opportunity to begin early.

Of course, you'll need to evaluate the financial pros and cons of accepting or rejecting the offer. That means more than just the bottom line cash, which companies commonly calculate based on seniority and years of service. Consider bonuses, stock options, paid time off and insurance premium subsidies that you'll no longer receive. Consult a tax specialist regarding the impact of receiving a lump sum or stretching it out over time – severance or early retirement pay is considered taxable income.

You legally have 45 days to consider a buyout package, and most people wait until the 11th hour. By signing a buy-out agreement, you give up your right to sue your employer later on any employment and compensation-related issues, so resolve those before time runs out.

Buyouts commonly take place after a merger when duplicate positions need to be eliminated. Companies may offer a staying bonus to those who do not jump ship to ensure they have adequate staff to finalize the transition. If you accept a staying bonus, you should still dust off your resume and check your finances to make sure you can survive being terminated when the transition is done.

Take advantage of any extra services your employer may be offering to those who accept the buyout, such as career counseling or placement services, even if you plan on retiring, so you can walk away assured you took advantage of every opportunity.

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