Add Comment Question: I am 55 years old and 10.5 years of service in for an Oil and Gas company….There are a lot of coworkers being laid off because the oil prices crash. I could be the next, my question is if I should be offered an early retirement or layoff with severance ?…does the early retirement usually comes with a severance ?…if not it might be better ti get terminated ? ….shall I accept an early retirement ? Answer: If the company ends your employment you are entitled to notice or pay in lieu thereof. Early retirement has nothing to do with it. Your termination entitlements are based on age, length of service and position and unless you signed an enforceable contract that limits your entitlements, the company owes you up to 10-12 months. I recommend that you and your co-workers use our free Severance Calculator, linked at the top of the page, to get a general sense of the adequate value of your entitlements. Your Comment * Your Email * Your Name * Your City Note, your name, city and email is not displayed on the website. It is used to notify you that we have approved your comment.