Auto industry workers face hard choices

There are countless stories like these throughout the nation’s auto industry, men and women at a career crossroads with their financial well-being and that of their families at the heart of gut-wrenching choices.

Experts advise workers in the auto industry to think long and hard before they make any rash decisions, especially in this ever-weakening economy and the prospect that they may be turning their backs on a steady, healthy paycheck.

So, should you take a buyout? For most workers the answer is probably no.

"It’s an unbelievable gimmick on the part of these auto companies. They’re threatening workers that their jobs will be eliminated," says Stephen Viscusi, author of "On the Job: How to Make It in the Real World of Work."

"Unless you really are very close to retirement and really hate your job it’s a mistake to take the buyout, and even then it might not be worth it," he says.

Workers look at it as a panacea, he maintains, that they could quit their job and follow their career dreams, "But God forbid you get sick and don’t have health insurance."

Many workers will never be able to find a job that offers the same benefits and wages; and many may also end up facing age discrimination when they try to get another job, Viscusi warns.

For someone like Mereles, he advises to hang on as long as possible. "He’s sucking the maximum amount of money that he can from GM, and he should keep doing it," he stresses.

If you still want to take the buyout and find a new gig, Debbie White, Detroit-area director for Adecco, says focusing on growth industries is your best bet. Telecommunications, health care and companies focused on alternative energy are all good sectors to target, she adds.

Going through a staffing agency might be a good way to try out a host of jobs so you can figure out what you want.

Individual autoworkers need to sit down with pen and paper and do the math on whether a big lump sum in the short term is really worth it if you can’t find a good-paying job for the long term.

It may also be a good idea to pay for an hour with an independent financial adviser who can help you figure out what makes the most economic sense for your household.

If you really want to move into a new field, you can take a job that pays you less but covers tuition expenses so you can go back to school, says Mark Kollar, who runs retirement and investment planning firm Kollar Financial Strategies.

For most autoworkers, he explains, they should hold on to their jobs or relocate to keep their jobs because in a tough economy having a job is a good thing.

The one caveat when it comes to relocating is whether you’ll be able to sell your house, he adds.

As for Chuck Madarani, who’s pondering a move to Detroit, he hasn’t even begun to figure out the logistics of moving.

"When the time comes to make a decision I will sit down with my beautiful wife and kids. I’ll ask them what’s the best decision," says Madarani, who wears a T-shirt emblazoned with the word "PRIDE" spelled out in red, white and blue.

Madarani is indeed a proud man. He’s proud of his children and his wife, and he’s proud of having been able to give them a good life. But one thing he’s not proud of — his career choice.

"I regret I went into the auto industry,” he says with resignation in his voice. “I don’t want my kids to go through what I did."

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