NEW YORK (CNNMoney.com) -- Ford Motor Company unveiled today a plan that would cut a third of its employees. Ford (Charts) also said it would offer buyouts for 75,000 hourly employees. Buyouts are nothing new in the auto world. Recently General Motors (Charts) and Delphi offered thousands of employees buyouts just a few months ago. So, what if you're facing the decision to take a buyout or not...we'll tell you what you need to consider on top tips.

If you're offered a buyout plan, you don't have to take it. But that doesn't mean your employer has to keep you. Companies that don't have enough employees taking the buyout, generally resort to layoffs, says William Morin of management consultant WJM Associates. Think about the health of the company. If you think your company will continue to squeeze costs and cut jobs, you may want to accept the buyout. It may be better than waiting for the shoe to fall.

In the case of Ford, a worker can get up to $140,000 dollars to leave the company. But they'll have to give up retiree healthcare benefits. If you're in poor health and you can't sign onto your spouses' healthcare plan, you'll want to consider very carefully whether you should take a buyout. Of course you can always sign up for COBRA health insurance, but generally this option doesn't come cheaply. To help you wade through this decision, find an estate lawyer recommends Morin. Don't take any chances with your health benefits.

Don't forget you still have to pay Uncle Sam. Your buyout money can be taxed as ordinary income. In most buyout cases you have to take a lump sum. "Companies just want you off the payroll," says Morin. This could push you into the next tax bracket. Sometimes you can spread your payments out over a period of three years.

The biggest mistake people make when they're offered a buyout is to get mesmerized by the money, says Morin. But this could be a chance to create a new career opportunity. Take the money and run. It may be an ideal time to get out and do something you really want to do. There will be a lot of retirees out there and this means there are a lot of opportunities out there for consultants.

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