Laid Off

[GApeachy]

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@Anonymous wrote:

Or, I can continue to be paid bi-weekly for the next year BUT, if I move out of the area (I have plans to), or they find a comparable position and I decline it, then my severance ends immediately.
I haven't decided what to do. 🤔

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Are your plans solid for moving?

[Anonymous]

No. Don't have anything solid yet.
I have been homesick and have been looking towards moving. I had thought that it would be another year. This nmjust speeds things up a bit.

[Anonymous]

Ok. At this point, I have decided to take the lump sum. I can stash the majority of it in one of my high yield savings accounts, so that it's earning interest but available for monthly withdrawals.
I can set it up for twice a month transfers like a regular paychwckwhile it's earning interest.
The giant withholding just means the possibility that I also get a refund next year for tax season.

Once I find another job, I can either turn the transfers off altogether or simply decrease them.

Thoughts? Anything else I should consider?

[pizza1]

I would agree with those that said to take the lump sum pay out. Id take it, and then Id also start looking for a new job immediately, so you have a double dip in a way..

Also, companies are known for offering "comparable" jobs, which they know folks will take out of desperation, or won't, so they don't have to pay it. Id take the lump sum, and be gone, and find another position with a different company soon afterwards. Best of luck.

[SouthJamaica]

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@Anonymous wrote:
Ok. At this point, I have decided to take the lump sum. I can stash the majority of it in one of my high yield savings accounts, so that it's earning interest but available for monthly withdrawals.
I can set it up for twice a month transfers like a regular paychwckwhile it's earning interest.
The giant withholding just means the possibility that I also get a refund next year for tax season.

Once I find another job, I can either turn the transfers off altogether or simply decrease them.

Thoughts? Anything else I should consider?

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Sounds like a plan

[Anonymous]

I would take the lup sum.  Some of the suitable replacement jobs are terrible and pay way below the current. They just offer them to you to get you to refuse.  If you have a good skill set in high demand you may find a job quickly. Where I live every one is offering hiring bonus and 90 day bonus for almost anything including fast food, grocery and hiring paying skilled jobs.  You could do something like that while looking for a suitable long term job. 

[FinStar]

Another thing to consider OP, in addition to the valuable feedback given and depending on whether you are planning to stay, consider your UE benefits as well provided that any compensation from that and its duration do not place your total 2019 income into a different tax bracket.

Also, take a mini break if you can just to let things settle while you regroup. Everyone's different to their approach when a situation like this one occurs, but I wouldn't jump into the workforce just yet unless you absolutely have to.

Wish you the best on your future endeavors and let us know how things are going if you'd like.

[Anonymous]

To answer some comments:
*I don't intend to take UE.

*By Union contract, they can't offer me a position for less than I currently make.

I'm pretty happy just leaving and taking the lump sum.