I am debating whether it is wiser to accept a lower paying job or to wait for the severance pay which I'm afraid won't be enough after all the taxes. Considering inflation and the fact that the labor market is not exactly an ideal situation... I am afraid that if I don't accept this offer (which normally I wouldn't) I will remain jobless for more months than I can financially bear.
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It doesn’t matter who is right, only what’s right for you. Trust your instincts and then own your decision because no one else can tell you what to do with any certainty.
Best advice you can give. Everyone can give you opinions, including me, but in the end it is up to you to know what is best. So many factors go into a decision like this. How badly do you want to leave? What is your tolerance for risk? (staying or leaving), what is the growth potential of your new job? And on and on and on. This is what my father told me once, and I use it nearly every single day. Thoughtfully consider your choices, consider all options. Think strategically, act tactically. Ask questions, seek advice from those you trust. Once you've reasonably gathered all the information you can, make your decision. Commit fully and don't question yourself. Deep down, YOU know what is best in yourself.
If you stay at Oracle some people will say you’re stalling your career, others will say your patience is a strength that will pay off eventually. It doesn’t matter who is right, only what’s right for you. Trust your instincts and then own your decision because no one else can tell you what to do with any certainty.
It sounds like you’re in the US but for anyone based in the UK this might be useful to know:
You do not usually pay tax on the first combined £30,000 of:
- statutory redundancy pay.
- additional severance or enhanced
redundancy payments your employer gives you.
- non-cash benefits, for example company property you keep after your employment ends.
You’ll pay tax on any amount over a combined total of £30,000.
Please don't listen to the people saying the taxes are so high. Here is the real scoop:
The WITHHOLDING is 25% instead of figuring 15% or less. Big whoop! Withholding does NOT equal the taxes due. It seems higher that what you may be used to, but the marginal rate could end up unchanged. However, this would be more likely earlier in the year than later. It could bump someone into the higher tax bracket I suppose, but cash is cash.
I think a recession is in the cards very soon and look at it this way - would you rather be at the place where you have built up some work collateral and may survive (or at least get a decent going away present), OR at a new place where you are the low person on the seniority list when the tide rolls out?
Don’t run the risk, take the new job.
Remember that even your next job is not necessarily your final destination. If you find a better paying job, you can always move again!