Thread regarding Intel Corp. layoffs

@dso

So says the person browsing through TheLayoff in the middle of the work day.....

@dso. You got that right jack!! all day baby until my last day in the next few weeks.. the mother of all milking right now and right here. Please make sure you keep working hard as I need my Intel stock to go up, Im keeping those ones ;) .. Thanks for being a patron!

Most likely ppl spending all day masterminding their personal finances are also part of the problems at Intel LoL. Go back to school and take real Calculus as opposed to Calc for business majors ......

https://twitter.com/TheLayoff/status/1584618458050088960

@tto .. Interesting what you are sharing, thanks. So you are saying to crank up(max) the 401k contribution (pre-tax or could be Roth I would assume) right now before the severance payout so in that way the cash-out would not be all added to 2022 income tax but you still have that part (what you sent to your 401k available to pull out later on? Did I got this right ?

I know that if you are 55 or older and you leave Intel(layoff or not) you can use the IRS rule off 55 where you don't have to pay penalties for early withdrawals (before 59.5) so that is a good thing but also following your advise, I would not be adding a big chunk from my severance package to my 2022 common income. I like it..

One question that I am trying to figure out is if whether or not I can do a "partial" withdraw later on rather than a full one since the only 3 options that I see right now in fidelity once I leave are #1keep it with fidelity, #2 move it to and IRA, #3 full cash out ?

Anyone here that has left, have you been able to do a "partial" withdrawal only? If so, then what tto is saying is golden as you can then pull "some" of the severance money out after next year and keep the taxes low or lower ;).

Be sure to compare Healthcare marketplace insurance against COBRA. I work for myself now and have very satisfactory insurance coverage for my spouse and me, and it costs about half as much as COBRA. Be smart about how you manage using your income sources to keep your net income lower to keep the payments down.

An example would be to sell stock (your income is only the gain on the stock) mixed with retirement sources and work income.

If you are expecting a significant separation payment, look into maximizing your tax deferred contributions. You don't want to take a big tax bite this year if you can get by without the immediate cash.

If you are 55 or older, you should be able to get access to it at anytime. If you're younger you'll have to wait until 59-1/2 to get it without a penalty, but you'll still have it invested in a tax deferred account.

Great HDK, what doesn't ki-l you makes you stronger, ha?

hdk here!! Thank you OP for the great advises. I am very excited to be honest. At first, I got a panic reaction after working for so long at Intel where you get used to it and you feel the world will end if you don't have it but after talking to my spouse and running numbers and options, this is a blessing in disguise and now I cannot wait to get the official paperwork.

I have also met few of the retirement milestones and even thought I was not ready or planning to retire per say, this is a window of opportunity that does not come very often. I could have retired or leave at any time but there was not going to be any "package" with it. Now depending on what formulas they use, I could get almost one year(or more) plus I get 1 full year of accelerate RSU's due to retirement status. The downside part will be taxes for 2022 since I guess this will get taxed as income and may blow up my limits, but I'll cross that bridge when we get there. Would have been nice if they have done this at the beginning of the year so only one income tax :).

Good call on SERP and I will look into that as I know I qualify due to my years of services. On the Cobra I am on the fence since we are now on the open enrolment period so not sure which plan Cobra would follow (my current 2022 or the new 2023 selection?). If cobra follows the new 2023 enrollment, then I will choose the best plan available since Intel will pay. In either case, my spouse has a great medical plan which I don't really need cobra but, if cobra is based on 2023 selection, I may be able to drop from my spouse plan for 18 months and safe some $$.

Already took all my contact info and personal docs but still looking to make sure I get all I need before losing access.

Thanks again and I hope and wish for the best for everyone being impacted.

@hdk+1jmKm0lm, you are most Welcome. Luckily, I didn't need Cobra as I started my new job couple weeks after leaving Intel and I left with a six-figure check from Intel. I transferred my 401K to Schwab IRA account, and they have done great for me. Intel 401K is very limited compared to IRA. Oh, I cashed out the SERP and invested that money as well. I sold all my Intel shares at around $30 back then. Make sure you write down all your important contacts. Try to find a job that allows you to telework full time. I have that now so never need to go into office. You will be fine. Trust me on this.

@uin .. I asked my manager, and I got confirmation. Makes my manager job easier and also mine since I can now rest knowing what is coming and I can plan accordingly and smartly. If you have a good relationship with your manager ask but most likely your manager will not tell you as they have been asked not to share yet.

At this point you should know whether or not you are a target. Just make an honest self-evaluation and rank yourself against your peers and also look into the project you are working on. This time is not about performance but about value and ZBB logistics so if you are working on something that is not critical at this time or can be done by someone else, or drop for now, most likely you are on the list.

All managers had to submit names and the GM's from each group are the ones deciding (or have decided to be more accurate) so this is not coming down from any HR or Corp algorithm or random picks. Your group VP's will make the decision.

Thanks OP. I am looking forward to my next chapter.

Yo, how do you know you're on the list?

Thanks OP! I am ready to go and I know that I am on the list so shifting gears to make sure I take advantage and don't leave anything behind.

Any advice you can share on anything you would have done different(Cobra, 401k,..etc) if you had few weeks to plan before they execute?

Thank you and glad that it worked for you and your family as I know it will also be my case..