I just wish they’d stop treating us like we’re stupid and tell us when it’s happening. I’m positive it’s coming but it’s impossible to know WHEN. I would obviously like to stick it out to get my severance but if it’s going to be months from now I’m not sure if my mental health can handle it.
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That's ok, HY doesn't understand "big business budgeting" either. Remember the time they budgeted for severance...and then had to add another billion dollars to said budget mid year to get rid of some more people? Pepperidge Farms remembers. Get outta here.
For your mental health, consider a short term disability claim and take some time off. Works miracles to ditch the toxicity and focus on your wellbeing for awhile.
you should always max out your 401K every year, regardless of how close or far you are from actually retiring, and if you can max it out faster/sooner the better off you will be.
this is just cold hard numbers... it's amazing how many people don't do this... Your future self will thank you.
@bz okay I’ll be honest I don’t really know what you’re trying to say lol. My ignorance betrays me because it’s commonly thought that a company would rather make you miserable until you voluntarily quit than pay you a year of severance? Are you saying NOT to wait it out for the severance? Sorry you just a lot of unnecessary words to be rude and condescending to people just asking questions. I’ve never smoked, and I don’t drink artificial dyes or eat processed meats so your little analogy you think you ate with didn’t even land.
This conspiracy theory about “they” not wanting to pay severance is absolutely comical. Your ignorance betrays you. Money has already been budgeted for this and if you understood how big business and budgets work you’d know it’s not like planning for the slim Jim’s, slurpee and pack of black and milds you’re about to put away for dinner.
At best that is an ancillary afterthought but the core of the issue are corporate labor laws. Even in the worst states and under At-Will employment there are limits to the number of staff (by percentage) which can be displaced before triggering a requirement to request voluntary attrition. WARN be damned, you stagger the cull and avoid the voluntary requirement.
yeah, uncertainty su-ks - unfortunately it is a negotiating strategy that employers just love to use -- as they loathe to pay out severance and hope to wear you down.
@ar thank you for sharing that! That makes sense and I agree if you’re closer to retirement that’s probably a good plan. I have another 35+ years until then so I can’t help but think I’ll have plenty of time to make up the couple of months of lower contributions.
I’m not @a3 but I increased my 401k for months leading up to displacement as I’m not that far down the road from retirement and wanted the extra socked away as well as reduce my taxable income since we can’t contribute once severance starts. It’s different for everyone depending on needs and goals but that’s why I did. I also figured once severance starts I’ll use a portion of those contributions for both savings and paying down debt and hopefully land some type of employment before severance ends.
Why would you change your 401K contribution?
@a3 can you elaborate a little bit on maxing out 401k versus only putting in minimal to get more of your money up front? I was contributing more than the match amount but now knowing I may not have a job soon I want my checks to be bigger.. not sure if this is the right approach so I’d love to hear your thought process
this is a feature not a big. by not giving you an exact date people are more likely to find something else and as such they don't have to pay severance if you do. It is a double edged sword. I was told months ago that I will likely be impacted but no one can tell me the exact date. while the unknown is tough, at least I am able to better prepare emotionally and financially, holding back on PTO, maxing out my 401k, etc.