How did you maximize on it to get the most out of your layoff package ?
4 replies (most recent on top)
If you know ahead of time, even if that is during your PC hand-in as you are escorted off premises, there are a few things you can do.
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Your severance and other payouts have taxes withheld at a mandatory high rate. It will work out eventually, but it would be wise to increase your W-4 (and state equiv) allowances to a stupid high value so that your regular payslips (1 or 2) withhold less and reduce the amount you provide the government as an interest free loan.
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Depending on your circumstances you may wish to maximize the 401(k) contributions while you have a salary since you will not able to contribute to a retirement account until you find a new position. This will also minimize your witholding.
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Make sure to maximize your benefit from any flexible spending account (DCAP or FSA). With a FSA (even a limited FSA if you have an HSA) you can withdraw the max annual amount even if you have not yet contributed while you are making contributions. So, if you have $2000 being put in over the year then you can pull out the full $2000 for services rendered while you are employed AND YOU DO NOT HAVE TO PAY IT BACK - INTEL SUFFERS THE SHORTFALL. So - buy those contact lenses, etc etc before your last day. DCAP is different - you can only withdraw what you have put in, and only for services rendered on/before the last contribution. So, make sure you incur expenses otherwise you surrender the contribution until your last day.
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Not many of these about these days, but if you have stock options which have vested and are in the money make sure to exercise them. Otherwise you lose them. (I don't think many of us regular folks have any still, but just in case someone is on the cusp).
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Grab as many GPTW benefits while you can, if you can.
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While you have an Intel badge make sure you use any Cellular Wireless discounts available. AT&T at least isn't fussed and will continue to offer the 26% discount indefinitely, but you need a badge to get it in the first place unless you run across a particularly disinterested employee.
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Order your HomeWare Microsoft Office disc/download. No one cancels the license and who knows - a copy of full-blown Office may be useful sometime.
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If you have a Microsoft MSDN subscription s--- down the ISO and license keys while you can. You'll have a while (maybe a month or two before someone wakes up and cancels it out from under you). Always nice to have those Microsoft applications for free. (I know, ethically suspect, but likely you have just been stiffed by Intel so maybe you feel like grabbing what you can). The license keys you grab work forever.
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Pull your own data off your PC ahead of time if you can. It's kinda chaotic if you need to do it suddenly and you may miss something. De-registering streaming music accounts would be a good idea too.
Do all you can to push $ into 2019
I would not recommend you finagle your tax withholdings to maximize your bonus take home pay - the end result may be that end up with a huge tax bill at the end of the year. Instead I recommend you do some calculations and have the right amount withheld so you don't end up owing the IRS a bunch of extra taxes at the end of the year.
Spent it on beer and women. Wasted the rest.