If it was me, I'd take the severance and look for a job at a different company. Whenever a company is paying their people to leave, its a good bet that the company is not doing well.
I work in IT, and generally, the layoff packages start better than they end, as the company spirals down.
You sound very employable. I suspect that you will be able to find a decent job with a company that is not imploding.
Does anyone know if you can get unemployment if you take a package?
Originally Posted by Tracker
The severenance package would pay the mortgage for two years. (approximately) We are 11 years into a 15 year mortgage. (we owe $40K at this point on our home) Worse case scenario we could refi and stretch it out to a 30 year term, mortgage would be approximate $400-$500 instead of the current $1200. Severance would be maybe $24K after taxes. Not enough to pay off $40K mortgage.
Things would be tighter, but we could get by. What kills me about this whole mess is that we were so on track to pay off the home and be debt free. I feel like I am ruining our plans and de-railing our future. If I could last 5 more years I could pay off the mortgage and get my 401(k) close to $300K. (and have a total of 20 years on the paltry pension) That was the goal. My goal was to be 45 years old (41 now) and have no mortgage, $300K in retirement savings.
However, I haven't 'liked' my job for several years now. This new job would be absolutely miserable. (most of the team gone, outsourcing main focus)
On one hand I value finanicial security. Very, very, importanti to me. On the other hand, I have only one life to live. I don't want to be even more miserable in my job than I am now.