Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Triple Dip
Old 10-05-2005, 03:27 PM   #1
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
Triple Dip

Had may exit interview Monday - yahoo! - and was surprised that the first month will have 3 company paid sources of income:

1. They lump summed 5 weeks of vacation; expected this. Was also surprised by the taxes pulled from the check - ouch!

2. severence/continuation pay - only 12 weeks for me; but better than nothing

3. Unemployment - starts next week after a 1 week lag.

Hard to imagine many in the department opted to "find work" rather than coast for 1/2 a year (unemployment is 26 weeks).

Nice way to begin ... really eases the transition.
__________________

__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Triple Dip
Old 10-05-2005, 04:45 PM   #2
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: Triple Dip

Ah, you passed to the other side. Congratulations!
__________________

__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Triple Dip
Old 10-05-2005, 08:57 PM   #3
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Re: Triple Dip

Quote:
Originally Posted by tryan
Was also surprised by the taxes pulled from the check - ouch!

2. severence/continuation pay - only 12 weeks for me; but better than nothing

3. Unemployment - starts next week after a 1 week lag.
If you're getting lump sums and other checks, better review IRS 1040-ES and see if you owe estimated taxes. Your next payment may be due in mid-Jan!
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Re: Triple Dip
Old 10-06-2005, 10:34 AM   #4
Full time employment: Posting here.
Patrick's Avatar
 
Join Date: Mar 2005
Location: Northern, Florida
Posts: 925
Re: Triple Dip

Quote:
Originally Posted by tryan
Had may exit interview Monday - yahoo! - and was surprised that the first month will have 3 company paid sources of income:

1.* They lump summed 5 weeks of vacation; expected this.* Was also surprised by the taxes pulled from the check - ouch!

2. severence/continuation pay - only 12 weeks for me; but better than nothing

3. Unemployment - starts next week after a 1 week lag.

Hard to imagine many in the department opted to "find work" rather than coast for 1/2 a year (unemployment is 26 weeks).*

Nice way to begin ... really eases the transition.
I thought unemployment was paid by the state?* Anyway, sounds like you got a smokin' deal!*

I know several people who went back to work early because they couldn't get by on the reduced unemployment amount.

Good luck in your retirement!* I hope to join you soon.
__________________
Retired in 2006 at age 49.

"Who among us is smart enough to learn from the mistakes of others?" - Voltaire
Patrick is offline   Reply With Quote
Re: Triple Dip
Old 10-06-2005, 10:50 AM   #5
Thinks s/he gets paid by the post
retire@40's Avatar
 
Join Date: Feb 2004
Posts: 2,670
Re: Triple Dip

Quote:
Originally Posted by Patrick
I thought unemployment was paid by the state?
It is. It's a benefit every wage slave gets in every corporation.
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
retire@40 is offline   Reply With Quote
Re: Triple Dip
Old 10-06-2005, 12:17 PM   #6
Full time employment: Posting here.
Patrick's Avatar
 
Join Date: Mar 2005
Location: Northern, Florida
Posts: 925
Re: Triple Dip

Quote:
Originally Posted by retire@40
It is.* It's a benefit every wage slave gets in every corporation.
OK, I was just curious because Tryan characterized it as a company-paid source of income.
__________________
Retired in 2006 at age 49.

"Who among us is smart enough to learn from the mistakes of others?" - Voltaire
Patrick is offline   Reply With Quote
Re: Triple Dip
Old 10-06-2005, 06:05 PM   #7
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,083
Re: Triple Dip

It's just part of the benefit of getting canned.
Who cares where it comes from, although, I thought that the company that lays you off has to pay 1/2. I hope it's true as it would make my layoff (ER) just a tod sweeter, knowing the company footed 1/2 of the unemployment tab as well.

Have fun tryan.

MJ
__________________
I look to the present moment because that's where I live my life.
MJ is offline   Reply With Quote
Re: Triple Dip
Old 10-06-2005, 06:22 PM   #8
Thinks s/he gets paid by the post
wabmester's Avatar
 
Join Date: Dec 2003
Posts: 4,459
Re: Triple Dip

Quote:
Originally Posted by Patrick
OK, I was just curious because Tryan characterized it as a company-paid source of income.
It's paid by the company indirectly. Companies pay for unemployment insurance. And I'm pretty sure their rates are proportional to how many of their ex-employees take the benefit.
__________________
wabmester is offline   Reply With Quote
Re: Triple Dip
Old 10-06-2005, 06:29 PM   #9
Recycles dryer sheets
 
Join Date: Oct 2003
Posts: 175
Re: Triple Dip

Quote:
Originally Posted by tryan
Had may exit interview Monday - yahoo! - and was surprised that the first month will have 3 company paid sources of income:

1. They lump summed 5 weeks of vacation; expected this. Was also surprised by the taxes pulled from the check - ouch!

2. severence/continuation pay - only 12 weeks for me; but better than nothing

3. Unemployment - starts next week after a 1 week lag.

Hard to imagine many in the department opted to "find work" rather than coast for 1/2 a year (unemployment is 26 weeks).

Nice way to begin ... really eases the transition.
Congrats! I also had my exit interview last Monday. Same here: 12 weeks of severance pay and lots of vacation payout. I almost wonder whether we were with the same company......

I was given notice ~2 months ago. The company philosophy was that this allowed the 'unfortunate' folks to look for a job internally or externally. If you found something before the big date, you would lose all layoff goodies. I saw that advance notice mainly as a way to completely wind down.

However, prior to the big date HR would not leave me alone and kept on getting me all these wonderful internal jobs that I really should apply for (uugh, fab manufacturing....80+ hour workweek). At the end I almost had to get physical with her to get her to stop and kick her out of my cube. Both me and my cube neighbor were absolutely estatic about our triple dip package. She had to tell her boss to please stop extending her layoff date. Virtually everybody else who was laid off started panicking and looked for a new job. I am postponing the unemployment payment for a while to get most of it paid in my super low income year of 2006.

I noticed that it really pissed off my director, manager and HR person that I showed no interest in any cube farm job career with the company. My lack of financial hardship was also obvious and I think that made them even more insecure.

Anyway, enjoying the freedom now..... How nice to be able to walk outside in the morning and feel the wind through my hair and the sun on my skin. The vacation pay should be in the bank tomorrow....

Vicky
__________________
vic is offline   Reply With Quote
Re: Triple Dip
Old 10-06-2005, 08:51 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,083
Re: Triple Dip

Quote:
Originally Posted by vic
I am postponing the unemployment payment for a while to get most of it paid in my super low income year of 2006.
I wish I could have done that as well but I got my notice 6 months ago which came with triple dip benies as well. I was worried about waiting 8 months to begin collecting UB, as they say, bird in hand ......
__________________
I look to the present moment because that's where I live my life.
MJ is offline   Reply With Quote
Re: Triple Dip
Old 10-06-2005, 09:02 PM   #11
Thinks s/he gets paid by the post
 
Join Date: Dec 2002
Posts: 3,875
Re: Triple Dip

Quote:
Originally Posted by vic
I am postponing the unemployment payment for a while to get most of it paid in my super low income year of 2006.
When I was working I used to try shifting income from one year to the
next, and I remember "income averaging". That was interesting.
Now, I still do this, but instead of trying to lower my income tax bill
I am trying to keep it where it is..........zero.

JG
__________________
MRGALT2U is offline   Reply With Quote
Re: Triple Dip
Old 10-10-2005, 06:46 PM   #12
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
Re: Triple Dip

All,

Thanx for the kind words (was out of state for a week long "victory tour")'


Quote:
I am postponing the unemployment payment for a while to get most of it paid in my super low income year of 2006.
Vic,

Check your state laws. In MA any delay of unemployment bennies is a lost claim. Can only "collect" within the 26 weeks following the job lost. You state might be different ... but it'll pay to check.
__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Re: Triple Dip
Old 10-11-2005, 12:47 AM   #13
Recycles dryer sheets
 
Join Date: Oct 2003
Posts: 175
Re: Triple Dip

I have been too busy to look into it so far

My HR rep told me that I should apply preferably after my severance runs out. However, so many things she said were wrong (she still can't get it right after that many layoffs).

I will definitely check into it.
Thanks,
Vicky
__________________

__________________
vic is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 09:06 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.