Laid Off With a Severance Package? Here’s How to Make a Plan

Gathering all the relevant information and staying organized is key, as is getting your financial team involved. Here are five financial planning tips to help.

A man carries a box with belongings from his desk as he walks out of an office building.
(Image credit: Getty Images)

There’s been a slew of layoffs recently. Google, Amazon, Salesforce and Microsoft all announced layoffs. Some are offering severance packages to help their former employees with the transition. If you are facing a layoff and offered a severance, proceed carefully — the decisions you make are important.

Here, to help get you started, are five financial planning tips to help you get the most out of a severance package.

Michael Aloi, CFP®
CFP®, Summit Financial, LLC

Michael Aloi is a CERTIFIED FINANCIAL PLANNER™ Practitioner and Accredited Wealth Management Advisor℠ with Summit Financial, LLC.  With 21 years of experience, Michael specializes in working with executives, professionals and retirees. Since he joined Summit Financial, LLC, Michael has built a process that emphasizes the integration of various facets of financial planning. Supported by a team of in-house estate and income tax specialists, Michael offers his clients coordinated solutions to scattered problems.