Today is supposed to be the last day of my waiting period. Did anyone get their final shot separation papers yet? Maybe it’ll be end of day. Oracle will be giving my retirement a good start with 6 months salary and I will also qualify for unemployment, because maybe I still want to work, maybe…LOL. This is a much better retirement gift than any going away lunch or retirement watch. I’m very thankful for this blessing, I just need that final check to sail off into the next chapter.
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The US dollar is the world reserve currency.
Having said that, the Republicans and Democrats have been growing the debt at a greater pace especially in the last 25 years. Pumping money into the system causes inflation. The dollar I earn today does not go as far as it once did.
I am sure the US dollar will still be around in the near future. It's the purchasing power that is getting us all.
I am supposed to start getting it next year, if SSA or even the dollar survive that long.
@b0 I received my first SocSec payment about 3 month after applying. Also, keep in mind that you get paid a month later. For example, you get paid for the April benefit in May
@a6 It isn't considered severance for UI purposes because it's conditional on you waiving your rights to sue.
Ka-Ching! Signed and waiting for my vacation money! TYVM LE!
@b7 nothing yet
@an I just received my exit document right now
@OP I understand you just wanting that last check and call it done, but fwiw, there’s no way that I’m signing my life away before getting a free legal consultation.
@ah I received extra check too, but was for pay period 4th through today, so i guess normal check is behind a few days.
@am it's ok to say social security... you allude to it but never specify this is the retirement that you are talking about. Log into the social security website and validate your record of withholding are correct. It shows both you contributions and you employers for every year since you started working. The sum of these two values is your break even point where you have gotten out everything that you have paid in. Remember that social security is going to be insolvent in the next 4-6 years depending on who calculations you use. At this point the only money they will for paying benefits is what they receive in through payroll withholding. This means you can expect your benefits to reduce by about 25% or more. I want everything I had to pay in back in my pocket.
A couple of things about the application process, start 6 months in advance but mine took about 4 months to complete. This is literally a manual process of going through paper records. The second thing is for your direct deposit, use an account that you plan to keep forever. If you have to change your direct deposit account it will take 3 months for it to be completed. They tell you this up front. You submit the request online but it still takes this long to get it processed. My experience was before DOGE cleaned house so your results may vary.
Should be an email with a Docusign link.
Does the final papers to sign for severance pay come in an e-mail or UPS/FedEx package?
Regarding retiring immediately, I will give my analysis, but be aware I am not an expert, just extrapolating from information I have seen.
From what I have heard, you are supposed to start applying 6 months before your "retirement date". If that is true, then it seems you could go ahead and and list your 63rd birthday as your retirement date and start receiving benefits for this extra year over when you could have started.
The one additional consideration though, is if all of your current year benefits would be factored in, including the severance paid. If there is some rule that the year benefits for the year that you retired are not factored in, it MIGHT be worth it to list a retirement date of Jan 1, 2027, even if it costs 3 months of benefits and 8-11k. I don't think it would be, but it is possible.
In my personal scenario, I will be applying for benefits immediately at age 62. From the numbers given to me, I would be ahead in pure benefits until age 77. But here is a little secret: by age 67, I will already have 160k in benefits and interest (assuming 5%). The annual interest on that amount would be $667 more (again assuming 5%) going forward. So, if the difference in my age 62 and age 67 payment is $1000 per month, it really looks more like $333 per month if I banked and invested accordingly.
If one accepts the above outline, the 160k I gathered "early" reduces my monthly "loss" to $333, and dividing 160k by 333 = 480 months or 40 years before I truly lost money. Now, there is no way of knowing if some policy or economic event might drastically affect these outcomes, but under current scenarios the numbers seem plausible. I know that I am not even going to give it another thought once I claim the benefit as soon as possible. YMMV.
@OP. Update. Std paycheck was deposited. An additional paycheck ($1800) was also deposited, I expect the additional paycheck was for unused vacation that was on the books for 16 years under Oracle (but I was l was always salaried.)
On my day of separation, I did not received the severance email until around 630 PM EDT, if memory serves.
Downvoted for not naming so I could check the rules.
I upvoted a9, because they stated a fact that is correct in my state.
@aa Can confirm in my state (not naming) that’s the case. Don’t waste time and effort applying until close to the severance end date.
You may need to wait until the severance period is “used up” before EI payments begin. Under normal EI rules, severance pay can delay when your EI benefits begin, because it is treated as “earnings” that must be allocated over a period of time.
@a6 In many, if not all states, if you have to sign away your rights to receive any severance payment, said payment will have no impact on when unemployment benefits can commence.
@a6 rIn CA you can file immediately after the waiting period, regardless of severance. Maybe if it’s different if the severance is paid in installments like regular paychecks, but Oracle pays it in a one lump sum.
Just checked and the final separation paperwork is not in my designated e-mail. Not sure if I will retire immediately at 62.5 years old. Healthcare ain't cheap but I will sign up for California unemployment benefits on Sunday.
Pro tip: Check the laws in your state regarding eligibility for unemployment when you have a severance payment. You might have to wait till the end of the severance period before you can collect unemployment.