TAX PLANNING FOR SEVERANCE PACKAGES

Posted on June 7th, 2021 in Budgeting, E-Newletters, Education Planning, Estate Planning, Financial Prosperity Series, Insurance, Investing, Lending, Life Events, Retirement, Tax

Over the past year, economic stresses worldwide have resulted in many employees receiving severance packages and being advised that their services are no longer required. The longer you’ve been employed with an organization, the higher your severance package will be. With the national job market still experiencing varying levels of stress, it is more important than ever to hang on to as much money from an employment severance settlement as possible.

If you don’t plan ahead, the tax authorities have no problem relieving you of your extra money. A professional tax and investment advisor will run through the options with you and help you choose a strategy that best fits your circumstances.