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Healthy Cells is a local health magazine with most of the articles written by local professionals. People love to read about healthcare from their local health professionals. Each month includes a wide variety of articles on various topics.
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Employment Severance Offer: Taking Back Control

You had fears that one of these waves of employment downsizing might affect you. Yet, deep down, you didn’t want to face the reality of an unexpected early retirement until the notice hit your desk. Suddenly, after a lifetime of achieving and controlling your destiny, you feel like you are no longer in control of your future.

Through hard work and perseverance, you’ve earned your success. All your life, you’ve overcome challenges to move from one rite of passage to the next, accomplishing milestones, right on schedule.


Remember your tenth birthday? Finally made it to the double digits. Everyone was excited for you and kept saying they couldn’t believe you were growing up so fast.


A few years later, and you were in high school; finally one of the big kids.


Two or three years later, you got a driver’s license, then your first job, then best of all: your first car. Adulting? No problem!


In hindsight, the rest of it happened in the blink of an eye: graduation, moving away to college, graduation again, first professional job, marriage, a home of your own, a house full of kids. Adulting? Maybe a little more complicated than it seemed at first, but you had this.


Now, somehow, it’s twenty-five years later, your own kids are in college and off to pursue the next-gen version of the American Dream and your world is falling apart. Adulting? Maybe it’s not all it’s cracked up to be, and this is certainly not how you expected it to turn out.


You were supposed to finish out your career at this current job until the magical birthday that you decided equaled a good retirement date — and check off the retirement milestone just like you’ve checked off other rites of passage along the way.


But now, you’re still years away from that magical birthday and there’s a severance offer sitting on your desk. You know your choices are basically to take that offer or be out of a job sooner than planned. But, you’re not done yet, because this wasn’t supposed to happen.


How are you going to pay for the last two years of Junior’s college? Will you still be able to pay off your mortgage on time? What about the remaining years of 401K contributions that you were counting on to ensure a comfortable retirement? What is your family going to think of you if they can’t count on you to provide for them?


So, not only are you out of a job (with the severance or without), but you’re on an emotional roller coaster that’s more stressful than anything you’ve ever encountered. What are you supposed to do now?


The best thing to do is to get off that metaphorical roller coaster. You’ve done nothing wrong, and this situation is not your fault. Not. Your. Fault. Despite the havoc it’s wreaking on your life, somebody with a lot more zeroes in their paycheck than you simply made a business decision. Changes to the business model became necessary to keep the company competitive. It has nothing to do with you as an individual.


This may be the first time things haven’t worked out just the way you planned, but gain some perspective and recognize that things will work out.


Companies evolve and change, just like individuals. Remember all those rites of passage? That was you — evolving and changing as your life unfolded. Now, you just need to evolve and change a little more, a bit sooner than you planned. So, how do you do that?


First, accept this new reality. There’s nothing you can do to change it, but you can control your reaction. Acceptance is the first step toward taking control. All along, you’ve taken charge of every major life event and managed the situation, and you can manage this one, too. Embrace the cliché about how when one door closes, a window opens. Reframe your new reality as an opportunity, not a disaster. Then find a way to wring maximum advantage from the situation with new goals and a new plan.


Beyond the impact on your self-esteem, the financial impact could be the biggest threat. This is where action is necessary to assess the potential damage and minimize the impact. Start by securing the backing of a professional in such financial matters. A financial planner with expertise in early retirement scenarios or experience with severance offers may offer the most relevant advice. They may be able to make projections based on the terms of the severance offer, and help you decide the best path forward.


A qualified financial planner with experience in corporate severance packages may also be able to help you determine how to get the best long-term financial benefits from your severance package. A specialist will analyze the entire package, including pension options, health care coverage, and more.


After a thorough assessment, you’ll have the financial projections to choose your best course of action. Sometimes, the best option may be to continue working, albeit for a different company or maybe even in a different industry. Perhaps a new industry is just what you need, and this is your opportunity to learn something new and pursue something you’ve always wanted to do!


In fact, severance packages are not all bad, they’re just an unexpected change. Another rite of passage, if you will. You’ll evolve and change, just as you always have, especially if you’ve connected with a financial planner who has been able to help you see the silver lining.

Krista McBeath is a chartered financial consultant, a licensed insurance advisor, a fiduciary, and an experienced tax advisor who specializes in financial planning, investments, taxes, and insurance. McBeath Financial Group’s Technology Empowered Advisor Method (TEAM) is a financial planning process that integrates the personal touch of a relationship-based advisor with high tech — software tools to assess a client’s current portfolio and then analyze options from a variety of financial vehicles. Phone 309-808-2224 or email This email address is being protected from spambots. You need JavaScript enabled to view it. for appointment information.

Advisory services are offered through McBeath Financial Group and Motiv8 Investments, LLC. McBeath Financial Group and Motiv8 Investments, LLC are not affiliated. Insurance products and services are offered through McBeath Tax and Financial Services, LLC. McBeath Financial Group and McBeath Tax and Financial Services, LLC. are affiliated.


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