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Dear Retirement Adviser,
My company is giving me a severance package with five months’ pay. At age 66, I am collecting Social Security and will get a small pension from my company. Is it possible to collect unemployment, even while I am getting my monthly package and retirement?
Dear George,
Your state administers the unemployment insurance program, and the laws vary state by state. The premise of unemployment insurance is that you are actively looking for work. If you’re just looking for a check and not actively seeking a job, that will be an impediment to receiving unemployment compensation, also known as UC.
For example, in my home state of Pennsylvania, being on the receiving end of a severance package helps determine the exact amount of unemployment compensation. Social Security benefits are not deducted from unemployment benefits. Private pension benefits, however, may reduce these unemployment benefits. A lump-sum pension payment is not deducted from unemployment compensation unless you had the option to take pension payments monthly. If you roll over the lump-sum payment into an eligible retirement plan, however, it doesn’t reduce your unemployment compensation.
It’s pretty easy to find out more through your own state’s Department of Labor website. Then, you can decide whether it makes sense for you to pursue a claim for unemployment compensation at the actual end of your professional career.
Get more news, money-saving tips and expert advice by signing up for a free Bankrate newsletter.
Ask the adviser
To ask a question of the Retirement Adviser, go to the “Ask the Experts” page and select “Retirement” as the topic. Read more Retirement Adviser columns and more stories about retirement.
Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this website is governed by Bankrate’s Terms of Use.
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