How does severance pay work if you have lost your job with severance pay?

Question

My hubby worked for a large company in Michigan and gets 10 months severance pay in 2 payments. We don't yet know when they will arrive.

How will it effect...financial aid.....school lunches.....food stamps.....etc?

We have 6 kids.

Answer 1

when the money runs out, you will be broke.You need to encourage him to get another job. He is not on vacation with pay, he is unemployed.If you get used to living off the system, it may be hard not to, because jobs are scarce, and personally I don;t want my tax dollars to support you any longer than necessary. There is no pride in living off the dole,and many jobs will pay less than what he was making, so the sooner he gets started the better.The severance usually comes in on pay periods, due to book keeping requirements.

Answer 2

It counts as income.

Answer 3

The severence pay will have an effect on everything because it's considered income so you will have to talk to all those angencies about receaveing the severence pay.

The best thing you can do is rember the Republican adminastration that cost your Husbund and thousand of outhers their jobs by out-sourceing our jobs to China and Mexico.

Obama 08