What to Consider When Facing a BP Severance
As a BP employee, do you know the retirement date you select can have a major effect on your retirement funds? Whether you're volunteering to take a severance package or are facing a mandatory one, navigating a severance package after a long career at BP can actually be quite complicated. In light of the recent pandemic, market swings have brought about various financial planning opportunities that can have a significant impact on your retirement savings, investments, and taxes in the coming years.
Let's face it: if you’re not thinking about how all these factors work together when selecting your BP retirement or separation date, you’re potentially leaving money on the table.
How can you — a BP employee — make the most of a severance?
In this webinar, presented by John Siegel, CFP®, EA, we dive into how you can take advantage of financial planning opportunities a severance presents and will focus on how to avoid selecting a separation date that could cost you thousands in taxes by pushing you into the highest tax brackets. We also address the most frequently asked questions we hear from our BP clients, including:
- If you’re offered a severance, what should you consider before making a decision?
- How could the Coronavirus’ impact on segment rates in coming months impact your RAP pension payout?
- How should investment and savings strategies change in response to COVID-19?
- What’s the tax impact of taking a severance during COVID-19 or retiring in the months thereafter? And consequently, what tax planning opportunities are available as a result of the pandemic?
- How can you utilize the market swings from the pandemic as planning opportunities to increase your tax-efficient savings?
You will not want to miss this webinar, watch now by filling out the form.
Do you know someone who is evaluating a severance package or looking to retire from BP in the next 5 years?