Ya I had a coworker real nice man. Has worked at our company for a little over 30 years. In those 30 years, the man almost never took time off, worked diligently for 8 hours a day 5 days a week for 30 years. So much so that he accrued enough personal days and vacation days to retire exactly one year early. 30 years of hard work for one extra year doesn’t seem balanced to me but anyway. The man is about a year year and a half away from his year of paid time off before retirement, COVID hits. The guy who’s older and also types 2 diabetic ends up testing positive due to being an essential worker and one of his coworkers getting, literally just for going to work. After that, they then decide to fire our entire department due to budget cuts. So that means 30 years of diligent work got him nothing. How depressing is that?
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Ffs you guys. I know how to do my taxes. PTO payouts are generally taxed higher, like 50% higher. And if he’s making 75k, that’s 50% of the next 70k. If you’re sitting at, say, $75-80k and then your income doubles, that’s an extra 2% which wasn’t accounted for in tax bracket. Your employer doesn’t automatically adjust to take out the correct about of tax, they calculate at the start of the year. And typically, if you’re building wealth you already plan to owe the IRS a few grand in April, so you collect the interest year-round. For my friends in that tax bracket, especially heading to retirement, an extra $1,500 is a “big” hit. Most Americans have less than $800 available for an unexpected expense. All of this assumes he didn’t take is an as constructive receipt.
