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severance pay- take in lump sum or weekly?
As I posted last month, my mom got laid off after 28 years at her company. She is getting 48 weeks of severance pay and she can choose to get it in a lump sum, or weekly payments. The amount is the same either way.
The company has been laying off people at a fast clip..and while she doesn't think they will go bankrupt, it's always a possibility. In this scenario, is there any reason to NOT choose the lump sum option? Obviously she will pay a ton in taxes, but I told her she'll get a big refund next year.
They don't have any debt, so if she takes the whole amount, it will just sit in an ING account.