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Update to Ask HN: What to do if I’m about to lose my job to mental health issues

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Re: Update to Ask HN: What to do if I’m about to lose my job to mental health issues

#21
post #9

Earlier quoted context omitted.

Disability insurance too.

Unfortunately, this advices is potentially too shallow to be useful, as (private/individual) DI is tricky. For it to be useful long-term, you'll need to find a policy with both guaranteed renewal and guaranteed coverage increase as your income rises, before any chronic conditions appear (or are diagnosed) or things like car accidents occur and become pre-existing conditions. There are other details that make shopping…

>For it to be useful long-term, you'll need to find a policy with both guaranteed renewal and guaranteed coverage increase as your income rises, before any chronic conditions appear (or are diagnosed) or things like car accidents occur and become pre-existing conditions.

That's only true if you want to increase your spending as your income increases. If you start out with an upper-middle-class paycheck and lifestyle and get disability insurance for that, and save 100% of any pay raises on top of that, then a simple cost of living adjustment is more than enough. And even without a COLA adjustment, your long-term savings should be accruing faster than inflation anyhow. Rough math says that if you can't save enough to replace 2% of your income in a year, then you can't afford to retire after working 50 years.

>That is, the total from all sources will be capped by the most generous policy at somewhere around 60% of pre-disability income.

This is more than it sounds like, since private disability benefits are untaxed. For anyone with a six figure income, that's $5k/mo in after-tax income. Plus, this income is 100% portable within the US - you no longer have to live within the high COL areas where the tech jobs are.

Re: Update to Ask HN: What to do if I’m about to lose my job to mental health issues

#22
post #16

When I read stuff like this I'm so glad to live in a country (France) that doesn't let people without any money when they're fired or have serious medical issues. Nation-wide solidarity costs little to each person but gives a lot to those who need it. So sad that our public unemployment and health systems are getting destroyed piece by piece by successive governments (the current one is particularly agressive).

>Nation-wide solidarity costs little to each person Federal income tax in France is greater than 45%[1]. There's nothing cheap about that. I much prefer the freedom of saving my own money, especially when working in something as lucrative as tech. 1. https://tradingeconomics.com/france/personal-income-tax-rate

Yes if all you think about is yourself then that works well.

Re: Update to Ask HN: What to do if I’m about to lose my job to mental health issues

#23
post #16

When I read stuff like this I'm so glad to live in a country (France) that doesn't let people without any money when they're fired or have serious medical issues. Nation-wide solidarity costs little to each person but gives a lot to those who need it. So sad that our public unemployment and health systems are getting destroyed piece by piece by successive governments (the current one is particularly agressive).

>Nation-wide solidarity costs little to each person Federal income tax in France is greater than 45%[1]. There's nothing cheap about that. I much prefer the freedom of saving my own money, especially when working in something as lucrative as tech. 1. https://tradingeconomics.com/france/personal-income-tax-rate

Wow, that's actually a great deal. The top marginal tax rate in the state of California this year is roughly 65% (and that's excluding employer contributions).

13.3% of all income (State) +

39.6% of all income (Federal) +

5.3% of all income (Federal double tax on State Tax - thanks, Donny) +

6.2% of all income (Social Security - Individual)

=====

64.4%

Then of course your employer pays another 6.2% of gross earnings on your behalf for social security too. And of course, in tech, your employer has to pay for your healthcare too, an average of $19,616, which also actually comes out of your paycheck. [1] Feel free to work out what percentage of your gross earnings that amounts to and tack that on top also. Good thing we've got the freedom to save the remaining ~33% while people go without basic health cover and social services.

In years I earn a lot, I'd actually be better off in Canada.

[1] https://www.kff.org/health-costs/report/2018-employer-health...

Re: Update to Ask HN: What to do if I’m about to lose my job to mental health issues

#24
post #6

> My savings had already been wiped out by a car accident I am always amazed when I see statements like this coming from people in highly-paid professions. It seems like the OP has already figured out that financial insecurity contributes a LOT to stress and can force us into very sub-optimal decisions. Props to them for connecting those dots. I hope everybody reading this post takes a moment to review their financia…

[deleted]

Re: Update to Ask HN: What to do if I’m about to lose my job to mental health issues

#25

Earlier quoted context omitted.

>Nation-wide solidarity costs little to each person Federal income tax in France is greater than 45%[1]. There's nothing cheap about that. I much prefer the freedom of saving my own money, especially when working in something as lucrative as tech. 1. https://tradingeconomics.com/france/personal-income-tax-rate

Wow, that's actually a great deal. The top marginal tax rate in the state of California this year is roughly 65% (and that's excluding employer contributions). 13.3% of all income (State) + 39.6% of all income (Federal) + 5.3% of all income (Federal double tax on State Tax - thanks, Donny) + 6.2% of all income (Social Security - Individual) ===== 64.4% Then of course your employer pays another 6.2% of gross earnings…

And it's the third biggest economy in the world. My conclusion is that having a huge healthy educated talent pool is more important to companies than taxes.

Re: Update to Ask HN: What to do if I’m about to lose my job to mental health issues

#26

Earlier quoted context omitted.

>Nation-wide solidarity costs little to each person Federal income tax in France is greater than 45%[1]. There's nothing cheap about that. I much prefer the freedom of saving my own money, especially when working in something as lucrative as tech. 1. https://tradingeconomics.com/france/personal-income-tax-rate

Yes if all you think about is yourself then that works well.

[deleted]

Re: Update to Ask HN: What to do if I’m about to lose my job to mental health issues

#27

Earlier quoted context omitted.

Wow, that's actually a great deal. The top marginal tax rate in the state of California this year is roughly 65% (and that's excluding employer contributions). 13.3% of all income (State) + 39.6% of all income (Federal) + 5.3% of all income (Federal double tax on State Tax - thanks, Donny) + 6.2% of all income (Social Security - Individual) ===== 64.4% Then of course your employer pays another 6.2% of gross earnings…

And it's the third biggest economy in the world. My conclusion is that having a huge healthy educated talent pool is more important to companies than taxes.

I agree completely.

Re: Update to Ask HN: What to do if I’m about to lose my job to mental health issues

#28
post #16

When I read stuff like this I'm so glad to live in a country (France) that doesn't let people without any money when they're fired or have serious medical issues. Nation-wide solidarity costs little to each person but gives a lot to those who need it. So sad that our public unemployment and health systems are getting destroyed piece by piece by successive governments (the current one is particularly agressive).

>Nation-wide solidarity costs little to each person Federal income tax in France is greater than 45%[1]. There's nothing cheap about that. I much prefer the freedom of saving my own money, especially when working in something as lucrative as tech. 1. https://tradingeconomics.com/france/personal-income-tax-rate

> Federal income tax

1. France is not a federal state.

2. Income tax doesn't pay (directly) for health insurance. Income tax also doesn't pay for social security. You're comparing apples to oranges.

Re: Update to Ask HN: What to do if I’m about to lose my job to mental health issues

#29

Earlier quoted context omitted.

>Nation-wide solidarity costs little to each person Federal income tax in France is greater than 45%[1]. There's nothing cheap about that. I much prefer the freedom of saving my own money, especially when working in something as lucrative as tech. 1. https://tradingeconomics.com/france/personal-income-tax-rate

Yes if all you think about is yourself then that works well.

> Yes if all you think about is yourself

How does saving your own money preclude you from thinking about others?

Re: Update to Ask HN: What to do if I’m about to lose my job to mental health issues

#30
post #16

When I read stuff like this I'm so glad to live in a country (France) that doesn't let people without any money when they're fired or have serious medical issues. Nation-wide solidarity costs little to each person but gives a lot to those who need it. So sad that our public unemployment and health systems are getting destroyed piece by piece by successive governments (the current one is particularly agressive).

>Nation-wide solidarity costs little to each person Federal income tax in France is greater than 45%[1]. There's nothing cheap about that. I much prefer the freedom of saving my own money, especially when working in something as lucrative as tech. 1. https://tradingeconomics.com/france/personal-income-tax-rate

This is simply wrong. Income tax percentage depends on how much money you make, and it goes from 0% to 45%.

You pay 0% up to 9807€ of income. Anything above that and under 27086€ you pay 14% on it. Then between that and 72617€ you pay 30% on it. And then between that and 153783€ you pay 41% on it.

Finally, you pay 45% only if you make more than 153783€ per year and again, only on euros that you earn above this threshold.

As an associate professor early in my career my income tax amounts to around 12% of my salary I think.

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