I came across an interesting article about the increased number of unemployed executives (3.4%) in the current recession. It is heartbreaking to see how they are hurting. Consider the example of this person who lost a $400,000 a year job:
Jeff, whose $450 a week in unemployment runs out in March, adds: "When you read about people who can't afford to buy food you said, 'How do they do it?' Now, we're living day by day."
Gone are the couple's $200,000 in retirement savings and Jeff's six-month severance. "People say you should have three months in reserves," Karen says. "We had that, and it didn't do any good. No one says (have) 15 months."
That's right, forced to live for 15 months on $200,000 in savings plus a $200,000 severance and unemployment amounting to $23,400 per year. Frankly, I can't imagine what a struggle it would be. Not having made as much to begin with, not having nearly as much savings, not receiving a severance, and not even getting as large an unemployment check, I am so glad not to be in their shoes. (Yes, read it with some sarcasm.)