Estimating unemployment benefits

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miamivice
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Estimating unemployment benefits

Post by miamivice »

For the first time in my entire life, I am faced the possibility that I may need to file for unemployment due to my employer temporarily stopping work during the virus. I am unsure of how long we may be unemployed but this is a scary proposition.

I am wondering how I can estimate my unemployment benefits, should I choose to go this route? I have looked at my state's unemployment website and it is complicated. I do not see any easy to use calculators that calculate benefits, rather, everything says to apply and then the state will tell me what my amount is.

I likely will be presented with the option of using sick time, vacation time, or leave without pay. I believe if I use leave without pay, I can claim unemployment. Does anyone know if this is true?

I would like to research as much of this as possible on my own without bugging the unemployment office as they are certainly overwhelmed right now.
Topic Author
miamivice
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Re: Estimating unemployment benefits

Post by miamivice »

Update 1: It looks like in my state that unemployment is capped at around $800/week.

That hurts. I currently make about $2800/month in income, so that is around a 75% reduction in income.
mneumann
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Re: Estimating unemployment benefits

Post by mneumann »

In addition to the state unemployment you should receive another $600 a week in compensation under the cares act.

https://www.google.com/amp/s/www.natlaw ... -act%3famp
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whodidntante
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Re: Estimating unemployment benefits

Post by whodidntante »

miamivice wrote: Thu Apr 02, 2020 9:47 pm I do not see any easy to use calculators that calculate benefits, rather, everything says to apply and then the state will tell me what my amount is.
This is probably the correct answer. You'd have to tell us which state and answer everything that would matter and hope that someone here would know.

It's going to be less than you earn now, most likely. For high-income earners, much less.
mattsm
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Re: Estimating unemployment benefits

Post by mattsm »

miamivice wrote: Thu Apr 02, 2020 10:04 pm Update 1: It looks like in my state that unemployment is capped at around $800/week.

That hurts. I currently make about $2800/month in income, so that is around a 75% reduction in income.
Waaa?
OnTrack
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Re: Estimating unemployment benefits

Post by OnTrack »

mneumann wrote: Thu Apr 02, 2020 10:44 pm In addition to the state unemployment you should receive another $600 a week in compensation under the cares act.

https://www.google.com/amp/s/www.natlaw ... -act%3famp
Keep in mind that under the current law, the $600 per week extra is limited to the first four months of unemployment.
bob60014
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Re: Estimating unemployment benefits

Post by bob60014 »

miamivice wrote: Thu Apr 02, 2020 10:04 pm Update 1: It looks like in my state that unemployment is capped at around $800/week.

That hurts. I currently make about $2800/month in income, so that is around a 75% reduction in income.
New math? ;) Good luck.
doss
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Re: Estimating unemployment benefits

Post by doss »

$600 plus the state's maximum benefit is very good money, imho.
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simplesimon
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Re: Estimating unemployment benefits

Post by simplesimon »

mattsm wrote: Thu Apr 02, 2020 10:53 pm
miamivice wrote: Thu Apr 02, 2020 10:04 pm Update 1: It looks like in my state that unemployment is capped at around $800/week.

That hurts. I currently make about $2800/month in income, so that is around a 75% reduction in income.
Waaa?
Haha, this is perfect.

OP please revisit the numbers.

It looks like you won't qualify for the state max amount, but may be getting more with the $600/week Federal add-on at least for four months of unemployment.

If you meant to write $2800/week then yes it's a big reduction, but UI was never meant to replace high earners' income but with the Fed add-on it's 50% income replacement...not bad.
MoneyMarathon
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Re: Estimating unemployment benefits

Post by MoneyMarathon »

simplesimon wrote: Fri Apr 03, 2020 7:28 am It looks like you won't qualify for the state max amount, but may be getting more with the $600/week Federal add-on at least for four months of unemployment.
Tangent:

I'd suggest looking for a job now.

There will be a surge of applicants after everybody's gravy train runs dry.
marcwd
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Re: Estimating unemployment benefits

Post by marcwd »

miamivice wrote: Thu Apr 02, 2020 10:04 pm Update 1: It looks like in my state that unemployment is capped at around $800/week.

That hurts. I currently make about $2800/month in income, so that is around a 75% reduction in income.
It looks like you meant “12,800/month in income.”

What a shock, isn’t it, to learn that unemployment benefits don’t make guys like you whole.
fatFIRE
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Re: Estimating unemployment benefits

Post by fatFIRE »

Yeah, unemployment isn't mean to replace income for high earners. I believe my state cap is also around $800/wk. Dude, that's $3200/mth and should be more than enough to cover basic expenses even in HCOL area. With the extra $600/wk, that's $5600/mth for the first 4 months!!!

PLUS, you don't need to tap into your emergency fund as long as you get unemployment checks. Have you thought about that?
kjvmartin
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Re: Estimating unemployment benefits

Post by kjvmartin »

My state caps at around $350 a month. The CARES Act, if they can ever get their "act" together on it, is another $600.
BrownEyedGirl_27
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Re: Estimating unemployment benefits

Post by BrownEyedGirl_27 »

fatFIRE wrote: Sun Apr 05, 2020 12:11 am Yeah, unemployment isn't mean to replace income for high earners. I believe my state cap is also around $800/wk. Dude, that's $3200/mth and should be more than enough to cover basic expenses even in HCOL area. With the extra $600/wk, that's $5600/mth for the first 4 months!!!

PLUS, you don't need to tap into your emergency fund as long as you get unemployment checks. Have you thought about that?
I love the idea of not tapping into emergency funds during this period of furlough/unemployment. The government is helping me pad my emergency fund and replace some of my income too.
"Your mind has a mind of its own. At the very moment when you are most convinced of your own rationality, you may be feeling rather than thinking your way toward a decision.” | Jason Zweig
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