Life Money USA
Chicago, IL

Severance Planning in Chicago

Boeing, McDonald's HQ, financial-services severance; Illinois UI cap and 26-week duration.

Why Severance Planning planning is different in Chicago

Chicago is midwestern financial and commerce hub anchored by the futures markets and fortune 500 headquarters. The combination of Financial services, futures markets, manufacturing, tech, healthcare. Major insurance and consulting presence. shapes how residents approach severance planning — including which tax levers apply, how state rules layer onto federal treatment, and where the highest-yield planning opportunities sit.

Chicago at a glance

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Population
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Median household
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Home ownership
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Median home
Notable neighborhoods

Lincoln Park · Lakeview · Gold Coast · River North · Streeterville · Wicker Park · Bucktown · Hyde Park · Lincoln Square · Evanston · Wilmette · Winnetka · Highland Park · Naperville

Local landmarks

Willis Tower · CME Group · Chicago Board of Trade · Magnificent Mile · Wrigley Field · Navy Pier

Local challenges this content addresses

  • Illinois flat 4.95% income tax + Cook County property tax
  • Manufacturing-business succession planning
  • Illinois estate tax exemption only $4M (vs federal $13.99M)

What severance planning planning covers

  • Severance lump-sum vs. salary-continuation tax modeling
  • 401(k) rollover, in-service distribution, and Roth-conversion planning
  • COBRA vs ACA-marketplace cost analysis
  • Equity-comp unvest valuation and accelerated-vesting clause analysis
  • Unemployment-benefit eligibility and state-specific timing strategy

Decision-stage resources

Model the numbers for your situation:

Severance Planning calculator + worked examples

Decision-stage tooling specific to severance planning, with FAQs, real-world scenarios, and tax-rate tables for Illinois.

Latest severance planning writing

Recent severance planning blog posts, including Illinois-specific updates and federal-rule changes.

Chicago starter kit

Get the Life Money USA Severance Planning starter kit

Decision checklists, 2026 federal + Illinois state numbers, and our glossary. Free, one click.

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