How to Bargain for a Better Severance Deal

Fear of a fight, particularly a legal one, is the best motivation for a company to make a departing employee happy, says Golder. Remember to be respectful, but let the human resources manager know you plan to have a lawyer look over your agreement.

"After, come back and say, 'I'm concerned about this package. I've consulted a lawyer and I think under the circumstances,' -- say you've been working there 20 years and you're now 55 years old -- 'I should be getting three weeks of pay for each year I've put in, not two weeks,'" says Golder.

One way to feel better about getting downsized is securing continued health coverage. In fact, extending your medical benefits as long as possible should be a central issue in your severance negotiation strategy. Many companies will let you keep your coverage until you qualify for Medicare or find a new job with benefits.

At minimum, ask the company if they'll keep you on the insurance plan for four more months, says Jean Tobin Zawlocki, a human resources consultant and author of "Help! My Company's Going Out of Business, What Do I Do Now?"

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