I have long thought that severance is the best way out. I longed for severance pay to finally get out of this disorganized place and I've noticed that many want the same. But isn't severance just temporary happiness? Perhaps it's wiser not to wait for severance pay here and find another job as soon as possible? Because, it’s always easier to find a new job while you already have a job.
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I took the path of waiting for the severance by throttling wayyyy back and just did the absolute bare minimum and to my surprise I still got 1% raises, which I didn't care about. I also didn't care about the lukewarm performance reviews, since I was still pulling in a triple digit salary. This went on for 5 years !!!! Finally !!!!, I got the Pot the Gold at the end of the Rainbow !!!! I got the call one morning that I was being unfortunately impacted by a re-org and I walked out the door in Plano with a giant bag of severance money, not bad for an L9 that was never part of the old boy's club in Plano. Life after Frito has been good, my pension pays the mortgage and healthcare and I don't have to get up every morning and go into a dysfunctional, demeaning, political and toxic work environment with a bunch of self-aggrandizing ego-maniacs and sycophants.
It depends on the time before you retire. If you have 10+ years left to work, I would get out ASAP. If you stay, your pay may increase 2%, and you’re still working in an environment that you hate. Other companies pay better, and have better cultures, so I personally would assume you would make up the severance pay anyway. If you’re close enough to retirement where flipping jobs doesn’t make sense, then I guess you just stick it out and pray for a buyout. The job market is as hot as it can be right now. I have seen numerous under appreciated/compensated people go to better situations and achieve some happiness.