Unexpected ER

[freebird5825]

Thanks everyone for the helpful suggestions and perspective. Not sure I'm fully ready to commit, but taking time off to decide seems like a good choice... mostly. I did get a call today from a friend who is out of work and has only found 2 short temporary jobs in the last two years of looking. He's desperate for leads and has consumed all his savings. Next stop is giving up his apartment to move in with a friend or move back home to his Mom. While I know I am in much better shape than this, I still have a tendency to take it as a cautionary tale and it makes an immediate job search seem much more prudent. Okay, holding that thought for now.

I'm trying to put together my list of what to do asap, assuming for the time being I am going to try option #3 (take a short break from employment and see what develops). So far, I think I need to:

Shop for medial coverage so I'll know if I want to accept COBRA or not
(what do I do when COBRA runs out is also an issue I'll need to consider)
vision checkup
colonoscopy (recommended for my age, even though I've been putting it off)
get all my stock option papers ready to decide if I need to exercise or abandon
get severance agreement in writing
update resume (if I am going to look for work)
decide on plan #1, #2 or #3
get word out to friends and network what my plan is
make my "what to do around the house list"
start my exercise and healthy eating program
tell family what's going on - reassure kids we are fine financially
smile and smell the fresh spring air

if I may add a couple...
- Revisit current budget and redo numbers from head-to-toe for option 3.
- Research unemployment application process. There is always a several week lead time involved between application and receipt of benefits. You can hit the ground running if option 3 is your path.
- Go on a nice picnic. Fried chicken, potato salad, watermelon, checked tablecloth, kites, Frisbees, ants, the w*rks.

 

[growing_older]

Ah, interestingly there turns out to be more to this story...

I have recently discovered that while I am being laid off, the company is advertising for a new person to fill my old job. Huh? There could be any number of reasons for this including illegal age discrimination, or just new management looking to put their people in place. But what's interesting is that I'm friends with the HR folks who tell me they have received 438 applications so far.

Meanwhile I've applied to about a dozen jobs which seem like good fits and have received only one response (a form letter wishing me luck as they are interested in other candidates). Makes me think that actually finding a job could be very very tough.

And then a surprise... a friend heard of an opening that is a great fit and when I talked to the owner, I got hired on the spot.

So here I was thinking I would casually drift into option #3 (semi early retirement) and decide later to go back to work if necessary. But the number of people applying to my job and my own experience with sending out applications for other jobs are all making me think a job search could be miserably difficult. Based on this I'm wondering if I better grab this job quickly and make sure I'm really FI before I think about ER again. It seems like an excellent opportunity in what likely is an otherwise very difficult employment environment. Would I be foolish to let this job go? Or would I be foolish to get pulled back into the work world when I was (almost) ready to try ER.

 

[W2R]

growing older, that is wonderful!! Congratulations. Whatever you decide to do, taking this job gives you the option to consider, decide, and do it on your own timetable rather than having ER forced upon you before you are quite ready. Or, if you decide that you are ready at this very moment then so be it.

 

[DangerMouse]

If you think you would like to take the opportunity to build your nest egg I would jump on the offer now. It is a tough market out there so why put yourself thru a lot of stress 6 months down the track if you decide you do want to work again.

Have to say it does sound sus. that they are advertising your position. Are they legally obliged to tell you why you are being made redundant and they are replacing you?

 

[Lsbcal]

... Based on this I'm wondering if I better grab this job quickly and make sure I'm really FI before I think about ER again.
...

This sentence answers your question. FIRE is not equal to ER. If you don't have the FI or are unsure, then you would want to take the job. Then take your time researching what defines FI for you, but don't forget to do this in your enthusiam for the new job. Case solved! Good luck in your new position!

 

[tmm99]

I have recently discovered that while I am being laid off, the company is advertising for a new person to fill my old job. Huh?

No advise here, but I often wonder about a situation like what you mention. Is that considered legal? I'm sure that happens all the time with the new management with a slightly new slant on the job requirement, etc.

At my friend's company (computer hardware), one product manager got laid off, but the next week, a new position - project manager popped up in the same group. Evidently it's the same position with a new job title. That makes it legal I guess..

 

[figner]

And then a surprise... a friend heard of an opening that is a great fit and when I talked to the owner, I got hired on the spot.

congrats! I'd take the new job, because

1) you seem unsure about permanent ER at the moment. This job will give you options while you decide. Would it be so bad if you tried it for 3 months and decided you hated it? At that point you're in the same position as now, but have 3 months more savings. (though I guess then you couldn't apply for unemployment benefits if you quit voluntarily)

2) You might love the new job.

 

[Bikerdude]

Ah, interestingly there turns out to be more to this story...

I have recently discovered that while I am being laid off, the company is advertising for a new person to fill my old job. Huh? There could be any number of reasons for this including illegal age discrimination, or just new management looking to put their people in place. But what's interesting is that I'm friends with the HR folks who tell me they have received 438 applications so far.

If they fill your former position with a younger person you should have a case for age discrimination provided no other circumstances. This would apply even if they change the position title as long as the responsibilities are the same. Consult with a good employment lawyer. Usually there's no charge if they don't take your case.

 

[Rambler]

+1

It seems you would like a little more security. If I were in your shoes and a decent job was offered to me (on the spot no less) after being laid off, in this marketplace, it would seem that at least the hiring manager thinks you are perfect fit. As Figner said, the worst that can happen is that three months or six months or a year down the road you figure out either you don't like the job as much as you thought, or you are more FI thanyou thought and therefore you can RE. The first year is usually the honeymoon anyway, so I can't imagine it being all that bad.

FWIW,

R

 

[chris2008]

Congrats to your new job.
Will you get a severance package from the old job?
If not, I would consider to try to get one with the age discrimination argument and a little help from a specialist lawyer.
Then you would feel even better starting the new job.
All the best!