Security blanket

[pj.mask]

I just wanted to share that both spouse and I work in energy and both our companies are cutting positions. We are both at risk.

I’m as cool as a cucumber because we have saved aggressively over the last ~12 years and even if we both get cut, the only concern is what to do for health insurance as we take a year off (80% paid with severance) to spend time with the kids and ride out the rest of the pandemic.

We have been through this before and it was high stress. I’m so glad we don’t live high on the hog and can comfortably weather the storm. I would not want to be living paycheck to paycheck in today’s environment.

 

[CindyBlue]

Congratulations! It sure feels good, doesn't it?

 

[athena53]

Congratulations! I realized when my employer was acquired in 2006 that we could afford to wait it out and see what happened (DH was 15 years older and retired) rather than panicking and jumping ship, which many of my coworkers did because they couldn't afford a period of unemployment. I ended up staying there for 6 more years.

It is good to have options.

 

[target2019]

Yes, make hay when the sun shines and put a lot of hay in your barn.

 

[ckelly78z]

I wish you good luck in keeping your jobs, and if not, for memorable times with your children.

I went 10 weeks without a paycheck earlier this year (temp unemployment errors that I am still trying to resolve), but it wasn't a financial problem because of our planning (like yours).

 

[cyber888]

I just wanted to share that both spouse and I work in energy and both our companies are cutting positions. We are both at risk.

I’m as cool as a cucumber because we have saved aggressively over the last ~12 years and even if we both get cut, the only concern is what to do for health insurance as we take a year off (80% paid with severance) to spend time with the kids and ride out the rest of the pandemic.

We have been through this before and it was high stress. I’m so glad we don’t live high on the hog and can comfortably weather the storm. I would not want to be living paycheck to paycheck in today’s environment.

As long as you have 1.5 - 2 yrs of pure emergency cash for spending, u should be fine. But it will be stressful until u get a job.

 

[Nick12]

I just wanted to share that both spouse and I work in energy and both our companies are cutting positions. We are both at risk.

I’m as cool as a cucumber because we have saved aggressively over the last ~12 years and even if we both get cut, the only concern is what to do for health insurance as we take a year off (80% paid with severance) to spend time with the kids and ride out the rest of the pandemic.

We have been through this before and it was high stress. I’m so glad we don’t live high on the hog and can comfortably weather the storm. I would not want to be living paycheck to paycheck in today’s environment.

Good that you have been saving for a rainy day. The sky has fallen for many that have little to no savings.

 

[pj.mask]

I think the nice part about engineering (at least what I have seen in upper end jobs) there is usually a nice severance. If we both get cut, after taxes would have enough for 3 years.

I had a friend call me super stressed about how they would service their loans. I have another good friend who has always told me if they loose their job they would have to immediately put their house on the market (not sure where they would move with so many kids).

I’m just glad I have prioritized finances over toys up to now.

 

[Nick12]

I think the nice part about engineering (at least what I have seen in upper end jobs) there is usually a nice severance. If we both get cut, after taxes would have enough for 3 years.

I had a friend call me super stressed about how they would service their loans. I have another good friend who has always told me if they loose their job they would have to immediately put their house on the market (not sure where they would move with so many kids).

I’m just glad I have prioritized finances over toys up to now.

Since you are covered by company insurance medical and dental I assume, it may be proactive to get your checkups, procedures, surgeries done now before job loss. Not many people think that way.

 

[Dtail]

Since you are covered by company insurance medical and dental I assume, it may be proactive to get your checkups, procedures, surgeries done now before job loss. Not many people think that way.

+1
When I volunteered for a package with one year of medical coverage, I did every reasonable procedure within that time frame -ex - got a colonoscopy even though it was 4 years instead of 5 years since the last one.

 

[teetee]

It is all about the planning. If I were lose my income now, I will
1. Buy a rundown house for cheap and spend time and money to fix it
2. Buy ACA insurance while it is still available
3. Convert rollover IRA from my 401k to Roth IRA with minimal tax liability.

All of this will give me a purpose and the break I need, not having to worry about the essential expenses.

 

[Koolau]

I just wanted to share that both spouse and I work in energy and both our companies are cutting positions. We are both at risk.

I’m as cool as a cucumber because we have saved aggressively over the last ~12 years and even if we both get cut, the only concern is what to do for health insurance as we take a year off (80% paid with severance) to spend time with the kids and ride out the rest of the pandemic.

We have been through this before and it was high stress. I’m so glad we don’t live high on the hog and can comfortably weather the storm. I would not want to be living paycheck to paycheck in today’s environment.

Is COBRA available to you? Yeah, you could apply for ACA, but hopefully you won't need a long term back up but YMMV.