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Old 02-10-2020, 04:48 PM   #21
Recycles dryer sheets
 
Join Date: Mar 2016
Posts: 90
Wow, well thanks everyone.

To just kind of jump around, I'll provide the following:

I'm willing and ready to do something else. I'm not worried about a cut in pay I'm really just worried about getting hired at all at my age.

I'm over 55 so no penalty on a 401k withdrawal but I think the severance will get me through a year of a search if, as you all suggest, I keep it liquid.

I was fully in pay-down bills, do home repairs, etc mode to prep for ER- and luckily almost done with that, so I don't anticipate big expenses on the horizon.

Health Care is solid so no worries there.

Not sure about consulting but I don't think that will work, in my field, as Heidi Klum says, "you're either in or you're out"
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Old 02-10-2020, 04:55 PM   #22
Recycles dryer sheets
 
Join Date: Mar 2016
Posts: 90
Quote:
Originally Posted by Markola View Post
Itís happened to me, too, TWICE! My biggest tip is, look for opportunities in this challenge:

- Stay completely positive, understanding and PROFESSIONAL at work about this whole matter. It is not easy on whomever is tasked with making these cuts. If you help them out by not making them feel even more horrible, it will help YOU, so thatís why you adopt that mindset vs. the people who will go negative. It will help you stand out. Maybe you offer to do contracts if it assists their transition. Tell them your goal is a very reference in your next search and so how can you help through this time and wrap up smoothly. If you walk into a lay-off meeting prepared with that understanding mindset and you will win hearts, minds and help that could be valuable.

- If you are only three years from FI, you have options. Get your 401K Rule of 55 lined up. Maybe you can transfer into it some or all of an IRA so that it isnít modest any longer. Learn the rules.

- Car: Iím in the camp of ďsell itĒ if it increases cash flow. This is also a time of focusing and valuing what is real in your life and what are fake status symbols. Sorting out wants vs. needs can be cathartic and helpful to your mindset and cash flow.

- Let your spouse know you appreciate her being in this with you. Wake up every day when she does. Get right back on the horse and look for a job every day. Make her supper every night. Do all the shopping, looking for bargains, and housekeeping.

There is a good chance you will come out of this in fine shape in a fresh new situation that youíll be happy about after you look back in a few years, so, given the choice, why not choose positivity?

Good luck!
Thanks so much

I haven't been without a job for more than a day in many decades, so I appreciate the tips and the positive spin because I'm absolutely not in that space right now.
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Old 02-11-2020, 08:23 AM   #23
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Join Date: Apr 2019
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Quote:
Originally Posted by atmsmshr View Post
Try to leave the 401k alone. Any loan against the plan will have to be paid in full upon severance from the company.
This often gets forwarded as a universal truth, but it's not. It depends on your 401k plan; read the fine print or talk to the plan administrator.

I had a 401k loan 5-6 years ago to help pay for some very high medical bills. I left the company with a balance left on those loans, and as long as I kept the 401k open with my ex-employer and set up an auto-debit from my checking account for the twice-monthly payments, I was allowed to continue to pay off the loans per the schedule.

In your instance, however, I don't think you'll need to go down the 401k loan route.

On other thing: For anyone currently working, you should be spending time on LinkedIn. Your page should *always* be up-to-date with your resume, accomplishments, accreditations, etc. Definitely make sure your Skills and Endorsements are current, and "tailor" them towards the job you want, not the job you have. Recruiters search on those, and you want to pop up on their radar.

Continue to build up your network, and then keep in contact with those people, even with just a simple "congrats on the new job!" or "That was an interesting article you linked to." That way, when you reach out to them and let them know you're looking for a new opportunity, they don't think "this guy hasn't said "boo" to me for five years."

Lastly, is this perhaps an opportunity to do something completely different in your last few working years? Ever wanted to try teaching? Most districts allow you to substitute with just an undergrad degree in any subject, and most are starved for substitutes. Once you're registered and pass the background checks, etc., our local district has a site where they post the open positions every day, and you choose which one you'd like to take (or just decide you'd rather not work that day.) Or maybe you'd like to work at a ski resort, or a motorcycle shop, or a non-profit, or . . .?

The good thing about your situation is you have some time to plan and execute before you're downsized. And if it doesn't happen, you've still taken steps to better position you for the next phase of your career, or your retirement.

Good luck!
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Old 02-12-2020, 08:06 PM   #24
Recycles dryer sheets
 
Join Date: Mar 2016
Posts: 90
Quote:
Originally Posted by Ducati52 View Post
This often gets forwarded as a universal truth, but it's not. It depends on your 401k plan; read the fine print or talk to the plan administrator.

I had a 401k loan 5-6 years ago to help pay for some very high medical bills. I left the company with a balance left on those loans, and as long as I kept the 401k open with my ex-employer and set up an auto-debit from my checking account for the twice-monthly payments, I was allowed to continue to pay off the loans per the schedule.

In your instance, however, I don't think you'll need to go down the 401k loan route.

On other thing: For anyone currently working, you should be spending time on LinkedIn. Your page should *always* be up-to-date with your resume, accomplishments, accreditations, etc. Definitely make sure your Skills and Endorsements are current, and "tailor" them towards the job you want, not the job you have. Recruiters search on those, and you want to pop up on their radar.

Continue to build up your network, and then keep in contact with those people, even with just a simple "congrats on the new job!" or "That was an interesting article you linked to." That way, when you reach out to them and let them know you're looking for a new opportunity, they don't think "this guy hasn't said "boo" to me for five years."

Lastly, is this perhaps an opportunity to do something completely different in your last few working years? Ever wanted to try teaching? Most districts allow you to substitute with just an undergrad degree in any subject, and most are starved for substitutes. Once you're registered and pass the background checks, etc., our local district has a site where they post the open positions every day, and you choose which one you'd like to take (or just decide you'd rather not work that day.) Or maybe you'd like to work at a ski resort, or a motorcycle shop, or a non-profit, or . . .?

The good thing about your situation is you have some time to plan and execute before you're downsized. And if it doesn't happen, you've still taken steps to better position you for the next phase of your career, or your retirement.

Good luck!
Thanks for writing this: I really appreciate these thoughts and others by the other folks.
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Old 02-13-2020, 09:01 AM   #25
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Quote:
Originally Posted by atmsmshr View Post
Try to leave the 401k alone. Any loan against the plan will have to be paid in full upon severance from the company.
Depends. We just merged with another megacorp. My original 401k required us to pay back 401k loans within 90 days of leaving the company. The new plan leaves the loan in place as is, so just keep making payments on the same schedule you were on.
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