Son just got let go...what to do next?

[RobbieB]

Yup, sign up for that free money, get that unemployment compensation!

Kick back, enjoy the time off!

 

[Bestwifeever]

I would modify this slightly.
Do not do any interviews for at least a week.
When we get the axe, we are angry. That anger will come thru in an interview.

And corollary B., don’t badmouth the former employer or burn any bridges with them, hard as it will be, when talking or applying to to potential future employers.

 

[karen1972]

He'll need proof to sign up out of the normal time, so he will have to wait for the paperwork and btw, I was told if you sign up for COBRA you can't switch during the next enrollment as your COBRA qualifies as company healthcare (it may have been bad information but that is what the healthcare.gov person told us when we called and couldn't figure out why they were rejecting my BFs application).

Go ahead and get unemployment, depending on the state it certainly isn't all that it is cracked up to be, ours is only 13 weeks and pay so little it cant even pay rent but it is better than nothing.

For jobs, Linked In, Career Builder, and Indeed are all good depending on the type of work looking for. Ironically my BF got 2 very high paying jobs he wasn't really qualified for at all but winged it because of Craigslist ads he applied to and he stayed at each of those over a year.

Depending on how much he has in his 401k, they may just cut him a check since anything under $5k its usually the defacto process..then it would good to just remind him to put it back in or he will have to pay tax.

Lastly, I'm sorry this happened, it is very hard especially the first time, its good advice to ensure not to burn bridges but more importantly because you don't want to ruin the next job opportunity by going into the job interview still bitter.

Trying to find a career counselor (often available for free for those claiming unemployment) may help to better direct what his next career may be.

 

[SnowBound]

That's a concern, for sure. I certainly won't be financing a micro-brew startup. I know of someone local who did for their son. It's still in business, but as of a couple years ago money was still being poured in.

Taking a step back, give him a copy of What is Color of Your Parachute, by Richard Bolles.

 

[NW-Bound]

My son just called and told me he got let go from his job. I don't really know the details and it's nothing that would keep him from getting another job.

My main question is, aside from looking for a new job (which he had been doing anyway, but now will be more motivated) or possibly go back to school, what all should he be doing?

My thoughts:

0) Keep his head up and realize stuff happens, and not to take it personally. Have a short pity party and move on...

+1

He will need moral support, and you sound like a caring parent. It will be OK. The job market is still strong, from what I read from the headlines.

 

[pb4uski]

Lots of good stuff in this thread.

4) If this turns into a low income year we'll look at converting that 401K/IRA to a Roth, at least partially.

Another option if it is a low income year might be to see if he qualifies for the Retirement Savers Tax Credit where he might receive a tax credit for as much as 50% of any contributions an regular or Roth IRA.

https://www.thebalance.com/retirement-saver-credit-4125920

 

[RunningBum]

Lots of good stuff in this thread.



Another option if it is a low income year might be to see if he qualifies for the Retirement Savers Tax Credit where he might receive a tax credit for as much as 50% of any contributions an regular or Roth IRA.

https://www.thebalance.com/retirement-saver-credit-4125920

Oh, that's a good one to keep in mind for later in the year. He did take that at least once, but I know he didn't qualify last year. He may be out of the 50% now but it could be close. Probably don't want a conversion to knock him out of a range or out entirely.

 

[Markola]

Happened to me twice so far. Fortunately, both times the axe fell in spring, leading to the two most enjoyable summers of my 27 year career. I licked my wounds for a couple weeks, got some exercise and sleep, then got right back on the horse. Good luck to your son.

 

[Aiming_4_55]

Alot of good suggestions already. A few to consider...

- Be a parent, but ask him how you can help him the most.
- Ask him about resources from his alma mater, i.e. resume guidance, job boards, internships (summer programs should be ending soon and jobs might be available).
- Volunteer if possible for an area of work he might be interested in.
- Help him think of the story to explain the job loss and that will be the start of indirectly interviewing. Get the anger and personal details out.
- Tell him to network for references and maybe Linkedin recommendations
- Any flexible spending accounts fill out the paperwork to get as much funds out as possible.
- Review possible subscriptions and make adjustments/cancel if needed or enroll if the free time will increase use. A package price might be cheaper than pay as you go.
- Remind him, this happens and one has to be ready.

 

[brett]

Great advice. Anyone who complained or disparaged their current or past employer never made it to a second interview with me or other team members.

 

[Starsky]

Did he ask for advice? If not, I would suggest just backing off and letting him take care of his own business. I'm sure you love your son very much and want to help, but the best help you can give is to let him alone to live his own life and keep your anxieties to yourself. (...but feel free to share them with us! )

He will approach you for advice when he wants it, and could very easily resent your initiating the conversation now, interpreting it as a lack of confidence by you in his ability to take care of himself. If he's a normal human being, he will be able to figure it out himself, like everyone else did before him. (Google, Facebook, LinkedIn [and the internet] are amazing tools for the youth to share knowledge and support through life's challenges. I wish I had it growing up!)

All he really needs is a reassuring pat on the back, and your confidence he can handle it.

As with everything, YMMV - I don't know you or your family - but this is a classic family counseling example in dysfunctional parent-child relationships.

 

[Lsbcal]

What I stressed over and over to our son is to do some serious career planning. What does he want, what are his strengths and weaknesses? How do these fit with the possibilities in the real world?

Not pie-in-the-sky thinking but solid down to earth research. Only he can do this.

 

[Rustic23]

Not sure if it still applies, but years ago, my older brother got laid off. He got unemployment, and they, (wife, three kids) found they could live on it. Not great, but not hardship either. They took a little trip, he played with his train collection, did some stuff around the house, and before you know it the unemployment ran out and he started his job search. He had about 6+ months off before he started looking. He had a hard time getting a job, because of this period of unemployment. "What have you been doing" a common question (or some example of that).

The economy is hot NOW, jobs are out there. I would encourage him not to wait too long.

 

[RobbieB]

The first time I got laid off I was worried. Just bought a townhouse and first job out of school. Wife told me not to worry she wasn't. Got the unemployment checks coming (still mailed them back then) got the recruiters busy and had a new job in 2 months.

The second time I got hacked I was a little nervous, but I knew what to do and had a new job in 2 months.

The third time I got sacked I was "let's have some cocktails and celebrate, I've got 2 months off!"

Don't worry, be happy -

 

[Rianne]

He will need moral support, and you sound like a caring parent. It will be OK. The job market is still strong, from what I read from the headlines.

I've been RE since 2014. I get local job listings all the time in my e-mail, and looks pretty darn good. Plus, DH knows the local Kraft-Heinz plant manager. They have a huge plant here. Cannot find enough workers. They offer great benefits and good salaries/hourly. Just trying to give a positive overview of our local job market.

 

[eytonxav]

If he applies to the ACA marketplace, he may have to provide a copy of his Cobra letter, other than that I do not believe it takes too long to get covered that way, and it might be a better option than Cobra which can be retroactive.

 

[lhamo]

If he is in a state with expanded Medicaid, he might want to make an appointment with a Healthcare Navigator. Here in Washington, they are based in most community health clinics and they can get you signed up for an ACA plan or Medicaid (if you qualify) immediately. It is MUCH easier than trying to navigate the ACA signup process on your own -- saved us thousands of dollars because the navigators know what documentation they need and have direct access to the system to upload everything for you in real time.

 

[alaska55]

Because his former employer might do a BK.
He needs to take control.

A companies BK has nothing to with a 401k plan. The company does not hold or control the $.

 

[brett]

One more thing. You cannot do this for your son. Nor can you force him to do it.

Only he can change his life and move forward. It is ,after all, his life. Your task will be to support him in his decision making and be there when he reaches out. It is not about managing or directing him through this process. You cannot live his life for him. Danger.

 

[dirtbiker]

Maybe I missed it, as I read the first few replies and then skimmed the rest, but how old is he, what job was he doing specifically, what is his degree in, and how long ago did he graduate?

OP, I know you mentioned poor grades in one of your posts, but if he's had a few jobs since graduating, grades may not matter much, if at all, just make sure his resume doesn't highlight bad grades. His work experience then speaks for itself, and then his degree is his degree, whether he graduated with a 2.0 or a 4.0... and I know this depends on his field, time since graduation, work history, etc.

I know others have mentioned waiting to start the job search. Unemployment compensation is probably going to be pennies, depending on what his salary/wage was, so I wouldn't suggest he take his time. He should try and find work quickly. There's nothing to say he can't still look for new employment if he finds a job he's not thrilled with, but will still pay the bills. It drives me crazy hearing stories of people being laid off for months at a time that would only take 'fill in the blank' jobs while sucking their savings dry. If you can find employment that pays more than unemployment, jump on it, and continue the job search.

Is he in a deadend career field? Would it make more sense to pursue another career field? Even if it meant more schooling. If the dollars and cents make sense to spend the money now to make more money later, maybe this could be the kick in the balls he needs to get started.

As far as providing unsolicited advice, I guess that depends on your relationship with him and how he handles things. Personally, if I were in that situation, I wouldn't ever ask my family for advice. I'd be too proud to. But, if they gave me some, I wouldn't turn it down, and it may help me. Food for thought.

 

[RunningBum]

I didn't give a lot of that info because I wasn't looking for specific advice on what to pursue next, since I wasn't going to give him career advice anyway. That's for him to figure out. The main issue is that his job as manager of a retail store had nothing to do with his chemistry degree, so 6 years removed from college it it probably going to be tough to find something using his degree unless he refreshes his education.

 

[dirtbiker]

Oh yeah, that is tough. They may be very interested in how he did in college, since he's not working in even close to the same field. Did he say if he wants to work in the chemistry field still?

 

[RunningBum]

I'm going up this afternoon to see him. I'm not sure what kind of jobs he has been applying for.

 

[Bir48die]

My son is going through this. He was going to take another position with the same company in another state so would have to sell house and relocate. He went to a meeting yesterday and said the whole thing is falling apart. People bailing out of their jobs to a competitor. Now he's re-thinking his decision.

He can go three months or so from his current location until they'll want him to move. In the meantime he'll start looking for another job. Otherwise his job would end next week and maybe he could collect UE which would be about $1800 a month.

Through this time I've done a few things:

1) Talk him out of going back to college.
2) Be a good sounding board.
3) Don't judge anything but prop him up to make sound decisions.

Where he currently lives (WV) there are limited opportunities so he'll have to make a decision on area to live versus career.

You never stop worrying about your kids.

 

[davebarnes]

A companies BK has nothing to with a 401k plan. The company does not hold or control the $.

https://www.nytimes.com/2012/08/26/business/401-k-woes-when-a-company-goes-bankrupt-fair-game.html

"As the employees of one small company have learned, it can wreak financial havoc. They’ve gone nearly four years without access to their retirement savings."