AboutThere
Recycles dryer sheets
- Joined
- Mar 31, 2016
- Messages
- 100
A family member was just let go from medium Corp after 15 years, as part of a larger group of terminations (I can't use the corporate-speak of layoff - he was let go) following a merger.
I'm wondering what advice members might give who have been through this. I'm not privy to his financials, but he lives frugally and he says he doesn't need to touch any money right now, so I'm basically asking general, non-budget advice.
Here are some particulars:
He is 64 years old, with a 55 year old wife and a 15 year old son. The money for junior's college is set aside already.
Spouse works as a contractor, sporadically, no benefits.
PhD - level researcher, stats guy.
Was a loyal employee who was proud of the work he did, respected in his field, and he is admittedly reeling from the implied dent to his reputation. A week later he's still referring to the company as "us" and "we" and he's a bit tied to the internal politics still.
His COBRA is a staggering 1,500/month, so I think he'll have to go on the ACA exchange for coverage. He has no idea where to start. He obviously has Medicare on the horizon but the family will need coverage as the spouse has no benefits as a contractor. Deeply appreciate any help in this regard. He lives in a state with an exchange.
I've looked over his separation agreement (i'm a lawyer) and it's fine, and doesn't restrict his work options.
He is a former teacher, and my own informal advice is to substitute or help tutor kids at the local university. I think he'd love to work with athletes, for example, and maybe earn 800-1000 a month.
This is all very general, but I appreciate any tips and advice from those who were fired before they were ready to be FIRE'd.
In particular, info about health care coverage, transitioning to Medicare with a younger spouse is helpful, as are any tips on evaluating whether to try to jump back into the corporate world, consult, or try something lower-key.
Appreciate your thoughts
I'm wondering what advice members might give who have been through this. I'm not privy to his financials, but he lives frugally and he says he doesn't need to touch any money right now, so I'm basically asking general, non-budget advice.
Here are some particulars:
He is 64 years old, with a 55 year old wife and a 15 year old son. The money for junior's college is set aside already.
Spouse works as a contractor, sporadically, no benefits.
PhD - level researcher, stats guy.
Was a loyal employee who was proud of the work he did, respected in his field, and he is admittedly reeling from the implied dent to his reputation. A week later he's still referring to the company as "us" and "we" and he's a bit tied to the internal politics still.
His COBRA is a staggering 1,500/month, so I think he'll have to go on the ACA exchange for coverage. He has no idea where to start. He obviously has Medicare on the horizon but the family will need coverage as the spouse has no benefits as a contractor. Deeply appreciate any help in this regard. He lives in a state with an exchange.
I've looked over his separation agreement (i'm a lawyer) and it's fine, and doesn't restrict his work options.
He is a former teacher, and my own informal advice is to substitute or help tutor kids at the local university. I think he'd love to work with athletes, for example, and maybe earn 800-1000 a month.
This is all very general, but I appreciate any tips and advice from those who were fired before they were ready to be FIRE'd.
In particular, info about health care coverage, transitioning to Medicare with a younger spouse is helpful, as are any tips on evaluating whether to try to jump back into the corporate world, consult, or try something lower-key.
Appreciate your thoughts