Hey - did you know if you click on the title of a thread it will take you to the first unread post since you last visited that thread?
but were afraid to ask: 
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Pretty Please - add it to our Events forum(s) and add to the calendar! >> 
anthony7777
Yoda
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gregw, whaddah ya do bring a bag fulla farts fa lunche every day?GregW said:
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Laid off. Again.
- Thread starter William
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Sorry, I haven't checked back on this thread since I started it. At the time I really just needed to vent a little, and this seemed as good a place as any, what with the quality of people runnin' around here (I mean this in the good way!). Thanks all for the kind words. I'm somewhat less angry now.
For the record, I'm "only" 34, so retirement isn't an option. I have some money saved up so I can pay rent for a while and I'll probably opt to take the severance being offered, even though it's not a whole lot (I need to read the paperwork on that. Side note: the severance paperwork from my first layoff last year was a huge envelope with a big list of people who were cut, ages, positions, gender, etc., everything but names, plus a bunch of other stuff. This one's about five sheets of paper. Surprised me a bit.). I'm also single, so I don't have to worry about a wife and kids.
I would consider relocating, although I just moved downtown back in November. I've wanted to live in Chicago for years now, so it burns me to have that potentially taken away from me so soon. It's also the one thing that sorta makes me not want to relocate, because I hate to break the lease, if only because it'd cost me money.
I just have to sit down and rather rapidly figure something out.
-Wm.
PS-what would you do with a 401K that is for a company that's let you go? Any thoughts? I apparently can opt to cash it out or keep it with the company, although I don't know how that works.
For the record, I'm "only" 34, so retirement isn't an option. I have some money saved up so I can pay rent for a while and I'll probably opt to take the severance being offered, even though it's not a whole lot (I need to read the paperwork on that. Side note: the severance paperwork from my first layoff last year was a huge envelope with a big list of people who were cut, ages, positions, gender, etc., everything but names, plus a bunch of other stuff. This one's about five sheets of paper. Surprised me a bit.). I'm also single, so I don't have to worry about a wife and kids.
I would consider relocating, although I just moved downtown back in November. I've wanted to live in Chicago for years now, so it burns me to have that potentially taken away from me so soon. It's also the one thing that sorta makes me not want to relocate, because I hate to break the lease, if only because it'd cost me money.
I just have to sit down and rather rapidly figure something out.
-Wm.
PS-what would you do with a 401K that is for a company that's let you go? Any thoughts? I apparently can opt to cash it out or keep it with the company, although I don't know how that works.
terriphill
Darth Vader
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If your 401K is anything like our,its probably not showing a profit at this time. I would not move that 401K until you can roll it over into a new one. With today's market, you probably should let it ride until things turn around.
Don_Neff
Jedi Hopeful
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Do NOT cash out your 401(k). You'll have to pay full 2009 income tax on it plus an immediate 10% penalty.
I suggest you leave it where it is until you find a new job. Then you can transfer the 401(k) into your new employer's 401(k) system with no penalty. The new company's HR people will do the transfer for you.
Best of Luck to you and all others in your situation.
I suggest you leave it where it is until you find a new job. Then you can transfer the 401(k) into your new employer's 401(k) system with no penalty. The new company's HR people will do the transfer for you.
Best of Luck to you and all others in your situation.
sail
Darth Vader
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Don_Neff said:
Yes, what Don said! What you have is hopefully with your company's provider, not your company. After a few years it really gets exciting to watch it build. We just got a speed bump now. I was broke at 37. I put in the max and am now 56. It is Monday morning and I am going to ski, not look for a job. Fresh dusting on a bunch of snow and the weekend guys should have left me a good track.
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Just a comment on the 401k question.
I'd probably leave it in the plan too ... unless the company is having big problems itself.
And I sure hope the entire 401k isn't just in that one company's own stock.
If you *have* to pull it out, don't take it in cash. Roll it over to another tax-deferred investment - maybe even an IRA. Talk to an advisor - one that's *not* on the company payroll.
Tom
I'd probably leave it in the plan too ... unless the company is having big problems itself.
And I sure hope the entire 401k isn't just in that one company's own stock.
If you *have* to pull it out, don't take it in cash. Roll it over to another tax-deferred investment - maybe even an IRA. Talk to an advisor - one that's *not* on the company payroll.
Tom
tony barnhill
Great Pumpkin - R.I.P
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Locally, my bank is offering to rollover 401K's with no tax penalties with a guaranteed 5-1/2% growth for 6 years.
Were it me, I'd look at rolling it to somewhere else than that company...check out Roth 401-K's where there's no tax penalties...your bank or financial manager should be able to just roll it over easily.
Why would I roll it? What's been their history of growth? What's the 401K based on - like Tom said: company paper, mutual funds, etc.? If its company paper roll it immediately...if the history of growth is good & you didn't lose too much, you might want to leave it...but, I'd certainly look at other options.
Oh, my 401K's only dropped 10% through the whole terrible mess - & last quarter they were showing intererst/dividends/growth/whatever you want to call them of 5%...not worth me changing right now...but, I'm gonna watch them closely.
Your decision but you need to look at all your options.
Were it me, I'd look at rolling it to somewhere else than that company...check out Roth 401-K's where there's no tax penalties...your bank or financial manager should be able to just roll it over easily.
Why would I roll it? What's been their history of growth? What's the 401K based on - like Tom said: company paper, mutual funds, etc.? If its company paper roll it immediately...if the history of growth is good & you didn't lose too much, you might want to leave it...but, I'd certainly look at other options.
Oh, my 401K's only dropped 10% through the whole terrible mess - & last quarter they were showing intererst/dividends/growth/whatever you want to call them of 5%...not worth me changing right now...but, I'm gonna watch them closely.
Your decision but you need to look at all your options.
bgbassplyr
Darth Vader
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I'm sorry, too, but just like sail, it's Monday and here I sit on my ass in front of my computer, trying to decide whether to go work on the 4, or get something to eat.
Thanks for the 401K advice. It's not tied up in company stock (the company is owned by the major cable MSO's and doesn't have it's own stock) and is administered through Bank of America. The paperwork is, naturally, at my parent's house so I don't recall offhand what it's invested in. I'll need to stop at the bank and ask about possibly rolling it into something else.
I took a long walk along Lake Michigan today.
-Wm.
I took a long walk along Lake Michigan today.
-Wm.
angelfj1
Yoda
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bgbassplyr: Your very fortunate! I understand that the unemployment rate in N. Carolina (and South Carolina)is much higher than the national average. When we lived in Huntingtown Farms (behind the old PTL Club,in the late 1970's and 80's Charlotte was just starting to grow. Banks were big with First Union and Wachovia buying like drunken sailors. We moved away in 1986 and then Charlotte grew exponentially but when I visited a few years latter I couldn't believe my eyes. Yuck! What a shame. Unplanned growth and ridiculous development everywhere. I am glad my children grew up there during a better era.
fja
fja
tony barnhill
Great Pumpkin - R.I.P
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Unemployment is still low here in north Alabama....we've been hit by the down economy but not anywhere as bad as the rest of the country...there are some foreclosures but home sales aren't yet in the toilet.
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angelfj said:
Frankie - we have *cities* falling down in CT (among other places).
Interesting tidbit: In 1933, the unemployment rate was given as 25% of the labor force. The late 2008 rate is given as 7.2% by the BLS (Bureau of Labor Statistics).
But if you use the same formula in 2008 as they used in 1933 ... today's rate would be 16%.
yikes!
Tom
