Are you all financially prepared for the big lay-off?

[Anonymous]

Savings set aside? House paid off? No credit card debt? No car payments?
Unemployment compensation isn't very much compared to those hugh salaries we were used to. In fact, it only about covers food for the family and maybe a bill or two.
If Congress doesn't act soon, extended unemployment benefits will go bye bye. So, how well financially have you been doing?

 

[Anonymous]

Mid 50's.
House paid off.
No car payments, credit card debt.
No kids.
$125,000 cash - combined savings and checking
$310,000 in 401K.
What do you want to buy?
Hello Suze! I want to get the hell out of here and find another career. Can I afford it???

 

[Anonymous]

Mid 50's.
House paid off.
No car payments, credit card debt.
No kids.
$125,000 cash - combined savings and checking
$310,000 in 401K.
What do you want to buy?
Hello Suze! I want to get the hell out of here and find another career. Can I afford it???

Yes but.....

Given your age, the job market will be a challenge. I would suggest hanging on as long as possible with Novartis. In the meantime, do the usual smart financial moves: pare your expenses back, network, get your resume up to date, etc.

If you think you're more likely than not to be let go, consider working as hard as possible through a release and Novartis package. That will leave you in good graces. Despite the naysayers, that's a good thing and you have to look yourself in the mirror. While awaiting a package, work at getting a new job as well. Make that your second job.

Don't use your retirement. Don't leave it with Novartis. Have it directed to a brokerage account and hire a financial planner (Certified Financial Planner aka CFP) to take care of it for you.

Think of the worst outcome, you're released with a package sometime in the first 3 months of 2012. Do your job through then, look for another and bank as much of what you make from now until to then.

Otherwise, you're in decent shape. More money in the retirement fund would be good but you're doing better than 70 percent of the population.

 

[Anonymous]

Mid 50's.
House paid off.
No car payments, credit card debt.
No kids.
$125,000 cash - combined savings and checking
$310,000 in 401K.
What do you want to buy?
Hello Suze! I want to get the hell out of here and find another career. Can I afford it???

No kids and that's all you have saved? Ummm, what were u thinking? I'm 38, 2 kids, wifey teaches, we have $325,000 in 401k. You have decent cash saved but come on, what were you thinking all these years? Suze would not be impressed.

 

[Anonymous]

No kids and that's all you have saved? Ummm, what were u thinking? I'm 38, 2 kids, wifey teaches, we have $325,000 in 401k. You have decent cash saved but come on, what were you thinking all these years? Suze would not be impressed.

House value in today's market (value is down) = $300,000 PAID FOR!!! So, no mortgage. Put extra money on mortgage payment. That's where my money went, along with another house PAID FOR! (which is a rental) and generates an additonal $1200/mo in rent which I'm not counting here. Am I still in bad shape???

 

[Anonymous]

...ummmmm....YEA you are in bad shape cuz you're gonna be a creepy old man/woman living all by yourself with NO ONE who loves you when your mommy and daddy die.....shoulda found a spouse and had some chicklets....just sayin'

 

[Anonymous]

Not that I believe any of these posts but the notion that
anyone is retarded enough to even consider posting personal
financial information in some strange catharsis is utterly
mind boggling & really really creepy.

 

[Anonymous]

Mid 50's.
House paid off.
No car payments, credit card debt.
No kids.
$125,000 cash - combined savings and checking
$310,000 in 401K.
What do you want to buy?
Hello Suze! I want to get the hell out of here and find another career. Can I afford it???

The real issue is not the savings, but the insurance. If you get a good job with medical coverage, you will be ok. If not, you will accelerate through the savings so quickly that your head will spin.