I Got Downsized

[Mr Happy]

After being back to work for 6 weeks, got let go again!

 

[Wi-Golfer]

Wife and sat down and figured this all out.

Applied for SS online

Will get my one pension in cash and pay off all loans other then house.

Will take my 401K and knock a bunch of the home loan and re-finance to make lower payments.

And with ss, my big pension and 401K (plus wife still working) we should be better off then we are now! PLUS I'll be retired.

And the 14 weeks of severance pay won't hurt either.

All is well.....

All in all it sounds like a good deal Jerry, although the way they pull this shit sucks. Had a similar deal myself back in 2002, was with a company for almost 15 years when they took 50 of us out to breakfast. Halfway thru the meal they announced that as of that morning all of us were going to be unemployed.

 

[VtDivot]

Wife and sat down and figured this all out.

Applied for SS online

Will get my one pension in cash and pay off all loans other then house.

Will take my 401K and knock a bunch of the home loan and re-finance to make lower payments.

And with ss, my big pension and 401K (plus wife still working) we should be better off then we are now! PLUS I'll be retired.

And the 14 weeks of severance pay won't hurt either.

All is well.....

Will you be able to escape the 401k penalty if you cash it in towards your house? Or are you older than 59.5 already?

 

[sssmokin]

Glad you got it all figured out. Those dumb-asses don't know what they're losing. That's the trouble with all these outfits including the Postal Service...........they're all top heavy. They let the people go who actually work their butts off, and keep all the top execs who do nothing but draw huge paychecks. :killersmiley:

 

[sssmokin]

VtDivot Posted: Will you be able to escape the 401k penalty if you cash it in towards your house? Or are you older than 59.5 already?

We (twins) turned 62 in April, so there is no penalty, other than paying tax on it.

 

[Rockford35]

I keep thinking this thread is about cutting a couple inches off the weiner.

R35

 

[Esox]

Good to know the bottom line is going to be okay for you WBL, but the shot to the nuts at the meeting does suck. I think you might be low on the $200 per hour, though. Back in the 1980's when my old man "retired" as VP of manufacturing at a stainless steel fabrication plant where he worked his whole life, a son-in-law of the owning family took over and wanted to take the co. in another direction which was down, they would occasionally come to him with tooling problems and to consult on how to bid some jobs.

He charged them $300 per hour and that was 1982-85. It was surprising how many checks they had to write.

I keep picking up a couple bucks on my credit at my club during the Saturday skins game. Give me another month or so and I'll take you and your twin brother for a retirement round. My putting has really improved and once my touchy back loosens up there's some birdies coming to win some more skins.

Kevin

 

[SiberianDVM]

J, I think you're one lucky SOB!!!!

TAKE THE MONEY AND RUN!!!!!!

Kick back, play some golf, and enjoy your life.

 

[JEFF4i]

How's about you and the wife come to New Mexico on a little vacation soon here and we'll golf a bit?

 

[SplooGe]

Better watch out Jeff, if smokin sees your switching brothers he might let his ladies out of the basement and directly to your house.

 

[zaphod]

Glad to hear you have landed on your feet. Sounds like you have made some risk avoidance financial decisions. Good medicine for sleeping at night!!!! Glad your wife has an health insurance package. So many "downsized" do not have that option.

Sounds like the consulting business will be an option. Stay current my friend!!!! Networking with your colleagues is the key.

best wishes as always.

 

[warbirdlover]

I keep picking up a couple bucks on my credit at my club during the Saturday skins game. Give me another month or so and I'll take you and your twin brother for a retirement round. My putting has really improved and once my touchy back loosens up there's some birdies coming to win some more skins.

Kevin

You KNOW I will take you up on this one!!

How's about you and the wife come to New Mexico on a little vacation soon here and we'll golf a bit?

JEFF4i

You never know Jeff, you never know...

 

[nututhugame]

Jer, someone with your type of knowledge will be just fine. Sounds to me like they gave you the key to the door with the sign "live life" on it.

 

[JEFF4i]

You KNOW I will take you up on this one!!



You never know Jeff, you never know...

I haven't been playing either, you'll spank me.

 

[warbirdlover]

Jeff, you could lay off golf for two years (maybe ten) and still smoke me.