Posted on 11/15/2024 8:32:44 AM PST by mikelets456
Ask a CPA.
Why the nerdwallet link?
Been there too. My company was big on Hire-to-fire. They’d hire ‘the best and brightest’, right out of college. Then fire them along with the 30 year employees to avoid the obvious age discrimination claims.
I’m sorry to hear this, but I want to encourage you that, when you get on the other side of this, you may find that this was the best thing that ever happened to you. This same thing happened to my husband about 5 or 6 years ago, who was roughly the same age as you then. He was let go the day before Thanksgiving. We were scared, but we knew God had our back.
Here’s what we did. We cut back on expenses right away. Anything that wasn’t essential was put on the back burner. Christmas was pared way back. They did give him several weeks of severance, so that was a help.
Then he worked his Rolodex like no one I’ve seen before. He reached out to everybody he had worked with before. He told them what was up, and asked if they knew of anyone who needed help in his line of work.
We learned that it’s not what you know, but who you know. One of those old coworkers knew of a consulting company that needed someone to fill in here and there.
So Mr.FF took on gig work, little projects for other companies. Sometimes it was writing a proposal. Sometimes it was an extra hand to pitch an idea. I proofread documents so that they weren’t sloppy.
Eventually, one of the places gave him a small contract, for just a few months. It was just a matter of months before that turned in to a formal position with salary and benefits.
We had savings accrued for just such a situation, but God blessed us, and we never had to touch one penny of that money. He was back to full time work 6 months later. The really great thing is that he is widely respected in his new and current company. He’s not considered dead weight at all.
Your old company will try to fill in your position with someone who doesn’t know as much as you do, so doesn’t cost as much. It happens a lot when people near their 60’s.
It will be tough, but God has your back, too. Remember to always find something every day to be thankful and grateful for. It’s there. Every day. You will be blessed by this! Just you wait and see! Make a plan and work that plan.
God bless you. I will add you to my prayer list.
Roll the 401k into an IRA to avoid the tax penalty.
One of the coolest “recovery” tips and tricks I heard about was “list making”.
What you do over a few days is create a list of every positive thing you have ever done in your life—no matter how small—and every positive attribute you have—no matter how minor.
That means going all the way to school days. If you got an A in algebra in high school that counts. If you got a date with the prettiest girl in your class that counts as well.
Many of them you will have forgotten—and that is why it takes a few days to make the list and recover those memories.
Everybody has a very long list of accomplishments and good deeds—professional and personal.
Then after that any time you are feeling down you just pull out the list and read through it.
Obviously a great time to read through it is before any future interview.
:-)
That’s good advice you were given and spot on.
Your new job is to find a new job. Get up every day and work on that. The harder you work at it, the sooner something will go your way. People love to be helpful in these situations. Reach out to them.
401k loan was a mistake. Retirement is for retiring only. I made lots of mistakes like that but it ended up being fine eventually. Live and learn.
Get a job, any job. It’s easier to get a job when you have a job and everything pays more than unemployment. Don’t be afraid to be creative. Leverage your existing skills.
I like that! Thanks.
Professional resource companies are a great place for interim work...until you find something more permanent. Let them match your resume to client needs.
Is there any chance your employer will call you back ?
When I made my list years ago it went on for pages—it was ridiculous—and I am just a normal person—everybody has a list like that.
File for unemployment NOW!! the state can walk you thru it - get the clock running on the waiting period! I wish someone had told me when I got laid off in 1994 - i lost 3 weeks because I thought I had to wait out using my severance.
I heard that Obama are comes in three levels: gold, silver, silver, and bronze. The advice was to take the silver level, which was a few dollars more but had much better returns.
Mike,
It is rough to be laid off like that. Best of luck to you. Some areas are worse than others in terms of getting hired when older, hope you are in an easy area!
Okay. Thanks as I will get on that when my wife gets home. My mind is still a little foggy from all that has happened today.
Not sure but the few employees that are left were in utter shock…a few were quite angry and I know one of them went into the owners office right after I got laid off.
But quite honestly I believe God has been directing me to leave and I honed it know if I’d go back…there’s a lot of bad woke attacks on me that I posted on this site numerous times…especially during Covid.
Anyway, he was very emotional and I kept telling him it’s okay, God will direct me and we having been praying for you and your family for peace and guidance.
God is good…actually, Jesus is amazing!! 10 years ago I would have told him where to “shove it”. I need to praise God for preparing me for such a time.
Even with the loan? How does that work?
I second the comment about the young/Gen Z worker, at least in the accounting field. I don’t know what they’re taught at college, but it’s not accounting. I was handed a set of books that hadn’t been reconciled in 20 months. After reconciling, I went from 3 intercompany accounts to 10. It was a mess.
Similar thing happened to me after 20 years with the company.
They “graciously” extended my health insurance for 90 days and pointed me towards COBRA, which I couldn’t afford.
They also - in a burst of generosity - informed me that they wouldn’t dispute my unemployment claim. Big of them.
As a late middle aged white guy, my employment options were limited. I was over-qualified for most of the jobs I applied to, as I had been the VP of Operations. I was willing to go back into sales or lower level management, but companies were not willing to take me on. I was applying for positions that paid half of what I used to make, and couldn’t land a job.
I eventually took a (small) mortgage out on my paid off home and started my own company. That was 16 years ago. While we aren’t rich, we pay the bills and are proud of role we play in our community. My previous employer never donated time or product, or gave discounts to, charities or churches. We do that...a lot. It is it’s own reward.
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