As far as job sites, LinkedIn and Indeed are the leaders. Get current with your resume and post there there, and keep them visible.
Tax preparer could better help you with tax law questions, but my understanding is that loans aren’t taxable income.
Don’t know about your state, but Florida you have to wait 2 weeks to file unemployment.
As for the 401k loan:
https://www.fidelity.com/viewpoints/financial-basics/taking-money-from-401k
https://www.irs.gov/retirement-plans/hardships-early-withdrawals-and-loans
Sorry to hear that. I can speak a little to the health insurance part. I’m retiring on 1/8, and I was told that my health insurance expires on my last day of employment. I think the end-of-insurance is a company-by-company sort of thing, so your HR should be able to provide the details. Under circumstances such as layoffs, they may offer something different. Anyway, best of luck in finding something else; looking in your late 50’s after 38 years is unpleasant, but it could lead to something great.
Cobra can extend healthcare... but you would be paying 100% of premium...
If you were the soul earner... Obamacare might be available at no or little cost...
I was going to comment but I will wait and see what other may advise ( I was 59 when my company was bought by another company and I was let go so I know what you are feeling)
Buy the book Job! by Rick Gillis. It’s amazing. Do exactly what he says. You can even send him your resume and he’ll review it for you.
I know this might sound odd.....but there is work for those willing to work and especially those not to proud to ‘start near the bottom’. Linkedin is a good place to go look, be open minded. There are so many ‘young’ and useless people out there, that a good work ethic and flexibility will be rewarded.
Answer to your second question is No. If you have not filed already you should.
Number three is tricky, it depends on your field. I would personally suggest putting your resume in with every employment agency you can find. You can pick up contract work to keep you going and make contacts that will help you find a new position.
Answer to number four is it depends on your termination agreement. Is the company going to give you any sort of grace period on your insurance? But after that six months of COBRA is normal.
Now, go through your termination package with a fine tooth comb. Some of your answers are probably in that. But do not do it today. You have had a shock and you are going to miss things. It is even fine to take the weekend to adjust. But Monday you are going to have to hit it.
Get up at your normal time and treat all of this like a job. You may only be unemployed a week or two but you need to get all your ducks in a row and quacking in harmony.
Best of luck.
Talk to HR about an enhanced severance package, in exchange for not threatening an age discrimination suit. Be subtle. If your performance is not an issue, and it is not a department elimination, you have some leverage
It doesn’t help you any, but I am truly sorry that happened to you.
I think you can roll the 401K over to a Roth IRA and you shouldn’t take a tax hit on it. If you cash it out, it will hurt you on taxes.
Depending on how much you made, you might be able to pull the max from state unemployment, if the jackass company doesn’t contest it.
Hate to say it, for healthcare you may just have to use Obamacare. Not that you are unemployed, you should get a good rate.
Just do a google search for job sites, Indeed is one, monster another. My state has a job board, so you might check there.
FR probably has a considerable wealth of knowledge and probably more accurate then me.
Good luck, at least with Trump being in power maybe more jobs will become available.
I found over the years that the best way to get a new job is to reach out to other people that you have a relationship with in your industry. Or go to a head hunter.
Since a 401k loan is really just you loaning your money to yourself there’s probably some hardship thing you can use to get around repayment.
The insurance coverage is probably going to be extended through cobra but I’ve heard its costly.
1. Talk to a tax professional regarding the 401K
2. Post your resume, don’t expect much
3. Don’t take any of the “tests” on Indeed, they stay on your profile!!
4. Depending on your skill sets, start a consulting business, or any business of your own. Try a YouTube channel showcasing your knowledge set.
5. Now is a great time to think outside the box you’ve been in for 38 years. Congratulations on that too.
I started a pet sitting business in 2010, now run a six-figure business company in Cleveland, Ohio. As well as having written a decent performing book on Understanding Cat Behavior. In my previous life...I was an EHS Field Manager decommissioning nuclear reactors.
But don't panic, there is life afterwards. I second the motion for LinkedIn; that's how I got my current gig. Unemployment pay, at least in my state (Tennessee), was close to a joke. I thought it was especially strange that I had to go off unemployment when I was taking training classes ... apparently "looking for work" is fine, but getting training to be more marketable for work is not. Go figure. It basically only paid for groceries anyway.
Good luck & you'll be in my prayers.
Don’t rely on websites. Make a list of companies in which you have interest. Modify your resume (be truthful) to reflect how your skills would match their openings. Apply directly. ASK FOR THE JOB
Start leveraging contacts on LinkedIn. Make it known that you’re actively looking for work. Call, text or email contacts looking for leads in your field.
If you have a college degree, look into teaching or if you can leverage your credit hours for another field that is hiring (e.g.: nursing) or go back to school for another quick degree. I’ve always said that if I ever got laid off, I would go to a Project Management boot camp to get my PMP or Function Point certification which is a niche specialty but in demand by large corporations and government entities.
The lady that runs a charity near and dear to my heart called Code of Vets, her husband was laid off and they relocated overseas. You need to be open to as many things that will give you an advantage.
My old neighbor, her dad lost a job in Omaha but he got another one in Des Moines so he rented a studio apartment and drove home on the weekends.
I can't answer your 401(k) loan questions, and I would recommend you follow the advice others are posting and meet a tax accountant about those. Just a couple of questions I have for you (and you can Freep-mail me if you'd prefer not to share the answers publicly):
1. How old are you?
2. What is your field of expertise?
You need to reach out to your network of friends in the same industry and hopefully linkedin represents your industry well. There are so many unfilled positions because experienced people do not market themselves well. Everyone who was laid off at the same time should be in your network that you are talking to.
At 57-65 take a job at any acceptable rate quickly, get yourself back on health care and contributing to the 401k. Scale your work effort to the pay rate, dont come in doing everything for everyone at a low rate, you landed at entry point, now you rebuild your network with working people and will be making another jump before 65 into a consulting role. Sounds like you may want to work into 70s, do that at a 30 hours a week gig, there are tons of those to find.
Wow... that really sucks.
It was a long time ago when I was laid off. I was only 26, but it was still a gut punch.
When it happened to me, I was provided with some counseling to help. The advice given was sound and I’ve shared with many people over the years. Basically, it’s this:
DON’T be ashamed of what happened. It happens to lots of great people at one time or another. It is, what it is.. and now, you have a NEW job. Your new job is: to FIND a job. Work at it. Get up every day and work on it. Make calls, send emails, search everywhere for a new place to work.
Tell EVERYONE you know and trust that you’re looking for work. Don’t be afraid to call in favors. Now is the time. Any real friend will do whatever they can to help you. Nearly every new job comes from a reference or someone pointing you in the right direction.
Definitely, work on your resume. Get updated professional photos. Spend some time on your own health. Work out more. You’ll need exercise to help with the stress.
Stop all unnecessary spending. definitely, file for unemployment immediately. Contact professional placement services, they can help.
You’ll get through this. You might even come out better for it.
As for health care, you have the right to purchase COBRA insurance for up to 18 months. It’s probably expensive, but... it’s available to you. It will be exact same coverage, same company you had when you were working.