Posted on 11/15/2024 8:32:44 AM PST by mikelets456
How many people were laid off? If over 50 people, then the company has a lot of responsibility, especially in PA.
I was laid off at 56 - and had a lawyer friend draft a letter asking about age discrimination. I was at 101% of my annual quota in July. All we asked for is Cobra for the family until the end of the year, about $20,000. The check came in five days. And I had a new sales job in a month.
The loan from the 401k will be treated as a distribution, with lots of variables. And you have a state tax … get an experienced EA or financial planner. The best is to see if the company will let you pay it back. In any case you have 60 days.
Advice - get up early every day, get showered and find something to do. Volunteer at the church, help at the senior center, or go to work at retail just to stay busy over the holidays.
I even worked at an Amazon sort warehouse for a year and a half. Lost 40 lbs. didn’t like the late shifts, but was always asked to stay later and finish up.
Simple BTTT.
Consider Retirement. Do what you want to, when you want to and dont give a rats ass what anybody thinks or says. That took about a decade to really master. You’ve gotta be your own boss. We are doing a few investment properties now, its a little easier and everyone is pissed at us so we are probly doing something right, I hope.
Most importantly dont sell yourself short. Your employment history and longevity say tons about what you will do for the company that the younger generations simply will not do. Employers are already tired of this and are getting picky with whom they are hiring.
With Trump’s last 4 years you need to shape your income to meet what its gonna be like after Trump is gone in 4 years. Im unloading everything starting about Jan-March of 2028. I dont think its gonna matter much after that.
About applying for unemployment, sites to look for a job.
What ever your line of work you may have better with a head hunter (agent) many of the around and they can find you work fast they have contacts in all lines of work.
A lot of companies use them to keep the riff raff away.
I’ve read through the thread. The best advice I’ve read is to consult a CPA/Tax attorney. IF you took a few thousands from your 401K, don’t bother paying for the advice. If you took a big loan and don’t understand the implications, seek professional help if you can’t delve into the issue...
1—I took a 401K loan as we had a few rough years and had to pay off some debt. How do I avoid the taxes and defer to the following year? 2—Should I wait for unemployment (to file)? 3—What is a good site to post my application? 4—By law, how long do I have to keep health insurance? I have a neurological disorder. 5—Any other advice.
1) You can keep making the monthly payments on the loan, so no taxes.
2) No, file NOW.
3) Honestly, LinkedIn, Indeed, Dice, Monster are all still good sites.
4) From what I understand til the end of the current month, unless you’ve negotiated some sort of extension.
5) FILE UNEMPLOYMENT NOW. You can file online. File for food stamps, etc. as well. If your wife works, it’s a life circumstance change, so get added to her insurance.
Sorry to hear. I had a similar fate. I walked to work my first two years because I didn’t have a drivers license. Employed every day thereafter until COVID wrecked the business and as an IT Executive approaching retirement, I was let go. There just aren’t old IT guys.
If you have any skills and/or a strong back, get on Facebook and do some handyman work. Leaves, junk clean ups, gutter cleaning. Get setup to take Venmo and report that income. Others pay cash and do with that as you will. There are no shortage of people needing handyman work in most urban areas. You’ll be surprised what people ask you to do.
Look into medical sharing programs instead of health insurance. I did that and saved a bundle my last few years before Medicare.
I haven’t prepared taxes in years but Roth IRAs are funded with after tax money while 401Ks are pre-tax funded. That means taxes will need to be paid for any money from a 401K to be used to fund a Roth IRA. You can transfer 401Ks to regular IRAs but talk to a tax accountant about the particulars of your case.
As far as the 401K loan goes, I believe you have to pay that money back when you leave the company. If you don’t pay it back, it will be classified as a distribution and subject to tax and penalties depending on your age/situation.
I don’t know much about the other concerns. I pray that you find something soon. My husband has been laid off three times in his near 50 year career. God blessed us in that each time we had exactly what we needed to live and each time he found new work that paid more than the last job. I pray the same thing happens for you.
wife and I have a roth each and fund it each year with money from other accounts, so not an after tax. you are correct, I forgot about a 401K I had years ago had to be rolled over to a traditional IRA.
I have an Edward Jones guy to take care of my stuff, he’s done well by us over the past 16 years.
Go here for more advice:
https://www.early-retirement.org
In California you can get 50 weeks of unemployment if you go to school instead of 26 weeks. Check out your state.
You cannot take a course too different from your past job. Take Microsoft Office skills as everyone needs them even if you know it all, just say you do not know enough and need improvement.
I knew a guy in my course that tried to take something different from what he had been doing but was turned down for the increase length. He was told you only get one chance at applying.
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I think the loans are taxable if not paid back...otherwise you would get to pay the penalty for tak8ng it out of your retirement account before age 59.
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