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.
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.