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Post by austnscrapaddict on Oct 27, 2017 13:05:49 GMT
I'm mostly a lurker here, but really need some pea thoughts and advice. I've never lost a job before but am loosing my job today. I'm single, not much $ in savings, a fair amount of debt. I will sell my house, and have a fair amount in retirement, But have no idea where to start. Can I use retirement funds to stay afloat until my house sells? etc.
I've been burned out in my career for a long time, but in my mid 50's I don't know what else I can do.
Advice and good thoughts welcome!
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Post by KelleeM on Oct 27, 2017 13:09:37 GMT
I’m so sorry. This is my worst nightmare. I wish I had advice for you.
ETA...thinking good thoughts that you find a new job that you love quickly!
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Post by destined2bmom on Oct 27, 2017 13:09:40 GMT
First, huge hugs and prayers! Can you tell us what you do and what part of the world you live in? That might help with the advice that the peas can offer you.
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lesleystroud
One Post Wonder
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Post by lesleystroud on Oct 27, 2017 13:13:59 GMT
Firstly do you qualify for unemployment? If so get that started as soon as possible.
Are you being laid off with a chance of a severance package? That can impact unemployment.
What is the likelihood that you will be able to find another job making a similar salary? Look at current job listings to compare.
Are you in a field that a job hunter may be beneficial?
I would look at what you need / can cut in your budget to make the minimums for awhile.
Is selling your house something that you want to do or feel like you are forced to do? If you were able to get a similar paying job and you sold what would you be able to find rent wise? I know in some markets depending on when you purchased the home, renting could be more expensive than keeping it.
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Post by missbennet on Oct 27, 2017 13:15:49 GMT
Before you sell your house, do have a little time to look for another job? The job market right now is in favor of people looking. Are there temp agencies near you? You could pick up an assignment that might turn into permanent.
Are you eligible for unemployment? Go file as soon as you can; that will help a little.
Do you need help with your resume? I'm willing to assist and I'm in my home office all day today. PM me if you want some assistance in this area, we can get you a good looking resume ready without a lot of fuss.
Good luck! This is scary, but it doesn't mean it won't be okay.
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Post by crazy4scraps on Oct 27, 2017 13:41:03 GMT
Network, network, network. Tell everyone you know that you’re looking for work and what kinds of things you can do. A lot of opportunities never make it to the public because someone knows someone who’s perfect for the job. Someone posted something here yesterday about how to be found on Linked In, if you’re on there I would update that too. Since you’re possibly looking for a career change, think about the kinds of jobs you would like to have or the places you would like to work, and then research what qualifications you would need to have to get one of those positions. Good luck! I hope you find a great job quickly!
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Post by ktdoesntscrap on Oct 27, 2017 13:52:32 GMT
Hey! I'm in pretty much the same position. I was laid off on Monday.
First use your retirement money as a last ditch resort.
I called all my creditors and everyone of them was willing to reduce or put on hold my payments until I find a new job.
I also registered with an employment agency. She is pushing my resume out there for new jobs, and is looking for project work. The pay will be about half of what I was earning but it will bring some money in.
I am working with a friend who is an executive coach, does your employer have any programs like that? Mine didn't luckily my friend is helping me for free! She is helping me re-work my resume and craft a statement of what I am looking for, because I am willing to relocate, we want to be specific so that my network of friends and business associates can help me look for something good.
I also started my own business, just a sole proprietorship thing. But I have three people signed up so it will bring in something.
There are all sorts of things you can do. I am in my mid-50's and I know it sucks to be looking for a new job when you want to be looking towards retirement.
if you want to talk, bounce ideas off me .. I am happy to commiserate. There are times when I want to curl up in a ball and cry... I have done that. But I am trying to keep focused and working ! Good luck.
My sister told me when a window shuts a door opens. My ex boss said "someday I will look back at this time and think its the best thing that happened" I call BS on both of those. But I know the only way to move forward is to just keep on, keeping on!
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Deleted
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May 3, 2024 9:33:13 GMT
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Post by Deleted on Oct 27, 2017 14:02:45 GMT
First use your retirement money as a last ditch resort. Yes...that. until you are 59.5 you will pay a big penalty. I did it and I was shocked...got only about 50% of the money after taxes and penalty. Best wishes. |
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Post by annabella on Oct 27, 2017 14:26:10 GMT
I'm sorry you lost your job! Never ever touch your retirement savings. Look into airbnb for your house. I have a few single girlfriends who rent out the second bedroom in their condo.
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Post by leslie132 on Oct 27, 2017 14:27:58 GMT
I'm so sorry. My family is in the same boat and have been for about a year and a half. We cut just about every expense possible.
-Call for Unemployment.
-Call for State Medical Assistance
-Call for programs with heat and electric reductions
-Call and reduce all expenses
- I downgraded my cell phone
- We cut our TV channels
- We cut our "extra's....hulu/Netflix
-Clip Coupons
-Use apps that help you save.... Ibotta, Checkout 51
-Plan your meals off of circulars from the store ( we do Aldi)
I wouldn't make rash decisions with your home or retirement. Breath and Release! It all sucks, but you can get help. I struggled with accepting the help, but I have children to feed and a home to maintain.....that is what my thoughts have been. You will find your way! Best of luck!
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Post by mommaho on Oct 27, 2017 14:28:26 GMT
You've received some great advice - definitely file for unemployment, understanding that it can take up to 30 days to receive a check. Hopefully they give you a severance package that you can rely on until funds come in from either unemployment or a new position.
Hugs
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Post by kamper on Oct 27, 2017 14:36:26 GMT
No more advice than what has been giving to you already. Just HUGS!
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Post by mom on Oct 27, 2017 15:06:26 GMT
I would immediately start looking for a parttime/seasonal job. or two. With Christmas coming, stores are hiring right now for the holiday season. While you may not be bringing in as much as you were - atleast it will be something. Since you now have tons of free time, I would try to get a second job - even if its delivering food.
I would not touch my retirement and I would not sell my house (just yet). I would start applying for 'real' jobs but I would take any part time job I could get my hands on to help tide me over.
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Post by peasapie on Oct 27, 2017 15:12:56 GMT
You've received great advice. I'm looking forward to reading your responses to some of the questions.
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Post by austnscrapaddict on Oct 27, 2017 15:20:00 GMT
Thank you so much everyone! I'm going to reach out to a couple of you and am sorry to hear a couple of you are in the same boat, but thank you for sharing and I do feel better knowing I'm not alone.
I was already considering selling my house, so that part isn't a hard decision, my BF and I have talked about moving in together, so as much as I hate the reason, this will likely speed that process. I have a fair amount of equity in my house, so once it sells, I'll be debt free with some to spare. I checked my pension and I should be able to dip into my retirement and still be ok. ( i have both a 401K and pension) i had hoped to hit 20 yrs before retiring, but 14 isn't horrible.
I'm going to take a few days to breathe, get my ducks( resume, budget and nerves) in a row. Then I will hit the job hunt track. I've worked in Healthcare software and was a Mammographer before that. I'm tired of the corporate world. BS. So, at this point, living much simpler and modestly sounds nice and has for a while.
I'm open to any additional advice anyone has to share.
I feel so much support from this community.
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Post by mikklynn on Oct 27, 2017 15:20:30 GMT
Great advice here already, so I'll just add my good wishes for your job hunting.
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Post by ktdoesntscrap on Oct 27, 2017 15:23:37 GMT
I'm so sorry. My family is in the same boat and have been for about a year and a half. We cut just about every expense possible. -Call for Unemployment. -Call for State Medical Assistance -Call for programs with heat and electric reductions -Call and reduce all expenses - I downgraded my cell phone - We cut our TV channels - We cut our "extra's....hulu/Netflix -Clip Coupons -Use apps that help you save.... Ibotta, Checkout 51 -Plan your meals off of circulars from the store ( we do Aldi) I wouldn't make rash decisions with your home or retirement. Breath and Release! It all sucks, but you can get help. I struggled with accepting the help, but I have children to feed and a home to maintain.....that is what my thoughts have been. You will find your way! Best of luck! Thanks for this... I hadn't considered the Medical Assistance. IF I qualify that would be HUGE for us! I'm sorry it has been so long for you. Unemployment blows! |
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Post by clarencelynn on Oct 27, 2017 15:23:59 GMT
It sounds like your plan to sell your house is solid, especially since you had been thinking of selling before. I wanted to build upon a previous post that suggested looking into a holiday job. Target usually hires seasonal and I've heard their starting salary is fairly good. It would be something to do while you look for a job, and they give discounts (10% on everything, 20% on fresh fruit and vegetables, plus Cartwheel and RedCard discounts are stacked on top).
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Deleted
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May 3, 2024 9:33:13 GMT
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Post by Deleted on Oct 27, 2017 15:34:54 GMT
How is housing in your area? If it's in high demand, an option might also be to rent it out while you move in with your BF. The rent can offset the remaining mortgage and possibly your rent while you get your footing back.
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Post by cbet on Oct 27, 2017 15:35:36 GMT
First, sending hugs your way. It's a crappy situation to be in. I'm going to be a voice of dissent on taking any part-time job you can find - with unemployment you have to be a little bit careful about it. In my state, anything over 32 hours is considered full-time and you cannot collect an unemployment for that week. Depending on what your unemployment benefit is, it might hurt you financially to have the paycheck instead of the unemployment check. You can work a part time job and collect partial unemployment (there's a calculation they run to determine what portion of your benefit you collect), but be aware of how many hours you can work in your state.
Agreeing on the "don't touch the retirement", though. You lose so much in penalties and paying the interest on the money. As far as selling your home, that can also really bite you in the butt come tax time, if you aren't buying a different one. Also, I know the thought of it sucks, but if you have quite a bit of debt, and your creditors aren't willing to work with you while you're out of work, you do have the option of declaring bankruptcy. Not sure of the laws in your state, but here, you can file for chapter 7 and keep your home, a vehicle and the money you have in the retirement accounts. But if that's the route you choose, you need to do it BEFORE you sell the house.
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Post by mommaho on Oct 27, 2017 19:25:33 GMT
I agree with cbet make sure you read everything regarding your states unemployment. There isn't anything wrong with unemployment so don't think of it that way at all - it is a tool to get you through to where you need to be. |
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Post by pondrunner on Oct 27, 2017 19:40:14 GMT
If it might be possible for you, a job in retail might tied you over the next couple of months while you try to figure out what else to do. Selling your house may cost you on the long term even though it may be something that seems necessary on the short term. Don't be too hasty on that if there's any way around it, because one of the ways that you maintain your net worth Is by keeping the real estate you've been paying into.
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Post by bearmom on Oct 27, 2017 21:59:01 GMT
Thank you so much everyone! I'm going to reach out to a couple of you and am sorry to hear a couple of you are in the same boat, but thank you for sharing and I do feel better knowing I'm not alone. I was already considering selling my house, so that part isn't a hard decision, my BF and I have talked about moving in together, so as much as I hate the reason, this will likely speed that process. I have a fair amount of equity in my house, so once it sells, I'll be debt free with some to spare. I checked my pension and I should be able to dip into my retirement and still be ok. ( i have both a 401K and pension) i had hoped to hit 20 yrs before retiring, but 14 isn't horrible. I'm going to take a few days to breathe, get my ducks( resume, budget and nerves) in a row. Then I will hit the job hunt track. I've worked in Healthcare software and was a Mammographer before that. I'm tired of the corporate world. BS. So, at this point, living much simpler and modestly sounds nice and has for a while. I'm open to any additional advice anyone has to share. I feel so much support from this community. What healthcare software? I know there are lots of consulting jobs out there if you are certified in some software applications. |
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Post by hop2 on Oct 27, 2017 22:43:48 GMT
HUGS i know it's tough to look for a job. best of luck to you seeking a new path in life, may your home sell fast and you find a new path to support yourself.
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Post by teach4u on Oct 27, 2017 22:56:46 GMT
what about unemployment benefits?
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Post by tkdmom on Oct 27, 2017 23:14:56 GMT
Have you considered education? If you have a bachelors degree in radiology or software you may be able to teach at a community college. I made the swtich from health care administration to education and love it. Yes it was a big pay cut but the reduced stress is worth it.
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Post by houston249 on Oct 27, 2017 23:50:16 GMT
I would immediately start looking for a parttime/seasonal job. or two. With Christmas coming, stores are hiring right now for the holiday season. While you may not be bringing in as much as you were - atleast it will be something. Since you now have tons of free time, I would try to get a second job - even if its delivering food. I would not touch my retirement and I would not sell my house (just yet). I would start applying for 'real' jobs but I would take any part time job I could get my hands on to help tide me over. Consider what you will earn in unemployment and the duration of the unemployment BEFORE you accept a ANY job offer. Acceptance of a parttime/seasonal job can -be a lower income than your unemployment -have a shorter duration than your unemployment -permanently stop your unemployment -unable to resume any unemployment |
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Post by katlady on Oct 28, 2017 0:12:58 GMT
First use your retirement money as a last ditch resort. Yes...that. until you are 59.5 you will pay a big penalty. I did it and I was shocked...got only about 50% of the money after taxes and penalty. Best wishes. The exception to this is if you leave your current workplace at 55+ and you are touching this 401k. Then there is no penalty to withdraw before 59.5. It is called the Rule of 55. It only pertains to your current workplace and current 401k. So, if you have a 401k from a previous job, you can’t touch that until 59.5 without a penalty. But as others have said, I would touch that money last. Lots of good advice here! |
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Post by christine58 on Oct 28, 2017 0:47:46 GMT
I should be able to dip into my retirement and still be ok avoid this at ALL COST...you'll have a huge penalty plus have to pay tax on it. This should be YOUR LAST RESORT |
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Post by hennybutton on Oct 28, 2017 2:42:50 GMT
You said you have a pension? Do you have enough years of service to collect on that? In my job, how much retirement you collect and when you can start collecting is based on years of service, not age. Other retirement funds, like my 403(b), can't be touched until you reach a certain age. You'll have to talk to the retirement advisors where you work to find out how it works.
Be careful though, if you retire, you may not be able to collect unemployment.
I do feel for you. It's really hard losing your job when you are a woman over 50. We are at a huge disadvantage in the job market. Studies have shown that employers blatantly discriminate against us. I finally got work going through the temp pool at the local university. I was tested on my computer skills and placed. The university values skill and experience and pays better than most places.
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