A couple of weeks ago, I was informed that I was being laid off and that my position was being eliminated. It was not a shock, as my company reported poor results. I had just updated my resume, but I was still surprised by the news.
Thankfully, I received a very good severance package and have a 8-10 month emergency fund above and beyond the severance. I've only had one night of a whole range of emotions, but have moved on. In many ways, it could be a blessing in disguise because I did not like the direction of the company and was planning to start looking around for a new job in the fall. I'm already networking, have a few job applications in, and my new "job" is to find a new job. The biggest issue for me is that I cannot control what job openings are out there in my industry, how soon a company will make a hiring decision, and the fact that it's a competitive market so I could be a finalist yet still not selected. A few questions: (I'm 48 with a wife who works and one child).
1. I am trying to balance finding a job at my level (or even one higher) with the fact that there are more jobs out there with a slightly lower title. I'm applying for jobs that make sense, but at what point should I consider taking a slightly lower level role than the job that I was in?
2. I stopped my bi-weekly investments in Vanguard and I am just hoarding cash. I assume it doesn't make sense to invest in taxable until I get a new job?
3. What should I do with my 401k? My 401K is currently with Fidelity in very low cost US Total Bond and US Total market index funds. I still have access to the TSP as well. Should I keep my 401k with Fidelity for now and see what happens when I get a new job? I have maxed out my 401k for the year at $23k and cannot make any new contributions this year.
Thanks in advance.
Thankfully, I received a very good severance package and have a 8-10 month emergency fund above and beyond the severance. I've only had one night of a whole range of emotions, but have moved on. In many ways, it could be a blessing in disguise because I did not like the direction of the company and was planning to start looking around for a new job in the fall. I'm already networking, have a few job applications in, and my new "job" is to find a new job. The biggest issue for me is that I cannot control what job openings are out there in my industry, how soon a company will make a hiring decision, and the fact that it's a competitive market so I could be a finalist yet still not selected. A few questions: (I'm 48 with a wife who works and one child).
1. I am trying to balance finding a job at my level (or even one higher) with the fact that there are more jobs out there with a slightly lower title. I'm applying for jobs that make sense, but at what point should I consider taking a slightly lower level role than the job that I was in?
2. I stopped my bi-weekly investments in Vanguard and I am just hoarding cash. I assume it doesn't make sense to invest in taxable until I get a new job?
3. What should I do with my 401k? My 401K is currently with Fidelity in very low cost US Total Bond and US Total market index funds. I still have access to the TSP as well. Should I keep my 401k with Fidelity for now and see what happens when I get a new job? I have maxed out my 401k for the year at $23k and cannot make any new contributions this year.
Thanks in advance.
Statistics: Posted by renegade06 — Sun Jul 14, 2024 4:34 pm — Replies 8 — Views 1347