FIRED!! [Unexpectedly laid off]

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tibbitts
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Re: FIRED!!

Post by tibbitts » Tue Feb 04, 2020 10:11 pm

I agree with the posts saying that the title is not helpful, and is actually misleading. Fired to most people implies dismissed for poor behavior or performance.

stlutz
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Re: FIRED!!

Post by stlutz » Tue Feb 04, 2020 10:24 pm

Is $32K really what your *total* expenses are? I mean everything that left your bank account over the past few years? The reason I ask is that it can be easy to have low expenses for a year, but then you start thinking that your car will wear out at some point, you'll need a new furnace/roof/carpets at some point etc. In short, make sure that your numbers actually reflect the complete reality and not some minimum level of spending.

That said, I do think retirement is an option for you at this point financially. Other posts have brought up suggestions of a reasonable withdrawal rate to use in planning. Make sure you take Social Security and any other pension-type income into account. You can take a little higher withdrawals earlier and lower withdrawals once SS starts.

You do likely have a lot of years to live yet, so over the long term it will make sense to take some equity risk. Being too conservative with investments can create more problems than it solves.

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LadyGeek
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Re: FIRED!!

Post by LadyGeek » Tue Feb 04, 2020 10:27 pm

tibbitts wrote:
Tue Feb 04, 2020 10:11 pm
I agree with the posts saying that the title is not helpful, and is actually misleading. Fired to most people implies dismissed for poor behavior or performance.
Thanks, I clarified the thread title.

The OP can change the title further by editing the Subject: line in Post #1.
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Grt2bOutdoors
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Re: LAID OFF!!

Post by Grt2bOutdoors » Tue Feb 04, 2020 11:00 pm

visualguy wrote:
Tue Feb 04, 2020 2:41 pm
celia wrote:
Tue Feb 04, 2020 2:32 pm
(FIRED implies you did something wrong: for example, embezzlement, coming to work drunk, or not showing up without a good excuse. LAID OFF means they didn't have enough work for you or they are down-sizing --no shame in that.)
It's still problematic in the eyes of potential employers unless pretty much everyone got laid off... There's the question of why they picked you vs someone else to lay off. Also, some companies use layoffs as a way to get rid of the bottom performers with less risk of lawsuits. Saying "laid off" is better than saying "fired", of course, but it still puts you in a difficult position. Typically, you want to see the writing on the wall before it happens, and pre-empt it by finding another job before you are laid off. Not always possible, of course.
It’s expected these days, restructuring happens all the time. OP should not be discouraged. Take a few days to collect your thoughts, if he hasn’t already he should sign up for any outplacement services offered, polish up the resume, network with people he knows and people he doesn’t but are in the field he’s interested in pursuing. Talk to as many people as you can. Practice your pitch - 30 seconds to a minute to sell yourself. If asked - you lost your position in a company restructuring. Do not say you were laid off or fired. Make no mention of it being unexpected and do not express your dismay or anger- biggest red flag for future employers. No one wants to hire perceived disgruntled employee. Exercise - go for a walk every day, do not sit 8 hours a day in front of your computer looking through job boards. Don’t give up before you even start. You are not alone, plenty of people are looking for work.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

Financologist
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Re: FIRED!! [Unexpectedly laid off]

Post by Financologist » Wed Feb 12, 2020 11:28 pm

Congrats on 29 years of service. Good luck finding work if you want it. If you don't, start thinking about your tax strategy while you have low income. Could be a good time for Roth conversions.

digit8
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Re: LAID OFF!!

Post by digit8 » Thu Feb 13, 2020 8:20 am

Grt2bOutdoors wrote:
Tue Feb 04, 2020 11:00 pm
Make no mention of it being unexpected and do not express your dismay or anger- biggest red flag for future employers. No one wants to hire perceived disgruntled employee.
Plus one to everything, but especially this. I've been a hiring manager for 5 years and continue to be shocked by how many people do not realize that saying anything negative about a former employer automatically removes them for the running. The best interviewees I've had turn it positive: "They had to restructure, which was a smart move for them in the current environment and gave me a chance to do more in this field I've been learning about for years" etc.
"You can't latte yourself to bankruptcy. The bladder won't allow it." | -Katherine Porter

staustin
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Re: FIRED!!

Post by staustin » Thu Feb 13, 2020 9:07 am

Independent George wrote:
Tue Feb 04, 2020 9:59 pm
With 32k in expenses, and well over 1.3M in assets, I think they're ready to retire now while deferring social security until 70. Given the OP's numbers, I think there's no need to invest in stocks at all. They could easily put $500k into a TIPS ladder to mitigate inflation risk and still live well before taking Social Security. I'd say the biggest risk right now is an unexpected (is there any other kind?) medical expense.
agree with this... sound advice.

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JAZZISCOOL
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Re: LAID OFF!!

Post by JAZZISCOOL » Thu Feb 13, 2020 10:29 am

digit8 wrote:
Thu Feb 13, 2020 8:20 am
Grt2bOutdoors wrote:
Tue Feb 04, 2020 11:00 pm
Make no mention of it being unexpected and do not express your dismay or anger- biggest red flag for future employers. No one wants to hire perceived disgruntled employee.
Plus one to everything, but especially this. I've been a hiring manager for 5 years and continue to be shocked by how many people do not realize that saying anything negative about a former employer automatically removes them for the running. The best interviewees I've had turn it positive: "They had to restructure, which was a smart move for them in the current environment and gave me a chance to do more in this field I've been learning about for years" etc.
+1

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Wiggums
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Re: LAID OFF!!

Post by Wiggums » Thu Feb 13, 2020 11:03 am

JAZZISCOOL wrote:
Thu Feb 13, 2020 10:29 am
digit8 wrote:
Thu Feb 13, 2020 8:20 am
Grt2bOutdoors wrote:
Tue Feb 04, 2020 11:00 pm
Make no mention of it being unexpected and do not express your dismay or anger- biggest red flag for future employers. No one wants to hire perceived disgruntled employee.
Plus one to everything, but especially this. I've been a hiring manager for 5 years and continue to be shocked by how many people do not realize that saying anything negative about a former employer automatically removes them for the running. The best interviewees I've had turn it positive: "They had to restructure, which was a smart move for them in the current environment and gave me a chance to do more in this field I've been learning about for years" etc.
+1
To learn, grow and move on from a negative experience is big. To be able to communicate this is a concise and positive manner is to your benefit. People get let go all the time.

The Stone Wall
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Re: FIRED!! [Unexpectedly laid off]

Post by The Stone Wall » Thu Feb 13, 2020 4:08 pm

With expenses at $32K and no debt, you are in pretty good shape. Good news that your DW understands and keeps a good budget. I do think that you and she should both spend more time on this site understanding about all of the financial issues. It would confirm to both of you that you are in pretty good shape financially however some of your decisions recently might be limiting. There is indeed a wealth of information on this site. It was good to see that you had your retirement in Vanguard 2024 for most of the run-up in stocks and bonds. I am curious why you made the rather drastic decision to turn that all into the money market fund. Even if you moved yours back into any stock/bond allocation, it would change the majority of your savings into a better position. Health insurance is a concern for the next few years particularly if a knee replacement is in the future. Take a look at I-ORP to get an an indication of what types of cash flows you might expect in the future. If you have a desire, you could go back to work to provide more of a cushion or simply to give you something to do, but your former employer may have just allowed you to retire early. Good luck.

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