Hello Everyone,
I was an engineering technician with my former employer and I was on my way out because it turned out to be a corrosive engineering mill that was stressing me out. I was even threatened by my now ex-boss as well. There's a lot more to this too.
I have a 401k, FSA, Health Insurance, and Vacation time with the company. The company was in the midst of switching between health insurers as well.
I was making about $42,000 a year or gross $800 a week. My 401k has about 1k in it. My Savings/Checking have approximately 3.5k in them together. I almost had completed my Efund of $6000 before a few emergencies had popped up and I had to deplete it. I generally have good financial practices. I owe 7k on my Car and 26k in Student Loans.
I have questions about what I should be doing with my 401k as well as questions about my unemployment and more.
1) My current health insurance will end on 7/1/17. I never signed onto the new insurer and since I'm laid off that's when my current plan will end anyway. I haven't received anything from COBRA yet. I was told it'll be 10-14 days from my lay off which will be after my health insurance ends. Does this mean I won't be eligible for COBRA? I'm not sure if I'd be able to afford it. I finally got accepted by a hospital and assigned a PCP as well, I haven't had a doctor's appointment in about 5 years because I was uninsured or my insurance provided through the ACA kept changing.
2) I filed for unemployment and I've been approved for $217 a week. That's about 25% of my old income and will barely cover rent. Does this seem low?
3) How long can my 401k remain with my old employer before I have to roll it over into an IRA or a 401k with another company? I'm currently interviewing for engineering positions right now but I'm unsure if it would be wiser to rollover the 401k into an IRA or wait until I get into a new company and roll it into a 401k there?
4) As I mentioned in (3), I'm currently interviewing with several engineering companies. I'll be receiving offers from three different companies but I don't know how long it will be until I receive them. I've been applying to more jobs since I think I need to actively be searching for jobs if I filed for unemployment. Should I sit tight and ride it out for an engineering job or pick up some random crappy job in the meantime?
5) I was told by my employer that my FSA is moot now. I never had the opportunity to use any of it either. Is this true? Since I've been laid off, the $100 or so in there is just gone?
I'm happy to answer any questions and I'm thankful for any advice.
Submitted June 24, 2017 at 11:37AM by layedoffthrowaway1 http://ift.tt/2t6AqzZ
