So I’m sad to be saying that my position at my company has suddenly become at risk and is likely to end soon. I’m looking for tips and advice on planning for this financially.
A couple of stats. I’m mid 50’s, my cars are paid for but I have a 16k debt on an RV ($200 per month) and I owe about 160k on my house (1700 per month) that is worth around 270k. That’s it for debt. My wife works and earns around 37k per year and has excellent benefits, I can get on her health insurance.
I feel I’m behind in my retirement , all totaled we have 350k in retirement accounts. In cash savings we have about 100k
We have long wanted to relocate to the southeast US.
So now my questions - any advice on preparing would be welcome. I don’t know how long I’ll have work, maybe 3 months. It’s probably in my best interest to stick it out to the end and maybe get a severance and take advantage of the benefits I get. So when the time comes I’ll be unemployed. Since it would be a lay-off I might be eligible for unemployment.
My employability at my age is low, I can find work but at a fraction of what I make now.. I could probably get 50-60k somewhere.
I could ride out unemployment holding out for the best job possible, I could take this opportunity to find something in the southeast where I eventually want to retire.. I probably won’t be able to contribute too much more to my retirement accounts if I take a huge pay cut and that’s scary. My wife’s job is stable.
Anyway, any thoughts on how you’d approach it with a couple of months to plan? Thanks in advance
Submitted May 16, 2019 at 09:21PM by Throwaway1258978247 http://bit.ly/2WLNshL
