Community Chat

[Laura14]

@jannabelle1 That is next on my list.  If you don't mind a question, can you contribute to an IRA?  I believe you can which is why I want it rolled so I can at least throw money in when I get settled.  

I think I have to roll into a traditional IRA to avoid taxes.  I have a lot of money in my 401k after three decades but I'm a decade away from no penalty distribution.  I was watching Suze Orman on PBS last weekend and I think that's what she said was best to do for larger sums.  

Losing a job is a lot of work people!

[jannabelle1]

Yes, you can contribute to an IRA. But - I would encourage you to contact the Investment Division with your bank, or contact one of the major investment companies. I can transfer funds from my checking/savings to my investment accounts at any time.

[ECBG]

Crossing my fingers for the best plan for you!!!

[RedTop]

Just have faith in yourself and take that leap forward!   You can do it!

[Shanus]

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@Laura14 wrote:

I am off payroll, insurance, 401K, do not pass go, do not collect $200 as of next Friday the 13th.  How appropriate after almost two decades of loyalty.  There wasn't even a thank you in the don't let the door hit you memo.  

The new owners are making overtures like they expect me to stay on with them but no one's made me an offer yet.  Instead they are asking me to set them up in their new system while I'm still working for the old owners.  Don't you love this brave new world?  In the words of Judge Judy, does it say "stupid" on my forehead? The material for my humorous essay book keeps getting better.

Good news is one of my GM's has a wife who called a local store with a pharmacy opening and told them to hire me part time since she has no openings at her store.   I applied tonight.  That's three apps in and I am waiting for the offers to start pouring in.     Laura needs a paycheck!  

Just goes to show the good people are still here to overcome the unappreciative ones.  ❤️

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@Laura14  Sounds to me like the door didn't hit you in the butt, you slammed it on theirs. You go Girl. Things sound like they're already looking up. You've got spunk and just like fine cream, you will rise to the top. 💖

[Sheila P-Burg]

@Laura14  ...... This is out of my area of expertise but I had a question. If your company had health insurance can you not apply for COBRA?

[roeroe1005]

Laura,

I know what you are going thru!  On my 30th anniversary with my company, we were told that we were losing our jobs.  I was too young to retire at that point.  1,800 of us were let go over an 8 month period. 

Once we were told, I took a deep breath.  We all knew this was going to happen, but did not know when.  So at that point,  it no longer hung over my head.  I could move on with my life.

Since you were let go, you are entitled to unemployment.  Make sure you take it as you are right - your taxes paid for it.  I hope you are getting some severance.

I went from a food company to working in one of the local school districts.  I really lucked out working in basically a state job.  I retired, after 12 years, and got another pension and retired with decent medical benefits.

And yes, I agree with the other ladies - get your IRA out of your soon to be ex company.  

Good luck!  You will be fine and life goes on!

[Laura14]

@Sheila P-Burg Yes but I won't take it.  It covers nothing anyway.

@roeroe1005  I hope I get just as lucky.  You give me hope for better days ahead.   No severance except they are paying out the vacation days I never got to take.  Big of them to give me what I already earned.  

[MarieIG]

You can roll your 401k into an IRA.  DON'T let them send you a check.  Do a custodian to custodian transfer.

Your 401k should -oll into whatever type of account it is now.  If it is a pre-tax acccount it would go into a pre-tax IRA.  You would have to let the new custodian know.

If you have some money in a Roth  401k, it would roll into a Roth IRA 

And, go to a custodian which does not charge insane fees.  That can really add up over the years. 

Yes you can also contribute to an IRA, if you earned at least the amount of money that you are contributing to your retirement account over the year. 

I am not sure that you should do a non-deductible IRA.  If you can't deduct in any event, why not do a Roth IRA so when you take out the money it is tax free. 

[Laura14]

@MarieIG Thank you for the info.  I need to really get into all of that.  I am completely new to all of the options and tax consequences etc. so it's a project to take on at some point.