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Thread: Lost my Job this week.
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04-07-2010, 06:14 PM #1
- Join Date
- Aug 2005
- Location
- Lexingon Kentucky
- Age
- 52
- Posts
- 1,727
1997 Grand Cherokee- 1999 Firebird.
Lost my Job this week.
After 10 years at the same factory, I got downsized. WOW! Not really sure where to go from here. I have a big ass 401k headed my way and I guess I'll get some of that unemployment everyone is talking about. Time for a fresh start!
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04-07-2010, 06:19 PM #2
man that sucks..
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04-07-2010, 06:26 PM #3
- Join Date
- Nov 2005
- Location
- L.A.
- Posts
- 60
Black- 99 Z-28
Welcome to the club. Don't feel bad it's a big club. Sucks to hear that.
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04-07-2010, 06:42 PM #4
- Join Date
- Aug 2007
- Location
- odessa,texas
- Posts
- 1,056
69 hugger orange- 98 z28
good luck bro,that sucks
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04-07-2010, 06:44 PM #5
what did you do and what kind of company was it?
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04-07-2010, 06:58 PM #6
You are going to cash in your 401K? Not smart. Its not a savings acount.
My Garage http://www.fquick.com/anhalt07
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04-07-2010, 07:06 PM #7
FUNemployment
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04-07-2010, 08:01 PM #8
- Join Date
- Feb 2007
- Location
- San Diego, CA
- Posts
- 5,823
2002 Z28 A4 NBM- Sadly now demodded :(
You'll have to pay current tax rate plus a penalty of 25% (I believe) if you access your 401K. I'd think twice before I did that.
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04-07-2010, 08:25 PM #9
- Join Date
- Aug 2005
- Location
- Detroit
- Age
- 42
- Posts
- 1,664
Black/Red/Black/Red- 98WS6/06MCSS/86GN/06H3
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04-07-2010, 09:43 PM #10
DO NOT CASH YOUR 401 IN!!! Unless your starving or you have a child you need to provide for.....don't touch it! Like others have said, don't touch it! Any money is better then none unless its your savings
┌∩┐(◕_◕)┌∩┐
Man: The Mods you are fighting,
they are the biggest Men I have ever seen. I
wouldn't want to fight them!
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04-07-2010, 10:38 PM #11
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04-07-2010, 11:28 PM #12
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04-08-2010, 05:46 AM #13
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04-08-2010, 05:50 AM #14
As others have said - don't dip in to that 401K unless it's absolutely necessary. Use unemployment first until all options are exhausted.
You'll thank us later............in about 30 years.
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04-08-2010, 05:57 AM #15
- Join Date
- Aug 2005
- Location
- Pittsburgh, PA
- Age
- 42
- Posts
- 21,720
My life is a- Ben Stiller movie.
omg that's horrible-and you just got a car too
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04-08-2010, 06:17 AM #16
- Join Date
- Sep 2008
- Location
- Kennesaw, GA
- Age
- 45
- Posts
- 237
Silver- 2005 Toyota Corolla (DD)
I'm not sure if you can take out a loan if you're no longer employed, but that's the way to go IMO.
You don't pay a penalty other than the interest acruing on the loan (but you are paying it back to yourself!)
When we had to reside our house we needed 10k, but knowing we'd be selling the house before the loan was paid off made me cringe. The thought of making payments for someone elses siding, or basically losing all profits and just breaking even suuuucked.
I took a 10k loan out against my 401(k) at 6%. Each week I direct deposit $56 back into the 401(k) to pay off the loan, but like I said any interest that accrues I'm paying back into the account. This is essentially covering some of the profit I've lost by not having money in the account making more money.
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04-08-2010, 06:20 AM #17
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04-08-2010, 06:22 AM #18
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04-08-2010, 06:37 AM #19
- Join Date
- Aug 2007
- Location
- Greensboro, NC
- Age
- 40
- Posts
- 1,335
Pewter- 2002 Trans Am WS6 M6
Nope it was mine to do whatever I wanted with. They gave me six months to either cash it in or move it to a financial firm of my choice before they moved it to a outside company to maintain it. Until it was moved to a different one I could take or put in money however I wanted. In fact I got most of the taxes they took out refunded to me on my tax return for it.
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04-08-2010, 07:21 AM #20
- Join Date
- Mar 2008
- Location
- NYC
- Posts
- 1,460
Navy Blue Metallic- 2000 T/A Firehawk M6
wait.... didn't you work at hyundai? They are growing... why downsize?
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