|
Off Topic Off Topic - General non-Corvette related discussion. |
|
Share | Thread Tools | Search this Thread |
05-01-2024, 5:58am | #1 | ||||||
A Real Barner
Join Date: Jan 2011
Location: Lakeland/FL
Posts: 2,616
Thanks: 129
Thanked 613 Times in 305 Posts
Gameroom Barn Bucks: $500
|
So, my application at work is going away
I'm a software engineer and I've been working hard with the migration team to get my application migrated to a new platform. We are expecting that all of it will be fully migrated to the new platform by the end of the year. Good thing is that I have 20 years of service and in case they lay me off, I walk away with a significant severance package. However, it's not guaranteed that they will actually lay me off as we have other applications that will only be decommissioned in about 2 - 4... maybe 5 years or so. However, I'm not knowledgeable with the other applications, so, I will have to learn them. I personally would like to stay 2 more years or so if I can. However, if they would lay me off, I would get my severance and could cash out my 401k which would be enough to pay off all my remaining debt and be debt free. Only down side would be that I would have to pay a 10% penalty if I'm cash out the 401k If I'm laid off before I'm 55. (I'm 53 now) If I would get laid off and I'm already 55, I would NOT have to pay the 10% tax penalty. Right now, half of the team is close to 65 years old and will retire soon, so they may keep me due to my young age (compared to my co-workers). We will see. Either way works fine for me. My target age to stop working is 56 to 57, so, 3 to 4 years from now.
|
||||||
05-01-2024, 6:00am | #2 | ||||||
Vette Barn Crew
|
Cliffs?
|
||||||
05-01-2024, 6:23am | #3 | ||||||
A Real Barner
Join Date: Jul 2022
Posts: 4,258
Thanks: 656
Thanked 3,995 Times in 1,811 Posts
Gameroom Barn Bucks: $500
|
In my time (degreed Computer Scientist) I knew prob 8-10 programming languages and also had a hardware background. Being an "expert" on specific applications is not a career-extending scheme. I can't tell you how many I've migrated, "browned-out", replaced with COTS or eliminated or did complete re-writes in a modern language/architecture (mostly during Y2K). I was a boss and had to let go a few folks that didn't keep their skills up - had a few that only wanted to keep programming in Clipper and dBase-III (ugh!)
Making yourself "layoff-proof" in a technology profession just comes with the turf. If there is any way you can find another gig, DO IT NOW, before the applications are migrated as the smart people bail and find other work early, as soon as the writing is on the wall. Alternatively, use your 2 year window at THIS gig to get current, marketable skills via certifications, courses, etc.. A word to the wise, middle aged programmers/s-w engineers are not "hot commodities"; when some kid fresh out of school with the latest knowledge will work for 1/2 to 1/3 of your probable salary. I would do that and not "cash in" my 401K at your young age. You have a long road ahead of you until retirement age. You'll miss tax-deferred growth over the next 5 years or whatever. I'm 73 and still haven't touched my 401K, but I'll have to by next April by law or pay a massive penalty... HOWEVER, I am not a career or financial advisor, do not play one on TV and did not stay in a Holiday Inn Express ! |
||||||
05-01-2024, 6:51am | #4 | |||||||
Barn Stall Owner #112
Join Date: Apr 2022
Location: The Blue Ridge Mountains
Posts: 18,264
Thanks: 7,259
Thanked 5,014 Times in 2,949 Posts
Gameroom Barn Bucks: $500
|
Quote:
Because: |
|||||||
The Following User Says Thank You to Yadkin For This Useful Post: |
05-01-2024, 7:19am | #5 | |||||||
A Real Barner
Join Date: Jan 2011
Location: Lakeland/FL
Posts: 2,616
Thanks: 129
Thanked 613 Times in 305 Posts
Gameroom Barn Bucks: $500
|
Quote:
|
|||||||
05-01-2024, 7:29am | #6 | ||||||
A Real Barner
Join Date: Jan 2011
Location: Lakeland/FL
Posts: 2,616
Thanks: 129
Thanked 613 Times in 305 Posts
Gameroom Barn Bucks: $500
|
|
||||||
05-01-2024, 7:47am | #7 | ||||||||
Barn Stall Owner #112
Join Date: Apr 2022
Location: The Blue Ridge Mountains
Posts: 18,264
Thanks: 7,259
Thanked 5,014 Times in 2,949 Posts
Gameroom Barn Bucks: $500
|
Quote:
Quote:
|
||||||||
05-01-2024, 7:50am | #8 | ||||||
A Real Barner
Join Date: Aug 2022
Location: Orlando
Posts: 1,670
Thanks: 947
Thanked 862 Times in 395 Posts
Gameroom Barn Bucks: $500
|
|
||||||
05-01-2024, 7:50am | #9 | ||||||
A Real Barner
Join Date: Jul 2022
Posts: 4,258
Thanks: 656
Thanked 3,995 Times in 1,811 Posts
Gameroom Barn Bucks: $500
|
|
||||||
05-01-2024, 8:01am | #10 | ||||||
A Real Barner
Join Date: Jan 2011
Location: Lakeland/FL
Posts: 2,616
Thanks: 129
Thanked 613 Times in 305 Posts
Gameroom Barn Bucks: $500
|
|
||||||
The Following User Says Thank You to GrandSportC3 For This Useful Post: |
05-01-2024, 8:02am | #11 | ||||||
A Real Barner
Join Date: Jan 2011
Location: Lakeland/FL
Posts: 2,616
Thanks: 129
Thanked 613 Times in 305 Posts
Gameroom Barn Bucks: $500
|
|
||||||
05-01-2024, 9:01am | #12 | ||||||
Barn Stall Owner #112
Join Date: Apr 2022
Location: The Blue Ridge Mountains
Posts: 18,264
Thanks: 7,259
Thanked 5,014 Times in 2,949 Posts
Gameroom Barn Bucks: $500
|
|
||||||
05-01-2024, 9:03am | #13 | ||||||
A Real Barner
Join Date: Jan 2011
Location: Green Acres is the place to be...
Posts: 39,166
Thanks: 6,652
Thanked 24,910 Times in 11,306 Posts
Gameroom Barn Bucks: $8122190
|
At 50-something you will probably want to keep working. Maybe not as an employee but you are a doer and not having a project will drive you crazy. Might as well make those projects profitable.
Take that severance money and buy a couple more flip houses. Don’t spend your cash paying off mortgages at this point. Use the cash to grow your savings. |
||||||
05-01-2024, 9:04am | #14 | ||||||
A Real Barner
Join Date: Jan 2011
Location: NorthernNY! (A little town on the shores of the Great Sacandaga Lake) in the peoples republic of NY
Posts: 10,928
Thanks: 5,862
Thanked 3,599 Times in 1,984 Posts
Gameroom Barn Bucks: $2115673
|
|
||||||
05-01-2024, 9:08am | #15 | ||||||
Vette Barn Crew
Join Date: Sep 2023
Location: Blanco County, TX
Posts: 472
Thanks: 145
Thanked 367 Times in 171 Posts
Gameroom Barn Bucks: $500
|
You still have to pay federal income tax on the 401K cash out plus the 10% penalty, if applicable. If you've been contributing for 20 years and investing wisely, your 401K is probably large enough that some will be taxed at 32 or 37%.
|
||||||
The Following User Says Thank You to Kevin68 For This Useful Post: |
05-01-2024, 9:10am | #16 | ||||||
Barn Stall Owner #112
Join Date: Apr 2022
Location: The Blue Ridge Mountains
Posts: 18,264
Thanks: 7,259
Thanked 5,014 Times in 2,949 Posts
Gameroom Barn Bucks: $500
|
|
||||||
05-01-2024, 9:13am | #17 | ||||||
A Real Barner
Join Date: Jan 2011
Location: NorthernNY! (A little town on the shores of the Great Sacandaga Lake) in the peoples republic of NY
Posts: 10,928
Thanks: 5,862
Thanked 3,599 Times in 1,984 Posts
Gameroom Barn Bucks: $2115673
|
|
||||||
05-01-2024, 9:13am | #18 | |||||||
A Real Barner
Join Date: Feb 2017
Location: On the beach
Posts: 33,636
Thanks: 18,056
Thanked 34,191 Times in 12,035 Posts
Gameroom Barn Bucks: $1025333
|
Quote:
Why do licensed engineers/PEs think they're the only ones who can use that word for what they do? If someone has an engineering degree but isn't licensed, can they use it or does that offend you as well? When you retire and let your license lapse, do you have to quit using the word because you no longer have an active engineering license? Engineers have lots of butthurt about job titles, does that come with the education or the license? |
|||||||
05-01-2024, 9:17am | #19 | ||||||
A Real Barner
Join Date: Sep 2022
Posts: 6,844
Thanks: 2,749
Thanked 1,847 Times in 1,121 Posts
Gameroom Barn Bucks: $500
|
|
||||||
05-01-2024, 9:26am | #20 | ||||||
A Real Barner
Join Date: Jun 2023
Posts: 2,727
Thanks: 301
Thanked 1,874 Times in 1,009 Posts
Gameroom Barn Bucks: $500
|
If you get laid off now and need the 401k money, you could probably just take a 401k loan to float for 2 years instead of paying the tax machine
|
||||||
|
|
Support the Barn: |
Download the Mobile App; |
Follow us on Facebook: |
||