So, my application at work is going away

[GrandSportC3]

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.

[DDSLT5]

Cliffs?

[Frankie the Fink]

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 !

[Yadkin]

Originally Posted by GrandSportC3

I'm a software engineer technician 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.

FIFY

Because:

[GrandSportC3]

Originally Posted by Frankie the Fink

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 !

If I leave, I walk away from $200k as I won't get my severance. I only want to work like 3 more years. I want to get laid off but would prefer 3 years from now.

[GrandSportC3]

Originally Posted by Yadkin

FIFY

Because:

Job title has changed many times.. Sr. Programmer/Analyst, Application Developer and now Software Engineer. Job titles are meaningless.

[Yadkin]

Originally Posted by GrandSportC3

Job title has changed many times.. Sr. Programmer/Analyst, Application Developer and now Software Engineer. Job titles are meaningless.

The title of "Engineer" is not meaningless, according to Florida statute:

471.003
(1) No person other than a duly licensed engineer shall practice engineering or use the name or title of “licensed engineer,” “professional engineer,” or any other title, designation, words, letters, abbreviations, or device tending to indicate that such person holds an active license as an engineer in this state.

[vettemed]

Originally Posted by Yadkin

The title of "Engineer" is not meaningless, according to Florida statute:

Are you feeling ok? You managed to spell out Florida correctly today.

[Frankie the Fink]

Originally Posted by GrandSportC3

If I leave, I walk away from $200k as I won't get my severance. I only want to work like 3 more years. I want to get laid off but would prefer 3 years from now.

Well damn - maybe you should have led with that

[GrandSportC3]

Originally Posted by Yadkin

The title of "Engineer" is not meaningless, according to Florida statute:

What I mean is that I do not care what my job title is. What matters is how much they pay me.

[GrandSportC3]

Originally Posted by Frankie the Fink

Well damn - maybe you should have led with that

I did mention the severance, just not how much it is.. After tax, it won't be close to $200k.. That's BEFORE tax...

[Yadkin]

Originally Posted by GrandSportC3

What I mean is that I do not care what my job title is. What matters is how much they pay me.

The state of Florida cares.

[LATB]

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.

[6spdC6]

Originally Posted by Yadkin

The state of Florida cares.

Yaddy how do you feel about the terms Operating Engineers, Stationary Engineers!

[Kevin68]

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%.

[Yadkin]

Originally Posted by 6spdC6

Yaddy how do you feel about the terms Operating Engineers, Stationary Engineers!

Depends on the state.

[6spdC6]

Originally Posted by Yadkin

Depends on the state.

Yeah, that was about as open as a question could be made!-

[Steve_R]

Originally Posted by Yadkin

The title of "Engineer" is not meaningless, according to Florida statute:

471.003
(1) No person other than a duly licensed engineer shall practice engineering or use the name or title of “licensed engineer,” “professional engineer,” or any other title, designation, words, letters, abbreviations, or device tending to indicate that such person holds an active license as an engineer in this state.

His title, like many others with the word Engineer in them, doesn't "indicate that such person holds an active license as an engineer in this state."

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?

[Big bob]

Originally Posted by Yadkin

Depends on the state.

Of mind.

Originally Posted by 6spdC6

Yeah, that was about as open as a question could be made!-

[Unsuspicious]

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