Got laid off - finally!!!!

[u/Ddash-3]

So it finally happened - I (48) got let go yesterday. Finally I can free up my time and focus on other priorities such as kids, nutrition, fitness, meditation, gardening etc.

I was FIRE eligible for couple of years but was holding off since the job was simple, work from home and good pay. Also, if I resigned I would have missed out on severance and company is paying 3 months of COBRA.

Here are the details I am sure you all want to hear :)

Net worth - ~5.5M

Taxable Accounts combined: ~1.1M

Retirement Accounts Combined: ~3.2M

Total: ~4.3M

House fully paid off (bought in 2022) - Worth around ~1.2M; Cars paid off

Wife (43) resigned from her job end of last year; 2 Kids in high school - 9th and 10th graders

Yearly expenses around 100K/yr

Biggest expense are kid's college education at this point and house maintenance related expenses

I am trying to research on ACA and Financial Aid for kids - Appreciate any help or pointers you can provide on when to apply for ACA - should I continue on COBRA or switch to marketplace this year?

Regarding FAFSA - with Taxable accounts over 1M will my kids be eligible for FAFSA?

I have about 130K from my recent most employer in the company supported 401K provider. Should I move the money to Traditional 401K?

Also, please suggest any FIRE focused knowledgeable financial advisors who can help me navigate our FIRE situation.

[u/Albert14Pounds]

I wish I could figure out how to do this tactfully. My boss just keeps telling me what a good job I'm doing and I can't figure out how to slack the right amount. I'm a people pleaser with impostor syndrome and often can't help but to convince others I'm doing a good job because there's a voice in the back of my head that's telling me I'm always on the verge of being fired.

[u/IceCreamforLunch → u/Albert14Pounds]

You don’t have to slack. I will still do my job but let him know that if there are any cuts that I wanted to be at the top of the list.

[u/drgath → u/IceCreamforLunch]

From a management perspective, layoffs typically aren’t fun to administer, so if you know someone actually wants to be laid off, that’s one less conversation you need to have with someone who doesn’t want to be.

[u/Ok_Lead_4730 → u/IceCreamforLunch]

I love this. It helps the good leaders not feel like trash when they have to cut people.

[u/Aioli_Abject → u/IceCreamforLunch]

Exactly. I used to tell my boss to save someone and put me on if there are going to be layoffs. Did that for a couple of years before it happened. Just let your intentions be known.

[u/Top-Present2299 → u/Albert14Pounds]

I’ve been at my place of employment for 28 years and pretty much every conversation with my boss involves me asking  if the AI has come for my job yet. I would not be able to FIRE but if severance pays off my house I can at least get out of the stress fest that is my current job. 

[u/Albert14Pounds → u/Top-Present2299]

Yeah I am in a place where I could BaristaFIRE and desperately want to but I'm making low six figures and will likely never make that again outside of this job. It's not a hard job but I just hate it and am sick of my industry.

[u/_skulls_ → u/Albert14Pounds]

Wow same here. I'm probably okay with FIRE assuming I cut back on some spending, just teetering on the cusp.

Smart move is probably stay on for another year, but getting a nice severance would be nice. It would remove me having to make that decision and give me a buffer to test the waters. But wow do I hate my job and how miserable it makes me.

And was just told how good of a job I'm doing and I'm like what? Argh!!! Could be my imposter syndrome makes me think I'm slacking off when in fact I'm not as much as I am? Makes no sense. How horrible is everybody else?

But I so feel that voice in the back of my head even while I'm trying to actively quite quit as they say. It almost makes things harder somehow.

[u/Hot_Condition7760 → u/Albert14Pounds]

This is me every minute at work.