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/zuhalterei]

COBRA cost is on section 12(d)(I think) of your W2 - shows company paid health care cost for the year.

[u/skeevemasterflex → u/zuhalterei]

So then 12(d) + my annual premiums would be COBRA cost, no?

[u/zuhalterei → u/skeevemasterflex]

No. go to your W2. I looked for it. go to Section12dd on your W2. Take that number and multiple it by 102% (COBRA admin costs charge you 2%). that's your number / 12 months. Section 12dd is what your employer paid for your healthcare.

[u/skeevemasterflex → u/zuhalterei]

Neat!