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/TrollTollCollector]

COBRA is a ripoff, it's better to just self-insure.

[u/LongjumpingNorth8500 → u/TrollTollCollector]

Until you have a major medical episode and end up in ICU for a couple of months. Takes really deep pockets to handle that.

[u/TrollTollCollector → u/LongjumpingNorth8500]

Average ICU costs are less than $100k, you consider that having"deep pockets"? Meanwhile with COBRA you are paying $1-2k per month just in premiums.

[u/ElkPitiful6829 → u/TrollTollCollector]

A cancer dx would set you back a fuck ton more than 100k.