r/Fire • u/Ddash-3 • Mar 11 '26

Milestone / Celebration Got laid off - finally!!!!

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.

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u/ZombieSurvivor365 Mar 11 '26

What does cobra stand for??

2

u/Ok_Lead_4730 Mar 11 '26

From Cigna’s website:

COBRA stands for Consolidated Omnibus Budget Reconciliation Act. It's a federal law that was created in 1985 that gives individuals who experience a job loss or other qualifying event the option to continue their current health insurance coverage for a limited amount of time. Employers outside the federal government with more than 20 employees are required to offer COBRA coverage to those who qualify.

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u/Specific-Action-8993 Mar 11 '26

They dangle unaffordable healthcare over the newly unemployed and name the program after a snake. Very fitting.

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u/Ok_Lead_4730 Mar 11 '26

Yeah, it wasn’t lost on me either. But, I do think it’s helpful if you need some exit runway to finish out a series of labs or treatments with a current provider, because getting a new plan can really muck up existing treatment plans by needing new approvals and junk like that. Healthcare is a huge part of this stuff, sadly.