Another job gone

[hvfpaints]

Got told yesterday that my position would be no more after march 30th. Been there 21 years. They said they "might" have another job in another department. *Saw it coming and have stashed a bit for emergency fund plus severence. Still have plenty in the pantry and a garden plot to plant in the spring, but the mortgage and car payments are a worry. Guess I'd better get looking......

[Watonga_Jim]

Good luck and take care!

Jim

[Kyhome]

Best of luck to you I had 34 yrs when I Got the same deal. If only they had a retirememnt plan.

[hvfpaints]

Well they got back to me yesterday. They do have another job - 3 paygrades lower than what I'm currently making. Mean about a 25% paycut. Not sure what to do. If I take the severence package at my current pay rate I'd have enough to last maybe 6-7 months with no job at the end. If I take the lower payin job, and get laid off later this year, my severence would be based on that salary, maybe 4-5 months, but I would at least still have my benefits and such. If I quit contributing anything to my 401k, and tighten my belt a bit more, I could probably make it on the lesser salary. No one in the immediate area is hiring so if I opt for layoff it would mean moving to another area. Any thoughts anyone?

[seriessearcher]

These days 75% is better than 0. I have lots of friends who have had to take pay cuts. I hate to hear you are in the same boat.

I do not see good paying jobs picking up for 1 to 2 years if we do not collapse by then. 6 or 7 months from now all of the folks not as lucky will work for less than you probably will by then.

As hard as a pill to swallow, I would stay on.

Best of luck.

[tomato204]

Think about it. If the company is in bad shape now, and the economy worsens, you could lose out completely. If it was me, I'd take the severance. If possible cash out any other plan you have with them, it ain't gonna get better for a while.