Money Matters
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Dad lost job

He has been with the same company since my mom was pregnant with me and I'm devastated for them.  My mom is a SAHM so she is in completely shock this happened.  He will be 59 1/2 in May and was planning to retire in the near future.  I came to pick up DD after I was done teaching and she told me she just found out.  He was a facility manager and found out when he was out with the "big wigs" today.  I believe he tells everyone else tomorrow.  His branch is shutting down because it wasn't bringing in enough money to justify staying open.  My mom did mention rumors were going on last year about this happening. She told me they cancelled dinner tomorrow night and they will cancel netflix and other un-necessary bills.  I think they get 2 weeks paid vaca but that's it.  He looked deflated tonight and am sure it will be a huge adjustment for sure.  I just almost want to cry.  There is no real point to this post, I just had to get it off my chest.
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Re: Dad lost job

  • Sorry for the hard time your family is going through
  • Sorry to hear they are going through that.  Do they have enough in savings to retire a bit early?
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  • hoffse said:
    Sorry to hear they are going through that.  Do they have enough in savings to retire a bit early?
    I did ask my mom if they would withdrawal when he was 59 1/2 and she acted like they could but they may not have been totally ready for it at this time.  I never dig too deep into my parents finances, it's something that I've never done.  I guess they will apply for unemployment tomorrow. She mentioned how they won't have health, dental, or life insurance and that struck me hard because I always forget that people loose that when they get laid off since we buy all that ourselves.
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  • vlagrl29 said:
    hoffse said:
    Sorry to hear they are going through that.  Do they have enough in savings to retire a bit early?
    I did ask my mom if they would withdrawal when he was 59 1/2 and she acted like they could but they may not have been totally ready for it at this time.  I never dig too deep into my parents finances, it's something that I've never done.  I guess they will apply for unemployment tomorrow. She mentioned how they won't have health, dental, or life insurance and that struck me hard because I always forget that people loose that when they get laid off since we buy all that ourselves.
    Ugh that's awful, I'm sorry.  Maybe they will qualify for the reduced insurance through the market?  Perhaps they could drop life insurance entirely at their age if they have enough in savings to support one of them in case the other passed?  My parents are about the same age and finally dropped life insurance last year.  Dad said it felt weird to do but decided the premiums weren't worth it anymore.  He turned 60 in September, and apparently the premiums on him just skyrocketed.

    Hopefully the unemployment will carry them through comfortably until they are ready to tap into retirement.  It sounds like they were closing in on being ready to do it and just needed a bit more time.  I'm very sorry to hear about this!
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  • hoffse said:
    vlagrl29 said:
    hoffse said:
    Sorry to hear they are going through that.  Do they have enough in savings to retire a bit early?
    I did ask my mom if they would withdrawal when he was 59 1/2 and she acted like they could but they may not have been totally ready for it at this time.  I never dig too deep into my parents finances, it's something that I've never done.  I guess they will apply for unemployment tomorrow. She mentioned how they won't have health, dental, or life insurance and that struck me hard because I always forget that people loose that when they get laid off since we buy all that ourselves.
    Ugh that's awful, I'm sorry.  Maybe they will qualify for the reduced insurance through the market?  Perhaps they could drop life insurance entirely at their age if they have enough in savings to support one of them in case the other passed?  My parents are about the same age and finally dropped life insurance last year.  Dad said it felt weird to do but decided the premiums weren't worth it anymore.  He turned 60 in September, and apparently the premiums on him just skyrocketed.

    Hopefully the unemployment will carry them through comfortably until they are ready to tap into retirement.  It sounds like they were closing in on being ready to do it and just needed a bit more time.  I'm very sorry to hear about this!
    yes, I was thinking that if they applied for life insurance like we did their premiums would be crazy right?!  It kinda also sounds like my mom isn't ready for him to retire yet.  I wanted to pay for dinner tonight but she wouldn't let me.  I told her about the market and our insurance agent who is just fabulous at getting us the best deals.  We are currently working on one right now.
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  • I don't have any advice, but just wanted to say I am so sorry to hear about this.
  • vlagrl29 said:
    hoffse said:
    Sorry to hear they are going through that.  Do they have enough in savings to retire a bit early?
    I did ask my mom if they would withdrawal when he was 59 1/2 and she acted like they could but they may not have been totally ready for it at this time.  I never dig too deep into my parents finances, it's something that I've never done.  I guess they will apply for unemployment tomorrow. She mentioned how they won't have health, dental, or life insurance and that struck me hard because I always forget that people loose that when they get laid off since we buy all that ourselves.

    Sorry to hear about your parents' situation. Tell them to hop on the exchange as soon as possible- they can have health insurance coverage for 3/1 if they move quickly.
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  • I'm so sorry to hear. Hoping your dad will find a new position quickly if that's what he wants!
  • I'm sorry for that awful news. Hopefully things will turn around soon for them.

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  • I'm sorry, I am sure that is tough. :(
  • https://medi-share.org/ms/lp/picc_6-10.aspx?leadsource=Internet-Search%20Engine&custentity_urlreferralid=M3-MediShare&mkwid=bPTK8CGqA&pcrid=333229332&utm_source=bing&utm_medium=cpc&utm_term=MediShare&utm_campaign=Medi-Share+PPC

    I have heard about this company before - years ago. And, I recently heard yet another radio commercial for it last week. Your family is Christian, right? I think I recall reading that. This was starting in 1993 and has over 70,000 customers. Your parents might look into it for health insurance.

  • https://medi-share.org/ms/lp/picc_6-10.aspx?leadsource=Internet-Search%20Engine&custentity_urlreferralid=M3-MediShare&mkwid=bPTK8CGqA&pcrid=333229332&utm_source=bing&utm_medium=cpc&utm_term=MediShare&utm_campaign=Medi-Share+PPC

    I have heard about this company before - years ago. And, I recently heard yet another radio commercial for it last week. Your family is Christian, right? I think I recall reading that. This was starting in 1993 and has over 70,000 customers. Your parents might look into it for health insurance.

    I had not heard about this.  yes they are christian.  I will check it out for sure.
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