Thread regarding Ford layoffs

Gotta love the troll posters! Do understand it must get EXTREMELY boring living life from ur parents basement. So, ya gotta do something to pass the time.

I give ya a 👍 as my good deed for the day, ‘cause I know ya need it. Ur welcome.

Sorry, but based on your description of your financial situation. You have made too many mistakes and at 55 it’s unlikely you can recover. Invest what you have left in lotto tickets.

I don't have any trust in the company’s ability to safeguard my 401(k), especially with growing fears of bankruptcy and the possibility of employee funds being compromised during Chapter 11 proceedings. With my 401(k) = $30,000 contributed, it seems likely that only a fraction perhaps 30% can be recovered. Severance was issued, yet it amounted to less than what had been deducted from my retirement savings contributed by Ford.

if you leave your 401k at "ford" (whomever actually manages it) and you're at least 55, you can take out the money as ordinary income, no 10% penalty. you can also get another job and as long as you leave that 401k where it is, you can draw on it, or not, with no penalty. good luck

@OP. 401K will not do the trick. Whatever you take out now, you'll need it more in the future. Let it grow in the 401K, and find another job ASAP. While you are looking for whatever position you had before, get a gig job right now (not tomorrow, not next week). Yes, it will take part of your time, but let's face it, the job market is not that hot right now, so a couple of hours a day will be enough for your job search, and the gig will give you also some money. A thousand dollars you make with DoorDash/Uber, is a thousand dollars less that you need to take out from your accounts. You need to make sure those $34,000 last until you get your next job.

While you are recovering from the mental shock of the layoff, take a really hard look at your finances. Cut your expenses really deep. Consider moving to another town/state. Do not go to college trying to upskill yourself. You cannot compete with the younger crowd in the job search. If needed, just try to upskill by yourself, on the cheap. Look for something "unique" that you can bring, and focus on that. Consider contracting work.

Reaching 55 with no other savings than $34,000, and a 401K, means you didn't plan your future. You need to make drastic changes to your life. Start now, and keep it going even if you find another good job. You need to do in the next 10 years, what you didn't do in the last 30 years. Retirement is "around the corner", and you should have between 5 to 7 times your annual salary already saved. Good luck!

You only have $34,000 to your name at age 55? You done goofed son.

The rule of 55 only applies to the 401k of the company you just left. That's why you should have rolled your previous 401k(s) into the Ford 401k.

If you're a troll, go away.
If you're not, then how about starting your own youtube channel? I'm half kidding, but I find it crazy that everyone wants to be an "influencer". Crate a channel that it is intriguing, and generate some income....

Good luck.

Troll? I mean seriously, a layoff site asking for financial advice. I think that answers the question...

What about your 401k from your career prior to Ford? Did you just not bother to save for retirement before?

An accountant will tell you the correct answer, an anonymous layoff site will not, but you will get lots of opinions.

I’d go public and share this with the world. Set up your own charity donation account like GoFundMe, Buy Me a Coffee, Donorbox, PayPal Giving Fund, etc
There are good people out there who might want to help. Not everyone is like those f je-ks at Ford.

That’s terrible, and I’m really sorry you’re dealing with this. It just shows how some companies preach values to the public, but behind the scenes, they treat their own people like they're disposable. It’s heartbreaking and infuriating.

Withdrawing from a 401(k) before age 59½ typically comes with a 10% early withdrawal penalty, plus income taxes — and in cases like this, it’s even more painful. Since the account isn’t fully vested, you may only get your own contributions, not the employer match. That could mean losing half or more of what you thought you had saved.

I've heard too many employees laid off right before their vesting dates.
If you're in a similar situation, I strongly suggest reviewing your plan details and considering speaking with a labor attorney or financial advisor. Companies shouldn’t be able to exploit timing to strip workers of what they've earned.
Fu---ck--g Ford

The Rule of 55, talk to cpa as well, it is not that expensive.