Thread regarding Verizon Communications Inc. layoffs

to Anonymous191961 and all.....STATEMENT MADE : "There are very few, if any "Telecom" or ANY JOBS paying what VZ paid for the work you did. Ask a Comcast, ATT , Sprint worker". Well think outside the box now. Why stay in Telecom? I was riffed in February after 21 years....Took some time off to spend with my wife to make up for the 70+ hour weeks that were worked because of the sweat shop mentality. Started looking; ZIPRECRUITER was excellent. Within three weeks I was hired for an investment company within their IT shop and they met my salary requirements. Same salary as Verizon sans bonus. BUT, I now work three minutes from my home and 40 hours a week. NO more as they really push family time.....SO, there is life after Verizon outside telecom. Don't sell yourself short when it comes time for salary negotiations....... GOOD LUCK TO ALL........

If you put more than a million into an IRA account and if you have a legal situation, they can go after any amount that exceeds 1M. In 401K you are safe 100%.

So what people should do? Get a loam from B Bernanke's Sovereign Deception Bank?

Too late, had to do it, next food stamps

Some have no choice. No job, no food, no unemployment and scraping by. People lost their homes and when they are down and out they will take from that kitty. I have seen it plenty of times. Many will not even hire former Vz folks because of high salaries.

@ Anonymous191408: you are 100% correct. The worse financial mistake a RIF'd person can make is touching that 401K, I understand mortgage, utilities, kid's, ..etc.have to be paid but if you are over 40 years old and not technically proficient (Web Development) or drive a Truck, There are very few, if any "Telecom" or ANY JOBS paying what VZ paid for the work you did. Ask a Comcast, ATT , Sprint worker

"Got hit with a big penalty and don't give a crap!"

Not smart. FYI, Verizon does not have your 401 K money. You are not hurting them by taking it out only yourself.

Page 120 of the 2016 US Government budget "Expand penalty-free withdrawals for long-term unemployed" at the URL https://www.whitehouse.gov/sites/default/files/omb/budget/fy2016/assets/budget.pdf just passed. The good news is in 2016 you can withdraw $50,000 without a penalty after 26 weeks of unemployment. So, roll that 401k into an Etrade retirement account. They will give you a ton of free trades for 8000 stocks & funds, and some free cash without penalty at no annual cost. You can still buy/sell Verizon stock, but you don't have to commit trades by 2PM EST and wait 3 hours for the market close.

Move it to an IRA. You'll have more investment options and less fees

What is wrong is to use the money.

There is nothing wrong with transferring it to a qualified account

(A 401K etc)

I agree. Stop investing in Verizon ASAP.

Actually, it was the best financial move I ever made. I no longer have stock in a company who spent my whole career trying to get rid of me. I would rather invest my money in anything but verizon. I think every employee should move their 401s to something other than vz. Why would you continue to let Lowell and his group of bandits use your money for their company that you no longer belong to. You are not getting called back. It's time to move on. Take your money and run. Vz is evil. It is a blessing in disguise to get laid off or riffed. This was the worst job I ever had. All you ever thought about was being let go or transferred. This place operates by putting fear into its employees. Thank God I was laid off! Life is happy now! Btw, I cashed in my 401 and pension. Got hit with a big penalty and don't give a crap! All I know is that I will never have to work another day at Verizon. I Paid off all debt and am happy to rebuild somewhere else. Smell ya later Lowell and CWA!!!!!

That is so true! Susie Orman and Dave Ramsey both say that is a huge financial mistake.

It's a good advice. That should be the absolute last resort.