So it looks like I'm going to be unemployed soon...

Miscellaneous and Personal Stuff I Must Share
1

And I’m feeling a little nervous. But my main emotion, the thing that’s making it hard to type is…WOOHOO! I can barely restrain my huge grin and assume the subdued attitude of someone who’s just been told his days with the company are numbered.

A little background: I work as a CAD drafter/engineering support-type person for an industrial engineering contractor. I started about 6.5 years ago when it was a mom & pop operation. About 2.5 years ago, we were acquired by a large multinational corporation. So there’s been quite a bit of restructuring going on, and the upshot is: my position is being moved to the Seattle office.

Now the thing is, I never expected to last this long here. For one thing, I hate my boss. Hate him. He’s undoubtedly the worst human being I’ve ever met. Fortunately, he’s on the road most of the time, so I don’t see him much. And I’ve learned to deal with him, basically by ignoring him.

Also, the honest-to-Og truth is, I don’t do that much work. Not nearly as much as they think I do. They think the drawing I do takes much more time than it actually does, a perception I’ve actively encouraged. So it would be pretty boring, except that it gives me lots of time to play games or, in this past year and a bit, spend most of the day on the SDMB. That’s the good part.

But in truth, I won’t miss this place. (My job, that is, not the SDMB—this isn’t a goodbye thread, though I may be spending less time here for a while.) They’ve offered me the chance to move to Seattle, but I have no interest in that. Aside from the fact that I much prefer Portland, this is where my son and his mom live. And she’s for sure not going to move, so neither am I.

And so, being under the impression that I am a valuable part of the company, I’m probably going to get a nice severance package. Plus hopefully, since this is a layoff sort of situation, I can take a little vacation on unemployment. (Hey, I’m not going to be a leech, not for long anyway…but I’ve paid into SS for 17 years now and never once used any benefits.) I also have about 8K in a 401k account that I’m considering cashing out. (Somebody tell me this is a bad idea.)

Of course, the somewhat scary part is, I’ll have to find a new job eventually, and the local economy is on the shitty side now. But on the other hand, I see want ads for CAD drafters pretty often, and I have nearly 7 years experience with a company that thinks I’m a hard worker. So it shouldn’t be too bad…right? nervous look

Anyway, they say they’ll give me about a month. There’s no set deadline yet, but soon…

Well, I’m rambling, but I just wanted to share that with y’all.

2

Ferrous I don’t know whether to say I’m sorry for your losing your job or crack open a bottle of champagne and celebrate. :smiley:

On the serious side, do not, repeat, do not, cash out the 401k. I trust you can take it with you to another job or do something else with it, finance wise, but don’t cash it out.

The up side I guess is that you’re leaving a situation you didn’t like and that there appears to be some job possibities for your line of work. Take a little time to relax, then jump back in. Nothing wrong with taking some down time first. Good luck.

3

Thanks swampbear. I’m definitely leaning towards the champagne side myself. Except beer instead of champagne.

And yes, I know I shouldn’t crack into my retirement account. But when I think of the lovely vacation I could have with it…

…And what difference will $8k make in 30 years? And the damn thing is losing money now anyway…

sigh

Being responsible sucks.

4

Ferrous, I’ve taken the payout from two 401k accounts so far - once when I was laid off back in 2000, and once when I left my most recent job of my own accord.

It’s easy to blow through it, and you won’t really know where it’s gone. Then tax time rolls around and you have to pay the penalties (both of my plans took out the federal taxes at withdrawal, but state tax was still due).

Avoid it if you can. The last one I closed out is actually sitting in a savings account - I wanted it somewhere that I could access it if absolutely necessary, but not in my checking account where I could blow through it and not know what happened.

Meanwhile, congrats on the job loss (that sounds so weird to say!)

5

Mr. Pug had about your reaction, Ferrous, when he was laid off about two months ago. His grin, however, is long gone as he realizes how sucky the job market is for technical people right now. I may start another thread to bitch about this subject, but the lack of technical jobs right now may not be totally due to the bad economy, as this article points out. So don’t spend that 401(k), and be prepared for a tough job search. Sorry, didn’t mean to harsh your freedom buzz, but I wish he had started searching harder, sooner.

BTW, Mr. Pug is a CAD drafter/engineer support type person, too. Facilities piping design and document control for biotech companies.

6

Thanks a lot!:stuck_out_tongue:

Actually, that’s a helpful perspective, if not terribly welcome right now. (But thanks for sharing anyway!:)) But seeing as how I don’t have much choice, I’m going to make the best of it.

7

Condolences and congratulations!

Let me repeat the advice DO NOT CASH OUT YOUR 401(k)!

With $8,000, your talking $800 in penalties alone, on top of income taxes. And you would be way surprised at how much $8000 would become in 30 years with even modest investment growth.

$8k at 8% (a low figure) for 30 years, compounding? The math is left to the reader.

8

i understand your “joy.”

i also started out with a small privately owned company. my boss was the most fantastic man and boss. if it wasn’t for him i would not have stayed in the job i have. the company was sold 4 years ago to a large corp. i have incredible headache with this company. unfortunatly i have carved such a tight nitch for myself that i can not move out of the position.

there are times that i daydream of being layed off or marrying someone who lives far away so i would have to leave.

due to the tight nitch it is very difficult to find a job, and i have been there so long that i don’t have much expierence doing anything else.

truely a catch 22.

i hope you get to enjoy a few weeks of sloth before the perfect job falls in your lap.

don’t cash in the 401 k.
pugluvr, what area are you in?

9

rocking chair, we are smack in the middle of a big pile of dot.compost, otherwise known as Silicon Valley.

10

::cracks open a beer for Ferrous::

To bigger and better things, my friend!

11

Yo Ferrous,

I also would urge you not to cash your 401k. You take a huge hit from the government for doing that. I know. I was forced to do that a few years back, and it really hurt.

If I were you I’d start looking around/applying for jobs now, and see what kind of response you get. I haven’t gotten a single interview yet. I don’t even get any “thanks for the resume” letters. Of course I’m competing with all those Willamette Industries programmers Weyerhauser is laying off. YMMV.

Anyway, enjoy your time off. Hope everything works out for you.

BTW, have you tried any of Golden Valley’s beers yet? I don’t think they make a bad brew.

12

Thanks bella. It’s almost beer-thirty here, but I have to stick around here at my lame-duck job for another hour…unless the under-boss leaves early, which he might. Then I’m out of here five minutes after him.

And thanks to the rest of you responders as well. So the consensus is that I should cash that puppy out and party like a rock star for a couple months, right?:smiley:

Bumbazine,
Yeah, reckon I should start prett soon. The Oregon Unemployed Dopers Club is getting pretty large, innit?

And no, I’ve never had Golden Valley. That a new local brewery? I’ll have to keep an eye out.

13

Congratulations! So, you’ll be available for tours when hubby and I arrive mid-month? We tip big!

14

Hey, Lisa! So you guys are definitely moving up here then? Last I heard it was still up in the air.

Sure, I’ll be a tour guide. Mid-month November? 'Cause it’s already sort of late-month October.

Although Winter isn’t the best time to get acquainted with Portland, unless you like lots of clouds…but lucky for you we’re supposed to have an especially warm and dry winter.

15

well, dang, pugluvr, i’m on the other side of the country. although if you ever think of going east coast… perhaps i could help a bit.

16

woooo Ferrous!

Come join the unemployed Doper club!! (Although I’m kindasorta employed now, I’m filling in for a band that actually pays me 50 bucks or so per gig. Oh, I ought to mention that’s about once a month, so I’m i’m really raking it in… )

I personally vote for you blowing your 401k wad on buying the rest of us - extremely broke-Portlandia-protected-ziens beer. :slight_smile: FWIW, I’ve never heard of Golden Valley, so that’s a start…

(You can be Lisa Ann’s tour guide, but I get to introduce her to the slugs.)

17

I think Golden Valley’s the microbrewery in McMinnville. Its opening made my senior year at Linfield practically tolerable.
Condoltulations on your impending freedom.

18

capybara is correct, Golden Valley is indeed a microbrewery in McMinnville. And they are my all time favorite brewery. They’ve got McMinnamins beat by a mile, and their food is better too. If Lisa Ann’s tour looks like it’s gonig to head down this way drop me an e-mail and maybe we can meet up for some food and suds there.

Even better would be if Smashy and any other Portlandians, employed or otherwise, were to come along too.

19

I did my last day at work today, giving up the tyranny of a capricious and possibly lunatic boss for the unemployment line. It’s a different kind of scary, but it’s still scary. I’m sorry you’re here in the line with me, but I’m glad you ditched the drudgery.

What do you say we unemployed Dopers all get together and start on that world domination scheme now? We may not have much funding, but we might have some time on our hands.

20

Yup, Ferrous, we’ll be arriving the evening of the 15th (my birthday!) in time to meet the movers on the 16th or 17th (our anniversary!).

Smashed, I’ve heard all about the slugs. It’s just too bad we’ll be missing Halloween - it sounds like they make great live props!

Bumba, beer?! Did you say beer?! Mmm. Beer.