I've been on both sides of this, and the fear of not having a job is just as bad as the misery of having one you hate. Watching your savings drain and your health coverage get closer to expiring is its own special kind of he-l. You still got a paycheck coming in, don't waste that advantage. Even if you think you're safe, it won't hurt you to start looking, just in case. There's a huge difference between getting to do it while still employed than when you're already without a job.
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@k8 I'm in the same situation. Can you please elaborate on "unemployment insurance (extended for a year via training extension)," and "school provided insurance". I'm abt to run out of 6 months of unemployment insurance.
Thanks
Dude, I am exactly in your boat! I am down to my last 6k from severance, but my investments have more than doubled in the last 9 months since I got the axe. I won't be living high on the hog, but from what I hear, one does not want a brand new model car anyway with what they have become.
Taking SSA immediately at 62 really is a no-brainer, if someone doesn't already understand why, they probably aren't smart enough to comprehend even after I explain it, so I won't bother.
@k8 Living well below one's means has rewards.
I am in that same situation. We will prevail!
You f***ed up - you trusted us! - Otter, Animal House
I was laid off in September and thanks to a combination of frugality, unemployment insurance (extended for a year via training extension), interest on cash savings, dividends, option trading, and school provided insurance, I have actually seen my savings increase a little. In fact, the urge to find a job is kinda lower every passing day, as I'd rather use the time to further my education and live on investment income until I become eligible for medicare & SS.
I was part of Sept ‘25 RIF. Less than half of former 25-person team are employed.
Those from Mar ‘26 US RIF will unfortunately also struggle. The means by which they were let go was beyond cruel.
@cp "Once you are laid off, your negotiating power with potential employers drops significantly, and as an unemployed candidate, you are at a distinct disadvantage." It is a myth not TRUE! I got laid off, recruiter asked why searching for job, I said due to AI company has cost reductions, and as we got closer to US holidays, job market was slow and now it is picking up. Before "virtual OR in person interview" Research company, have a list of questions, prepare your job stories, wear professional attire, practice job interviews and if your company provided 'free' LHH career counseling take as many classes including repeat classes same topic but with different career counselors. Each counselor have their own unique career opinion and take their advice with a grain of salt. It took me 8 months to find similar work and paid was the same as my old company.
@cp All very good advice. But never forget, the new job might have RIFs coming down the line too. Nothing is certain, or even remotely close to certain, except death and taxes.
This is why the best advice is not to wait until you are laid off.
If you think your position is entirely safe, you are likely living in a delusion.
You should be applying elsewhere, sending out your CVs, and actively searching for a new job now.
Once you are laid off, your negotiating power with potential employers drops significantly, and as an unemployed candidate, you are at a distinct disadvantage.
@OP how about…. We 💩 together!
Sound advice, especially in today's market. Good luck OP!