Goodby OCLC and the commute to San Mateo: A very well groomed VP who I had never met before burst into my stuffy, cluttered office and dragged me and my colleague into a conference room I had never been in before...to sit and listen to a rep from HR on a conference call from Dublin OH, break the news that we (4 of us considered "remote" staff) were being laid off. That was Friday, the last working day of April 2016. Then we gathered some of our personal crap and gave up all access to accounts and machines related to our employment, and we were walked out the door. Early release...what fun!
We had 3 working days to decide what we wanted to do with the options that were presented in the paperwork. So I chose termination with severance, beginning on May 3, 2016. I could have packed up my family and moved to Dublin OH to keep my job for another 11 months, but I decided not to do that.
There was a ton of financial impacts resulting from that decision, but I have negotiated my way through some of the big ones. I managed to close the refi I had started a few weeks before this change in my employment status. That was a quite a trick.
My old Pontiac needed parts that were no longer available, so I needed a newer car. I shopped long and hard and decided on a Honda CR-V. I found one I liked and bought it with cash from the equity in my townhouse. I basically rolled the car payments into my new mortgage since the interest rates are so low on mortgages now, on advice from my financial advisor.
It is good to have a financial advisor who is on your side but not trying to sell you new investments or make their fortune off your business.
Now, as the severance period is winding down, I have a few more weeks of unemployment income and then no income from November to April. April marks my 65 birthday and I plan to file for Social Security and Medicare and probably annuitize some part of my retirement savings to complement SS and provide a basic budget that I can live on. Again, on advice from my financial advisor.
I moved about 75% of my investments into very conservative positions, leaving just a few in more aggressive funds, that may provide some additional growth. One of the big hits this abrupt pre-retirement move caused...I cannot invest any more funds into the 401-K or 403-B contracts.
I had planned to pump a good 20% of my income into my retirement savings this year. Oh well. Again, my financial advisor has been a crucial driver for the decisions I have had to make. I cannot make stupid financial moves anymore, as I confess I have done in the past. Now I have to make sure I can take good care of myself and enjoy the last years of my life...with some money left over to leave to my daughter.
So here I am. I have a great used car and a new 7 year mortgage. I am ready to start the joy, joy!
