marshallandcartersmo
DIS Veteran
- Joined
- Jun 16, 2005
This is a totally hypothetical question, thank God. But I'm sure it's happened to people before.
DH works for a large credit company, makes about $45K a year, has about $80 in 401K. There are some lay offs in his company, thankfully not in his department. With the layoffs, depending on how long you work at the company you get X amount of weeks paid in your severance. If this were to happen to DH...........he'd get about $40K a year. He said last night if this ever happened to him, he'd take the severance, take $50K out of the 401K and pay off our house (we owe about $95K) on it. That way we wouldn't worry about loosing the house.
I've been thinking about it all day. Would that be a smart decision or a crazy decision. I'm voting crazy, because you could always just look for another job paying the same amount of money. He voted not crazy, with this ecomomy it would be difficult in our area to find another job making what he does now.
Again, totally hypothetical here.......
DH works for a large credit company, makes about $45K a year, has about $80 in 401K. There are some lay offs in his company, thankfully not in his department. With the layoffs, depending on how long you work at the company you get X amount of weeks paid in your severance. If this were to happen to DH...........he'd get about $40K a year. He said last night if this ever happened to him, he'd take the severance, take $50K out of the 401K and pay off our house (we owe about $95K) on it. That way we wouldn't worry about loosing the house.
I've been thinking about it all day. Would that be a smart decision or a crazy decision. I'm voting crazy, because you could always just look for another job paying the same amount of money. He voted not crazy, with this ecomomy it would be difficult in our area to find another job making what he does now.
Again, totally hypothetical here.......