Help Me Retire: I was laid off after 23 years — how do I save my retirement? ‘I fight panic attacks watching my severance dwindle.’

by | Aug 9, 2023 | Stock Market

Dear MarketWatch,  In February I got the news that my job was being eliminated as part of the mass IT layoffs this year. After 23 years in corporate I’m now unemployed and looking. I took time to hit reset, get my home together and check off my personal Honey Do list (I’m single)…and as I continue my foray into outsmarting online applications, I fight panic attacks watching my severance dwindle and my time on COBRA tick away. 

I saved aggressively with $670,000 in an IRA, and $30,000 in a 401(k) and $4,800 in an HSA. My house is valued at $210,000 and I’ve got $80,000 left on my mortgage. I have loans to pay for home upgrades I’ve recently completed, but they don’t worry me as they are long-term loans that I can pay off at any time. Plus, I expect to be able to take care of them with my portion of my parents’ home sale. I also have $12,000 of severance remaining that I can try to stretch for three months, but I’m hoping a job appears long before that. If I do nothing, my IRA will hit $1.38 million by retirement, but I’m at a loss as to the road t …

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