Thread regarding Symantec Corp. layoffs

Severance and retirement planning

Layoffs really make you re-evaluate your savings and retirement plans. I do have a few helpful suggestions to all the folks being laid off to hopefully make it a little easier. If you have others please share.

1) You are never too young to plan for retirement. Use the layoff as a wake up call that you have to lookout for yourself and make a plan.
2) If your turn 55 in the year your laid off you can draw from your 401K penalty free. However, if you roll this to an IRA you can't touch it until 59 1/2. If your thinking about early retirement, you may want to keep money in your 401K. I checked and Symantec's 401K provider and they will allow you to keep the money in the account and you can setup automatic payments. Since 401K is pretax dollars, this money will be taxed as regular income when you withdraw funds.
3) I found the following site to be extremely helpful for planning retirement - https://www.newretirement.com/. Most of the service is free, but you can pay to unlock some even more valuable features. [I am not employed by or compensated by them, but I am a customer]

If you have other helpful suggestions please share.

4 replies (most recent on top)

Do I understand correctly that if one has an active loan from the Symantec 401(k) plan that loan will become payable in full immediately or shortly after one is terminated or accepts an offer from Broadcom?

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Post ID: @3ows+11dWcmiZ

When it comes down to keeping an eye on your spendings and (most important) to plan years ahead, use YNAB. Hands down best Money managing tool I have ever spend money on.

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Post ID: @1pck+11dWcmiZ

There are a number of social security calculators, you can also head to ssa.gov and create an account and check your benefits. That said, in the USA: "The formula uses your 35 highest years of earnings to determine your AIME"

So working more years at a decent income may replace earlier years where your salary was lower and therefore increase your benefit.

But again, there are numerous calculators online, just google for it.

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Post ID: @1doc+11dWcmiZ

Thanks super helpful. If you retire early does that impact your Social Security benefit?

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Post ID: @jtd+11dWcmiZ

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