First up, I have clarification on what happens to your FSA account after a layoff. I called the company that was in charge of my FSA and they straightened me out on the matter. So here’s the deal. I have to submit my claims for any that occurred on or before the date of departure. And according to the person I talked to, you are allowed to use up to the total amount you initially elected to contribute, even if you haven’t contributed all of it. It’s apparently an official rule from the IRS. I guess they figure if you have an expense, you don’t plan on getting laid off before you contribute all of the money towards that expense.
So, that makes me feel slightly better.
Also, I have rolled over my 401(k) to an IRA at the same company that I have my Roth IRA. I’ve used about half of the rollover money to purchase a target date fund for around the year I retire, and am going to let it just chill there for a while, and half the other half sit in the core money market account. Yes, I should be investing all of it. But buying that much of one fund freaked me out. So, hopefully down the line, I’ll invest a little bit more in something more aggressive than the money market.
As unemployment is concerned, I’m having the taxes taken out prior to the money getting to me, so that I won’t have to deal with estimated taxes. I’m not even sure if I have to pay estimated taxes for the money I’m getting, but it seemed too complicated, and I figured that they take out taxes in the lowest bracket, so it shouldn’t be too bad.
As I’ve been going through my job search, I’ve been slowly getting a better idea of what I actually want to be doing. I started out with an enormous list of companies, both big and small, that might have positions for me, and slowly whittled them down to companies with jobs that actually fit my experience, background, and career goals. I don’t want to go into too much detail here about my job search, but if you have any specific questions, ideas, or anything for me regarding the job search process, please let me know in the comments or via email.