mpruet
Well-known member
First of all, I'm sorry that you are about to lose your job. That can be scary. However you are in a good position in that you know it's going to happen so can prepare for it.
As others have stated, it would be a mistake to cash out your two retirement accounts. Your NCERP account should probably be directly rolled over into your IRA.
You mention that you are considering leaving your Travel Trailer at home. I'm guessing that you own a home if that is the case. Do you have a mortgage on it? I don't know enough about your financial situation or your spending habits, but I do know that from what you stated you are not in the financial position that I'd want to be in taking this type of transition. I'd be considering selling my home, truck and Travel Trailer. I'd then buy a used van and start converting it into something I could live in. I'd want to eliminate all debt and reoccurring payments so that every penny I had was mine to spend and not already spent.
Let's consider a really biggie - health insurance. You are over 15 years from medicare, so how are you going to manage insurance?
Also - one of my teachers I had in college once told me that it was much easier to get a job if you already had a job. If you make the transition to a nomad then you will find it more difficult to find employment with benefits in the future. Oh you might find work as a workcamper, but most of those jobs don't have any benefits. Like I said, you're pretty far from medicare and SS, so I'd think this through very carefully. Myself, I'd be spending my time looking for work in St. Louis and if I found it, then I wouldn't be selling anything.
As others have stated, it would be a mistake to cash out your two retirement accounts. Your NCERP account should probably be directly rolled over into your IRA.
You mention that you are considering leaving your Travel Trailer at home. I'm guessing that you own a home if that is the case. Do you have a mortgage on it? I don't know enough about your financial situation or your spending habits, but I do know that from what you stated you are not in the financial position that I'd want to be in taking this type of transition. I'd be considering selling my home, truck and Travel Trailer. I'd then buy a used van and start converting it into something I could live in. I'd want to eliminate all debt and reoccurring payments so that every penny I had was mine to spend and not already spent.
Let's consider a really biggie - health insurance. You are over 15 years from medicare, so how are you going to manage insurance?
Also - one of my teachers I had in college once told me that it was much easier to get a job if you already had a job. If you make the transition to a nomad then you will find it more difficult to find employment with benefits in the future. Oh you might find work as a workcamper, but most of those jobs don't have any benefits. Like I said, you're pretty far from medicare and SS, so I'd think this through very carefully. Myself, I'd be spending my time looking for work in St. Louis and if I found it, then I wouldn't be selling anything.
