Working 0L's: when are you quitting your job?

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shoobie
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Re: Working 0L's: when are you quitting your job?

Postby shoobie » Wed Apr 17, 2013 2:36 pm

TheBiggerMediocre wrote:I'm going to quit before finals and start looking for a wife. No joke I hear law school is much easier when you have someone in your apartment doing the cooking and cleaning. Another motivating factor is that I don't want someone to marry me because of my money. 8)



I'm quitting immediately to work full time on finding a husband who can assume all my law school debt, which is going to save me way more money that I would have made in the next three months :D

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Unoriginalist
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Re: Working 0L's: when are you quitting your job?

Postby Unoriginalist » Wed Apr 17, 2013 6:18 pm

August 9th. Leaves me with a little over a week to move before orientation. I would probably get restless if I had too much free time over the summer, though.

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Rory19
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Re: Working 0L's: when are you quitting your job?

Postby Rory19 » Wed Apr 17, 2013 7:14 pm

I finally finalized my plans. Last day of August 9th, fly out for my cross-country move on the 15th for orientation on the 26th. I think it leaves just enough time to not feel rushed but definitely does not leave down time. My bestie and I are scheduling in a day trip to Atlantic City though...

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NoodleyOne
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Re: Working 0L's: when are you quitting your job?

Postby NoodleyOne » Wed Apr 17, 2013 8:43 pm

I'm paying double-rent in June, so I may as well work at least part of that month and do a slow move. Ugh.

SFSpartan
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Re: Working 0L's: when are you quitting your job?

Postby SFSpartan » Wed Apr 17, 2013 8:51 pm

I'm working up until orientation, which starts August 12. I'm working for equity and working up until LS starts allows me to maximize my take of the company

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magp90
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Re: Working 0L's: when are you quitting your job?

Postby magp90 » Thu Apr 18, 2013 10:30 am

I was originally aiming to take the week off before orientation, but (if I can swing it financially) I'm thinking of leaving about a month before. We'll see.

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JDndMSW
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Re: Working 0L's: when are you quitting your job?

Postby JDndMSW » Sun Apr 21, 2013 10:22 pm

My job was a temporary AmeriCorps thing and it ends two months from today! I cannot wait! With a two wee Europe family vacation planned days after this thing ends I won't have an opportunity to pick up a summer job. Money will be tight but it will be awesome!

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joiedevivre18
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Re: Working 0L's: when are you quitting your job?

Postby joiedevivre18 » Mon Apr 22, 2013 4:18 pm

Mid-June over here. Can't wait for 2 months of freedom... maybe the last time I'll ever have this because don't BigLawyers study for the bar the summer after graduation?

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Tekrul
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Re: Working 0L's: when are you quitting your job?

Postby Tekrul » Mon Apr 22, 2013 6:43 pm

I notified my employers that I will be resigning on June 1st. I plan to use the summer

1) relaxing

or

2) gunning

CourCour
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Re: Working 0L's: when are you quitting your job?

Postby CourCour » Wed May 08, 2013 8:14 pm

I'm giving myself a week off before moving/orientation. I want to make/save as much money as possible.

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md22
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Re: Working 0L's: when are you quitting your job?

Postby md22 » Fri May 10, 2013 2:42 pm

June 1st. On the 3rd I'm going to Mexico. I might not return. :lol:

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michaelm55
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Re: Working 0L's: when are you quitting your job?

Postby michaelm55 » Fri May 10, 2013 2:48 pm

I am quitting May 20, 2013. This is because my favorite appartment requires me to move in by May 25. It will give me 3 full months. 8)

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ph5354a
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Re: Working 0L's: when are you quitting your job?

Postby ph5354a » Mon May 13, 2013 5:17 pm

Are any of the FT workers in here planning on cashing out their retirement fund when they leave their employer? My employer matches 2:1 so I have a nice chunk of change in there. I think I've concluded that I'll cash it out in January, since I'll earn practically nothing in 2014 and the tax implications will be less severe. Ideally, I woud just leave it be, but it doesn't really make sense to do that since I'll be paying 6-8% interest on my living expenses.

Any other thoughts on this?

M458
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Re: Working 0L's: when are you quitting your job?

Postby M458 » Mon May 13, 2013 5:49 pm

ph5354a wrote:Are any of the FT workers in here planning on cashing out their retirement fund when they leave their employer? My employer matches 2:1 so I have a nice chunk of change in there. I think I've concluded that I'll cash it out in January, since I'll earn practically nothing in 2014 and the tax implications will be less severe. Ideally, I woud just leave it be, but it doesn't really make sense to do that since I'll be paying 6-8% interest on my living expenses.

Any other thoughts on this?


Pretty sure you also have to pay a penalty of 10% on whatever you take out as a distribution from your 401k. Read the section below I found online:

Exceptions for Early Distributions from a Qualified Retirement Plan such as a 401(k) or 403(b) plan:

Distributions upon the death or disability of the plan participant.
You were age 55 or over and you retired or left your job.
You received the distribution as part of "substantially equal payments" over your lifetime.
You paid for medical expenses exceeding 7.5% of your adjusted gross income.**
The distributions were required by a divorce decree or separation agreement ("qualified domestic relations court order")


Now, if you roll it over to an IRA and then take the money out, you can avoid that penalty as long as it's a "qualified college expense."

Just something to keep in mind before you do anything with the retirement $.

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ph5354a
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Re: Working 0L's: when are you quitting your job?

Postby ph5354a » Mon May 13, 2013 5:52 pm

Yeah, I knew about the tax penalty. I didn't know you could withdraw IRAs for college expenses though. Ill look into rolling it over to an IRA first. Thanks.

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nickb285
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Re: Working 0L's: when are you quitting your job?

Postby nickb285 » Mon May 13, 2013 5:52 pm

ph5354a wrote:Are any of the FT workers in here planning on cashing out their retirement fund when they leave their employer? My employer matches 2:1 so I have a nice chunk of change in there. I think I've concluded that I'll cash it out in January, since I'll earn practically nothing in 2014 and the tax implications will be less severe. Ideally, I woud just leave it be, but it doesn't really make sense to do that since I'll be paying 6-8% interest on my living expenses.

Any other thoughts on this?


I'm tempted to, since my 401(k) is currently >$1500 and I sort of want to just cash out and burn it on an awesome vacation before classes start. I'll probably do the responsible thing and roll it into an IRA though. If I had a significant amount in there though, there would be no question--I'd leave it in. Sure, you'll be paying interest on living expenses, but you'll also be earning interest on your retirement, so that's probably a wash--and considering the tax penalty for withdrawing early, you're probably better off just leaving it as is/rolling it into an IRA.

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ph5354a
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Re: Working 0L's: when are you quitting your job?

Postby ph5354a » Mon May 13, 2013 6:16 pm

nickb285 wrote:
ph5354a wrote:Are any of the FT workers in here planning on cashing out their retirement fund when they leave their employer? My employer matches 2:1 so I have a nice chunk of change in there. I think I've concluded that I'll cash it out in January, since I'll earn practically nothing in 2014 and the tax implications will be less severe. Ideally, I woud just leave it be, but it doesn't really make sense to do that since I'll be paying 6-8% interest on my living expenses.

Any other thoughts on this?


I'm tempted to, since my 401(k) is currently >$1500 and I sort of want to just cash out and burn it on an awesome vacation before classes start. I'll probably do the responsible thing and roll it into an IRA though. If I had a significant amount in there though, there would be no question--I'd leave it in. Sure, you'll be paying interest on living expenses, but you'll also be earning interest on your retirement, so that's probably a wash--and considering the tax penalty for withdrawing early, you're probably better off just leaving it as is/rolling it into an IRA.


Yeah you're probably right, but it does look like qualified educational expenses are an exemption to the tax penalty, so if you can roll it over into an IRA, you shouldn't have to pay the tax penalty. I think I'll look into making the withdrawal in 2014, maybe to supplement my 1L summer.

http://www.irs.gov/publications/p590/ch ... 1000230896

shibby
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Re: Working 0L's: when are you quitting your job?

Postby shibby » Tue Jun 04, 2013 2:02 pm

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Last edited by shibby on Tue Jan 21, 2014 10:05 pm, edited 1 time in total.

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jbagelboy
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Re: Working 0L's: when are you quitting your job?

Postby jbagelboy » Tue Jun 04, 2013 5:22 pm

Put in notice friday. Im staying till June 28 to help transition. Then its a 1.5 months of well earned unemployment

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ariadne328
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Re: Working 0L's: when are you quitting your job?

Postby ariadne328 » Tue Jun 04, 2013 5:29 pm

July 12 will be my last day and I can't wait! I'll have five and a half weeks before orientation to move, settle in, and enjoy some time off. :D

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chem!
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Re: Working 0L's: when are you quitting your job?

Postby chem! » Tue Jun 04, 2013 5:40 pm

My last day is this Friday because it's the last day of school. I will keep getting paychecks through the summer, so the reality of not getting paid is delayed until September.

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JDndMSW
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Re: Working 0L's: when are you quitting your job?

Postby JDndMSW » Fri Jun 07, 2013 12:55 am

Two weeks left for me!!!!

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sublime
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Re: Working 0L's: when are you quitting your job?

Postby sublime » Fri Aug 02, 2013 2:50 am

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