Special Interest Group: Women in Information Management (WIIM)

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  • 1.  Financial Back-Up Plans?

    Posted 04-14-2020 08:34
    ​In these extremely difficult times, many are being furloughed, laid off, or experiencing pay reductions.  If you're already in this situation, how are you supplementing your income?  If you're prepping for the worst case scenario, what options are you exploring?

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    Jessica Marlette, CIP
    Information Governance Counsel
    White & Case LLP
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  • 2.  RE: Financial Back-Up Plans?

    Posted 04-16-2020 11:15
    In planning for the worst case I've been looking at how to access any assets that i have available that would incur the least amount of tax penalties and just rank them in order. for example, In the recent CARES package some of the restrictions on getting money from 401Ks have been lifted, you can borrow up to 100% of the accounts value, but you will still pay income tax on the withdrawal.  I'm grateful that i'm not in a place to need that right now, but with a global contraction of up to 8% predicted, it coul dtake a while to dig out of the pandemic.

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    Natalie Austin
    Records Manager
    Atlanta Housing
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    Original Message


  • 3.  RE: Financial Back-Up Plans?

    Posted 04-16-2020 12:06
    I have the same thought about the 401k as a worst case scenario.  I'm not in the position of needing it and hopefully won't, but every day another law firm is cutting salaries and more and more companies are having to make these difficult decisions.  I live my life by the motto "prepare for the worst and hope for the best."  One of the challenges with the option to withdraw from a 401k is that if companies wait too long to make a decision that may be unavoidable the value of 401ks could significantly drop.  ​

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    Jessica Marlette, CIP
    Information Governance Counsel
    White & Case LLP
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    Original Message


  • 4.  RE: Financial Back-Up Plans?

    Posted 04-24-2020 17:41
    Hi Jessica,
      When I began making a good salary in the past I  put over 30% of my check in a mixture of high yield savings accounts and money market accounts.  I have been working with my financial planner to diversify and change my strategies at this time including investments in the stock market.  Another thing I began doing is finding ways to supplement my income thru things like rental properties, which have been performing well here in the Austin Market.

    So far so good with maintaining the only draw back is COBRA insurance for the fam is expensive but we are making it work.


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    Amy Harrelson
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    Original Message