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Old 03-07-2015, 07:08 PM
 
Location: Coastal New Jersey
56,085 posts, read 54,565,498 times
Reputation: 66460

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Coming out of the "Where are the people who don't have enough to retire" thread, I thought I'd start one for people like me who are approaching retirement age but will have to do some maneuvers to get there.

There is the "shoestring" thread, and people in that situation are welcome to post here, of course, but I was looking for others who are in my situation--not quite impoverished, but not having a ton of savings/investments, either.

Here's mine--already posted on the other thread but repeating here to start off.

Due to earlier life choices/circumstances, I have no savings and quite a bit of debt. I am fortunate in that I am in a defined pension plan, and I actually could retire now because I have the age and years, but the pension is on the cusp of being a monthly shortfall or just barely making it.

In order to retire more securely, my plan is to retire from my job of 36 years, find another job, and work hard to knock down the debt faster than it would be possible to do staying at my job for another ten years.

My problem with that is finding a job at the age of 56 without a college degree and with experience that's pretty much limited to the public sector where I am now. I am not 100 percent sure how to proceed, but trying to find my way.

So there's mine. Next?
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Old 03-07-2015, 08:37 PM
 
Location: Grove City, Ohio
10,133 posts, read 12,385,819 times
Reputation: 13976
Quote:
Originally Posted by Mightyqueen801 View Post
Coming out of the "Where are the people who don't have enough to retire" thread, I thought I'd start one for people like me who are approaching retirement age but will have to do some maneuvers to get there.

There is the "shoestring" thread, and people in that situation are welcome to post here, of course, but I was looking for others who are in my situation--not quite impoverished, but not having a ton of savings/investments, either.

Here's mine--already posted on the other thread but repeating here to start off.

Due to earlier life choices/circumstances, I have no savings and quite a bit of debt. I am fortunate in that I am in a defined pension plan, and I actually could retire now because I have the age and years, but the pension is on the cusp of being a monthly shortfall or just barely making it.

In order to retire more securely, my plan is to retire from my job of 36 years, find another job, and work hard to knock down the debt faster than it would be possible to do staying at my job for another ten years.

My problem with that is finding a job at the age of 56 without a college degree and with experience that's pretty much limited to the public sector where I am now. I am not 100 percent sure how to proceed, but trying to find my way.

So there's mine. Next?
56 is far to young with any debt in my opinion. I would continue to work a few more years living frugally, as if you were living on the pension, tossing all the extra money to retire the debt.

That's just my opinion.

Will you be receiving social security in addition to your defined pension?
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Old 03-07-2015, 08:45 PM
 
5,097 posts, read 2,486,575 times
Reputation: 4657
Quote:
Originally Posted by Mightyqueen801 View Post
Coming out of the "Where are the people who don't have enough to retire" thread, I thought I'd start one for people like me who are approaching retirement age but will have to do some maneuvers to get there.

There is the "shoestring" thread, and people in that situation are welcome to post here, of course, but I was looking for others who are in my situation--not quite impoverished, but not having a ton of savings/investments, either.

Here's mine--already posted on the other thread but repeating here to start off.

Due to earlier life choices/circumstances, I have no savings and quite a bit of debt. I am fortunate in that I am in a defined pension plan, and I actually could retire now because I have the age and years, but the pension is on the cusp of being a monthly shortfall or just barely making it.

In order to retire more securely, my plan is to retire from my job of 36 years, find another job, and work hard to knock down the debt faster than it would be possible to do staying at my job for another ten years.

My problem with that is finding a job at the age of 56 without a college degree and with experience that's pretty much limited to the public sector where I am now. I am not 100 percent sure how to proceed, but trying to find my way.

So there's mine. Next?
If you have a mortgage, and you want to be sure that you don't lose your house, you should keep working. Depending on how much equity you have in the house, maybe you could sell and combine that with pension and retire ... but where would you live? You probably don't want to rent out your house and live in a cheaper place while the rent pays the mortgage.

Take a useful continuing education course, perhaps an online course, and use that new accreditation to get a better paying job. Pay off the mortgage faster.
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Old 03-07-2015, 08:52 PM
 
Location: Silicon Valley
18,097 posts, read 22,960,701 times
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How much would you need to make at the new job after you retire? Where I live, I see seniors working at Starbucks, Home Depot, Walmart (not just greeters), and other retail type jobs.
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Old 03-07-2015, 08:57 PM
 
Location: Coastal New Jersey
56,085 posts, read 54,565,498 times
Reputation: 66460
Quote:
Originally Posted by Lieneke View Post
If you have a mortgage, and you want to be sure that you don't lose your house, you should keep working. Depending on how much equity you have in the house, maybe you could sell and combine that with pension and retire ... but where would you live? You probably don't want to rent out your house and live in a cheaper place while the rent pays the mortgage.

Take a useful continuing education course, perhaps an online course, and use that new accreditation to get a better paying job. Pay off the mortgage faster.
I'm not going to lose my house (I have no equity, bought in 2010). I bought with my pension estimate in mind. The mortgage is not an issue and is not the debt I have to deal with. I will likely die before the mortgage is paid off!

A better-paying job is not likely, but that's ok. It's not what I need. Retirement will be 67% of my salary. I just need a job that makes up the difference plus a little more. Also, I will no longer have to pay for health insurance and I'd like to work closer to home closer to home to save 3 hours a day and $4k a year in commuting cost.

What types of online continuing ed are there that would help one get another job?
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Old 03-07-2015, 09:01 PM
 
Location: Coastal New Jersey
56,085 posts, read 54,565,498 times
Reputation: 66460
Quote:
Originally Posted by NoMoreSnowForMe View Post
How much would you need to make at the new job after you retire? Where I live, I see seniors working at Starbucks, Home Depot, Walmart (not just greeters), and other retail type jobs.
Thanks. I'd like to make more than retail pays but I would consider it. I actually thought of Home Depot until I found there's no employee discount! Every retail chain you can think of is close to me. (Except Walmart, lol.) Many other jobs are seasonal/vacation related. Not much office-type business in the area, which is why my current commute is so long.

Last edited by Mightyqueen801; 03-07-2015 at 09:22 PM..
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Old 03-07-2015, 09:06 PM
 
Location: Great State of Texas
86,093 posts, read 72,515,954 times
Reputation: 27565
How's about a paraprofessional in one of your local schools ?

You don't need a college degree but you might need to get a para cert (which doesn't cost much).
It really depends on your state but worth looking into.
It's a glorified teacher's assistant job. You get all the holidays kids get plus summers off !

Jobs for next school year will start appearing soon on school websites.
Check out the employment section of your local elementary/middle schools.
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Old 03-07-2015, 09:12 PM
 
Location: Coastal New Jersey
56,085 posts, read 54,565,498 times
Reputation: 66460
Quote:
Originally Posted by nicet4 View Post
56 is far to young with any debt in my opinion. I would continue to work a few more years living frugally, as if you were living on the pension, tossing all the extra money to retire the debt.

That's just my opinion.

Will you be receiving social security in addition to your defined pension?
There's not a huge difference between what I'd have taking the pension and what I take home now. It's about $10k-$15k a year once I take into consideration not paying for health insurance, not paying for commutation, and the lower tax bracket/not paying FICA on the pension. There's no "extra money". Penny-pinching measures like giving up the $50 cable bill will not be effective, as that would provide a few hundred bucks a year, and the debt is tens of thousands. The solution is retire and work elsewhere for a few more years. Work where/doing what is the question.

I am too young to collect Social Security.
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Old 03-07-2015, 09:20 PM
 
Location: Coastal New Jersey
56,085 posts, read 54,565,498 times
Reputation: 66460
Quote:
Originally Posted by HappyTexan View Post
How's about a paraprofessional in one of your local schools ?

You don't need a college degree but you might need to get a para cert (which doesn't cost much).
It really depends on your state but worth looking into.
It's a glorified teacher's assistant job. You get all the holidays kids get plus summers off !

Jobs for next school year will start appearing soon on school websites.
Check out the employment section of your local elementary/middle schools.
Thank you. This is something worth looking into!

I actually heard of a job like this about two years ago, but at the time I was short a few months of being 55, the age at which I became eligible to retire. I live near the ocean. Summers off would be heavenly!

I might just start perusing the local school system websites.
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Old 03-07-2015, 09:41 PM
 
Location: Denver CO
21,177 posts, read 11,785,778 times
Reputation: 32188
Why will you not being paying for health insurance? I hope your plan isn't to go without??

As for a new job, are you in some type of vacation community? That was what came into my head when you said there weren't a lot of office jobs. I could be way off base, but if that is actually the case, what about property management for people with short term rentals? Or even housecleaning - cleaning vacation rentals is easier than cleaning houses where people live, but that's a possibility too. If you are entrepreneurial and willing to do it on your own and start up your own business, it's not bad money if there is enough of client base.
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