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Old 03-21-2016, 05:34 PM
 
Location: Hayden
446 posts, read 555,281 times
Reputation: 1147

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google 'american retiring out of country'.
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Old 03-21-2016, 07:16 PM
 
Location: Tucson for awhile longer
8,872 posts, read 13,589,172 times
Reputation: 29034
I feel for you. Same thing happened to me ... and my father before me (no kidding). As everyone else has said, it largely depends on what your severance package will be. Surely you'll be eligible for unemployment. If either one of you can work as an independent contractor, that's usually more reliable as employment than trying to get another full-time job at your age. In my field I was totally frozen out of the full-time job market by each opening having TONS of far younger people wanting the jobs. No one wants to hire someone over 60 when 10 people under 40 want the position. Even if you are willing to take a drastic pay cut. The people who interview you will think if they hire you, you'll eventually want their job. Because you're probably more qualified.

Better to shoot for part-time jobs or limited projects. Most fields have pretty reliable agencies that provide contractor workers to corporations. Sign up with them. Get someone to help you write a very results-oriented resume. Nobody cares where you worked in the 1980s. They care that you brought in a new client, wrote a successful proposal, cut costs in your department, figured out how to avoid taxes, etc.

In my case, I still had a mortgage when my company went under, so I sold my house and bought a smaller one after I paid off the mortgage. I had enough invested in the house so that I came away from closing with enough to pay cash for nice place, albeit smaller and in a less glamorous neighborhood. I also traded down to a cheaper-to-operate car. I've never been sorry about either decision. It's great not to owe money and it's easier to take care of simple stuff. I've never missed objects I sold off either ... antiques and jewelry, for example. When I ended up having to move across the country a short time later for family reasons, I was well on my way to downsizing in every way.

I enjoyed the corporate game while I was playing it, but now it seems like something someone else did. I'm far less materialistic now and accepting of who I am sans my professional accomplishments. Whatever the amount you THINK you need "to live," accept the fact that many people live on far less and many still manage to be happy. Think outside the box on how you can cut back on costs. For example, if you're offered COBRA, make sure that's cheaper than what you can get on the open market via the ACA. My suddenly-smaller income made me eligible for a big government subsidy that allowed me to get a good policy for far less than keeping the corporate coverage I had via COBRA.

Sorry for what's happened, but you have a lot of company in your situation. Best of luck to you and your wife. Maybe one of you can keep working until 70 and the other can retire at 62. That's what my parents did.
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Old 03-21-2016, 08:11 PM
 
6,735 posts, read 3,787,331 times
Reputation: 13877
Quote:
Originally Posted by curious folk View Post
I wanted to work until I was 70, which the experts say I could get the best bang for my buck in Social Security. My wife and I figured that if we both retired at age 70 we could live on Social Security and anything else we had saved would be extra.


But the company both of us worked for laid off a good number of it's staff and we were both laid off the same day. Both of us are 61 and can't collect SS for another year.


We have $400K saved, should we just retire and move to a place with a very low cost of living?


(They say it is nearly impossible to find another full time job at our age unless you have unique skills.)


Anyone here face a layoff before you were ready to retire? What did you do?
I don't think $400k is enough for two people, unless you have a pension. Depends, though, on so many things.

I retired a little early (long boring story). What I did for the next 1 1/2 yrs or so was sign on to a temp agency. I ended up getting several long term jobs. I have a particular vocation, and I live in a big city. The jobs didn't pay much, but it added up and helped me stretch dollars a bit.

I'm 62. I plan on collecting SS next year. I'm selling my house, moving to a nearby smaller city with a slightly lower COL and houses cost less, buying a house, and then adding the extra $ to my retirement account.

I miss the money from when I was working, though. If I had it to do over, I'd probably work until 62. Esp for insurance benefits.

Have you thought about insurance, or do you get that through your work? Medicare is 3-4 yrs away for you, and it's not free.

Also, don't forget that moving is expensive...moving costs are horrendous, closing costs (for both buying & sellilng), commissions, lost or broken items, gas, you name it. Unless you live in an expensive area and plan to move to a MUCH lower COL area, it may not be worth it.

I actually got offered a job at age 60. But I have a particular vocation...and the job didn't pay much and was a workhorse job. I didn't take it because I had my doubts I could do it...small place that was hiring someone who would actually be doing two jobs, and the only one (which I know means I would have really been missed if I had missed work, which isn't good). Benefits were terrible. So I didn't. I thought I'd move then decide what to do.

I plan on getting a part time job doing something. Maybe you can do that. Office work? Cashier? Library clerk?
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Old 03-22-2016, 12:55 AM
 
729 posts, read 322,252 times
Reputation: 739
Nah, let me find another job...
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Old 03-22-2016, 01:21 AM
 
Location: Las Vegas
13,910 posts, read 25,386,592 times
Reputation: 26465
Most likely the first thing I would do is collect unemployment and give myself some time to think about it! With both of you collecting it should be quite a bit of money. At least enough to consider your options.
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Old 03-22-2016, 03:17 AM
 
72,134 posts, read 72,094,203 times
Reputation: 49654
if folks read what is written the op used up their unemployment benefits already
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Old 03-22-2016, 05:20 AM
 
Location: Mount Airy, Maryland
10,503 posts, read 5,965,165 times
Reputation: 16273
Quote:
Originally Posted by mathjak107 View Post
if folks read what is written the op used up their unemployment benefits already
Thank you, was about to post this. Again.
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Old 03-22-2016, 06:56 AM
 
6,371 posts, read 5,101,471 times
Reputation: 12946
If you are wondering about this, probably should get another paying gig.

Maybe after a while, you will be able to decide whether you can retire or not.
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Old 03-22-2016, 07:50 AM
PDD
 
Location: The Sand Hills of NC
8,774 posts, read 14,912,553 times
Reputation: 11887
Quote:
Originally Posted by curious folk View Post
I wanted to work until I was 70, which the experts say I could get the best bang for my buck in Social Security. My wife and I figured that if we both retired at age 70 we could live on Social Security and anything else we had saved would be extra.


But the company both of us worked for laid off a good number of it's staff and we were both laid off the same day. Both of us are 61 and can't collect SS for another year.


We have $400K saved, should we just retire and move to a place with a very low cost of living?


(They say it is nearly impossible to find another full time job at our age unless you have unique skills.)


Anyone here face a layoff before you were ready to retire? What did you do?
Without getting into any details,we had a similar situation.

We sold our house in a high RE tax state and moved to a lower COL state.

Retire.
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Old 03-22-2016, 07:51 AM
 
72,134 posts, read 72,094,203 times
Reputation: 49654
just out of curiosity . would you say by doing that you are financially better off now then the locals who always lived in that low cost area ?
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