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Old 03-22-2016, 09:37 AM
 
1,983 posts, read 1,309,213 times
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$400K at 61doesn't sound like much to me, but if your house is paid off and you leave frugally I guess it is doable.
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Old 03-22-2016, 12:23 PM
 
Location: Fort Lauderdale, Florida
9,245 posts, read 8,318,049 times
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Quote:
Originally Posted by curious folk View Post


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

Why does it have to be all or nothing?

Both of you can go out and get jobs, retail, anything and add to your income until you decide to retire.

I know plenty of people that started entirely different careers in their 50s and 60s including: model, real estate, gym ownership, maid service, etc.
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Old 03-22-2016, 12:43 PM
 
Location: Albuquerque NM
1,661 posts, read 1,528,456 times
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The OP doesn't mention whether he has a house and whether it if paid off. With a home paid off and SS, military pension, 401k, Tricare, and a low COL area, he should be able to retire. With a mortgage or rent payment, it is less certain. He is counting on spending down 5% of his 401k and that may be okay until SS kicks in but he needs to eventually reduce that to 4%. Also, will his wife be able to live on the smaller income if he dies as his SS and part of the military pension will go away? If not, I'd keep working at least part-time and delay SS or not dip into the 401k for a few more years.
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Old 03-22-2016, 01:05 PM
 
Location: In a vehicle.
5,035 posts, read 3,222,584 times
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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?
OK, well, I might be facing the same one day.

I'd not write myself off yet if you STILL want to work. I'm 56 (June) and worked beside a woman who was 67, plus had a co-worker who was 60+ Know many who want to stay active and employed.

You don't have to take a min wage job, but I'd give it a shot finding another job. Take the UI and keep looking.

As for me, I'd soak them on UI and use my savings and then apply. Due to medical reasons, I'm taking it at 62.
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Old 03-22-2016, 01:17 PM
 
6,323 posts, read 5,067,075 times
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Quote:
Originally Posted by blueherons View Post
This is completely untrue.

Why does it have to be all or nothing?

Both of you can go out and get jobs, retail, anything and add to your income until you decide to retire.

I know plenty of people that started entirely different careers in their 50s and 60s including: model, real estate, gym ownership, maid service, etc.
I have an older sister that is 68. She has no problem finding a job. She worked for SWBell for 35 years and people that hire her like her background. She is awesome at customer service. And while she isn't making big bucks at her current job, she likes it.

She likes to get out and be around people. Goes to breakfast with her group every morning. They are mostly seniors also. All have jobs because they like to be out and about. And yeah - it is a federal government program administered by the city, so they have great benefits, vacations, days off etc.

She might retire at 70.
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Old 03-22-2016, 02:01 PM
 
708 posts, read 503,299 times
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$400K with SS is enough to retire if house is paid for. You just need to get to 62. My goodness people retire on lot less then that. You just need watch your budget. More money coming in then going out. These people that saying you need
a million to retire have a much higher cost of living then most of us.
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Old 03-22-2016, 03:55 PM
 
2,676 posts, read 1,074,311 times
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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?

A layoff like this is very very common. Severance pay would have been nice.
You have plenty in your savings. Go with the flow and collect next year. No biggie.
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Old 03-22-2016, 03:58 PM
 
1,133 posts, read 1,275,354 times
Reputation: 1041
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?
You should move to China or Mexico. That's probably where the corporation sent your job.

But seriously, of the $400K, Carrie Schwab-Pomerantz in her book Finances Over Fifty says to only spend about 4% of your next egg a year if you want it to last 25 years. Less if you want it to last longer. So, that is $16K a year. Can you live on that? Do you have other income sources? If not, I'd try my hardest to get another job. You might be surprised. We hired some 60 year olds at my work and I'm guessing they made big bucks. Don't give up at 61. Look at Warren Buffett. He's making the most money of his life at age 85.
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Old 03-22-2016, 04:32 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,628 posts, read 39,998,659 times
Reputation: 23780
If finances are tight and you are not ready to be retired, take your unemployment as available, and find another job.

At this point...(no longer career bound) Take the job with the most money... And run.

One of our frequent posters, got his CDL and drove commercial trucks. I do this for fun, it pays about $20 - $25/ hour... Many retirees drive airport parking shuttle buses.
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Old 03-22-2016, 04:47 PM
 
Location: Myrtle Creek, Oregon
12,278 posts, read 12,520,484 times
Reputation: 19441
It happened to me. I went to work for a call center and my pay went up. There were also full benefits, including health insurance and a 401k match. Two years later the company that laid me off decided they couldn't live without me, and hired me back. I held them up for a big raise. It worked out well.

61 is too early to give up. That last 5 years before retirement is an uphill slog, but worth it.
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