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Old 03-22-2016, 05:05 PM
 
Location: NE Mississippi
13,789 posts, read 8,651,066 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?
We didn't. Our Manufacturer's Rep business folded when we were 60, and all our suppliers went out of business.

So I drove a truck for 5 years. It was an absolutely great decision! It gave me a place to buy health insurance and paid about what I would have earned anywhere. That was from '05 to '10, and the recession never effected me. Got the house paid off and retired on time.
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Old 03-22-2016, 05:38 PM
 
13,072 posts, read 15,445,590 times
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I would just retire in your situation. I'm 58 and just changed careers in the last two years because my 35 year career was being eliminated by technology. It's not easy at this age to go from something you know like the back of your hand to something new. If I had been just a little bit older, I would have retired instead.
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Old 03-22-2016, 05:50 PM
 
Location: Nebraska
1,888 posts, read 2,310,381 times
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Very few people can retire by their plan. Life gets in the way. Best laid plans, etc.. Health, job, family, economy, etc'' can alter retirement plans. If you want retire at 70 then by all means try to find another job, but starting a new job or career at 61 can be very difficult.

BTW taking SS at 70 is not the best bang for the buck. Every bodies situation is deferent and for some the smartest time to take SS is at 62.
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Old 03-22-2016, 06:58 PM
 
2,450 posts, read 2,084,689 times
Reputation: 5725
Quote:
Originally Posted by Garthur View Post
Very few people can retire by their plan. Life gets in the way. Best laid plans, etc.. Health, job, family, economy, etc'' can alter retirement plans. If you want retire at 70 then by all means try to find another job, but starting a new job or career at 61 can be very difficult.

BTW taking SS at 70 is not the best bang for the buck. Every bodies situation is deferent and for some the smartest time to take SS is at 62.
I am 55 and would like to take SS at 62 and enjoy retirement. I would get more by waiting until 67 but not sure I can work that long.
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