U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-21-2016, 10:55 AM
 
12 posts, read 9,897 times
Reputation: 12

Advertisements

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?
Reply With Quote Quick reply to this message

 
Old 03-21-2016, 10:58 AM
 
71,511 posts, read 71,674,131 times
Reputation: 49088
there is to much else involved to say .way to much financial info missing like draw rate you need , investments , non discretionary bills ,lifestyle , expenses , wants , etc .
Reply With Quote Quick reply to this message
 
Old 03-21-2016, 10:59 AM
 
Location: Herndon, VA
2,086 posts, read 2,104,774 times
Reputation: 7387
Quote:
Laid of at 61, would you just retire?
Yes, I would. In fact, my plan is to retire before I get to that point.
Reply With Quote Quick reply to this message
 
Old 03-21-2016, 11:01 AM
 
71,511 posts, read 71,674,131 times
Reputation: 49088
they really need to analyze their financial needs . it is a whole lot easier getting a job at 61 then 81 if they have a poor plan . it isn't about your age , it is about the total picture
Reply With Quote Quick reply to this message
 
Old 03-21-2016, 11:12 AM
 
Location: NC
6,549 posts, read 7,966,327 times
Reputation: 13455
Hopefully your company gave you a severance package and/or you will collect unemployement for a while. Whether or not you can find another job depends on how much college ed you have (it is actually harder with a PhD than a BS), the demand for your skills, how big a city you live in, if there are other businesses around like yours, if you know a lot of people, etc., etc. I think it is too soon for you to retire without at least trying to find another job. $400K is okay if you are already 70, but you will need 9 yrs of earnings to get up to that point. Sorry this happened to you, but you still are a valuable worker to someone.
Reply With Quote Quick reply to this message
 
Old 03-21-2016, 11:12 AM
 
12 posts, read 9,897 times
Reputation: 12
Quote:
Originally Posted by mathjak107 View Post
there is to much else involved to say .way to much financial info missing like draw rate you need , investments , non discretionary bills ,lifestyle , expenses , wants , etc .

If we do a 5% withdrawal of our assets for a year we will have about $3000 a month, which will be basic survival. In 2017, we can both collect $1300 a month in Social Security when we reach 62 and then can live on $5600 a month. ($3000 + $1300 + $1300= $5600.00)


FYI: 6 months have passed since our layoffs and unemployment benefits have ended.


So for a year we will live in relative poverty.

Last edited by curious folk; 03-21-2016 at 11:23 AM..
Reply With Quote Quick reply to this message
 
Old 03-21-2016, 11:16 AM
 
13,879 posts, read 7,391,112 times
Reputation: 25361
You have 6 months of unemployment checks to see if you can land yourselves new jobs. That should be your full time job for the next 6 months. While you're doing that, you can work through a contingency plan where one or both of you starts collecting Social Security at age 62. As Mathjack says, it's way easier to find a job at age 61 than at age 81 when you're out of money.
Reply With Quote Quick reply to this message
 
Old 03-21-2016, 11:21 AM
 
Location: Florida -
8,760 posts, read 10,834,959 times
Reputation: 16632
It really stinks when near-retirement age employees get laid-off ('downsized'). Is there some reason you cannot both file for Unemployment for the next year? Can you stretch-out your severance packages? --- While finding work in this economy at 61 is difficult without special skills, it's not impossible.

I'm guessing you mean $3000 per month, which, combined with UE and perhaps COBRA Insurance via your ex-employer, should give you about $50K+ per year income, plus a $400K nut! That is much better than some folks in your situation. (Can you invest in dividend yielding stocks over the interim period).

Perhaps you can also make some arrangements to reduce debts and payment amounts for a while. Good luck. Sorry to hear about your difficulties.
Reply With Quote Quick reply to this message
 
Old 03-21-2016, 11:22 AM
 
Location: Alaska
5,356 posts, read 16,342,402 times
Reputation: 4023
If your expenses will allow $400k to last until age 70, then retiring may be a viable option. Your big unknown will be medical. What will insurance cost you? At this point, you should be able to collect unemployment. That will give you time to run your numbers while reducing the amount you need to pull from your retirement funds. You have multiple scenarios to run to see what gives you your most viable option.
Reply With Quote Quick reply to this message
 
Old 03-21-2016, 11:23 AM
 
Location: Pennsylvania
12,472 posts, read 4,216,580 times
Reputation: 9779
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?

Retire.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top