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Old 10-27-2009, 09:02 AM
 
Location: Westchester County, NY
144 posts, read 477,611 times
Reputation: 197

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I feel as though I might be forced into taking retirement at age 63 once my unemployment benefits run out. I have been unemployed since January, 2009. I feel as though I sent out millions of resumes via internet and snail mail, but the actual figure is closer to 300. I've received no interviews yet. I'm so afraid that I will have no choice but to retire early keeping my monthly benefit at a lower amount for the rest of my life. In addition, I would not be eligible for medicare and would have to find medical coverage elsewhere. Was anyone else in this position? How did you reach your decision? How are you managing now?
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Old 10-27-2009, 10:15 AM
 
6,212 posts, read 4,715,040 times
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I am still employeed but I am sure you are not alone. Maybe an early retirement will be a blessing in disguise. Best of luck.
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Old 10-27-2009, 12:38 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,527 posts, read 39,903,732 times
Reputation: 23634
Quote:
Originally Posted by Susan815 View Post
Was anyone else in this position? afraid so..
... retirement at age 63 ...age 49 w/32 yrs of service, but 6 wks shy of benefits
I have been unemployed since January, 2009. ... May '05, Subsequently did 4 yrs of college for a couple different degrees, one paid for by NAFTA (I like school, never got to go as a kid, eldercare responsibilities)
I've received no interviews yet. ... network, network and broaden your options - less than 7% of the jobs come from sending out resumes. 75% come from direct contact / networking.
but to retire early keeping my monthly benefit at a lower amount for the rest of my life. IF you have some equity stashed (~$40,000 reserves), there is an option for you to 'pay-back' at full SSA age and increase your monthly payment to full value.
.. would have to find medical coverage elsewhere. HSA / catastrophic or a state plan. Each are ~ $300/month for me. Mexico for drugs, or find a PT job that pays benefits; School districts, Starbucks, Costco, some medical offices, hospitals, some gov jobs, and a few smaller employers...(or wait for OBamacare, I feel it is REALLY chicken that they refuse to roll it out BEFORE next election, if ever...

How did you reach your decision? - based on numbers at the time (2005), it made sense. Now... a different plan is in order - PT work is likely, living overseas for a few yrs is probable.
How are you managing now? cheaply - drawing down a few non-qualified assets I sold that got favorable long-term capital gains treatment (expires 2010)
Other options:
  • Peace Corp or similar - most people say it was a very valuable experience, tho not always fun.
  • Domestic jobs that come with housing (caretaker / caregiver)
  • An RV full-time or at one of your kids or friends homes
  • Roommates
  • Change of life... hermit, hobo, marry rich, win lotto, surprise inheritance, ...
  • Change of career ... something you always wanted to do, but work got in the way


I hope it works out for you, you won't regret early retirement, it just may be a 'different' retirement than you planned. It sounds like you have little chance to return to your previous employ, so write that option off, and calculate what your time is worth, and the best way to invest that resource.
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Old 10-27-2009, 03:09 PM
 
Location: Westchester County, NY
144 posts, read 477,611 times
Reputation: 197
Thanks, StealtlhRabbit, for your words of wisdom. I appreciate your willingness to share your experiences....what a rotten deal, 6 weeks short of benefits. I have been networking constantly, friends, friends of friends, neighbors, forums, people I meet at the library, in elevators, etc as well as answering classifieds. FYI--too late to marry rich, everyone I know used to borrow from me so an inheritance is definitely out, hubby is my roommate and I can't drive an RV (hubby no longer drives)! I was aware of, but had forgotten about, the SSA option of paying back at full retirement age but figure there is a very real possibility that the government will remove the provision once the steady stream of current baby boomer retirees start to utilize it. I'm taking my time and weighing all my options.
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Old 10-27-2009, 05:08 PM
 
71,463 posts, read 71,629,249 times
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if your healthy i would look into an hsa for healthcare, i know we are going that route...
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Old 10-27-2009, 11:20 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,527 posts, read 39,903,732 times
Reputation: 23634
Quote:
Originally Posted by Susan815 View Post
... I'm taking my time and weighing all my options.
join us on the "shoe-string" thread Retiring on a literal shoestring: support group

You should fit right in! Sounds like your needs might dictate a low cost of living option, hope you currently have one. If you want to travel, there are some great 'woman's motorhomes' That you will be very comfortable driving and living in. Mine gets 20 mpg and sleeps 4 (or 3, each in separate bed). Fully self contained and fits into a standard car parking spot.

I know about the inheritance problem... I inherited lots of debt from my parents (as well as their elder-care needs). I survived, but find myself a tad conservative due to that experience
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Old 10-28-2009, 06:31 AM
 
Location: Tennessee
34,667 posts, read 33,667,394 times
Reputation: 51854
Quote:
Originally Posted by Susan815 View Post
I feel as though I might be forced into taking retirement at age 63 once my unemployment benefits run out. I have been unemployed since January, 2009. I feel as though I sent out millions of resumes via internet and snail mail, but the actual figure is closer to 300. I've received no interviews yet. I'm so afraid that I will have no choice but to retire early keeping my monthly benefit at a lower amount for the rest of my life. In addition, I would not be eligible for medicare and would have to find medical coverage elsewhere. Was anyone else in this position? How did you reach your decision? How are you managing now?
Just know that there are places where you can live comfortably on less money for the basics (housing, utilities, taxes) plus also offer a lot of free events/activities so you don't have to sit home and veg due to little money.

For the latter, look for places that have a lot of state and/or national parks where you don't have to pay to park or enter. These parks typically offer free nature-related activities (guided wildflower walks, birding walks, bug and reptile presentations, living history events, etc.) plus the exercise of biking/walking and in some cases, a beach. Look for a festival/fair-happy place where anything is a reason to celebrate. I swear that in my state they celebrate everything from tomatoes to cornbread to holidays to historical events to trees to antiques to opera and the festivals almost always are free and offer free things like music, tours and re-enactments in addition to booths and food that you pay for. There are also towns with their own bands and orchestras that offer free concerts outdoors. You just have to bring a chair. Plus, there is always some group or individual willing to demonstrate a skill/talent at these events. Look for parades (they're free). Look for places where you don't have to pay everytime you hit a highway or a bridge when you leave the town or pay to park when you get where you are going.

I never knew all of this free stuff existed when I was in the workforce but you'd be surprised at what's out there and nearby.
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Old 10-28-2009, 09:44 AM
 
Location: Florida
592 posts, read 650,657 times
Reputation: 157
Default Unemployment after EB

The bill has passed with republican vote 87-14 of 14 more weeks of unemployment to states 8.5 and above unemployment rate.

At any rate, debate on the unemployment extension bill can now start, and tens of thousands of people can be saved from the ravages of losing benefits.

This is a motion to proceed with the bill S 1699.

Using the rules of the Senate, Republicans could force up to 60 hours of debate on the measure, taking up almost a week of Senate floor time before a final vote on passage could occur on the legislation.
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Old 10-29-2009, 03:49 AM
 
Location: Lakewood OH
21,699 posts, read 23,648,620 times
Reputation: 35449
I see this happening in my company all the time. People are being let got just before they can claim their retirement pension. These people were grandfathered in when the pension plan was abolished about ten years ago but this is how the company seems to be getting around paying it out to them.

From personal experience when I was laid off at age 55 back in 2001, I found there was rampant age discrimination out there when it comes to seeking a new job. After being laid off, I went back to school to get an education in a field different from the one in which I was working only to find my competition with the 20 somethings was fierce. I was very fortunate in finally getting a job through a friend who really went to bat for me at her company.

If you do decide to seek a new career pick a field that is in very high demand.

Good luck in whatever you decided to do.

Last edited by Minervah; 10-29-2009 at 03:53 AM.. Reason: for clarity
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Old 10-29-2009, 07:12 AM
 
Location: Westchester County, NY
144 posts, read 477,611 times
Reputation: 197
[quote=Minervah;11393114]
If you do decide to seek a new career pick a field that is in very high demand.

I am (was) in a managerial accounting position and am currently looking for a bookkeeping position. I'd prefer not to go back to the corporate rat race associated with a higher level position at this point in my life. I should be able to eventually find something in my field whether I find a full time position or take early social security and work part-time. Bookkeepers are needed whether a business is doing well or poorly! This forum is great and has been so helpful. I spend hours reading the prior threads and taking notes on suggestions for living on a shoestring, medicare, and other retirement related issues.
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