4 more years, no, might be laid off...

[4 more years]

well, like most libraries there will be a budget reduction next year, which they haven't spelled out.
I catalog books, and it is one of the areas that is outsourced, so my job may be eliminated or i may have to work in a branch (with people!)...
I have been almost maxing out my 457, so after 21 years there is $180 thou in the account.
My matching retirement with the count is $100,000 total!.
I take home 1400 a month after health insurance, and I cover myself, husband and 24 year old daughter living at home. She works, but no insurance. I know about Cobra for 18 months.
husband has good pension and salary, but we will probably have to postpone the 2 nice vacations we have every year. he was planning on retiring in 2 years.
Should i start "downsizing" now? Cut out Cable, Curves Weight watchers?
I really need the weight watchers and it's only 40 a month.
Oh, I am 59, hubby is 60 so I don't think i should panic yet. Just will hate to pay the big health insurance bill. I think after 18 months with cobra, I can convert till medicare kicks in, but it will be over 1000 a month I'm sure. We both have pre exisiting conditions (he's diabetic).
Even if i survive this cut, next year will be bad, and the year after. We only have about $20000 in emergency fund. Should I cutback on the 457, and boost that up?
Any advice appreciated.
Thanks..

 

[militaryman]

Welcome ....

What about another job with benefits? I hear Starbucks offers its parttime 20hr a week employees the same healthplan as the fulltimers..... Maybe there are others out there that would be a better fit for you.

 

[Walt34]

Making some conservation efforts now might be prudent. Other places do offer benefits to 20-hour/week part time workers - Home Depot is one - but given the state of the retail job market that might be kinda "iffy".

 

[Milton]

I agree that you should not panic; but given the circumstances that you describe, I would cut out the frills. Only you know what the latter are.

If you obtain real benefit from Weight Watchers, then I would keep paying the $40/month: which is almost nothing relative to the increased health insurance premiums if your weight balloons and you too become diabetic. It would probably a better idea to eliminate one of the two nice vacations each year.

 

[4 more years]

thanks for the ideas. I know I am in better shape than most people, because we have lived below our means all of our lives, no credit card debt, or mcmansion...
I guess I'll move to the fire and money forum to get some ideas about how to allocate my 457 so when I roll it over into an ira I won't lose too much.
It's pretty conservative now.
I figure I have been working for 45 years now, and I am torn between vacations now when we are still healthy, or maybe put off until too late.
We can just downsize our vacations. I live in "Colorful Colorado" and have seen most of it except for the southwest...