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Hi! I am 60,wife is 60 Early retiring??
Old 11-08-2010, 07:56 PM   #1
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Hi! I am 60,wife is 60 Early retiring??

First post, let me introduce myself.

I am 60. Wife is 60. Both of us planned to work until 66.

August 2010 I was terminated from a sales job making $55K per year. 24 year company employee. Sales Manager and Division President terminated for a very bogus reason, untimely response to customer request. I knew it was bogus, I had largest Sales$ territory in the company. After I got severance package and signed release agreement, the sales manager hires his 25 year old son as my replacement. That sucks!

Age discrimination issues are present for filing with EEOC. However have been advised by legal counsel, filing an EEOC claim is easy, winning that claim is difficult.

I am now over the shock after three months after termination from sales job. The anger and bitterness toward former company is still in my mind and emotions, just not as intense.

My wife is 60 and long time school teacher. Her salary is $70,000 per year. With my unemployment benefits and her salary we are paying the bills. Lowered our lifestyle and after three months we are doing ok.

Met with Financial Advisor shortly after my job termination. After doing the math with him we should be ok both short and long term financially.

I would prefer to find employment,jobs are hard to find to replace a $55K income.

Have other Early retirees on the board been in this situation. Would appreciate comments from other members.

Thanks and looking forward to boards!

Watertree
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Old 11-08-2010, 09:12 PM   #2
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Welcome Walter, a few things I don't understand.

If you guys have enough money to retire, why don't you retire. Why would you want to work to 66 if you have enough $ now?

This is the early retirement forum you know.

You may want to read a few books about retirement as I see you have a financial advisor.
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Old 11-09-2010, 07:17 AM   #3
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24 years with same company is a great stretch -- Did you manage to accumulate a pile of retirement savings in that time ?
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Old 11-09-2010, 08:38 AM   #4
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Originally Posted by 73ss454 View Post
If you guys have enough money to retire, why don't you retire. Why would you want to work to 66 if you have enough $ now?
Maybe they want to still contribute to my SS ?

Seriously, I was thinking the same thing.
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Old 11-12-2010, 07:26 PM   #5
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Health insurance issues. My wife is a school teacher and we are both on her health insurance. Her health insurance is available as long as she is working.

I need to do the FIRE calculator before I decide if I can early retire. All of this is new to me. Please bear with a newbie

Watertree
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Old 11-12-2010, 07:30 PM   #6
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Originally Posted by 73ss454 View Post
Welcome Walter, a few things I don't understand.

If you guys have enough money to retire, why don't you retire. Why would you want to work to 66 if you have enough $ now?

This is the early retirement forum you know.

You may want to read a few books about retirement as I see you have a financial advisor.
Health insurance issues. My wife is a school teacher and we are both on her health insurance. Her health insurance is available as long as she is working.

I need to do the FIRE calculator before I decide if I can early retire. All of this is new to me. Please bear with a newbie

Watertree
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Old 11-12-2010, 07:46 PM   #7
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Walter, no need for your DW to work till 66 as she can retire 1 1/2 years before she turns 65 and go one Cobra for health ins. This will cut her retirement date down by 2 1/2 years.
At 65 you will both be on Medicare.

As far as Firecalc that would be a good idea. On your original post you said you guys had enough money and that's why I asked the question.
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Old 11-12-2010, 07:50 PM   #8
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Wow. Sorry this happened to you.

Welcome to the board Watertree.

Quote:
Originally Posted by Watertree View Post
After I got severance package and signed release agreement, the sales manager hires his 25 year old son as my replacement. That sucks!
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