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Possible unexpected ER
Old 04-10-2011, 10:08 AM   #1
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Possible unexpected ER

We found out on Friday that the state university where my husband works will be laying off tons of people on Monday. Due to the state budget, they have to cut millions of dollars. We were planning on him working 2 more years to get a higher pension, but he is eligible now anyway. It's just that it will be less than his current salary and we still want to save at our current rate. He will have opportunities for consulting, if this happens. And he can finally clean out the garage and basement. He would also have health insurance. We don't carry any debt or mortgage. I guess we will see what happens Monday.
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Old 04-10-2011, 10:49 AM   #2
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It's always preferable if you hold all the cards, but not always possible. Good luck, we hope this turns out for the best...though that may not be readily apparent right away.
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Old 04-10-2011, 10:54 AM   #3
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We were planning on him working 2 more years to get a higher pension, but he is eligible now anyway.
Not to be a wise a**, but your statement expressed your opinion/fear.

What are his?

BTW, I've been retired a few years; I've already cleaned out the basement/garage, based upon my DW's "direction" (even since she is not retired, as yet) ...

I assume your "partnership" is strong. So what is the "combined thought" of both of you. IMHO, that's what is most important as either/both pass on to the next phase of your life.

You expressed that "cleaning out" was his responsibility only (by the words you spoke). Do you really mean that?

The dynamics of retiring (especially for a situation of one who retires, and one who continues to be employed) can be stressful. DW/me represent that situation. While we originally decided to retire the same month (four years ago), I retired "on schedule". But guess what? She continues to w*rk. She found that she was not "emotionally ready" to do so.

It's not a simple solution when you retire (planned or not) and you need to understand that sometimes, things just can't be planned out...
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Old 04-10-2011, 11:19 AM   #4
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No mortgage and having health insurance will help a lot! Good luck on whatever the news is tomorrow--maybe there will be severance benefits for the laid-offers that will mitigate it for you a little bit. Also he can file for unemployment insurance if he's one of the chosen, probably?
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Old 04-10-2011, 11:23 AM   #5
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I used we, because we went to his retirement forum and after realizing that his pension is pretty much non COLA ( the raise it about once every 10 years), he decided he wanted to work 2 more years and I am going to probably work 3 more. We knew this might be coming up this year, so we've been planning for different scenarios. There have been many times in the past year that I've urged him to retire, due to the job stress, but he wanted to stick it out if possible. If it happens, we will be ok.
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Old 04-10-2011, 11:27 AM   #6
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Oh and about the cleaning out- my husband won't let me touch the things in the garage or basement. He loves to find old things and fix them. He hasn't had much time to do so, therefore both areas are pretty bad. For example, we have 9 old dog houses from the dog shelter that he us slowly fixing for them.
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Old 04-10-2011, 06:13 PM   #7
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.........There have been many times in the past year that I've urged him to retire, due to the job stress, but he wanted to stick it out if possible. If it happens, we will be ok.
This may be blessing in disguise. I was originally going to work a little longer, but an intolerable work environment combined with early out packages tipped the balance. I'm so glad that I went sooner while I was younger and healthier.
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Old 04-10-2011, 06:39 PM   #8
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Depending on what severance package they offer him (if any), this could be a terrific turn of events. Guess you will find out tomorrow.
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