Anyone else here forced to retire and scared to death?

[ExFlyBoy5]

Quote:

Originally Posted by 38Chevy454 I agree with the rest, OP has to move to lower COL. Current rent and COL is unsustainable. As for breaking the lease, he can bail out and then he is only responsible for the rent up to the point the apt is rented out again to a new tenant. Not for the entire 6 months remaining, unless they do not find a new tenant. He is responsible for the lease term, but only if the apt is not re-rented out. The apt owners can't double dip. I think finding some part-time work is the answer to get through the 6 months if OP wants to stay until lease is up. Keep looking, there will be something that comes up and you meet the needs for the job.

This. If the rental market is as hot as it sounds, the OP shouldn't be on the hook for more than a couple of months. The landlord cannot just sit on it to rack up rental fees.

Sent via mobile device. Please excuse any grammatical errors.

[Sunset]

OP by now knows he MUST move at least at the end of 6 months.

Here is one place a famous member has lived for about 20 yrs, and I checked it out and thought it was a good possiblity.
The idea being OP could buy a used Park Model home (total cost I saw was 10K->20K), and then pay the lot rent of $600/mo which includes services and the recreation center.
55+ Community Leesburg FL | Retirement Homes

Now I don't know OP, so hopefully for his sake, he is not like my neighbor, an outspoken, self-entitled, opinionated fellow with gray hair, who also go laid off many jobs and always manages to blame others.

I told my neighbor, get a haircut and dye your hair with one of those shampoo in hide the gray type colorants. I did it for years when I felt I had to work and got too old, it takes 10 years off.
If like my neighbor OP happens to be really fat, at least try to look nice, and walking around the block 3x per day would help.
Finally, at least OP stated he is outspoken, well, my view has always been when I am boss, I can be outspoken, and until then boss knows best !!
After all, the boss got there, above other folks and very possibly does know better, and if it's wrong, well you were only doing what the boss said, so it's his fault.

OP could do the above improvements which would help to get a job, which he really needs just to stretch his retirement and even delay taking SS.

[Forced to Retire]

Yes, I know the logical thing is to move out ASAP and go to a more inexpensive spot.

I am afraid that it will be impossible to move into a new apartment in another cheaper town where rent is not $2500 a month like it is in Alexandria/Fairfax County VA.

Every place I have ever rented went through a complete background investigation where they checked my credit, criminal and salary information. The rent could not be any more than 1/3 of my income. Because my unemployment benefits have run out I have no income now at all.

I have applied for hundreds of part time and full time jobs since losing my career job last year, and have got no where. They don't want old, white haired overweight men like me. The jobs now days seem to be set aside for young kids and immigrants.

Being retired for me is not as pleasant as the typical poster on this board to say the least!

[Llep]

About a year ago I moved, without a job to a low COL city. I had an unblemished rental history with my previous landlord as well as a freakishly high FICO score. It was easy for me to rent an apartment. The complex required me to show a bank balance of (monthly rent X months of lease X 3). The whole process took under 3 hours from the time I first walked onto their property until I was approved.


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[tmm99]

+1. I rented an apartment last year with no job also (in a state I never lived in) through a private landlord. I showed one of my investment account (had about 250K in it) as well as my bank account statement (had 10K in it). I offered to pay 6 months up front. Another place which was a dump (owned by a big corporation) that I didn't rent only required a bank account with a few thousand dollars (which surprised me but like I said it was a dump and really, it was a DUMP). They both said they would run a credit check and criminal background check. So there is hope.


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[ivinsfan]

I understand you are upset and worried, but don't let paralysis set in.

Focus in on an area you think you might like and research stuff on-line. like rent price, subsidized senior housing and such. You have some time to think and you have assets so you will be able to find something that suits you. The internet is your friend right now.

[Llep]

A few more thoughts.....

You are older than me and may be qualified for age based things that I am not aware of. None of my comments are taking that into consideration. I am single and living off savings so I think that makes us more similar than different. Here are my thoughts on things you should do/consider (and if anyone spots any factual errors please point them out).

Continue looking for work, full and part time, anything to cut into that 4K monthly burn. (Before I moved I had a good barber that did hair coloring for $25 and that did make me look younger, might be worth finding a similar place to have on call if you get some interviews lined up.)

Get super educated on ACA. I love it, but I am in a position to maximize my subsidy. Depending on where your nest egg is (taxable accounts or non taxable like IRA and 401K) will affect where you can move to. I think you are stuck on COBRA until January 1, you can't just change when you want to it has to be during open enrollment or after a life changing event. I did 6 months of COBRA last year. But here is the kick in the ass with ACA. If you are in a state that hasn't expanded medicaid (like I believe Virginia is) then if you don't have a high enough income you won't qualify for any insurance subsidy. That is why where your assets are located is important. If they are in tax advantaged accounts and you pull from them for your living expenses then that counts as income that will qualify you for a subsidy. If your money is in a taxable account (brokerage account) then only your dividends and interest will count towards hitting your subsidy income. So if that is the case you need to focus your search for a new home in the 30ish states that have expanded medicaid.

You may need to stay on COBRA until it runs out which if I understand your numbers will occur shortly after? your lease is up. Then you will be free to get ACA in any state that you qualify for it.

Try and keep your credit report and your relationship with your landlord in as good a shape as possible.

You need to be moving right when that lease is up. This country is full of cheap places to live in. You may have a few more constraints than I do depending on your ACA eligibility but you still have lots of options. Think of places you might enjoy living in, in states where you can get health care and start pricing apartments on the internet.

You say rent and health care are 80% of your very pared down 4K per month spend. I will give you my real world numbers so you can see what might be possible. My rent plus my health insurance premium totals $606 (technically $656 because I am paying an optional $50 month to month fee since the lease is up and I didn't want to renew - thinking of moving). When I moved here, I viewed it as temporary. I live in an older, large suburban complex where I feel safe, crime is not an issue and the neighbors are friendly. There is a pool. I am in El Paso and I can't say for sure because I haven't looked hard, but decent paying jobs might be hard to come by. I do have a neighbor that looks well into his 60's that works and on another forum a 70 year old man was asking for best places to live here because he was moving after getting a job here, so it is possible. My short list of places I am thinking about moving to that have similar if only slightly higher living costs are Las Vegas, Phoenix, Colorado Springs, Reno and Spokane.

Good luck to you. Even though things may seem grim you still have lots of options.

[fritz]

Quote:

Originally Posted by Forced to Retire Yes, I know the logical thing is to move out ASAP and go to a more inexpensive spot. I am afraid that it will be impossible to move into a new apartment in another cheaper town where rent is not $2500 a month like it is in Alexandria/Fairfax County VA. Every place I have ever rented went through a complete background investigation where they checked my credit, criminal and salary information. The rent could not be any more than 1/3 of my income. Because my unemployment benefits have run out I have no income now at all. I have applied for hundreds of part time and full time jobs since losing my career job last year, and have got no where. They don't want old, white haired overweight men like me. The jobs now days seem to be set aside for young kids and immigrants. Being retired for me is not as pleasant as the typical poster on this board to say the least!

I had some similar experiences towards the end of my career. The issue was I was not certain I was ready to retire at 57 when the start up company I was working for went bankrupt. I too, have white hair (have had it for some time and did color it for years so I didn't look too old). Also could stand to lose 15-25lbs - still wouldn't be thin then.

I went through some medical issues (thought I was a goner) a few years before retiring. Given the uncertainty - I decided to quit my well paying career job (was doing well there and not too many above me). Wife and I relocated back to where our family was living. When things got straightened out and we moved forward, I decided to get a low stress (low paying) job and enjoy life from then on. I had let my hair grey several years back and the weight was coming back on after my illness, but I was not looking sickly (looked pretty good - or so I thought).

It became very disappointing (to say the least) to be turned down for so many jobs that I was so over-qualified for, during that time. The low point was being turned down for a job at the new Target coming to the area (job fair). I could tell by the look on their faces when walking in for some of those interviews that I was not going to get the job (too old, and "must be something wrong with him"). I withheld information on some resumes to downplay (dumb-down) my employment history.

Don't want to get too long here, but I decided to go back to what I was good at and got several job offers making as much/more than I used to make (all required relocation). I ended up with one after I turned them all down (decided we didn't want to relocate again). One offered to let me work out of my home. Was unhappy within a short period of time, and jumped to the start up company for the excitement (knowing full well that it was a huge risk - was 2008). They went bankrupt and I was unemployed again (and lost compensation owed/not paid for months). FYI - I still work for "part" of the old group as a part-time consultant after they reorganized over a year later.

I took unemployment til it ran out (almost a year back in that trying time). I was 58 then, and decided to just call it quits (retire). What was difficult was shaking off the feeling that I was "just unemployed". Found it awkward to go grocery/retail shopping during the day, as I felt people looked at me as one of those poor people who was unemployed due to the economy (poor fellow).... Thought people looked at me that way.

It took more than 6 months to start feeling "retired" and not caring what people thought when they saw me out during a normal work day. Got downright happy about being retired sometime after the first year (been retired 7 years now). I believe there is a "period of adjustment" that every person goes through when retiring. See it as harder for those with nice careers who have now marched into oblivion (just another unimportant old person out during the day).

I hope that sharing my history with you/this forum helps you find your way in retirement (or back to the workforce full-time or part-time for a little while longer). In the grand scheme of things, you have more than most put away for retirement. A lot of folks here have shared information regarding this fact - sharing with you about relatives living on less than your stash. If you've been reading some recent threads on this forum here - you know that I have a nice net worth, and our approach to retirement was a little easier than yours because of it. When I first started putting away for retirement way back when - I saw $200k and our SS as doable in retirement, and $400k as great/goal. Although we pushed past that amount a long time ago - we could still go forward in retirement if we just had somewhere between our minimum and our goal (which you now have). We've always practiced LBYMs, and I'm confident we could make it work (and there's two of us). It's all about your attitude/outlook as you move forward from here.

[Sunset]

Quote:

Originally Posted by Forced to Retire Yes, I know the logical thing is to move out ASAP and go to a more inexpensive spot.

Good that you consider this, as it is not just logical, but an ABSOLUTE NECESSITY you move to a MUCH cheaper place. Think OTHER States like FL.

Quote:

Originally Posted by Forced to Retire I am afraid that it will be impossible to move into a new apartment in another cheaper town where rent is not $2500 a month like it is in Alexandria/Fairfax County VA.

Move to a different State like FL, I gave you an example of how you could own and live for $600/mo membership rent.

Quote:

Originally Posted by Forced to Retire Every place I have ever rented went through a complete background investigation where they checked my credit, criminal and salary information. The rent could not be any more than 1/3 of my income. Because my unemployment benefits have run out I have no income now at all.

This is not a problem when rent is $800 /mo like others have suggested, in ANOTHER State.

Quote:

Originally Posted by Forced to Retire I have applied for hundreds of part time and full time jobs since losing my career job last year, and have got no where. They don't want old, white haired overweight men like me. The jobs now days seem to be set aside for young kids and immigrants.

Like my neighbor: old, fat, white hair, loudmouthed, doesn't listen, blames everyone else, makes it hard to get a job anywhere.

1. Get a haircut.
2. Dye your hair
3. Shave your beard off.
4. Lose weight.
5. Be Polite and start talking about the good things in your life not the bad.
6. Listen to what others are saying and posting as lots of helpful ideas right here.
7. Move to a low cost area in a new State. There is a reason FL is the most popular location for retired folks besides the weather and it's low cost, zero State taxes.

Quote:

Originally Posted by Forced to Retire Being retired for me is not as pleasant as the typical poster on this board to say the least!

Lots of folks have issues that are serious, including dying of a disease, which is worse than your issues.
The key is besides moaning about it, are you going to develop a plan of action, have folks review your plan, and then do it ?
Or will you be like my neighbor, for the past 8 years still complaining about everyone in the world except himself.

[Mulligan]

Where I live, if you paid cash a years worth of rent up front, not only would they not do a credit check, they probably would discount the rent!


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[ivinsfan]

I agree with Sunset, but that's a big list.

Just pick one and start in. I suggest concentrating on your health and appearance while you pick an area to relocate to. One step at a time. Your negative attitude will be obvious to any future employer. You might go in for a health screening and get checked out for depression and anxiety.


OP, I'm curious are you still here, or have you decided we have nothing to offer ( since we don't endorse hand wringing and inaction)? . Chime in and let us know if we should bother posting here.

[harley]

He posted earlier this morning.

[FIREd]

There are plenty of areas in the south were you can rent a very decent 2-bedroom apartment for $800 a month or less. My mother in law lives quite well on $2,500 a month in a medium-sized city in the south (with enough cash left to travel a little bit). She used to live in Maryland but her dollar stretches a lot farther where she is now. So don't despair, it is still possible to live on your budget in some areas. But you have to be willing to make changes.

[KmmFIdreamer]

Along with a physical move, it sounds like a move in attitude is needed! Stop thinking of yourself in such negative terms (ie old and unemployable). Think about whether you are sending a negative attitude out at those job interviews - then work to change that....



If you truely can not find a job then think about starting a small business ... even a dogwalking or lawnmowing service will get you out for some exercise and extra income. Ebay or Craigslist some stuff for income too. Think like a teenager and find something to make a little cash on the weekends at least. A PT weekend job like delivering pizzas will not even interfere with job hunting time during the week - nobody is gonna set up interviews on a Sat or Sunday anyway.

Get out and do something other than sitting around and feeling sorry for yourself - even if it is volunteering in order to meet people. Networking is a great way to hear about jobs that may not be advertised anywhere!

As far as a place to live - start looking now for something more affordable! (With $300K in the bank, buying a small condo or an mobile home would help to cut expenses a lot.) If you want to rent, then don't keep making excuses why you have to stay in a place that is $2500 a month. Denver is notoriously expensive right now and a 1 bedroom goes for $1500 - sounds like you might either be in too big of a place or in the wrong neighborhood (ie too upscale) in order to be paying that kind of rent! Like someone said, you could just prepay the rent for 6 months or a year - any landlord would love that! (Think of it this way: there really is a landlord out there somewhere that will rent to anyone to get $$ - serial killers and drug dealers have to have a place to live too ya know - so not all landlords care about background checks.)

[Llep]

People are pitching Florida at you like there was no tomorrow or that it was going out of style but Florida has chosen not to expand Medicaid (like VA). And unless you can demonstrate income equal to or exceeding 138% of the federal poverty level (about $16,250) you will not be able to get health care subsidies. Step one in finding your retirement/relocation nirvana is to Google a list of the 31ish states that have expanded Medicaid. You don't want to put your wealth at risk by not having insurance at your age. Sorry if this seems like tough love day here today but knowledge is power.


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[Lcountz]

Hey there Forced-To-Retire.....try not to get too depressed....like many here have said you have more than a lot of people do who are making it somehow...

I live in Western PA....in a smallish town of about 11,000 people, rents on apartments in today's paper are in the 5-600 dollar a month range, homes for rent in the 900-1200 a month range...There is a state-sponsored bus line in my town-so there's even public transportation available if you don't have a car or want to maintain one....and the town itself is very "walkable"...so in town living could totally eliminate need for a car.

Winters can be a pain, but the other seasons make it worth it.....PA does not tax retirement account withdrawals, pensions or Social Security. Even though it's a small town, there are three supermarkets, a Walmart, a hospital, VA clinic, chain drug stores, car dealers and fast food places and relatively low crime statistics....in short, liveable, clean and CHEAP. (Which is why I like it here!!!!)

You really need to get moving NOW to find a new place....6 months from now will put you in middle of winter, not a pleasant time to be looking for housing or moving. To minimize cost, you can rent a small u-haul, take only what you need and get rid of the rest. It's amazing how little "stuff" you need when you get older....

If PA or the northeast is not your cup of tea, I think there must be tons of places right in the US where you can live cheaply. In the town I live in, I doubt many oldsters have 300,000 in savings and they make it...

My two neighbors are white men in their 60s...one 63, one 65. One of them drives the schoolbus-van all winter for something to do. The other works some kind of job as a helper to some metal-building builder for 5 months of the year, 40 hours a week. They do this for "pin money" and to not be bored!!! So there ARE jobs out there for men in thier 60s-in fact, these two never appear to have trouble finding a job. Employers DO value older employees...my market is full of older ladies working the registers...

Attitude will go a loooonnnnng way...No one wants to be around people who are opinionated and/or nasty or are self-centered. Not saying you are, but you yourself identified yourself as being, perhaps, hard to get along with. I've worked with people like that, and saw them get let go, and my only thought was: "good riddance" You seem to grasp this insight now...so it's not too late.... Especially if you can re-invent yourself in a new location. Leave the poor attitude behind with the old furniture and make a new start.

If you can move to a cheaper place to live, I would consider what some have mentioned here as far as living off savings and prolonging collecting SS as long as possible to get the larger benefit. Was there longevity in your family?

You can do it....Just GET MOVING TODAY!!!!!...and good luck!

[karen1972]

There are definitely places, though most of the ones I know of are republican run and thus didn't expand ACA so you would have to be mindful or you could run into issues with medical.

Plenty of places in Wisconsin that you can rent a single bedroom apartment for $400 in some sleepy town around Green Bay/Appleton. You will either need to find someone via want ads that won't look up your history or you will need to be able to prove you have 13 months of payments available typically. If you were handy, you could buy something in say Neenah starting at $35k. I'm not saying it would be great, but its yours.

Also the reason I bring up Wisconsin is that I know they are hiring.. my brother works in Oshkosh and they can't seem to keep people (your looking at low wages $10-12/hr), but A) its a job B) well rent is super cheap C) it pays better than Walmart and includes benefits. My brother says there are want ads everywhere

I just know if I was desperate thats where I would end up. I know plenty of people that live on less than $20k in those rural towns and even raise families.

[Llep]

Quote:

Originally Posted by karen1972 There are definitely places, though most of the ones I know of are republican run and thus didn't expand ACA so you would have to be mindful or you could run into issues with medical.

Karen is right. I just Googled a map of states that have and haven't expanded Medicaid and just about all of what we would consider "the south" hasn't expanded, making healthcare there problematic. (Remember OP hasn't declared how his assets are held, if in a 401K or IRA he is golden). While looking at the map I had a thought on another city I have researched and that is Albuquerque (NM has expanded Medicaid). They have a better inventory of apartments at higher quality than El Paso for about the same prices and they seem to have a more vibrant labor market at the professional level. And great weather year round, certainly better than Alexandria (where I just happened to have lived for a year back in the early 90's).

[Letj]

You can break your lease. Even if they take you to court, no judge in VA will grant the Landlord 6 months of rent if that's what left on it. I own rentals and my attorney has told me many times that you can't recover the remaining months on the lease. Give them 60 days notice and tell them your financial situation has changed. That should give them enough time to show and rent. Allow them access to show the apartment. They will not return your security deposit though.


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[ivinsfan]

Do those of you with renting experience remember if some leases contain loss of job provisions?

I suspect if the OP said he had lost his job and had no money and would have to quit paying rent, the tune would change.