Anyone else here forced to retire and scared to death?

[Lcountz]

Okay "Forced"...here goes....Tomorrow we'll wait to see you back here and please tell us of ONE Thing you've begun to do from the list of suggestions here.

If you have a mission to accomplish, and you do, you need to put that one foot out and start walking...I know it sounds corny, but six month clock is ticking, and you can always come here and report or discuss or just shoot the breeze....but DO SOMETHING....

I confess I've not been in your situation, and it must seem overwhelming. But you're "only" 61. Hopefully you'll have some life left to live that won't be this stressful...

Look at it this way. The sooner you move from your current location, which is WAAAAAY to expensive to maintain unless you get a comparable job as to what let you rent there to begin with, the sooner the stress will lift. You have $300,000 to work with. A TON more than a lot of folks do. And, you have only yourself to worry about.

Stay FAR AWAY from downers. Shower, shave, clean clothes, and maybe take a 1/2 hour timed walk starting tomorrow. Walking relieves stress, gets you out, and gets you moving AWAY from downers. Don't worry about them, focus on YOU.

Good luck. But start TOMORROW and report back please!!

Some folks responses may seem harsh or critical BUT most people here got here by fierce determination and will power, myself included, so it CAN be done.

 

[FI by 2024]

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!

OP, I'm with everybody else that thinks you should move but since you seem very opposed to that for now at least, I think KmmFlDreamer offers some good advice here.

A typical dog walker in the DMV commands $1 per min, OR MORE, for dog walking. I'm sure the bigger dog walking companies pay for extensive insurance, but they still probably see $50/hr after overhead. You could offer a cut rate service to acquaintances and I bet you'd get a lot of takers. There is a huge demand in my area and I'm pretty close to you. If I knew someone offering dog walking for $.50/min, I'd jump on it - you could easily pull in $15-$30 an hour that way.

Delivering pizzas is also a good idea. I made $15+ per hour doing that 15 years ago in a small town. I'm sure you could pull in $20+/hr in NOVA. Do that two days a week and even after taxes you'll have an extra $1000 or so to play with each month just from part time work. You said you feel like a 70 year old so maybe delivering pizza isn't the right job, but you get the idea. Walmart or Costco greeter, work at the library (we all know from your other post that you go there), etc.

But the attitude change is key. Nobody will hire a down-on-themselves 61 year old complaining about life. Plenty of people will hire a 61 year old who is excited about retiring but wants some extra pocket change.

 

[UpAnchor]

I might as well add one more example of what's available for rent in LCOL areas, including this midwestern, no income tax state (South Dakota):

Kenwood Manor Apartments - Home

I just happened to have lived in this complex from 2009 thru 2011 while DW and I were temporarily living/working in separate states. I occupied a super-clean ground level furnished efficiency about 40 yds from the pool for $420/mo. Upon leaving I recommended the facility to a colleague who is still there and just as content as I was. In fact, were I single and without nearby kids/grandkids, I'd consider moving back in a heartbeat (though probably to a larger unit).

Not suggesting the OP needs to head halfway across the country, but just know that there are some nice options out there for a single retiree of modest means. And LCOL doesn't automatically have to mean run-down or high-crime areas.

 

[OneDay]

Okay "Forced"...here goes....Tomorrow we'll wait to see you back here and please tell us of ONE Thing you've begun to do from the list of suggestions here.

If you have a mission to accomplish, and you do, you need to put that one foot out and start walking...I know it sounds corny, but six month clock is ticking, and you can always come here and report or discuss or just shoot the breeze....but DO SOMETHING....

I confess I've not been in your situation, and it must seem overwhelming. But you're "only" 61. Hopefully you'll have some life left to live that won't be this stressful...

Look at it this way. The sooner you move from your current location, which is WAAAAAY to expensive to maintain unless you get a comparable job as to what let you rent there to begin with, the sooner the stress will lift. You have $300,000 to work with. A TON more than a lot of folks do. And, you have only yourself to worry about.

Stay FAR AWAY from downers. Shower, shave, clean clothes, and maybe take a 1/2 hour timed walk starting tomorrow. Walking relieves stress, gets you out, and gets you moving AWAY from downers. Don't worry about them, focus on YOU.

Good luck. But start TOMORROW and report back please!!

Some folks responses may seem harsh or critical BUT most people here got here by fierce determination and will power, myself included, so it CAN be done.

Great advice and so true.

 

[jazz4cash]

Around here, Home Depot and Lowes are hiring older, grey hair guys and gals that speak good English, will show up for work and can tell the difference between a threaded bolt and a light bulb. Maybe you can try them?

Wow HD and Lowes must have higher standards for new hires in your area than around here. They are my "go to" spots if I decide I need a decent low anxiety retail job.


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[CountryGal]

You guys are all awesome! OP is very lucky to get such sage advice. I am sure it is helpful to more than Forced.

 

[cyber888]

I

I don't think this the real world.



The real world is someone like me. Struggled to save money, had bad investment choices, and were forced to retire when they were fired from their job and due to lack of job opportunities for sixty one year old men with white hair who look and feel like they are 70, are sitting at home waiting for Social Security to become available in 2017. (I am going to be 62 in October 2017)



Any support for someone who was forced to retire early and only has $300K saved?

I think you're still better off than many, because you are a year away from getting SS. I know of a guy who was Vice President and got laid off at 38 yrs old during the Great Recession of 2009, and he's broke now and no decent job. Moved back in with his Mom. No SS. With SS and your $300k, you can generate $2400 - 2500 a month in income. Move to a southern state, like NC, SC, TN, GA, FL. Where cost of living is cheap. I'm out of a job now at 52, so I'm 10 years away from getting SS. In that respect, you're luckier as you can get SS next year. But I've been preparing for this and have more than twice the savings you have. Luckily, I got a job offer but it will start Jan.2017. So I have 4 months of vacation.

Anyway, you may want to read the book - Your money or Your Life. The guy retired with $100,000


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[alaska55]

Try calling the apartment corp HQ instead of talking to the office people.

 

[EastWest Gal]

There are a lot of great suggestions here. A friend of ours was downsized from IT in 2008. He never found anything in his field and is now working at Home Depot. He's been there several years. It's low stress. It pays the bills. He gets benefits. He's in his early 60s I think.

Also look at Costco. They have a reputation for higher pay and good benefits. Our local grocery stores are always looking for help, especially now when so many young folks head back to school.

The main thing is to try to lower your housing costs ASAP. Do you have a local legal aid group that can help look at it? I hope you can find a way out of your lease. I agree with looking for a lower COL area. You're in one of the higher areas in the country. Other areas of VA are much cheaper, once you get away from the greater DC area.

PA has treated us pretty well. We have pretty good snow removal BTW. There's loads of free and cheap things to do here as well, concerts, festivals, community theater, hiking clubs, etc.

You need to keep moving. Sitting still will make you old fast. Walking is a great stress reducer and will help you think through your problems better. Any day I spend too much couch time it hurts to climb the stairs. I spent much of today in the garden and I'm running up the stairs.


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[Matthew J]

I am a landlord. Granted I only own one house, but I assure you, almost anybody with a clean record will be able to rent my place even if they bailed on a former landlord because of life changes. I can't imagine trying to keep my tenants if they told me they lost their job and couldn't afford rent. Actually I'd be thankful they were up front with me instead of screwing me for months of rent by not paying. Yes, I'd let them out of their lease in a heartbeat.

Screw your landlord. You were up front with them and they are being pricks. Your goal now is to make your plan NOW and actuate it. Your goal with your landlord is to not give them one single penny more than you absolutely must. That probably means paying September rent and moving next month.

As an aside, in my home state it is the responsibility of the landlord to give you proper notice for a court appearance. So just send then a certified letter letting WITH signature and return receipt letting them know you will be vacating on a certain day. Than turn in the keys that day and walk without giving them a forwarding address. Unless Virginia has some weird law, you can't even be sued (legally) unless they find you and give you proper notice. And if they don't do that, and sue you anyway, misrepresenting to the court that they served you a subpoena when they didn't, then you can sue them back for misrepresentation to the court, which will make almost any judge mad at them.

GOOD LUCK!

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[l8_apex]

Forced, it seems that you realize that the status quo can't continue. So either start making changes/fixes now, or you'll have to do so later. And if you do it later, your options will be fewer than they are now.

I think there have been plenty of options that have already been posted. I would suggest taking a couple of the smaller ones and doing them in the next 48 hours.

And please take a positive and team-oriented attitude with you to any job-related activity, because it's pretty clear that's why you're not employed.

 

[Forced to Retire]

OK, someone asked me to stopping complaining and make some changes to my attitude and DO SOMETHING about my situation. So here is my plan for today:

Go to every temp agency in the area and push hard for temp work to tide me over until I can move.

Do more research into how I can use my $300K in my Fidelity Account to pay for my expenses so it won't run out before I die.

Talk to a legal aide attorney about how I can break my lease without destroying my credit so I could not rent in the future.

Look into selling some of my stuff to get a cash infusion.

Look into cancelling my $800 a month COBRA health insurance and going on Obama Care with federal subsidy.

Drive down to suburban Richmond VA and check it out. I can live there and be within 100 miles of my friends and family in the DC area but live in a cheaper more low keyed town. I see nice apartments advertised there for under $800 a month. I will talk to them about how I can rent without a job but with assets. (Maybe pay a year ahead in rent?)

 

[HadEnuff]

OK, someone asked me to stopping complaining and make some changes to my attitude and DO SOMETHING about my situation. So here is my plan for today:

Go to every temp agency in the area and push hard for temp work to tide me over until I can move.

Do more research into how I can use my $300K in my Fidelity Account to pay for my expenses so it won't run out before I die.

Talk to a legal aide attorney about how I can break my lease without destroying my credit so I could not rent in the future.

Look into selling some of my stuff to get a cash infusion.

Look into cancelling my $800 a month COBRA health insurance and going on Obama Care with federal subsidy.

Drive down to suburban Richmond VA and check it out. I can live there and be within 100 miles of my friends and family in the DC area but live in a cheaper more low keyed town. I see nice apartments advertised there for under $800 a month. I will talk to them about how I can rent without a job but with assets. (Maybe pay a year ahead in rent?)

Beautiful!!

 

[FIREmenow]

OK, someone asked me to stopping complaining and make some changes to my attitude and DO SOMETHING about my situation. So here is my plan for today:

Go to every temp agency in the area and push hard for temp work to tide me over until I can move.

Do more research into how I can use my $300K in my Fidelity Account to pay for my expenses so it won't run out before I die.

Talk to a legal aide attorney about how I can break my lease without destroying my credit so I could not rent in the future.

Look into selling some of my stuff to get a cash infusion.

Look into cancelling my $800 a month COBRA health insurance and going on Obama Care with federal subsidy.

Drive down to suburban Richmond VA and check it out. I can live there and be within 100 miles of my friends and family in the DC area but live in a cheaper more low keyed town. I see nice apartments advertised there for under $800 a month. I will talk to them about how I can rent without a job but with assets. (Maybe pay a year ahead in rent?)

AWESOME!!!!

 

[gauss]

Drive down to suburban Richmond VA and check it out. I can live there and be within 100 miles of my friends and family in the DC area but live in a cheaper more low keyed town. I see nice apartments advertised there for under $800 a month. I will talk to them about how I can rent without a job but with assets. (Maybe pay a year ahead in rent?)

I think this is your highest priority! With low expenses you don't need much income.

My fear is that you are not going to move out of the $2,500/month place while waiting for your former life to return.

The problem with this scenario is that it is the least effort/least change solution and you can probably do it for ~5-10 years until your funds are exhausted and you will truly be a ward of the state (ie SS income only). You will really be sacrificing your future life for inaction on controlling expenses today. I know your ego is bruised about the job loss, but remember, you control your reaction to this and how you frame it.

I have seen this sort of behavior from my Mother-In-Law who maintains her old house, which we just can't sell yet because of the "valuable" items inside (actually mostly hoarder fodder). She doesn't realize the $500-$1000 hold cos, which is coming up on 2 years, is bleeding her dry and also in a few years her principal residence capital gain exclusion for the IRS will expire and she will then be on the hook for 10's of thousands of dollars in unneeded taxes.

She always has an excuse for not dealing with this and for now she can make her payments... but it is not sustainable.

Remember you only get once chance at this.

If you find a lower cost apartment, you could always continue the job search and then reclaim a high COL lifestyle is that what is important to you.

Just don't sit on this and burn through all your capital. You only get one chance at this. The proverbial fire is burning and you are not putting it out.

-gauss

p.s. if you are paying more than $15/month for cell/smart phone service that may be the next expense to cut,with no significant loss of functionality, of which we can help.

 

[pb4uski]

Congratulations!! Glad to see you are taking some actions. You may want to prioritize things... to me top priority is to talk to legal aide atty about breaking lease and check out Richmond.

Bad news on the COBRA, my understanding is that you can go on Obamacare only at the earlier of your COBRA running out or the next open enrollment period. However, if you move to a different zip code it may be a qualifying life event that allows you to dump your COBRA and buy Obamacare coverage earlier. See https://www.healthcare.gov/glossary/qualifying-life-event/

On the renting front... just explain that you were laid off and are living on savings but will start getting SS in about a year and will be looking for part-time work in the Richmond area. If income is an issue for them you could offer to put up 6 months rent... a year seems too much to me.

 

[gauss]

Bad news on the COBRA, my understanding is that you can go on Obamacare only at the earlier of your COBRA running out or the next open enrollment period. However, if you move to a different zip code it may be a qualifying life event that allows you to dump your COBRA and buy Obamacare coverage earlier. See https://www.healthcare.gov/glossary/qualifying-life-event/

I was under the impression that loss of employer provided insurance is a qualifying event regardless of COBRA.

https://www.healthcare.gov/unemployed/cobra-coverage/

• If you decide not to take COBRA coverage, you can enroll in a Marketplace plan instead. Losing job-based coverage qualifies you for a Special Enrollment Period. This means you have 60 days to enroll in a health plan, even if it’s outside the annual Open Enrollment Period.

In general COBRA coverage would not always be considered affordable by ACA standards. This is probably why the system is setup this way.

 

[Aerides]

Well either way Cobra or ACA, the new period opens for enrollment in October, and then would be effective January? So just 4 months there I think.

And yeah when meeting new potential landlords, don't say "no current income/job" just say you want the apartment and how much and give them info only when REQUIRED.

Focus on positive answers "Seeking new positions in the area" is a much better answer than "I'm not currently working".

And offer the year-up only if normal leasing isn't working. With a less corporate-mega type of housing arrangement, a credit check and income estimate might be enough - and income ISN'T zero, it's your reasonable estimate of draw from assets/etc. Income != paycheck from your boss. Get creative.

 

[pb4uski]

If he had just lost his employer coverage then he has 60 days to chose between COBRA and Obamacare coverage. But he lost his job 9 months ago and chose COBRA in that 60 day window so now he can not enroll in Obamacare until either his COBRA ends (in which case he has lost coverage), the next open enrollment period, or a different special qualifying event.

See Can I Switch from COBRA to ObamaCare? - Obamacare Facts

 

[Blueskies123]

My $300K portfolio is 60% VTI and 40% BND.

Why did I struggle to save money? ANSWER: Lots of layoffs and firings during my career due to my outspoken eccentric personality and long periods of unemployment.

Since I lost my career job 9 months ago, I have applied at hundreds of places and got no where, even at Walmart.

I currently rent with six months left on the lease. I am single and don't have any friends or family I can depend on.

Right now I am burning through cash but when I get Social Security at age 62 next year I will have an income of $2500 a month with about $1250 in Social Security and $1250 in 5% annual withdrawals. A figure almost impossible to live on in very expensive Fairfax VA.

As a manager of hundreds of people over the last 43 years I wish I could have shown this post and this sentence " outspoken eccentric personality" to about 20 of them.

 

[Llep]

I hate to be Debbie Downer here and keep flogging this dead horse. The one fact that keeps getting glossed over by some posters in this thread is ACA subsidy availability in states that haven't expanded Medicaid of which Virginia is one despite the governor's efforts. Forced, unless your assets are in tax advantaged accounts like 401k and IRA which would allow you to "generate" income when you take that money out and spend it, you will be far under the income requirements that will allow you to get a subsidy ($16,250ish). In my understanding of the world you will be required to pay a substantial monthly premium to get health insurance in VA which I don't believe you should be without as one minor emergency could put your whole nest egg at risk. Once you start collecting SS you will be closer to the magic income number but please don't ignore this. And if anyone thinks I am wrong on this (as I seem to be the only one pointing it out) please correct me. I do not claim to be the sharpest knife in the drawer!

 

[gauss]

If he had just lost his employer coverage then he has 60 days to chose between COBRA and Obamacare coverage. But he lost his job 9 months ago and chose COBRA in that 60 day window so now he can not enroll in Obamacare until either his COBRA ends (in which case he has lost coverage), the next open enrollment period, or a different special qualifying event.

See Can I Switch from COBRA to ObamaCare? - Obamacare Facts

Agreed! 60 day window on qualifying event has expired. Thanks for pointing out the details in OP case.

CFR 155.420(4)(c) Special enrollment periods.
Availability and length of special enrollment periods—(1) General rule. Unless specifically stated otherwise herein, a qualified individual or enrollee has 60 days from the date of a triggering event to select a QHP.

 

[jim584672]

Roth conversion would be one way to get the MAGI up. 100% FPL or more would be needed to qualify for plan with a subsidy in those states that did not expand Medicaid.

 

[Llep]

Roth conversion would be one way to get the MAGI up. 100% FPL or more would be needed to qualify for plan with a subsidy in those states that did not expand Medicaid.

Exactly. But since he needs the money to live on and is over 59.5 just taking it out and spending it gets the MAGI where it needs to be IF he is in tax advantaged accounts which we don't know because he has been silent on that fact.

 

[Bestwifeever]

OK, someone asked me to stopping complaining and make some changes to my attitude and DO SOMETHING about my situation. So here is my plan for today:

Go to every temp agency in the area and push hard for temp work to tide me over until I can move.

Do more research into how I can use my $300K in my Fidelity Account to pay for my expenses so it won't run out before I die.

Talk to a legal aide attorney about how I can break my lease without destroying my credit so I could not rent in the future.

Look into selling some of my stuff to get a cash infusion.

Look into cancelling my $800 a month COBRA health insurance and going on Obama Care with federal subsidy.

Drive down to suburban Richmond VA and check it out. I can live there and be within 100 miles of my friends and family in the DC area but live in a cheaper more low keyed town. I see nice apartments advertised there for under $800 a month. I will talk to them about how I can rent without a job but with assets. (Maybe pay a year ahead in rent?)

Quite an agenda for one day.