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Anyone else waiting for pension eligibility?
Old 12-12-2016, 11:24 AM   #1
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Anyone else waiting for pension eligibility?

I am sixty years old and age sixty two can't come soon enough!

At that age I can get my Social Security and Pension and live the good life!

I lost my career job at age 58 and for the death of me can't find a new job that pays much more than minimum wage. So for the last two years I have been burning through assets like crazy paying rent in one of the most expensive cities in America and other fixed costs. I have gone through my budget line by line and cut out all the fat.

Are there other people like me on this board who are living on peanuts until they can get their pension and Social Security? If so, how are you coping?
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Old 12-12-2016, 11:37 AM   #2
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Move!
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Old 12-12-2016, 11:44 AM   #3
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Our budget is tighter now than it will be when I start SS and when the kids are launched and off our payroll.... So I understand that. But I'm not paying rent (house is paid for, property taxes are relatively low.)

I live in an expensive area - but have lowered the impact with the paid off home. Since you don't have that option you need to look at what you can do to reduce your withdrawals from savings till the pension & SS come online.

- You could move to a lower cost area.
- You could get part time work.
- You could get a roommate.
- You could be super careful with your spending - cooking foods at home that are inexpensive (beans, lentils, fresh veggies... cheap and super healthy).
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Old 12-12-2016, 11:49 AM   #4
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You don't say if you have a family or kids in school that might make a move to a lower COL place difficult but if not why not move?

There is a mobile home park nearby to here that if I were single I'd consider moving to. It's well maintained, street lights and so on. Or a low-cost apartment if you could go with that lifestyle.
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Old 12-12-2016, 12:04 PM   #5
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You don't say if you've taken those minimum paying jobs or not. If you do you've got 2 more years of income (~$49.3k at the minimum wages in DC) while it is certainly not a lot for some, it is something that will reduce the bleed a bit. moving to a lower COL area is another.

Sorry to hear of your situation. I was in a similar job loss some 7 years ago and managed thru it. I hope you find a way to do it too.
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Old 12-12-2016, 12:36 PM   #6
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I retired at age 52...three years before I could start taking my company pension. Bridging the pre-pension years takes a bit of planning and might involve 72-T, have you considered that?

My approach was to have enough cash and rental income to take me through to age 55 and keep taxable investments as an emergency fund. That worked out well. My day to day spending was a bit less than I had expected, but I had to cash in $10k of taxable investments to pay for a couple of new heating systems in my two family house and then around $30k to renovate the rental for some new tenants (it really needed a new bathroom and kitchen and then a few other things got added on too). But now I'm 55 and the pension is bringing in $1700 per month and the rental is $1600/ month. So that's $40k/year, and with no mortgage or debt that's a comfortable income for me. SS will be a nice bonus when it starts and I'll just continue to reinvesting dividends into my retirement and taxable accounts. I'll look at ROTH rollovers and some retirement account transfers to taxable accounts after age 59.5 to optimize my tax situation now and post 70.5, but the major goal is to leave a considerable amount to charity and my nieces.
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Old 12-12-2016, 01:21 PM   #7
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Quote:
Are there other people like me on this board who are living on peanuts until they can get their pension and Social Security? If so, how are you coping?
As stated above: Move to a cheaper place as soon as practical

So what min wage! It's the "Wage" part that matters. Any way to defray your expenses or reduce the pressure on your personal stash counts

I have a pension and that plus my stash is still peanuts and I have never had a problem paying for things or enjoying life since I quit. Eye of the beholder
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Old 12-12-2016, 01:59 PM   #8
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I'm calling Troll - See prior threads started by Forced To Retire, ultimately determined by moderators to be a Troll. Story here, and on other thread OP started sound awfully familiar . . .
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Old 12-12-2016, 02:06 PM   #9
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Originally Posted by ElizabethT View Post
I'm calling Troll - See prior threads started by Forced To Retire, ultimately determined by moderators to be a Troll. Story here, and on other thread OP started sound awfully familiar . . .
Thanks for the heads-up
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Old 12-12-2016, 07:34 PM   #10
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"I'm calling Troll - See prior threads started by Forced To Retire, ultimately determined by moderators to be a Troll. Story here, and on other thread OP started sound awfully familiar . . ."


I thought the exact same thing. I felt duped by "Forced to Retire". If you look at this person's "about me" stats....he too likes "watching people at the mall."

I don't like feeling this way, but after the "Forced to Retire" thread, it made me think how easily I could probably be conned by someone in real life, by someone with a sob story. I commented on that thread and then felt duped.

And I had thought I was more savvy.

Sorry to the OP if you are NOT a troll....
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Old 12-12-2016, 08:52 PM   #11
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Originally Posted by Lcountz View Post
I don't like feeling this way, but after the "Forced to Retire" thread, it made me think how easily I could probably be conned by someone in real life, by someone with a sob story. I commented on that thread and then felt duped.
I suspect there's a major line to cross between getting duped into commenting on a thread and giving somebody money. I'm always glad to give someone my opinion, and it's worth every penny they pay for it. But try to squeeze a ducat out of my ratty old wallet? You're going to need a better line than that one.
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Old 12-12-2016, 09:00 PM   #12
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I was eligible for a small pension at age 55 ($564). I left work at age 56. I do not plan on taking my pension until I am 65 ($1262).

I am not living on peanuts as I have some rental income. I am fortunate to have more than enough, with additional revenue streams coming in every few years. SS, Pension, 401K, etc.
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