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Old 01-11-2009, 02:46 PM   #21
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What would you do if on Monday morning (assuming you're still working), you suddenly couldn't work anymore or were laid off/fired/disabled/lost license etc. How would you suddenly make due with what you have for the rest of your life? This question is particularly directed at those without golden parachutes/pensions and not quite at social security age. Do many folks ever consider this possibility or circumstance?
We discussed this yesterday - always a possibility in the Corporate world. If disability then I have insurance to cover me to full ER in 13 months. If laid off then we would have to drastically cut down our ER plans but perfectly doable.

I don't believe I can lose my non-cola pension - at worst PBGC will replace most but will not get it until age 62.

We would downsize to reduce living expenses and both look for a job that paid health insurance and just get on with life.
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Old 01-11-2009, 03:48 PM   #22
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For years we had a "take this job and shove it" insurance policy -- we made pretty equal salaries and lived on one and saved the other one. That way we knew we could always survive if one of us lost their job.

Then it happened. It was a bit scary at first, but without making a specific effort, we lived comfortably on the one salary and even started to save again (beyond 401K). It worked out so well, we decided that DH would just retire.

A couple of years ago it happened again. This time it was my choice to take advantage of an exit package and I jumped at the opportunity rather than continue on and eventually be forced out in favor of the young.

So now I consult 3 days a week. If it goes away tomorrow, I will be sad and thrilled. I love the work, enjoy the people, think the project is worthwhile, really want to see it succeed and like the income to rebuild after last years losses. If it ends, we have enough money and I will be quite happy to have the time for everything else I want to do.

Both job termination events were the best things that ever happened to us. They forced us to work less, live more.
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Old 01-11-2009, 04:04 PM   #23
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For years we had a "take this job and shove it" insurance policy -- we made pretty equal salaries and lived on one and saved the other one. That way we knew we could always survive if one of us lost their job.

^^^^^ I love this ^^^ We did/do the same thing.... Can always live off one income if needed.

As a federal Employee I'm pretty set if I become disabled anyhow.

A part of me toys often with the idea of "ok, what if in 2.5 yrs when I have over 25 yrs they offer the early out!" That could be fun.
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Old 01-11-2009, 04:16 PM   #24
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I would sell my house and then ask calmloki if I can have that apartment he evicted the methheads from and see if he'll cut me a deal on rent if I keep the common areas clean. And I'd turn my old car into a chicken coop, too
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Old 01-11-2009, 04:22 PM   #25
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For years we had a "take this job and shove it" insurance policy -- we made pretty equal salaries and lived on one and saved the other one. That way we knew we could always survive if one of us lost their job.
Unfortunately income diversification is not an option for the single.
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Old 01-11-2009, 04:32 PM   #26
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Unfortunately income diversification is not an option for the single.
Yes, I know that was one of the luxuries of being married.
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Old 01-11-2009, 04:39 PM   #27
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I would sell my house and then ask calmloki if I can have that apartment he evicted the methheads from and see if he'll cut me a deal on rent if I keep the common areas clean. And I'd turn my old car into a chicken coop, too
That one's rented - how 'bout the one with the 22 YO young lady that called me (after getting back from the bar) at 1:30AM to complain that her downstairs neighbor was complaining to her that she was being too noisy? She may just be moving on soon...
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Old 01-11-2009, 04:48 PM   #28
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Yes, I know that was one of the luxuries of being married.
Assuming your spouse can find a job.
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Old 01-11-2009, 04:56 PM   #29
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Assuming your spouse can find a job.
This seems to be a sore spot with you...
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Old 01-11-2009, 04:58 PM   #30
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This seems to be a sore spot with you...
Ya think?

What I'm really sore at are the circumstances (and entities) which led to the all-out job search not beginning in earnest until the economy fell off a cliff and nothing was left. But that's another story for another time.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

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Old 01-11-2009, 06:52 PM   #31
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That one's rented - how 'bout the one with the 22 YO young lady that called me (after getting back from the bar) at 1:30AM to complain that her downstairs neighbor was complaining to her that she was being too noisy? She may just be moving on soon...
I was thinking about trying my hand at slumlording again...until this post...and I remembered why I got out in the first place.

If I got the boot today, we could make it work. My swr would be closer to 4% than my target in the low 3.x% range, but we would survive. Only open question would be health insurance. It would be much harder to get if disabled than if just unemployed.

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Old 01-12-2009, 01:37 AM   #32
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I'm betting 60/40 that this is about to happen to me. Megacorp is rumored to be planning a massive layoff, and having just moved to a new, small department, I am not as secure as some others.

That said, I knew the job was dangerous when I took it! If I get the axe I'm going to pay off the house (assuming I don't get it refinanced in time, which is in process), take in two college-student roommates, go to the UC Berkeley campus every day and audit classes until I find something to float my boat for the rest of my life.

I don't think I can live forever without working, but I can take a few years off and retool for something I'd really love to do.

Plan B, if Plan A doesn't result in a new career: Rent the whole house, join the Peace Corps (yes, I'm serious), and / or work every summer in the national parks until I'm old enough for Medicare.

Got my fingers crossed!
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Old 01-12-2009, 08:24 AM   #33
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My Brother went thru this..
He got SSD & Medicare Ins., His Wife Works and makes about $40k yr and since they had a 15 yr Mortgage and it's paid off, they get by fine..

He used to make about $50k yr, net about $30k after taxes , Health Ins. and other Job Costs, his SSD? $28k yr.. so not much difference now..

She has Health Ins thru her Job for yrs..

So, IAD..ItAllDepends
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Old 01-12-2009, 09:12 AM   #34
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Care of her Mom 1100 miles away would get more tricky, as would her very part time job at the dealership that gives us a place to buy group health insurance.
Calmloki,
I'm enjoying reading all the post on this thread but something in this caught my eye. I'm always interested in how I will get and pay for health insurance after FIRE. So how does this work? Her Mom works and you get coverage how? I'm obviously missing something here but didn't know it was possible to get group coverage this way.
Thanks for pointers on this,
Steve
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Old 01-12-2009, 09:17 AM   #35
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Calmloki,
I'm enjoying reading all the post on this thread but something in this caught my eye. I'm always interested in how I will get and pay for health insurance after FIRE. So how does this work? Her Mom works and you get coverage how? I'm obviously missing something here but didn't know it was possible to get group coverage this way.
Thanks for pointers on this,
Steve
Poorly said on my part Steve - my gal works part time at the dealership and cares for her Mom 1100 miles away. By dint of my gal's work i get group coverage through her - all we have to do is pay for it.
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Old 01-12-2009, 09:18 AM   #36
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Job loss is very unlikely due to nature of electric utility work and current shortage of skilled workers in the industry.

If I did something illegal and could not work in the industry at all, my retirement planning worries would be over because DW would kill me

If disabled, I have long term disability plus DW's part time salary, so we could get by O.K. Might have to take a study course with unclemick on the finer points of cheap bastardhood
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Old 01-12-2009, 09:37 AM   #37
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Poorly said on my part Steve - my gal works part time at the dealership and cares for her Mom 1100 miles away. By dint of my gal's work i get group coverage through her - all we have to do is pay for it.
Thanks for clearing it up.
But I was looking for a magical solution to getting health care coverage.
On second thought maybe you gave me one.
Talk the wife into keeping on keeping on.
That would probably have to be renegotiated every 28 days though.
Thanks,
Steve
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Old 01-12-2009, 03:21 PM   #38
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What have I got to do
What have I got to do ... "
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I am glad I do not have to ponder the answer to the OP question. I already do not have a job, thank goodness.
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