Hi, I'm 61 and getting laid off

[hpbob]

I am 61 and am losing my job in March 2008. My employer was bought out and the new owner is eliminating staff. I have a net worth of about $700k and no debt. My children are all adult and I have been divorced for 20 years. I really don't want to look for a new full time job. I would like to have some time to travel, explore possibilites, maybe work a little part time, and do the things I never could do because I was tied down to a full time job.

 

[USK Coastie]

You've come to the right forum. Welcome. I recommend you read the FAQ's and then pose questions in the areas where you need answers. If your house is free and clear, you collect SS next year and have a LBYM life style you should never have to work again.

For me the primary numbers are how much do you have and what are your present annual living expenses. Dump those into FIRECALC and see what it says. Depending on your current employment you could see a drop in your expenses. You won't be commuting, buying lunches, dress clothes etc....


Just remember you can probably collect unemployment for awhile after being laid off. IMHO you should treat this as a vacation prior to "retiring"

 

[73ss454]

hpbob, welcome! You sound like the perfect candidate to read Bob Claytt's book. "Work less Live more" This book should help you out a bit.

 

[martyb]

Damn.....I wish I could get laid off! Sounds like you're OK with it and are already making plans. Best to ya!

 

[Texas Proud]

Did you get a good package If so, then congratulations... and do what you wish...

And if you did not then... well, congratulations and do what you wish....

It seem you might have enough (not sure as you did not say anything about expenses), but your words seemed to say you could as you want to work part time..

 

[growing_older]

I have to say, one of the considerations in my own FIRE plans is the fear of losing my job earlier than I intend to. My father (and a surprisingly large number of family friends in that generation) found themselves out of work and unable to find anything like what they had before, earlier than they intended. Most settled for earlier than expected, and less lavish than expected, retirements. I was out of work in the tech-bust and while I was lucky to find a new job at a substantial pay cut, many who were out of work with me took a long long time to be re-employed. The freedom of FIRE is attractive, but so is the certainty of no longer "needing" a job that may be unstable. Hope the upcoming lay-off is going to work out well enough with your other plans.

 

[template]

Welcome to the forums, hpbob.

Sorry to hear about the layoff, but it might be a blessing in disguise. You have been doing a good job of saving and you are free of obligations. That means you will have more choices than others in your company who have been laid off.

As USK Coastie wrote, you've come to the right place.

 

[jambo101]

Up here in Canada you would be entitled to up to 50 weeks of unemployment insurance if you got laid off,I think it equates to a cheque very 2 weeks of about 80% of your normal pay.

 

[Enuff2Eat]

Almost 3/4 million, no debts, no kids. I say you're ready for good time.

enuff

 

[Grizz]

Up here in Canada you would be entitled to up to 50 weeks of unemployment insurance if you got laid off,I think it equates to a cheque very 2 weeks of about 80% of your normal pay.

It's 55% up to a max of $22000 payment over 52 weeks and it's taxable, although it wouldn't surprise me at all if Quebec gets something entirely different from everyone else in the country.

 

[jambo101]

although it wouldn't surprise me at all if Quebec gets something entirely different from everyone else in the country.

Thanks for correcting my UIC figure its been a long time since i collected it.
For some strange reason nobody on this forum seems to add their location with there user name so i'm presuming you are a fellow Canadian and You are certainly right about a certain segment of the Quebec population living by the " i want everything because I'm so special" attitude.

 

[ziggy29]

I think one of the first things you need to do is make sure your health insurance situation is in order. You didn't say anything about a severance package or if some benefits will be continued for a period of time after severing employment.

You could take COBRA for 18 months, but that won't bridge the full gap to Medicare.

 

[haha]

...you are a fellow Canadian and You are certainly right about a certain segment of the Quebec population living by the " i want everything because I'm so special" attitude.

Every day I give thanks that we don't have any problems like that down here in Paradise.

Ha

 

[jambo101]

Every day I give thanks that we don't have any problems like that down here in Paradise.

Ha

As you have no location displayed i can only wonder where this paradise might be.

 

[gettingthere]

I have to say, one of the considerations in my own FIRE plans is the fear of losing my job earlier than I intend to. ... The freedom of FIRE is attractive, but so is the certainty of no longer "needing" a job that may be unstable.

Growingolder - I share this fear. A merger followed by a series of layoffs that began at my job about 10 years ago really spurred me to accellerate my savings for retirement. I alway was a saver, but became more "enthusiastic" (maybe desparate?) about it at I saw co-workers in their 50's and 60's being layed off and facing dismal prospects of finding another job at their current pay level.

At 54 now, I feel more comfortable with what I have saved - although I have a ways to go yet to reach my target by age 58.


Hpbob - I've often thought my ideal situation would be to be laid off, receive a severance package and be able to collect unemployment just as I reach my ER goal. I hope you are able to follow your dreams. I wish you well.

 

[Martha]

For some strange reason nobody on this forum seems to add their location with there user name

IIRC, part of the reason for this is that this board's interface is a conversion from prior board software. So, most of the pre-conversion people do not have locations listed, unless they went back and modified their profile.

 

[jambo101]

Ok i'll cease and desist from my comments about the lack of locations, its just confusing in some posts where people are talking about something location related but there is no clue as to where they are coming from.'
For any one who wants to add a location the "user cp" icon at the top of the page is where to go.
Apologies to op for the thread drift.

 

[haha]

If you are in part referring to me, that was a joke about "None of that stuff down here in paradise."

I imagine our special groups here in the USA make your Quebequois look like amateurs.

Ha

 

[maddythebeagle]

funny that the title of this thread appears to say "Hi, I'm 61 and getting laid......" from the main page...what a difference a truncated word can make