I think I need to go back to w*rk

[Sunset]

Well as of today I have income zero because I got PTO paid out in a lump sum and still not really sure how long it will last but thank you for the suggestion. I have not ever really trusted annuities somehow though I don't know why. I will look more carefully.

I have to say the first week off was more stressful than fun as well as I am not used to having no human contact. Sure the phone rang a couple times but otherwise not the level of interaction I am used to.

Maybe I missed it, but I didn't see where you applied for Unemployment.

If you haven't done it yet, Just Do It.

Do not deny yourself, instead apply and let the employer deny you as otherwise you are only shooting yourself in the foot.
You can always turn off/suspend UI if you get another job.

 

[skyking1]

It is very stressful to get this dumped on you. People have given you plenty of sound financial advice.
I think the lack of contact and uncertainty are the real concerns. Give yourself some time to come up with a plan and use some of your savings for what it was set aside for.
EDIT: Yes to the UI. You worked for it.

 

[RetiredAndLovingIt]

In another thread you mentioned it was recommended that you apply for a position at the other company which is a good idea because a requirement is that you are actively looking for work. Just file ASAP to get the process started and they can only say no. You've been paying into the system and now it's time for the system to work for you.

https://des.az.gov/services/employm...applying-unemployment-insurance-benefits-QAs#

 

[cyber888]

Well as of today I have income zero because I got PTO paid out in a lump sum and still not really sure how long it will last but thank you for the suggestion. I have not ever really trusted annuities somehow though I don't know why. I will look more carefully.

I have to say the first week off was more stressful than fun as well as I am not used to having no human contact. Sure the phone rang a couple times but otherwise not the level of interaction I am used to.

Like you, I'm retiring this year (in 3 months) and about $1 Mil by the time I retire, but will be retiring at 59.5 yrs old vs you at 55 yrs. DW and I plan to get our SS in 3 years.
I'm considering adding an annuity to lessen the stress of a volatile market, considering the higher returns are attractive now. I've talked to 2 persons here who did an annuity conversion with the same company I have my 401k, and they are pretty happy about the annuity returns.

Good luck to you.

 

[badatmath]

Good luck to you as well cyber888. I am having a hard time deciding fairly minor things right now so sticking to basic must dos. I still do not have my benefits sorted out they said I can call back Tuesday. I picked up a nail in my tire the day I returned my equipment so my past parting gift from them was a tire I needed to patch.

 

[rmorris50]

Life will never be riskless. But we are human. We are adaptable. Look around. Vast majority of people today on this planet get by on much less. You are one of the wealthiest people to ever live, statistically speaking. You will be fine.

It’s important to realize this so you can relax and allow yourself to think. It’ll take time to figure out your financial situation more clearly and get a plan going forward. That’s okay. That’s life. That’s the journey. You have time to do this. Your money won’t run out over night.

You’ll figure this out - you got this.

Over the coming months make Excel your best friend. Project out all assets, income, taxes, expenses for the rest of your life in Excel. Play with many scenarios of when you access your assets and how much you spend each year. Get intimately familiar with your numbers. Trust me a plan will eventually emerge and solidify from it.

 

[MarkiePippo]

If you were laid off you can grab your 401k before the 59 1/2 cut off. That is the reason why I kept my 401k instead of rolling it to an IRA just in case. There will be taxes of course but no 10% penalty.

 

[badatmath]

Yeah but if i start spending 401k now I think I will run out of money. . . So far though I am not having a bit of fun not working and zero contact with people is doing me no good.

 

[harley]

Just reading your posts, I'd say you should go back to work. Somewhere, doing something. You don't sound ready for the joys of retirement. However, to give it a fair chance, I would apply for UI and use that up. You might find your happy place in the interim.

 

[mystang52]

Yeah but if i start spending 401k now I think I will run out of money. . . So far though I am not having a bit of fun not working and zero contact with people is doing me no good.

A bit of tough love, here: I didn't reread the prior posts, but I believe this last response has been somewhat common for you. Have you taken a stab at making a budget? Knowing your spending NEEDS will go a long way to easing stress about how much you can withdraw. "I think I will run out of money..." doesn't mean anything until you've tried to determine your income and expense needs. Making a budget doesn't have to be 100% accurate, but not even trying to do so will not help you ease your financial concerns.

 

[RetiredAndLovingIt]

You've been unemployed less than a month and you're still in that adjustment period and will be for quite a while while you figure out budgets, healthcare benefits, unemployment, your daily routine etc so you're probably quite busy right now and probably stressed because it's all new to you. I remember I had so much fear that I would not be able to get another job due to my age but after a couple of months on unemployment and figuring out my yearly budget until I realized I was in far better shape than I thought I was. I'm living on a lot less than when I was working but I don't care, I'm happier now, have no stress and I don't need anything. Simply put, I discovered I don't have to spend a bunch of money to enjoy life.
If you're feeling really overwhelmed, take a break, go for a walk, go see a movie, take the dog to the park, just get out of the house for a bit and maybe have lunch with a friend or something. Things will get better and one day you might even wake up and realize that life is actually quite good and maybe you don't really want or need to go back to work.
I volunteered to do AARP taxes this year for three months and I loved that unpaid position. I discovered it's more fun to work for free than when I was working and pulling in a boatload of money.
Take care

 

[JBTX]

Maybe I missed it, but I didn't see where you applied for Unemployment.

If you haven't done it yet, Just Do It.

Do not deny yourself, instead apply and let the employer deny you as otherwise you are only shooting yourself in the foot.
You can always turn off/suspend UI if you get another job.

I second this. If you were laid off you should be eligible for unemployment comp. I’ve even seen cases where employee was fired but was able to make case that the employment situation was untenable and they were forced out. If you have any questions or doubts contact an employment lawyer.

 

[freedomatlast]

I have to say the first week off was more stressful than fun as well as I am not used to having no human contact.

Maybe this is more of an emotional issue than a dollars issue. Perhaps finding some work that you would enjoy would solve both problems.....providing some income as well as the human interaction that you seek.

It would also allow you less time to dwell on "worst possible scenarios" that are causing you additional stress.

 

[Jeffman52]

It's very simple, but you have to do the work yourself. For anyone else reading, this is the stuff you do long before you retire. But, for the OP, it means carve our tomorrow and get a calculator (it's all easy math, fortunately):

Spot on!!


When I started looking at retirement it was very simple math spreadsheets just to get a feel for where I was at. I kept coming here to learn and add to my knowledge so that I could be as ready as possible to pull the plug on w**king. As the time has approached my spreadsheets have become much more complex and this last year took a huge leap in making sure I was thinking through as much as I could. This includes a more detailed budget (and more accurate) that shows now vs retired. Running the numbers out to being 95 years old. What disposable income do I want. SS dates "What if's" (62, 65, 67 ,70), RMD's at 73, taxes both Federal and State, etc etc etc. After retirement investments and savings and interest to that each year. At this point its a more interactive spreadsheet that I can make simple changes and see how that impacts my income and savings over the 35 year span of time.


Its not perfect and I know of a few other things I want to do to make it more accurate and interactive.



Learn learn and learn. Knowledge is power and will take the fear away.

 

[Al18]

Definitely file for unemployment. It may require 2 hours of your time, and may result in thousands of dollars. It won’t cost you a penny.

 

[LoneStarJeffe]

Yeah but if i start spending 401k now I think I will run out of money. . . So far though I am not having a bit of fun not working and zero contact with people is doing me no good.

Your glass is more than half full.
You have several options.

IMHO, you are focusing too much on the time value of money and not enough on the value of time OVER money at this point in your life.

You need to consider that there are years left and there are good years left in your remaining lifespan. Good years being when you are healthy enough to go out and do the things that interest you versus having more health restrictions limiting what you can do.

I suggest you focus on the following:

Pay for a financial planner. You still have no plan. This is like asking the Internet to diagnose your symptoms instead of seeing a doctor. As others have suggested, use a fee based planner and get a plan created so you can see more clearly the options you actually have which I think are invisible to you right now.

Focus on your health. Invest in your health. This is a dial you can turn even if you are not receiving further income. Taking a walk every day is free. Getting a cheap gym membership is an investment to prolong your good years and is a better investment than trying to hit age 95 with the the ability to spend 70k that year. My retirement spending plan only goes to age 85 for my wife and I. After that, we might run out of money in our investments. We will not be broke as we will srill have Social Security income and my small pension each month. But that allows us to spend a little more between 65 and 75 while we still have our health. We are not spending wildly but understand we need to enjoy our good years while we have them.

It is best to have sufficient saved to never run out, afford all scenarios including long term care, etc through age 95. Well, I do not have enough to do that. A lot of people do not have that. Yet I love retirement. I am not worried. I looked at my best options, made my plan, accepted the options and tradeoffs, and focus on the quality of remainning life, not maximizing how long my limited portfolio (less than half of yours) will last.

Get a financial plan in place and know your options.
Invest in your health.
Give yourself permission to focus on what you want to do. I do volunteer work as my "part time job". I enjoy reading books I want to read. I enjoy a different pace of life and no rat race. My spending is lower but so is my blood pressure. You will find your pace of life and your focus once you have a plan and priorities in place. Good luck.

 

[Aerides]

Pay for a financial planner. You still have no plan. Get a financial plan in place and know your options.

Much snipping of your post, but this is exactly what the OP has been told throughout this thread, and several threads prior to him retiring.

So, OP, if you still haven't done that, and aren't enjoying yourself, by all means, go back to work.

 

[MarieIG]

Yeah but if i start spending 401k now I think I will run out of money. . . So far though I am not having a bit of fun not working and zero contact with people is doing me no good.

- Go for a walk outdoors - maybe at a nearby (free) park;

- Exercise;

- Find out where you can get access to free "sports" (sometimes county/ local parks have free tennis/ basketball/ shuffleboard, etc. for residents);

- Go to the library - find out what "free" entertainment is available locally;

- Make plans to meet with friends for a cup of coffee or other budget afternoon.

You have had time to calculate your monthly expenses since you started this thread. You also have had time to move your cash into an account earning more interest. You can take your dividends, monthly interest, and a portion of your vacation pay and put that towards your monthly expenses.

You can apply for unemployment but you may or may not qualify. You can also look for a full or part-time job if that would help you feel better.

 

[Gumby]

Your glass is more than half full.
You have several options.....

There are those who see the glass and say it's half full. There are those who see the glass and say it's half empty. Then there are those who see the glass and say "Dang, that glass could shatter and slice me to ribbons!"

 

[ncbill]

Yeah but if i start spending 401k now I think I will run out of money. . . So far though I am not having a bit of fun not working and zero contact with people is doing me no good.

So did you get your retiree health insurance as planned?

 

[OddGuy]

Yeah but if i start spending 401k now I think I will run out of money. . . So far though I am not having a bit of fun not working and zero contact with people is doing me no good.

Here is the link to apply online for unemployment benefits in Arizona:

https://des.az.gov/services/employment/unemployment-individual/apply-ui-benefits

Should take you 10 minutes or so. If AZ is like most states, the money will arrive by direct deposit or a refillable debit card.

Benefits are up to $320 a week for up to 24 weeks. You'll manually terminate it if you get a job within that period. If you take contract work (like a 6 week gig), you can pause it for those six weeks.

Assuming you qualify for the max (as most white collar jobs would) we're talking about $7500-ish. I guarantee you've paid far more than that into the unemployment system - just take it.

 

[RetiredHappy]

Assuming you qualify for the max (as most white collar jobs would) we're talking about $7500-ish. I guarantee you've paid far more than that into the unemployment system - just take it.

Employees do not pay into the unemployment system. Employers foot the entire bill.

 

[badatmath]

So did you get your retiree health insurance as planned?

Yes, I did.

Oh and regarding above, I already walk every day - sometimes twice.

 

[l8_apex]

Yes, I did.

Oh and regarding above, I already walk every day - sometimes twice.

Did you file for UI? Did you figure out your monthly expenses?

 

[badatmath]

Nope. It does not match my ethics to apply for UI when I am not searching for a job (yet). I moved the cash to a 4.5% CD and trying to track expenses looking forward (ie now) but this month has been irregular (I won't make a will every year). Looked into super discounted drug plan for my one brand name med and didn't qualify (though I will next year). I did find the manufacturer had a separate copay discount card that supposedly you can use with your insurance and printed that out but I am not yet due for a refill so not sure CVS will take it. Going to requote my homeowners insurance this morning and see if I can do better there as it went up 15%. And of course as I do every day this month I will call old employer benefits for fixing the rest of the stuff that is still messed up. (They somehow dropped my beneficiary on everything when they cancelled my life insurance. I have uploaded the signed form over a week ago and nothing done).