need opinions on what to do next

[yavenay]

How could that be even possible? The food stamp program is $125 per month per person on average. (I just looked it up.) Yours is even lower than that and you have about $23 a week to spend on food. What do you eat?


.

Of course it fluctuates depending on the prices but for the most part yeah around 100 bucks a month. SOme months, it's more, some months it's less and some months I don't go to the grocery store at all.
I live alone and have never been a big eater. I can go months without going to the grocery store. I can spend 300 dollars in a grocery store and the food would last me a few months because I typically only eat once a day. I've been that way my entire life.

 

[yavenay]

I'm retired from IT. I haven't seen your age but.... most of my co-w*rkers left around 55. It gets really hard to keep up the pace. Sometimes you are perceived as not fast or nimble enough.


Healthcare is a very big deal. I'm 60 and the unsubsidized cost of my silver plan for one is $1,800 monthy! YMMV.

IT is very stressful and it's getting worst. I work in the financial services industry and it's getting to the point that you have to fill out form to go to the bathroom. The beauracracy is driving me crazy.

I had ACA a few years ago and for me it cost 435.00 a month unsubsidized, single with no kids. But that's because my salary was so high that I didn't qualify for any subsidies. Now I have insurance through my present employer. Now that I maybe taking a lower salary, I would be eligible for subsidies assuming trump doesn't destroy ACA without having anything else in place.

 

[yavenay]

If I had to wager on this, I'd bet against you. The trend for working remotely will not continue upwards forever. My guess is that this benefit is something companies and government are pulling back on. Not eliminating in total, but bringing people back into the physical plant for various reasons.

There are exceptions, I know, but assuming you can get work past 55 that meets all of your requirements is not wise. Once you leave the permanent workforce, you may notice that lower-paid, younger replacements are plentiful.

even if that is the case, I do have a car. I commute now 35 miles so I don't think I need to depend solely on remote work for a job. I live in a small town but I am surrounded by Philadelphia, Wash DC and NY and all the small towns in between.

 

[exnavynuke]

There is another guy who runs extremeretirement.com who claims him and his wife are only have 14k a year in expenses or 7k a year each. I have low expenses because it's just me......no kids. It took me years to reach this point and I couldn't believe it either. I kept thinking I am missing some bills but nope it's true.

The only unknown is medical insurance.

I see a few things missing:

1. Savings for new vehicle/vehicle repairs.

2. Savings for home repairs etc (that A/C unit won't last forever and isn't free to replace or repair, same with other things around the house).

3. Other stuff like car registration, gas for the vehicle, replacement clothing, household cleaning products/TP/paper towels/etc, doing anything other than sitting at home surfing the internet.




However, that isn't what you asked. You asked if you could afford to stop working your current job and get a lower paying, lower stress job making ~$1,500/month instead of keeping on at your current job. I'd say that if that new job comes with health insurance, most definitely. If not, then it would depend on how much insurance costs, but you could still probably do it (and definitely if you get an ACA plan that is heavily subsidized- for now). If I triple your budget to $18k/year (from your stated $6k/year spending), a $1,500/month job would cover those expenses. So, if you're actually living that cheaply then there's no reason you can't go work an $18k/year job, get employer or ACA paid for insurance, and afford your current lifestyle with your existing nest egg as a financial backup for unexpected expenses.

 

[yavenay]

I see a few things missing:

1. Savings for new vehicle/vehicle repairs.

2. Savings for home repairs etc (that A/C unit won't last forever and isn't free to replace or repair, same with other things around the house).

3. Other stuff like car registration, gas for the vehicle, replacement clothing, household cleaning products/TP/paper towels/etc, doing anything other than sitting at home surfing the internet.




However, that isn't what you asked. You asked if you could afford to stop working your current job and get a lower paying, lower stress job making ~$1,500/month instead of keeping on at your current job. I'd say that if that new job comes with health insurance, most definitely. If not, then it would depend on how much insurance costs, but you could still probably do it (and definitely if you get an ACA plan that is heavily subsidized- for now). If I triple your budget to $18k/year (from your stated $6k/year spending), a $1,500/month job would cover those expenses. So, if you're actually living that cheaply then there's no reason you can't go work an $18k/year job, get employer or ACA paid for insurance, and afford your current lifestyle with your existing nest egg as a financial backup for unexpected expenses.

That's exactly what I was thinking. My nest egg would simply be a backup. My monthly bills are really that low. Amazing and a lot of people can't believe it but it's true. Now I still do have the occasional expenses like birthdays, car repairs etc but that is why I still want to work so I can afford those things without touching my nest egg. 18K a year would probably allow me to save for a new car, travel a little, save for repairs to my home,continue to contribute to my savings while working fewer hours at a less stressful job.
and if not I can always increase my income my working more hours. I've started an online site so hopefully that can make some money for me as well.

I guess to me, working part time bringing home 1500 a month and only having 500 a month in expenses is no more of a risk than working full time bringing home 5K a month and having 3K a month in expenses.

 

[Aerides]

Here's the thing, though - have you looked for a part time IT job that allows you to "increase your hours" when you want? That includes HI? That's the tough part - those are in high demand and hard to come by.

I don't recall your age, but if you are over 50 and even hint going PT to your current employer, if it's a midsize or bigger IT org, what do you think the chances are they instead put you on the next RIF list? Not to be doom and gloom, but "hey I'll work PT for HI" is not a novel idea, and there are not as many openings for that as you'd think.

 

[yavenay]

Here's the thing, though - have you looked for a part time IT job that allows you to "increase your hours" when you want? That includes HI? That's the tough part - those are in high demand and hard to come by.

I don't recall your age, but if you are over 50 and even hint going PT to your current employer, if it's a midsize or bigger IT org, what do you think the chances are they instead put you on the next RIF list? Not to be doom and gloom, but "hey I'll work PT for HI" is not a novel idea, and there are not as many openings for that as you'd think.

Wow, I guess it's hard for some people to think outside of the box. I can increase my hours by going back work to full time temporarily........hell I could be a freakin walmart greeter if need be.

I am 54 and the last time I checked, there were literally millions of part time jobs in many different fields. I could care less about my current employer and kinda hope they lay me off......at least I can collect unemployment for 6 months.

Because I am open to explore different opportunities, I can explore many different options. I don't have to stay in IT. I once had a part time job where I was a customer service rep from home for a company call Live Ops, the pay in the beginning sucked but over time it did get better. The beauty of that 1099 position was that the longer you work for them, you can schedule as many hour as you want and it's a telecommute.

There are many 1099 positions like customer service reps that allow you to schedule your own hours. Live Ops and Arise are two companies that allow you to work as many hours as you want as long as they have a need. I used to work for LiveOps and I am considering applying again. It checks all the boxes for me. I can schedule my own hours, I can work from anywhere in the world and it's a pretty boring job. All I did was answer the phone to take orders from people who wanted to buy crap from infomercials.......truly stress free. I'm not worry at all about finding something that will pay 1500 a month.


If I can't find a part time job, out of literally the millions out there, than I am one pathetic person. Income comes from many different sources not just a job. I could join the gig economy and drive for Door Dash or Lyft or Amazon.......the possibilities are endless.

Quick question, tell me how much risky is it working a full time job with 3K a month in bills versus working part time with 500 a month in bills? I could literally collect cans and pay my bills .......not a lot of risk, wouldn't you say? Of course I want to enjoy life so I still need to create an income. That income can come from a traditional job or I can try some kind of online business which I have already started or simply just join the gig economy.

Income comes from many different sources not just a job. I could join the gig economy and drive for Door Dash or Lyft.......the possibilities are endless.

 

[cooch96]

Well, I think it sounds like you’ve done a tremendous job of limiting your expenses and tracking your spending.

Personally, I’d take a year, or maybe just a few months, off and reflect and catch my breath. It sounds like you need it. Getting a part time gig in an unrelated field could also be a way to rejuvenate.

Also, be sure to use all your sick days. It’s not dishonest if you are literally sick of work.

I wish you the very best.

 

[PoorOldCountryBoy]

Why don't you get a full time consulting contract at a different place? It would change your perspective and give you some needed money. If you are going to jump ship make absolutely sure you have a job to go to. Ageism is rampant in the contracting world.
Also, just curious what discipline you'd get $45/hour for contracting in IT.

 

[akidagain2018]

I agree with Aerides, run a cash flow projection for a TON of years, I run through age 85 to 90, and start with projected cash outflows you have now. Use after tax dollars used up out of your gross pay, and also do a bottoms up computation of actual expenses, line by line. I'm currently checking 2017 AMEX outflows to omit those that were for rental property investments I won't have going forward (2017 was a remodel year). You can never be too careful estimating what your cash outflows and inflows will be once you're not working a paycheck job. Also, medical self pay insurance, not in a company/group plan, can be $10,000 a year - easy. I've been in a less than desirable work situation for 9 years trying to secure lifetime medical at group rates. Ugh! It's that much of a risk, I've been in this Job for precisely that reason- to cover that risk.