Hi,
I am a longtime lurker who just got laid off at age 57 from my engineering job. This is my 3rd layoff of my career, and now that I am older, I am trying to decide if I need to go back to work, or not. It is so stressful to worry about layoffs all the time.
Here is my situation:
1. female, single, no kids
2. I just sold my home and bought an old mobile home in anticipation of the layoff. I am remodelling it now.
3. I have $715K in my 401k (Vanguard Target Date Fund 2025) VRIVX with 65% equities.
4. I have a Vanguard TIRA with $82K in it, in a balanced fund VBIAX. (40% equities)
5. I have a brokerage account at Vanguard with the proceeds from the sale of my house that I plan to invest in a balanced fund. The amount it $758K
6. Total ER assets are $1.55M
7. I don't think I'll live extra long due to being a heavy user of healthcare (arthritis and coronary artery disease)
8. I plan to take SS at FRA; their website says I'll get $32K annually (unless it gets reduced by the predicted 23% in 2035)
9. tiny pension non-COLA of 2K annually, starting at 65
10. I will get 18 months of COBRA plus 18 months of Cal-COBRA.
11. There will be a 5 year gap between age 60 and 65 where I don't have any healthcare coverage. I plan to work for Costco, or someplace like that to get HC benefits if necessary.
12. ER living expenses are around 70K after taxes, with about 5K of that as discretionary.
13. FIRECALC says I'm able to spend $79K before taxes at 95% confidence, using a constant 50% in equities. (no glide path)
14. FIDO's planner says I am good to go at 75K in a below average market, and run out of $ at 88 yrs. old in a significantly below average market. It appears to be a pre-tax number.
15. I-ORP gave me 70K post-tax until 2 weeks ago, when something seems to have changed in the program, and now it is giving me $56K post-tax with the same inputs.
16. I went to an FA at Ameriprise this week, and he told me I was find with a budget of 70K post tax, and that I wouldn't even need all the cash I got from my house for my plan to succeed. ($260K of it was not needed!) I am really skeptical about this.
Anyways, with all these different results, I wonder if I have to go back to work or not. Of course I will try! It is getting harder and harder to get re-employed in Silicon Valley as I've aged.
Anyone care to look over my situation and give their thoughts? It would be much appreciated!
thanks,
Caprica
I am a longtime lurker who just got laid off at age 57 from my engineering job. This is my 3rd layoff of my career, and now that I am older, I am trying to decide if I need to go back to work, or not. It is so stressful to worry about layoffs all the time.
Here is my situation:
1. female, single, no kids
2. I just sold my home and bought an old mobile home in anticipation of the layoff. I am remodelling it now.
3. I have $715K in my 401k (Vanguard Target Date Fund 2025) VRIVX with 65% equities.
4. I have a Vanguard TIRA with $82K in it, in a balanced fund VBIAX. (40% equities)
5. I have a brokerage account at Vanguard with the proceeds from the sale of my house that I plan to invest in a balanced fund. The amount it $758K
6. Total ER assets are $1.55M
7. I don't think I'll live extra long due to being a heavy user of healthcare (arthritis and coronary artery disease)
8. I plan to take SS at FRA; their website says I'll get $32K annually (unless it gets reduced by the predicted 23% in 2035)
9. tiny pension non-COLA of 2K annually, starting at 65
10. I will get 18 months of COBRA plus 18 months of Cal-COBRA.
11. There will be a 5 year gap between age 60 and 65 where I don't have any healthcare coverage. I plan to work for Costco, or someplace like that to get HC benefits if necessary.
12. ER living expenses are around 70K after taxes, with about 5K of that as discretionary.
13. FIRECALC says I'm able to spend $79K before taxes at 95% confidence, using a constant 50% in equities. (no glide path)
14. FIDO's planner says I am good to go at 75K in a below average market, and run out of $ at 88 yrs. old in a significantly below average market. It appears to be a pre-tax number.
15. I-ORP gave me 70K post-tax until 2 weeks ago, when something seems to have changed in the program, and now it is giving me $56K post-tax with the same inputs.
16. I went to an FA at Ameriprise this week, and he told me I was find with a budget of 70K post tax, and that I wouldn't even need all the cash I got from my house for my plan to succeed. ($260K of it was not needed!) I am really skeptical about this.
Anyways, with all these different results, I wonder if I have to go back to work or not. Of course I will try! It is getting harder and harder to get re-employed in Silicon Valley as I've aged.
Anyone care to look over my situation and give their thoughts? It would be much appreciated!
thanks,
Caprica