Hi my job was just eliminated at age 63

[DCJennifer]

Take your spending and subtract your SS benefit income. Take that number(annual) and multiply by 25. If you have that much or more in your savings then you don't need to find another job. Example: $24,000 spending minus $15,000 SS income equals $9000/yr needed to live on. $9000 multiplied by 25 is $225,000. Do you have that much? You may not even need to get another job if you are willing to live rather cheaply.

I have that much in savings and in the equity in my apartment. I purchased it in 1996 for about $80,000 and it is now worth $310,000. The co-op fees here (now $1071 per month include garage parking, water, electricity, sewer, trash, grounds maintenance, staff --everything but my cell phone through Republic Wireless--$23.00 per month and my Internet bill of about $86.00 per month with Comcast. My car is paid off and has only 11,000 miles on it and it has been in a garage since I owned it. It is a 2008 VW Jetta and like new inside and out. If I sell it I would save insurance costs of $965 per year, inspection fees every two years and tag renewals every year of $72.00 as well as $130 a month to house it in the garage.I have about $150,000 in an IRA/401k savings. $20,000 in liquid savings. I also have to think about when Medicare kicks in as that will be an expense in over a year.

 

[ivinsfan]

I have that much in savings and in the equity in my apartment. I purchased it in 1996 for about $80,000 and it is now worth 310,000. The co-op fees here include garage parking, water, electricity, sewer, trash, grounds maintenance, staff --everything but my cell phone through Republic Wireless--$23.00 per month and my Internet bill of about $86.00 per month with Comcast. My car is paid off and has only 11,000 miles on it and it has been in a garage since I owned it. It is a 2008 VW Jetta and like new inside and out. If I sell it I would save insurance costs of $965 per year, inspection fees every two years and tag renewals every year.I have about $150,000 in an IRA/401k savings. $20,000 in liquid savings.

You can't count your house equity, unless you sell the condo and then you need to pay rent... your nut is 170K...

 

[DCJennifer]

I can possibly downsize to a studio--I have a large one bedroom now. I could pay off the studio when I sell mine. I have heard that it is not wise to put all your cash in a home. I have to factor in that the co-op fees will rise and Medicare will also be part of the equation in less than two years as well.

 

[aja8888]

I'd keep the car. A 2008 Jetta with 8,000 miles on it is still a 9+ year old car and you won't get much for it. Plus, it's reliable with low miles and you may need a car in the future if things change.

 

[bigadventure]

The District of Columbia website clearly states that churches do not pay the unemployment tax and therefore no benefits will be paid. I also called and spoke to an attorney who is employed there...they checked and sure enough, NO benefits. Thus I do not qualify. I tried to get the Rector to pay more in severance, but he would not. I worked there 2.5 years and left the medical world to do so as I felt I had a calling even though it paid less.

Again it does not matter. Please do yourself a favor and apply! They also offer employment services for free.

 

[Walt34]

Another thing to consider is whether you're open to relocating to a lower COL area. I'm familiar with the D.C. area (used to live there) and it is expensive to stay there. That would probably mean starting over with your business though.

Would you be open to working at something else to get a foot in the door? At least a few years ago Home Depot offered health insurance for part time people who worked at least 20 hours a week. I think Giant Food does too. Both are large organizations and surely have a need for clerical/administrative staff but the number of positions are limited. Okay, bagging groceries sounds pretty boring but it's a job, and if you establish a solid work history then it should be easier to transfer to a job you like better when one opens up.

How about nursing homes, doctor's offices, rehabilitation centers, and the like where a background in nursing would (I'd think) be a plus even if your certifications aren't current.

Oh, one thing on SS I haven't seen mentioned. I don't know for sure if the changes last year changed this item, but it used to be that if you started SS and then got a job, you could then stop SS and the benefits would continue to accumulate, minus the time you were taking SS. Then when you were really ready to retire (or hit age 70) you could restart SS. You could only do this once though.

I do hope all works out for you.

 

[DCJennifer]

Again it does not matter. Please do yourself a favor and apply! They also offer employment services for free.

OK I will do so.

 

[DCJennifer]

Another thing to consider is whether you're open to relocating to a lower COL area. I'm familiar with the D.C. area (used to live there) and it is expensive to stay there. That would probably mean starting over with your business though.

Would you be open to working at something else to get a foot in the door? At least a few years ago Home Depot offered health insurance for part time people who worked at least 20 hours a week. I think Giant Food does too. Both are large organizations and surely have a need for clerical/administrative staff but the number of positions are limited. Okay, bagging groceries sounds pretty boring but it's a job, and if you establish a solid work history then it should be easier to transfer to a job you like better when one opens up.

How about nursing homes, doctor's offices, rehabilitation centers, and the like where a background in nursing would (I'd think) be a plus even if your certifications aren't current.

Oh, one thing on SS I haven't seen mentioned. I don't know for sure if the changes last year changed this item, but it used to be that if you started SS and then got a job, you could then stop SS and the benefits would continue to accumulate, minus the time you were taking SS. Then when you were really ready to retire (or hit age 70) you could restart SS. You could only do this once though.

I do hope all works out for you.

If I had to work for a grocery, it would be Trader Joes as they match your pension benefits 15% and they treat their employees really well. This would be a last resort!

 

[DCJennifer]

If I had to work for a grocery, it would be Trader Joes as they match your pension benefits 15% and they treat their employees really well. This would be a last resort!

I used to work as a surgical coordinator for five surgeons and have managed two doctors offices. As recently as three years ago I was a floor supervisor for an Internal Medicine practice (never again!) Surgery is fine and I have been looking there but while I am certified it is older and they want new grads now. I would rather do something else. I would rather be a family personal assistant or do my own business since I could do that into retirement.

 

[aaronc879]

I have that much in savings and in the equity in my apartment. I purchased it in 1996 for about $80,000 and it is now worth $310,000. The co-op fees here (now $1071 per month include garage parking, water, electricity, sewer, trash, grounds maintenance, staff --everything but my cell phone through Republic Wireless--$23.00 per month and my Internet bill of about $86.00 per month with Comcast. My car is paid off and has only 11,000 miles on it and it has been in a garage since I owned it. It is a 2008 VW Jetta and like new inside and out. If I sell it I would save insurance costs of $965 per year, inspection fees every two years and tag renewals every year of $72.00 as well as $130 a month to house it in the garage.I have about $150,000 in an IRA/401k savings. $20,000 in liquid savings. I also have to think about when Medicare kicks in as that will be an expense in over a year.

Sounds like you can get by fine while you take your time looking for a new job. I think you could get by without ever having a job again but things could get tight if you live along time. I think I would hold off on collecting SS for a few years even if you don't find a job but you should probably try to find at least part time work to reduce how much you have to take from savings. Good luck.

 

[Golden sunsets]

Hard to give guidance without some idea of your assets.

In fact ACA insurance might be considerably cheaper then faith based depending on your income and won't have a pre-existing conditions waiver.

If you are so inclined tell us a little bit about your savings and the amount of your SS. In fact for one person taking SS at an early age is statistically neutral.

SS is only neutral if you die on the crossover date. Otherwise if you die sooner then one should have filed early. If one dies later than the crossover date, one should have waited. Generally speaking, if one is not in good health or does not have longevity genes or lastly, if one needs the SS to survive, then claiming earlier makes sense.

 

[Clone]

If you are willing to relocate to a low COL area- there are jobs available.

Wages- not great, probably close to minimum wage. Order fulfillment type jobs.

Benefits-
... offers one of the best health insurance plans available from Blue Cross Blue Shield of Minnesota. The employee's share of the cost for a family policy is $37 biweekly. Single coverage is free of charge to the employee. In-network services include no deductibles; $10 office co-pays; and an annual eye exam. A formulary drug prescription plan provides prescriptions to plan participants for a small co-pay of $10 for generic or $20 for brand name prescription drugs. Plan enrollment date is 30 days following the employee start date and the first of the month following that period. Example: Employee starts May 15 and coverage becomes effective on July 1.

Relocation Assistance- $850.

401K- Our plan features dollar-for-dollar employee contribution match up to 3% from ... to your 401(k) account. ... may also provide a profit sharing contribution directly into your retirement account.

A place to live- Relatively new, 2 bed, one bath, 1000 ft2, $915 per month + $60 for parking garage.

Working in the cold weather states may not appeal to a lot of folks, but it does provide options.

 

[samcat]

Look at Christian Healthcare Ministries as a substitute for health insurance. The best level will cost $175 for the best benefits. We think it is our solution for unaffordable health insurance. I can answer questions about it if you want to discuss.

 

[samcat]

Ahh the unemployment question is sensitive for me. I worked for an Episcopal Church and was shocked to find that churches do NOT pay unemployment and thus I do not qualify. I am upset because this very church supports the idea of unemployment for everyone else when the economy tanks---everyone but their own employees. I intend to go to the Bishop on this issue as our employment contracts do not have any statements about this issue...you find out only if you are laid off. Yes, I intend to go to a faith based health insurance co-op for insurance.

Just mentioned Christian Healthcare Ministries in another post. We did lots of research and think it is a great solution.

 

[DCJennifer]

Sounds like you can get by fine while you take your time looking for a new job. I think you could get by without ever having a job again but things could get tight if you live along time. I think I would hold off on collecting SS for a few years even if you don't find a job but you should probably try to find at least part time work to reduce how much you have to take from savings. Good luck.

I agree with you to some extent, but my fear is if I use my savings then it will be hard to replace it. I would love to delay collecting SS but I am not sure that will be a reality for me. I believe in minimalist living and now prefer memories to things. I do not see that I will buy a lot of stuff at this stage of my life. I take You tube videos instructions and do my own hair and nails like a professional. I volunteer locally as well. I want to also have a bit of fun. Washington DC has a lot of free activities for senior citizens.

 

[DCJennifer]

Look at Christian Healthcare Ministries as a substitute for health insurance. The best level will cost $175 for the best benefits. We think it is our solution for unaffordable health insurance. I can answer questions about it if you want to discuss.

How long have you used it Samcat? How long has it been in existence and how many members does it have? Who do I contact with questions?

Many thanks for your kindness in replying to my post.

 

[DCJennifer]

If you are willing to relocate to a low COL area- there are jobs available.

Wages- not great, probably close to minimum wage. Order fulfillment type jobs.

Benefits-
... offers one of the best health insurance plans available from Blue Cross Blue Shield of Minnesota. The employee's share of the cost for a family policy is $37 biweekly. Single coverage is free of charge to the employee. In-network services include no deductibles; $10 office co-pays; and an annual eye exam. A formulary drug prescription plan provides prescriptions to plan participants for a small co-pay of $10 for generic or $20 for brand name prescription drugs. Plan enrollment date is 30 days following the employee start date and the first of the month following that period. Example: Employee starts May 15 and coverage becomes effective on July 1.

Relocation Assistance- $850.

401K- Our plan features dollar-for-dollar employee contribution match up to 3% from ... to your 401(k) account. ... may also provide a profit sharing contribution directly into your retirement account.

A place to live- Relatively new, 2 bed, one bath, 1000 ft2, $915 per month + $60 for parking garage.

Working in the cold weather states may not appeal to a lot of folks, but it does provide options.

Thank you for your information. I will seriously consider it. I think I can command more than minimum wage--at least I hope so.

 

[samcat]

When does your HI end? My immediate advice would be to file for ACA insurance showing you have no W-2 income after 1/18... your cost would be minimal ..I don't know what DC has for expanded Medicare. Then you won't have to add much HI coverage expense to your budget. Do you realize the Christian HI groups all have a certain waiting period before they cover pre-existing conditions and virtually every issue you've ever had wouldn't be covered. This exposes you to possible huge medical bills.

Spend a little time expanding your business and see where it leads. Live off your 20K for a little while. Look around for a full/part time job that you would like. Many churches do like part times workers.

Be aware of the fact that you do obtain full time work early in the year you might need to pay back some of your HI subsidy, depending on your income total at the end of the years. It seems that if you can find part time pleasant work and take your SS early, you could qualify for subsidized HI, pay your bills and have a little left over for fun money. Don't panic..think of this as an opportunity to think about how you might like to spend the next 10 years..Your condo payment should be done by then, which will free up some cash.

With Christian Healthcare Ministries, pre existing conditions are not covered but they have prayer pages in their newsletter where members donate to covers those costs. I bet most people's costs are covered. We are finding that cash discounts make medical bills much more affordable!

Also check if your ex has a pension. Even if he's working, you may be eligible for a portion of it and not have to wait for him to retire. This happened to a co-worker of mine, a guy in his 60's. Got a divorce and his wife immediately filed for his retirement and got what percentage she was awarded. He wasn't too happy, but that wasn't her fault he didn't weigh in the factor before he left her.

 

[samcat]

Spousal benefits would be less than I would get from SS in my own. He makes a six figure income, but they have a maximum SS benefit and that is 2670 or so this year. I would get $1700 on my own now.

Can you claim on his now and wait to claim on yours later?

 

[Aerides]

You sound intelligent and sensible. In this low-unemployment environment, while ageism is a thing, I will bet you find other prospects for employment, given your background both in administration and healthcare. Might be with a haircut to salary (remember you should NOT disclose you prior salary to prospective employers - you are looking for what the job pays, not what they think you'll get based on your prior pay).

Yes, you can for sure sign up for ACA and then leave if another job comes along shortly, or COBRA for a month or two if needed.

I wouldn't be looking to relo in your position. You like the area, and you're single, so moving to a low-COLA might not be much fun, but you can consider that longer term if needed. Also yup selling the car probably not worth it, at least not until after you stop working.

 

[samcat]

How long have you used it Samcat? How long has it been in existence and how many members does it have? Who do I contact with questions?

Many thanks for your kindness in replying to my post.

We've only been on it since December but thoroughly researched it and think it will work. My husband is ultra conservative financially and he is convinced which says a lot. Christian Healthcare Ministries has over 300k members and has been in business since the 80s. Google it for the website. You can find past newsletters which will help you learn about it. The don't pay for monthly maintenance medications but you can get cash discounts at the pharmacy. No pre existing conditions but you can submit your bills and they share them with the membership who then make tax deductible donations to help cover the costs. It's really all about asking for cash discounts from your medical providers. Not sure if we can contact each other off line but I'd be more than happy to talk to you about it. I really think it is the healthcare of the future.

 

[MissMolly]

Can you claim on his now and wait to claim on yours later?

No, she cannot do that. That option is no longer available to folks born after 01/01/1954.

 

[DCJennifer]

You sound intelligent and sensible. In this low-unemployment environment, while ageism is a thing, I will bet you find other prospects for employment, given your background both in administration and healthcare. Might be with a haircut to salary (remember you should NOT disclose you prior salary to prospective employers - you are looking for what the job pays, not what they think you'll get based on your prior pay).

Yes, you can for sure sign up for ACA and then leave if another job comes along shortly, or COBRA for a month or two if needed.

I wouldn't be looking to relo in your position. You like the area, and you're single, so moving to a low-COLA might not be much fun, but you can consider that longer term if needed. Also yup selling the car probably not worth it, at least not until after you stop working.

Thank you for your kind reply. I worked in Georgetown for the last 2.5 years and took the bus due to the intensity of the meter maids there. Before that I supervised a clinic in DuPont Circle and also took the bus there from right in front of my home. There is no stigma in using public transportation in DC. My car is paid off and a loaded 2008 Jetta SE with 11,000 miles and in perfect condition inside and out. I can get 6500.00 for it and not have to pay the insurance $989 per year, gas maintenance, registration every year and $130 to garage it plus gas. That is a lot of Uber rides, if you ask me for a car that is mainly used on weekends to buy groceries and go to Church. I walk a lot to many things so I do not have to pay parking rates. Do you still think I should keep it?

 

[Aerides]

Well you do make a good case for selling - but I'd probably wait personally until you at least have your next job lined up.

I don't mean to imply public transport has a stigma at all, and yes your area probably has better access/reliability than some. Really just a personal preference thing, then again, I live in the suburbs with a 1mile walk to the nearest bus stop and no idea if that even goes anywhere worthwhile! Not having a car, where I live, means not going much of anywhere.

Either way I wouldn't be making big changes right away. I'd be focusing on finding my next job first, and then decide.

 

[UnrealizedPotential]

If public transportation in DC is good then selling the car is a possibility at some point. But honestly, I have to say public transportation in the U.S. on average is poor. In DC it could be a different story. I have never lived in a city in my entire life with good public transportation.

That would require billions of dollars and somehow in the U.S. most cities don't have it or won't spend it. So make sure you could do without the car before you sell it.