Introduction

C

coloradophotobug

Dryer sheet wannabe
Joined
Jan 12, 2019
Messages
12
Location
Colorado Springs
Greetings

My name is coloradophotobug in Colorado Springs.

I am currently employed as an Advanced Collections Specialist with an internet cable and phone company. As of March 8, 2019 the local call center will be closing so I will be either employed part time or retired. Due to the economy and what would be my social security income, I realized a long time ago that I will never be able to completely retire.

In the past I had a full garage workshop and developed good skills in making handcrafted pens on a lathe. About 2 years ago we downsized and currently have the upper floor of our home leased out. This pays our mortgage.

Currently I am developing my skills as a photographer and have received recognition from gurushots.com and viewbug.com

For quite some time, I have been ready for a change and researching the pros and cons of early retirement, waiting until my full retirement age or retiring early.


I have just under 60 days to review my options and move forward. I am looking forward to interacting with others in this forum
 
Last edited by a moderator:
Welcome to e-r.org!

You may not have noticed, but we generally don't use our real names around here. I suggest that you edit your original post accordingly... your call, but just sayin.
 
How old are you? How far are you from SS ? Do you have any assets to support an early retirement.

Are you able to keep your current job or is a lay off eminent?

We will need more info to help you.
 
greetings... a layoff is definite... effective Mar 8

I can retire now at age 62.5 however I will not get my full retirement since I am four and a half years away …

I have 47K in my 401K
We have downsized, live in a small apt off the garage and lease out the upstairs so our mortgage is covered indefinitely.

Complete retirement is not an option for now so part time work is in my future. I am a proficient photographer and currently working on selling some of my artwork
 
coloradophotobug said:
greetings... a layoff is definite... effective Mar 8

I can retire now at age 62.5 however I will not get my full retirement since I am four and a half years away …

I have 47K in my 401K
We have downsized, live in a small apt off the garage and lease out the upstairs so our mortgage is covered indefinitely.

Complete retirement is not an option for now so part time work is in my future. I am a proficient photographer and currently working on selling some of my artwork
Click to expand...

Does the 47k represent your total investment assets?
 
Once you and your wife are at FRA, will your Joint SS income be sufficient to cover your expenses?


Sent from my iPad using Early Retirement Forum
 
How hard is it to make money from being a artist photographer? Maybe members who have tried can post their experience?
 
My wife is at FRA, I have just over 4 years. I knew a long time ago that part time work would be a reality.. which is why I have been working on a couple of hobbies that would allow me to possibly generate extra income
 
Is photography a pleasure hobby for you, or more just a skill to bring in part time income?
 
It can be competitive which is why I rarely "leave home without it"... I never know when I might just happen to be in the right place at the right time
 
Welcome, thanks for posting, and good luck! I look forward to hearing the advice here for someone in your shoes (likely, a lot of folks out there potentially reading but nor posting), as opposed to the "I have $4 million in my 401k and cash, and want to know if I'm ok to retire" posts. :popcorn:
 
How much do you spend annually? How much would each of your SS be now or at FRA? Have you played around any with FIRECalc?
 
coloradophotobug said:
My wife is at FRA, I have just over 4 years.
Click to expand...
You might want to be particularly careful regarding when you decide to start claiming Social Security benefits.

Spend some time using https://opensocialsecurity.com/. Explore different claiming options. Be sure to check the Advanced Options checkbox and choose "assumed age at death" in the Mortality Tables list to see what would happen based on your lifetime and spouse's lifetime.

When things are tight, making the right claiming choice is even more important.

I knew a long time ago that part time work would be a reality.. which is why I have been working on a couple of hobbies that would allow me to possibly generate extra income
Click to expand...
When I retired, I worked part-time for a while. It was actually quite a lot of fun.

The local economy in my part of the country these days is such that I could walk down the street, turn in to any business, and have a part time job on the spot. Hopefully, some combination of hobbies and other work will work out well for you.

Good luck!
 
Welcome. This is a great place to be and to learn from.
Assuming you will be getting unemployment as you are being laid off. It sounds like you also have rental income on your home?
With Approx 60 k saved at age 62, with a possible 30 year retirement, does not sound too feasible to me. Definitely check out firecalc.
Hope to hear more of your story.
 
Will you have access to health insurance if you work for yourself? Not sure where you live but Starbucks offers HC to partime employees.

I am assuming your wife is currently collecting SS. What will you do when one of you passes and only 1 SS check is available. Can you live comfortably on 1 SS check?
 
There are a lot of smart people on this forum which means there are also a lot of alternatives and differing opinions. But, you can learn a lot and figure out what works for you if you pay attention. Good luck.
 
coloradophotobug said:
... In the past I had a full garage workshop and developed good skills in making handcrafted pens on a lathe. ... Currently I am developing my skills as a photographer and have received recognition from gurushots.com and viewbug.com ...
Click to expand...
SCORE's reason for existence is to provide free mentoring to people with small businesses or those wanting to go into business. SCORE is sponsored by the SBA.

Your local SCORE office is here: https://coloradosprings.score.org/ In addition to one-on-one mentoring, there are classes available like this one: https://coloradosprings.score.org/content/smartstart-series-1-6-detailed

I'd encourage you to take advantage of this freebie.
 
There are a lot of people on here with tons of money but also a number of people with much less means that have retired. I continue to work part time because I love the work but also like the extra money. Luckily my husband’s and mine small pensions do not go away when one of us dies. You really need to look at what you spend and what you need to bring in. We also take advantage of happy hour food and drinks. For instance one day we went to a movie for $5, happy hour food and 2 big beers for $23. I know all the deals where we live. We also take 1 or 2 big trips/year. When you have less money you need to plan more but I enjoy finding the bargains. Definitely file for unemployment.
 
Teacher Terry said:
There are a lot of people on here with tons of money but also a number of people with much less means that have retired. I continue to work part time because I love the work but also like the extra money. Luckily my husband’s and mine small pensions do not go away when one of us dies. You really need to look at what you spend and what you need to bring in. We also take advantage of happy hour food and drinks. For instance one day we went to a movie for $5, happy hour food and 2 big beers for $23. I know all the deals where we live. We also take 1 or 2 big trips/year. When you have less money you need to plan more but I enjoy finding the bargains. Definitely file for unemployment.
Click to expand...
+1 (that means I agree.)

a number of people with much less means that have retired.
Click to expand...

I'm one... this overlong post may be of some interest...

http://www.early-retirement.org/forums/f27/sharing-23-years-of-frugal-retirement-62251.html
 
I will using unemployment until I can find part time work.
the part time work will be for
Health insurance
supplemental income

as far as the amount we have saved... yes.. its not pretty. I could say ...woe is me or...make the best of the situation and have an interchange of ideas and advice in a forum like this.

March 8 is the last day of work and I will have 13 weeks of severance.

I am not making any rash decisions but at the same time I am doing my homework, reviewing various options and opportunities so I can make an educated decision. I will be meeting with the ss office in my area and networking with co-workers and sites like indeed, linkedin, etc


My photography is key... I have received rave reviews on a couple of "photo contest" websites.

pacergal said:
Welcome. This is a great place to be and to learn from.
Assuming you will be getting unemployment
Click to expand...
 
Last edited by a moderator:
A thorough assessment of what you are spending (need vs wants) and options to bring in money (part vs full time) might have some value. Are there photography options working for a bigger outfit you could take advantage of while getting your freelance business running? Other studios might lead to more opportunities - you never know.
 
What is key is what you are bringing in and what the gap is. Until you figure that out advice is worthless. Also what happens if one of you die and that SS is gone.
 
You must log in or register to reply here.

Similar threads

I
REtiring early at 57 and scared
2 3 4
Replies
82
Views
5K
orbops
O
J
49 and 6 years to go in TX
Replies
5
Views
305
bloom2708
B
T
Retired at 59.49 years old
Replies
11
Views
1K
ApeX
A
M
Hello from Suburbs of Chicago, F.I.R.E. goal 2035
Replies
22
Views
892
TheWizard
T
D
Anyone negotiate a "severance" in non-RIF times?
2
Replies
33
Views
975
dadu007
D

Latest posts

Back
Top Bottom