My job was eliminated at 63 years

[DCJennifer]

I worked for a Church ( in administration) that eliminated my job on Nov 30 after a goodbye luncheon and a few goodbye gifts and a small severance package. My health insurance ends on Jan 31, 2018. I was also given a lovely letter of reference. The new Rector decided that he did not need an Administrative assistant and that he would rather have an accountant. I am not sure what to do now. It is not easy to search for a job in December before Christmas and now I am feeling a bit of pressure. A part-time job that includes insurance would be fine, but I would also then need to draw my SS benefits. I am a divorced woman. Please advise. If I am not paying into SS, I feel I should take my benefits instead of depleting my savings...hope I am on the right track.

 

[brucethebroker]

I worked for a Church ( in administration) that eliminated my job on Nov 30 after a goodbye luncheon and a few goodbye gifts and a small severance package. My health insurance ends on Jan 31, 2018. I was also given a lovely letter of reference. The new Rector decided that he did not need an Administrative assistant and that he would rather have an accountant. I am not sure what to do now. It is not easy to search for a job in December before Christmas and now I am feeling a bit of pressure. A part-time job that includes insurance would be fine, but I would also then need to draw my SS benefits. I am a divorced woman. Please advise. If I am not paying into SS, I feel I should take my benefits instead of depleting my savings...hope I am on the right track.

Welcome, but you are in the wrong place...
Go to Forums at the top of the page, and pull up "hi, I am..." to properly introduce yourself. That will allow you to start your own thread, instead of piggy backing and changing the direction of this one.

 

[MichaelB]

DCjennifer, welcome to the forum! A separate thread was created with your post, so it gets more responses.

 

[Another Reader]

It's difficult for people to give you advice without knowing more about your situation. Do you own or rent? Do you have a mortgage? Since you were let go, have you filed for unemployment?

What were your plans for retirement before the unexpected job loss? Whether or not you find another job, you are eventually going to have to tap in to your retirement accounts. Have you considered how you will do that? Do you know how much Social Security you can collect at various start times? How long were you married? Do you qualify to receive a share of your ex's Social Security? If so, would it be more or less than your own?

In your shoes, while I was looking for another job, I would start assembling my retirement income plan. Figure out how much income you have from Social Security from your record and your ex's if you qualify. Look at your IRA and 401k and see how they are invested. You may need to roll over the 401k into an IRA.

The most important thing at this point is to get started. If the job search is slow or you don't find another suitable job, you need to know what your options are.

 

[MichaelB]

There’s a duplicate thread, so let’s continue the discussion over here http://www.early-retirement.org/for...eliminated-at-age-63-a-90178.html#post1992469