Depressed.....What to do?

[Cantwaitanylonger]

Hello, Need impartial input.

57 Years old and just laid off a month ago for the first time ever. Can't get any bites on my job search.

My situation, Engineer, 850K in 401K, 50K cash, Own a separate duplex that flows 1K per month, Wife makes $800 per month, House is worth 800K (12K taxes per year), House and duplex are paid off. No debt whatsoever.

While at work, I dreamed constantly about ER. Now, though, I am very depressed over losing my job. I can't convince myself that I can just retire yet. I am going crazy just waiting for the phone to ring. I can't enjoy my time off at all.

Anyone want to give me some hope or advice?

[dallas27]

Quote:

Originally Posted by Cantwaitanylonger Hello, Need impartial input. 57 Years old and just laid off a month ago for the first time ever. Can't get any bites on my job search. My situation, Engineer, 850K in 401K, 50K cash, Own a separate duplex that flows 1K per month, Wife makes $800 per month, House is worth 800K (12K taxes per year), House and duplex are paid off. No debt whatsoever. While at work, I dreamed constantly about ER. Now, though, I am very depressed over losing my job. I can't convince myself that I can just retire yet. I am going crazy just waiting for the phone to ring. I can't enjoy my time off at all. Anyone want to give me some hope or advice?

Off the cuff, you could sell the house, move into duplex, and retire, no?

By the time you do all that, you'll have another job or your mind has moved on.

[omni550]

Sorry about the layoff.

Have you run your numbers thru Firecalc (link at bottom of page) yet?

omni

[Nemo2]

Quote:

Originally Posted by dallas27 Off the cuff, you could sell the house, move into duplex, and retire, no?

What he said.

[tfudtuckerpucker]

If you're not quite ready to retire, have you looked into contract engineering work? You could try that for a few years.

[Cantwaitanylonger]

I could live in the duplex but wife won't. We are in our dream house that we built 10 years ago. A logical move would be to downsize but I hate to make any rash decisions while I am in a depressed state. I haven't run firecalc lately. I will run again tonight. I have been somewhat paralyzed with depression.

[CountryGal]

or sell the house and buy something 1/4 the cost. Not sure if that is feasible in your area or not.

[ivinsfan]

Don't you have severance and/unemployment coming in? Take a deep breath...can your wife pick up more hours? The 12 grand in property taxes is a bit of a problem.

[Cantwaitanylonger]

I have not tried to get a contract position yet. That will be my next step. Wife is maxed out on hours. I do have unemployment for 6 months. Taking a breather sounds good but isn't working for me in this state of mind. I can't seem to control my reaction.

[Koolau]

When I was a child and something went wrong, my mom would say "Count your blessings." At the time, it seemed somewhat of an irritant, but now I've come to embrace that philosophy (benefit of age, perhaps.) You can think positively about your assets and options. While it might mean changing your life style, you certainly are far from destitute. You are in much better shape financially than most of your peers (at least age-wise). You and DW can huddle and figure this out. Don't hesitate to bounce ideas off the group. We're here for you.

[aja8888]

Have you been offered outplacement services from your ex employer? I was laid off once as an engineer and took advantage of that. They help with resume preparation, interviewing techniques, etc.

[Cantwaitanylonger]

My dad used to say that all the time. I agree completely with your kind response. I do need to be grateful for what I have. I thought that I would be able to handle this better. I feel like kind of a wuss.

[iloveyoga]

Do you need to talk to a Dr. about your depression? There is a lot of help available.

[Aerides]

While you are on company medial, and/or cobra, please seek out counseling services for your health. This is your first priority.

Good luck.

[Cantwaitanylonger]

My former employer offered nothing. I have a high deductible cobra plan. The first 14k is on me so I don't want to spend $$ on a doctor.

[iloveyoga]

I have a relative who needs to talk to a counselor and or use other services from time to time and it really makes a difference. It can be money very well spent when needed. Please take good care of yourself.

[RunningBum]

How about doing the handyman work you talked about a couple years ago?


http://www.early-retirement.org/foru...ml#post1614566

Quote:

Paid off mortgage last week. 55 YO, 750K investible, house value around 900K, owe 110K on a duplex worth around 200K. Hate boring corporate job...hate everything about it. Want to start handyman, lawn care, estate care company. Need kick in rump to do so.

Maybe this is your kick in the rump?!

[Dawg52]

My dream house is one that doesn't cost me a lot in real estate taxes, insurance etc. I would do as others suggest and sell the house. If you are truly depressed, nothing wrong with seeking professional help.

Best of luck to you.

[aja8888]

Quote:

Originally Posted by Cantwaitanylonger My former employer offered nothing. I have a high deductible cobra plan. The first 14k is on me so I don't want to spend $$ on a doctor.

Address the depression first. That will give you a better outlook and may help with clearer family planning.

Getting a job as an engineer or other professional position takes some doing these days. Your best bet is networking with other engineers you know in other companies (if you have any) or to network in a professional organization in your field.

All my professional job changes came thru the networking I did - 3 companies over 30 years as an engineer/manager.

[FANOFJESUS]

What is the duplex worth?