Mikedb
Dryer sheet wannabe
Hi!
I'm 61 and have had full time jobs most of my life. Playing bass guitar is my passion and I plan to continue playing as long as I physically can. For a few years when I was younger I actually was able to survive playing professionally. I was laid off my last full time job in July and am currently collecting unemployment, about $1620 a month. Truth be told, I have no great desire to go back to work. If I can escape the need for a full time job and just focus on music and playing bass, that would be a very satisfying life for me. Most likely the unemployment payments will continue until around February/March 09. I'm looking at the option of retiring when I am 62 and eligible for Social Security in April 09. I will collect about $1000 a month.
My last job paid about 38K of which I took home roughly $2000 a month. I can live fairly cheap and was quite comfortable on that much.
I have no dependents and no debt. I have a mix of bank accounts, IRA's and a small 401k from my last job. None of the current assets are particularly strong investments. Most are very conservative (savings accounts, CD's, Money Market, etc.) altho I am losing a bit right now with this current mess. I rent an apartment so I have no real assets other than these. All together it comes to about $400,000.
I have talked with a financial adviser at HSBC and another at Fidelity and they have offered some options but I'm still looking around and trying to decide the best way to do this if I can. Most of my peers have good pension plans or other arrangements where they can't really advise me much. I'm hoping to get some advice here.
Thanks and hello to everyone!
I'm 61 and have had full time jobs most of my life. Playing bass guitar is my passion and I plan to continue playing as long as I physically can. For a few years when I was younger I actually was able to survive playing professionally. I was laid off my last full time job in July and am currently collecting unemployment, about $1620 a month. Truth be told, I have no great desire to go back to work. If I can escape the need for a full time job and just focus on music and playing bass, that would be a very satisfying life for me. Most likely the unemployment payments will continue until around February/March 09. I'm looking at the option of retiring when I am 62 and eligible for Social Security in April 09. I will collect about $1000 a month.
My last job paid about 38K of which I took home roughly $2000 a month. I can live fairly cheap and was quite comfortable on that much.
I have no dependents and no debt. I have a mix of bank accounts, IRA's and a small 401k from my last job. None of the current assets are particularly strong investments. Most are very conservative (savings accounts, CD's, Money Market, etc.) altho I am losing a bit right now with this current mess. I rent an apartment so I have no real assets other than these. All together it comes to about $400,000.
I have talked with a financial adviser at HSBC and another at Fidelity and they have offered some options but I'm still looking around and trying to decide the best way to do this if I can. Most of my peers have good pension plans or other arrangements where they can't really advise me much. I'm hoping to get some advice here.
Thanks and hello to everyone!