padlin00
Recycles dryer sheets
- Joined
- Oct 16, 2010
- Messages
- 113
Hi all, I'm in need of some opinions on my situation. Layoffs were just announced at work this week which includes losing a couple of my subordinates, I have the opportunity to take a voluntary if I so desire, my taking it would not save anyone else's job. The question is should I take it?
I'm 56 employed at the same place for 35 years, wife is 57 and self employed, she has cut back her hours to spend time with the grand kids. Job prospects for me would not be good as aside from the age thing, while I'm in computers few of the skills I have are transferable to local businesses. I'm in manufacturing and honestly wouldn't want to do this anymore even is there were other opportunities.
I've been planning on FIRE'ing in 3.5 years when I turn 60, this would give us income equal to what we currently spend. We do not live all that frugally, have been taking 4 weeks of vacations a year so continuing this lifestyle would be agreeable, we just don't waste $. All the calculators say we can do 70k - 75k for 40 years. We need about 50k (figures are after taxes) for the basics and could cut to about 40k if we had to, but have been closer to 70k lately with some long delayed home remodeling after 32 years. We've been tracking spending with Quicken for the last 18 months.
If I take the layoff package I get 1 years severance and some retraining bennies, due to time worked and age I already qualify for medical till medicare kicks in, not to include dental or eye care. After the 1 year it amounts to me leaving the workforce 2 years earlier then planned and needing to tap into savings at that time. Using this timeline the calculators say we'd have 60-65k per year so those missing 2 years make a fairly large dent of 10k.
My wife plans to keep working till 60 or 61, she makes about 10k a year. I make 100k.
Planning on SS at 70, have 800k in 401k and another 150k in Roths and I Bonds, no debt and own a smallish house.
I'm kind of torn, but leaning towards continuing to work. I hate to pass up a fairly well timed layoff opportunity but if I pass it is just 3.5 more years to the life we've been planning on. With the layoffs, forced on many, our work load will be getting even worse then it already is, which is not something I look forward to.
I'm 56 employed at the same place for 35 years, wife is 57 and self employed, she has cut back her hours to spend time with the grand kids. Job prospects for me would not be good as aside from the age thing, while I'm in computers few of the skills I have are transferable to local businesses. I'm in manufacturing and honestly wouldn't want to do this anymore even is there were other opportunities.
I've been planning on FIRE'ing in 3.5 years when I turn 60, this would give us income equal to what we currently spend. We do not live all that frugally, have been taking 4 weeks of vacations a year so continuing this lifestyle would be agreeable, we just don't waste $. All the calculators say we can do 70k - 75k for 40 years. We need about 50k (figures are after taxes) for the basics and could cut to about 40k if we had to, but have been closer to 70k lately with some long delayed home remodeling after 32 years. We've been tracking spending with Quicken for the last 18 months.
If I take the layoff package I get 1 years severance and some retraining bennies, due to time worked and age I already qualify for medical till medicare kicks in, not to include dental or eye care. After the 1 year it amounts to me leaving the workforce 2 years earlier then planned and needing to tap into savings at that time. Using this timeline the calculators say we'd have 60-65k per year so those missing 2 years make a fairly large dent of 10k.
My wife plans to keep working till 60 or 61, she makes about 10k a year. I make 100k.
Planning on SS at 70, have 800k in 401k and another 150k in Roths and I Bonds, no debt and own a smallish house.
I'm kind of torn, but leaning towards continuing to work. I hate to pass up a fairly well timed layoff opportunity but if I pass it is just 3.5 more years to the life we've been planning on. With the layoffs, forced on many, our work load will be getting even worse then it already is, which is not something I look forward to.