Wondering where to go from here.....

[RetiredHappy]

The formula is the same in all states since that is set by Federal law.

It depends on the premiums for the state. See example above.

 

[Bryan Barnfellow]

Flieger: sorry to know things didn't work out for you as expected. You have a lot of experience in Operations management. Have you thought of teaching at the local university/engineering school/business school. Salary may be a little less but it will more than make up in lower stress and good health insurance.

Good luck to you!!

Rickt

I think most jobs like this are now as a part-time "adjunct," which means a per course payment without any benefits.

 

[jim584672]

It depends on the premiums for the state. See example above.

Yes premiums vary, but as long as you are in the subsidy zone the cost is set as a set percentage of MAGI (from 0% to 8.5% currently) for the Silver benchmark.

 

[Jerry1]

I appreciate the suggestion. I did get a call from a company that wants to discuss another leadership role (although smaller at ~400 people), but just really not sure I want back in....

Flieger

I would go after that opportunity. In the end, you don’t have to take it but it could turn out to be exactly what you want. Don’t close any doors at this point.

In the meantime, as has been mentioned, I would get very serious about whether or not you could retire. Assuming that you could retire, envision what that retirement may look like. Is it really lean or, is it closer to fat fire and you’re just nervous about not working - i.e., not having an income stream.

 

[MarieIG]

It sounds as if you have a little time to decide on your path, which could include taking a (hopefully less stressful) job which provides health coverage, spending down the brokerage / post tax account (which could buy you additional time), or calculating whether you can afford coverage without the subsidy. If your pre-tax / traditional IRA is large enough, tapping it per-social security / RMDs may be a consideration.

Best of luck to you Flieger.

 

[pacergal]

I appreciate the suggestion. I did get a call from a company that wants to discuss another leadership role (although smaller at ~400 people), but just really not sure I want back in....

Flieger

Great that you have had contact and outreach already!
It certainly would not hurt to meet with them and hear about the position, requirements, benefits.
You don't have to say yes that day.
Explore firecalc and the "Can I retire" questions in the ER FAQ forum. See if your budget is adjustable enough to your comfort to retire earlier than you planned.

Best of luck to you as your move forward. Keep us updated.

 

[marko]

I wish you luck. I've mentioned a few times here that when I involuntary retired at age 52, I thought that a stellar resume and industry-wide name recognition would get me another job in a snap. I was never able to get another job.

One of my mistakes was trying to lower the stress and going for positions a few levels down from where I came from. I thought it would broaden my opportunities but all it did was portray me as "just some rich (not hungry) guy who wants to coast for the next 10 years".

Ageism is very real. Good luck and keep us posted.

 

[Flieger]

I wish you luck. I've mentioned a few times here that when I involuntary retired at age 52, I thought that a stellar resume and industry-wide name recognition would get me another job in a snap. I was never able to get another job.

One of my mistakes was trying to lower the stress and going for positions a few levels down from where I came from. I thought it would broaden my opportunities but all it did was portray me as "just some rich (not hungry) guy who wants to coast for the next 10 years".

Ageism is very real. Good luck and keep us posted.

Thanks Marko. I did wonder what the "look' of stepping back might do to chances.

Flieger

 

[marko]

Thanks Marko. I did wonder what the "look' of stepping back might do to chances.

Flieger

Yeah. You might develop a pitch that'll get ahead of that thinking in an interview. It's all about them, not you.

 

[Koolau]

Ageism is very real. Good luck and keep us posted.

RIght. I saw it at Megacrop. Once you reach 50, you're invisible at best and also replaceable and expendable. I'm not sure why I was surprised.

 

[marko]

RIght. I saw it at Megacrop. Once you reach 50, you're invisible at best and also replaceable and expendable. I'm not sure why I was surprised.

Plus I had a remarkable (and well published) severance which, while helping in retirement, didn't help the job hunt.

 

[Koolau]

Plus I had a remarkable (and well published) severance which, while helping in retirement, didn't help the job hunt.

Yikes! Published?! Bummer.

 

[RetiredHappy]

Yikes! Published?! Bummer.

Mega layoffs severance packages are public knowledge. Intel's recent layoff severance packages were published by several news outlets in August 2024. Several people whom I know took the package after being with the company 25+ years and they got more than a year's pay, plus COBRA.

 

[marko]

Yikes! Published?! Bummer.

Officer and director of a public company.

Funny story: in one job interview, the president of that company jokingly stated "I heard you needed a truck to haul all the cash away". I knew then that I was cooked. A wealthy cooked, but cooked just the same.

 

[Koolau]

Mega layoffs severance packages are public knowledge. Intel's recent layoff severance packages were published by several news outlets in August 2024. Several people whom I know took the package after being with the company 25+ years and they got more than a year's pay, plus COBRA.

That sounds like the pkg that my Megacorp offered - but I don't think names were published. Maybe that's only for executives??

 

[Koolau]

Officer and director of a public company.

Funny story: in one job interview, the president of that company jokingly stated "I heard you needed a truck to haul all the cash away". I knew then that I was cooked. A wealthy cooked, but cooked just the same.

Heh, heh, "We have quite a dossier on you!"

 

[RetiredHappy]

That sounds like the pkg that my Megacorp offered - but I don't think names were published. Maybe that's only for executives??

Nope. Intel has undergone many layoffs and it's all public info on the formula that they use. In fact they have 2 different tables, one for everyone and the other for VP level. In Intel, VPs sign an employment agreement, so the terms are very different.

 

[Patience]

Sorry to hear. Sounds like a good opportunity to try out barista-fire. I look forward to the day I can take on a more menial job. Might be worth a try if stress is a concern.

 

[Gumby]

After he shut down his business when he was 60, my next door neighbor took a part time job driving for FedEx just for the health insurance.

 

[Flieger]

I have gone through and done all the "calculations and math", and we would be ok, but would have more of a chance of having to "limit" our retirement travel, etc depending markets, which I currently feel will be less than ideal (maybe that's a little bit of the black cloud syndrome at the moment). A small income (maybe $60k?) with insurance coverage for the next 3 years would make a difference with respect to that.

My stress/mindset from a work standpoint after 2.5 weeks "seems" a little better, but its hard to tell really after having Helene come through and damage our house (minor damage), &10k+ outlay for cleanup, 9 days without power, etc and the stress involved with that. One thing that helps me with this is feeling so lucky not to have the devastation just a short distance North of us.... I have 90% decided that I am not returning to Operations Leadership, even at a resulting 1/3 or less base income. I just feel at this point in my life (and age) it's not worth it.

I worked pretty extensively with the same contract employment group for 20+ years for both contract direct labor and professional (engineers, leadership placement) and have reached out to them discussing a potential position with their Professional Recruiting group. They seemed pretty open, so we will see where that goes. Just as another potential, I contacted a small but successful micro brewery/pub here that I go to and asked if they were hiring. Owners are currently in Colorado at a convention but will get with me when they return. No insurance I am sure, but maybe some income and definitely more relaxing "work". Who knows.

Anyway, just wanted to post an update. Just typing my thoughts out here is pretty therapeutic. I'm hoping that once I get Helene behind me and the cost/headache of that, I can really determine how much positive impact not working in the pressure cooker environment will have for me and if it is worth the potential adjustment. Having a place to "land" with insurance and small income would also help with determining stress improvement I am sure.

Flieger

 

[REWahoo]

After he shut down his business when he was 60, my next door neighbor took a part time job driving for FedEx just for the health insurance.

Similar to this, I know a couple of of involuntary early retirees who bridged the gap between losing health insurance coverage and Medicare eligibility by working part-time for the local school district as bus drivers.

 

[freedomatlast]

If you're going to work, get paid well for your time. That probably means taking a job that aligns with your experience. I've done both operations management and engineering management. I've found that it all depends on the higher levels of management whether the job is somewhat fun or extremely stressful. And those higher levels of management usually turn over about every two to three years. So it's kind of like the weather. If you don't like what's happening today, hold on, change will be coming soon. I'd find a similar job with a different company and see if you can hold on another few years.

 

[Flieger]

If you're going to work, get paid well for your time. That probably means taking a job that aligns with your experience. I've done both operations management and engineering management. I've found that it all depends on the higher levels of management whether the job is somewhat fun or extremely stressful. And those higher levels of management usually turn over about every two to three years. So it's kind of like the weather. If you don't like what's happening today, hold on, change will be coming soon. I'd find a similar job with a different company and see if you can hold on another few years.

I appreciate your thoughts, but part of what happened with the last position was stress and unhappiness with the role and responsibility. I'm just tired of it. Not sure I want to do that even for the money.

Flieger

 

[Flieger]

Quick update. Turned down a couple of opportunities or returning to FT as manufacturing leader. Amazing how good it felt!

Heading out to a local brewery in a few minutes for "orientation" as a newly hired (10-15 hrs/wk) bartender!

This harkens back to how I worked my way through college many years ago, and will get me out of the house a couple of days a week!

Flieger

 

[pacergal]

Best of luck to you, enjoy your new gig!