If you were to lose your job at age 55+, would you retire/dial back or look for another full-time position?

[Anonymous]

I lost my job at 55. I took a year off to help my DS look at colleges and then switched careers to a FT WAH job. I took a pay cut but my new job was stress free and working at home was delightful.

[Anonymous]

Anonymous wrote:I just found a very part time and am living off savings. Life is too short.

What type of part time work?

[Anonymous]

Anonymous wrote:I’m 57, spouse 59 and both in industries that are suddenly precarious (thanks, Trump!). We have retirement accounts, some savings, and a paid off house and If we get laid off we can retire and should be ok financially for ourselves in our lifetimes. But I worry about our kids (college age and just out). The economic future looks grim, stable jobs hard to come by, the cost of graduate education should they need it is high, the cost of buying a house and even a car very high. I hope we can keep earning and be able to help them out with grad tuition or a house down payment. The idea that kids should graduate from college and be “launched” and self sufficient seems like a luxury if a different era.

Get ready for the era of multi-generational household.. Luckily, in the USA we have big homes, could be worse..

[Anonymous]

Anonymous wrote:

Anonymous wrote:At 55, my youngest will just be going to college. Either I or my husband will have to continue working full-time for health insurance, as far as I can tell (current state), until we’re in our seventies unless we want to go broke quickly.

America is so screwed up: yes, you *can* make a lot of money, but what if you don’t, and what if you can’t after a certain age, and you’re in good health…it’s just so overtly capitalistic and extractive, it’s so tiring to consider.

Become a school bus driver. 20 hours a week just on school days and get medical year round

Basically working for health insurance. Not that bad for some especially given you get summers off.

[Anonymous]

I would look for something part time just to help pay the bills. I would not try to restart my full time career. But I am also married and am assuming my spouse would stay employed.

[Anonymous]

Retire.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am 52 and plan to retire at 55—or sooner if laid off. My 59-year-old husband retired earlier this year after being laid off. Our mortgage is paid off, we have a high school junior with fully funded (in-state) 529. Our NW is $7m excluding home equity.

I’m
Very much in the same boat. I am taking VERA so I’ll be able to continue with federal health insurance for my family. Would you have something similar if you were laid off or retired? Or would you get health insurance some other way?

We don’t have health insurance, will pay out of pocket. That’s the reason I plan to work for 3 more years to get DH closer to 65. We have no pension either

Gotcha. Thanks! Retiring at 55 seems very smart in your circumstances.

PP back-- by "smart" I mean that even with no health insurance, nor pension, $7 million is a lot of $ and should be more than enough to fund a very nice life in retirement.

[Anonymous]

Anonymous wrote:I would look for something part time just to help pay the bills. I would not try to restart my full time career. But I am also married and am assuming my spouse would stay employed.

What part time jobs are out there for professionally employed people? Everyone seems to want them, but it's only service jobs or gig economy jobs available.

If you are in your 50s and had invested decades into your career or skills you likely don't want to drive Uber or work at a store or cafe/restaurant, because
it will make it more difficult for you to go back to your higher earning field if you need to It's only a path for OP if there is no need that may arise in the future having to be the only breadwinner. If you can rely on your spouses income until retirement or you have enough to retire now then these low wage jobs can supplement your discretionary income and give you something to do to get outside of home.

Essentially this means retiring and saying good bye to your field unless economy miraculously explodes and there is a shortage of people with your skills and employers are actively looking for people like you and will ignore your resume gap