Divorced at 49 needs a higher paying job.

[Anonymous]

I think you should stay at your job and downsize. Now is the time to cut expenses. Giving up the security of a pension is a very bad idea.

How much do you pay in rent?

[Anonymous]

You already posted few months ago. Downsize and get a second job. Move into a studio or rent a room somewhere. You will be too busy working anyhow, so who cares how your house looks like.
Been there, done that, before you say you are too old to live in a small place.
How many more years of child support?
How do you have only 8 months savings left after having worked for nearly 25 years?
Two brunch shifts will get you the $800 a month easily and then some.
Do not leave the job you have now.
Also, learn to be better with money. My Roth did 90% this year and the year is not even over.
It can be done ever year. It's something you learn to do inside the account. Don't sit on the stock; they go up, they go down.
Your $20k becomes $40k, then $80k the year after, $160k, $320k, $640k, $1.2 m tax free. There's you retirement and all the experience how to do it.
If you add $7k and later $8k the year you turn 50, you end up with even more money.

[Anonymous]

Anonymous wrote:I am in a tough situation. I am 49, recently divorced and child support payments are crippling. I am not complaining because it's for my kids, but I am running an $800 deficit every month as a result of child support. I am using savings to cover the deficit, but in 8 months I'll start going into debt.

So I need a higher paying job. But I am 49, works for a state government with a pension. The pay is not great. It was okay when I was married. But now it's not.

What do I do? At my age I am not sure the private sector will hire me. And it means giving up a pension. It also means I'll need a job that pays significantly more so I can save for retirement.

If I leave I have 2 options. Either $200k in cash which I can transfer to an IRA or $24k/year pension at 65. I only have $20k in Roth IRA after the divorce.

I do data and statistical analysis for a state agency. I use SPSS, SAS, and excel. It's a purely data driven job back office kind of work. I don't even know if I am employable in the private sector with this skill set.

You need a side hustle. Drive Uber or become a youth sports official or something.

[Anonymous]

Your biggest challenge will be that you are too old for technical roles. At your age you should be Director etc.

[Anonymous]

Tutor math. I dated a guy in similar situation who needed extra work to meet child support expenses. He left his boring statistician job (insurance) and ended up becoming a math teacher! Pretty sure he renegotiated his child support by changing to joint custody so he had kids half the time (it worked once his ex met her boyfriend then agreed to new arrangements).

[Anonymous]

Invest the 200k in cash, at 5% net return your payments of 800 a month would be covered.

[Anonymous]

Are you truly paying that much in child support?

I mean the court based its ruling on something?

[Anonymous]

Anonymous wrote:Invest the 200k in cash, at 5% net return your payments of 800 a month would be covered.

Don’t do this. You need that money compounding for retirement. Get the 800 from trimming where you can and picking up a part time job.

[Anonymous]

Math tutor, 75-100 an hour. Sign up with a tutoring service to start if you can't find clients, but maybe advertise at your kids school if middle or high; maybe also college level stats.

All you need are 2-3 weekly clients and you're done.

[Anonymous]

Some are recommending tutoring math. I'll just caution that this gig is harder these days because students can find online tutors from India for like $15/hour. And parents also like to hire current math teachers or use well established tutoring services.

Uber is actually a good gig of you are willing to do late night shifts picking up drunk people lol. Just pray they don't throw up in your car.

[Anonymous]

Anonymous wrote:Short term get a second job while you figure things out. You can cover the $800 deficit with a second job doing uber or low end work.

Good advice.