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

[Anonymous]

I quit my job at 50 expecting I would get a similar job within a couple of years but nothing has come through yet, 4 years later, and I haven't looked very hard for one anyway. I've been able to do so many things that I just know I wouldn't have done otherwise, including reading and travel to a lot of places. I'm fortunate that I have enough to get by without working. I think generally people should keep working as long as they can, if they can stand it, or of course if they need to, but not working is generally pretty fun. It's like it's the weekend except it's 7 days a week. You can always find constructive things to do, or just not do anything much and relax.

[Anonymous]

Anonymous wrote:I quit my job at 50 expecting I would get a similar job within a couple of years but nothing has come through yet, 4 years later, and I haven't looked very hard for one anyway. I've been able to do so many things that I just know I wouldn't have done otherwise, including reading and travel to a lot of places. I'm fortunate that I have enough to get by without working. I think generally people should keep working as long as they can, if they can stand it, or of course if they need to, but not working is generally pretty fun. It's like it's the weekend except it's 7 days a week. You can always find constructive things to do, or just not do anything much and relax.

You are a SAHM I guess

[Anonymous]

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

[Anonymous]

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.

[Anonymous]

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?

[Anonymous]

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.

This

[Anonymous]

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

[Anonymous]

Anonymous wrote:I would dial back or found a different part time job.
I'm not 55+, but my first job at the age of 18-30 was physically hard and mentally abusive that I knew I had to get out. Perhaps you have been lucky to enjoy your job and it's only now that leaving crossed your mind. Why not prepare starting now if you haven't and get out.
I got out at mid 40s. There are benefits that come with free time that most people can't even imagine. Even AI doesn't mention the main ones.

Just curious which benefits you are referring to...would you mind sharing?

[Anonymous]

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.

[Anonymous]

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.

[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.