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

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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]At 58, you are done. Don't plan on finding another job on a senior level. Just retire or go get a hobby job.

And remember to vote your pocketbook.[/quote]

At 58 I had two kids in college at same time, a third kid in HS and a mortgage and everyone on my Health plan. Sure sounds like a great time to retire.

And I had around 5 million net worth  at that time but would have ran through it by 68 and would be eating dog food in a cardboard box by 70.

Most of net worth was house, rental properties, 401ks, IRA. Only had two million in after tax accounts.

That two million disappear quick as I was making $25k a month.

[/quote]
Yea, I never use the equity in my primary residence in my nw, but you can certainly sell your rental properties if you had to.  Also, your $25K/mo expenses is crazy. So yea, if you aren't willing to pull back on expenses, you can't retire on even $4mil at 58.

I'll retire at 56, and we will have about $4mil, not including the house.   Our monthly expenses is about $10K.[/quote]

The 25k was when two kids in college. That was running me alone like 110 a year, plus running 3 cars, a mortgage, and my house things kept breaking and when layoff had 2k cobra.

Last month I spend at age of 63, 85 thousand in bills. 30 tuition, 15k family Vacation, 6k unexpected major car repair, 5k homeowners insurance, and 2k car insurance plus a 15k property tax bill plus 5k for house payment and my wife’s back to school 4k credit card bill.

Bad month 
[/quote]
You were making $25K/month and you didn't save money for college?[/quote]

Nope. I cash flow things. I was not making good money till almost 50. So when money coming in I could buy SUVs, do kitchens, pay college tuition out of my checking account.

Even now I don’t have funds last kid college but I am doing super catch up 401k plus I have 457b at work with match doing 80k in retirement accounts and paying bills on cash flow as still have a high paying job at 63.

I have four million 401k, 2 million in home equity, 800k company stock, three paid off cars that’s all illiquid. I fund bills as they come off paycheck. I plan on doing that till 68 when youngest done with college and wife turns 65 so she and I can be on Medicare.

I quit now I go on expensive health care family plan and I bleed out. I have to stop rolling over CDs, stop reinvesting bond interest and dividends in my brokerage account and once that 3 million runs out, have to tap my company stock than 401ks. I be homeless by 75. [/quote]

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