Soon to be out of work
Posted by dolwedge@reddit | GenX | View on Reddit | 160 comments
My job is going to offer a golden handshake. I am early 50s and not sure I can retire but my wife works and can cover the mortgage. I don't have all the numbers but we might be able to limp along to retirement without me working if we cut spending. I worry about how difficult it will be to get a new job. Has anyone else done early retirement? What's life like?
Nev-Ret-Dude@reddit
Do the math. My wife couldn’t continue to work. Required me to retire with her. We were OK except for the mortgage payment. Searched for house priced that we could afford in and out of state. Found area. In another state. Sold the house and moved to the lower cost state and bought with the money from the previous house. Best decision ever. Your situation is different, but the task is the same. List the assets, list the requirements, make a plan that works for both of you then make the decision that works best for both of you.
denverpilot@reddit
Do the math if either of you suddenly pass away or if she loses her job also. Mitigate risks as needed.
No_Button_1750@reddit
As others have said it does depend on the financials. Selling up where you currently live and relocating to somewhere more affordable and where you’d like to live (and not Manhattan lol) would be my first thought. Secondly have you considered working for yourself? Setting up your own small business or consultancy (depending on your field of work) and taking more control of your work? That way you could possibly work as much or little as you want depending on financial requirements and make the transition to retirement less jarring and more enjoyable.
You may not have foreseen this redundancy occurring but you could turn it into a really great next chapter.
theghostofcslewis@reddit
Golden Handshake
Share definitionFlag
The act of passing a condom via handshake between bros. Most often occurs when one bro sees another about to get lucky, and either knows, or is unsure, that said bro has readily available protection. The handshake occurs to prevent outside parties from noticing, while at the same time congratulating the bro on his success. Should the act not occur, the unopened condom should be returned to it's original owner.
Bro 1: Dan got with Sarah last night... hope he used a dome!
Bro 2: It's all good, I gave him the Golden Handshake.
Golden Handshake by DanTheMan666 October 3, 2013
No-Lime-2863@reddit
go to r/Fire they can help you do all the math. plenty of online tools that can either give you a top down view or a detailed bottom up view. figure out your desired spend, and minimum spend. then do math from there.
SolomonGrumpy@reddit
I moved from a VHCOL area (the Bay Area) to a HCOL area (Portland, OR).
Selling the house and buying a new house in a place with 1/3 the housing costs.
Would you consider relocating?
dolwedge@reddit (OP)
Heh... My wife really wants to move to Manhattan. Does that qualify?
SolomonGrumpy@reddit
Ha ha ha.
Unver1f1eduser@reddit
I would look at what my biggest financial footprint is which in most of our cases is our home. Do you need this particular home or would you be financially better off downloading. Take the difference in savings on the mortgage and putting it in a low cost index fund.
If you still healthy maybe seek employment in another part of the country so you maximize your earnings in this part of your life
Unver1f1eduser@reddit
Downscaling
Hausmannlife_Schweiz@reddit
As someone who took a forced retirement at age 55. Dont do it unless you are ready. I was miserable. Wound up going back to school and getting a masters degree to stay sane wasted a boat load of money because when I finally found a job it is less than 1/2 what I was making.
Keep looking for work.
otchris@reddit
Find a financial advisor. Seriously, they can help you navigate the now until retirement. There are so many little things that a good advisor should be able to help with.
I’d suggest a CFP with fiduciary responsibility. (That means they have a legal and ethical obligation to act in your best interest.)
DaMiddle@reddit
Far far better to join the Early Retirement forum and get all the advice you need for free. Financial advisors are blindingly expensive
No_Hovercraft_821@reddit
To answer your original question, life in retirement is what you make of it. I've known people who were unhappy because they didn't go do things but most of my retired friends as well as myself stay very busy doing things. Volunteering, taking classes (often at a senior discount), yard work, cooking, cleaning, and your music can easily fill a day. I find that instead of pushing hard to pack as much into a day as I once did that I sort of drift with intent from activity to activity and I don't push as hard to get things done as quickly as possible. My retirement jam is a hobby farm so there is a constant and never ending list of projects and chores, and what gets worked on depends on what is most pressing and the weather.
My one bit of advice if you go the retirement route is to try to budget money to do new things; new experiences and adventures keep your mind fresh. I started playing bass after decades of guitar, raising goats, and last year I added honey bees to the farm (the bees were a humbling experience but I'm still at it).
Cars_Music_GoodTimes@reddit
What is your current position? What are your marketable skills? What are your annual expenses? Do you have 25x your annual expenses saved for retirement?
dolwedge@reddit (OP)
I am in tech in the silicon valley. It's a pretty tough time here right now. Lots of layoffs so a lot of competition for every tech job.
Cars_Music_GoodTimes@reddit
But you did not answer my questions. What do you do in the tech industry? What are your marketable skills?
Where are you to understanding your annual spending and how close you are to having enough to retire?
ExaminationFancy@reddit
You gotta do the math, and see if you can make it work.
My spouse was primary earner in the family when he was offered a severance at 56 back in 2016. He had a healthy 401K and lot of company stock to fall back on.
I was 43 at the time, so I continued to work and was able to provide medical benefits for both of us.
10 years later, house is paid off and he’s now on Medicare. Because of our age difference, I’m planning on calling it quits when I turn 56 in 3 years.
We’re not big spenders, zero debt, and we currently have close to $3.5 million saved.
phsattele@reddit
Ageism is real. Cut the first 10 years off your resume.
OkAccountant8077@reddit
Agreed. The problem though, is that employers will look at the experience you do list and if it doesn't show any entry level/low level jobs they'll make assumptions about your age based on how long they think it should take you to get to the level of experience you show. And they'll make assumptions based on your appearance. Grey or white hair can be an interview killer for men. If you say that you have extensive experience in your field, it translates to "I've been doing this a long time, which means I'm old". I've seen all of this happen. The minefields about age for anyone looking for a new job are enormous and extremely difficult to avoid.
OkAccountant8077@reddit
Don't count on being able to find another job. I was laid off at 57 with 35 years experience in my field and spent over a year going to interview after interview, feeling really good about most of them, only to be told that they were "going in another direction". I would do some follow up on the position and found that going in another direction meant hiring someone in their 20s or 30s for the job. Ageism is alive and well in the workplace and is almost impossible to prove. Potential employers are going to look at you and see two things. First, they'll be wondering how long you'll be there before you retire. Most importantly, they're going to decide that you're too expensive to hire. They'd rather hire someone half your age that they can pay half as much rather than pay for your experience. They also know that someone a lof younger will put up with a lot more crap from management than you will because they need the experience for their resume. It's especially bad in tech. It's incredibly shortsighted but that's the reality. That your wife is still working helps because she can carry the health insurance for both of you until you're 65 and can apply for Medicare if you decide to retire. If the numbers work and you want to retire, go for it, but have a plan in place for what you want to do with all of your free time. If you still want to work, great, but be prepared for the fact that you may very well find yourself unable to get a comparable job.
Sufficient-Spray-367@reddit
It depends on the field I guess. my brother was about the same age as you He did take a lower level accounting job with lower pay, but at 58, he was ready to scale back. But it did take a long time to find that job. He hopes to keep it til retirement
OkAccountant8077@reddit
I tried that for a couple of times after I had been out for just over a year. I got the same question both times - "This job is below your experience. How long could you do it before you tried to move up?". I knew then that I had no chance. They had already decided that I would leave for a better job as soon as I could. Needless to say, I didn't get either job.
eternalsunshine2023@reddit
Just try and get another job. Don’t put all that stress on your wife and marriage unnecessary. Just because that company doesn’t need you doesn’t mean you’re cooked. With today’s prices we will all be working at least until 65!
Ilikepumpkinpie04@reddit
Listen to this. Similar happened to us. Husband laid off 2 years ago. We’re limping towards accessing his retirement funds- 21 months to go. We cut backs, but it’s still incredible stressful on me as I don’t earn enough to cover everything easily. I’ve been doing extra work but I am so exhausted and I’m not that much younger than my husband.
Husband just finished a 3 month contract and it eased the pressure on me. We saved much of that income to eke out each month until he gets work again.
Local_yokel_@reddit
Microsoft?
Maynameisdan@reddit
Go get it…
Why would you think you have nothing to offer?
Wisdom is real, desire or dedication fuels opportunity
GigabitISDN@reddit
Come work in civil service. I wouldn't do federal right now but state / county / city / town is doing just fine.
In your early 50s you still have time to boost your retirement. It's probably too late to start from scratch but it sounds like you already have one. 10-15 years can make a big difference. Plus our civil service employees get retiree healthcare, and that is HUGE.
Cold_Mission101@reddit
I work for my state and completely agree.
Ill-Customer-3781@reddit
I have no real job advice but if you are not working while your wife is it is your job to be a “house husband”. Cook, clean, run errands, do home repairs, shop, get her to do list…take everything off her plate that she does not want to do.
Don’t be unemployed and expect her to do everything. Be useful.
The marriages I have seen where the husband is useful are the ones that thrive. The marriages where the husband acts like he is on extended vacation usually end in divorce.
dolwedge@reddit (OP)
I already cook, shop, and clean the kitchen. She would not let me take on laundry because she doesn't trust me with her clothes... Or mine for that matter. But the whole family folds and puts away. We are a team.
CaliJaneBeyotch@reddit
My husband was off for 6mo one time and it was so awesome having him handle all things household. We joked that he was Dobby the house elf.
Sufficient_Stop8381@reddit
Got mine last year two months after turning 50 and 26 years service with good reviews. I was middle corp management and new leadership had started gradually bouncing long term employees especially managers. I probably should have lawyered up because almost everyone they bounced was over 50. But no reason was given other than it’s an at will employment state. I took the severance and left. I found another job within two months but at half the pay and a much lower level position. I’d like to retire but still need some time to work for my 401 to hit a certain amount. Once it does I’m out.
SparksWood71@reddit
Retired early and ended up getting bored and tried to go back. It's very difficult to find work at our age these days, friends in similar situations are spending over a year looking for work in most cases.
I ended up with a low stress part time job that puts me over the top financially and gives me enough to do during the week to not go crazy.
prisongranny@reddit
Same here, but had to do about a decade on disability and intense PT and could not wait to get back to work. Not only for the income ( being this age and having significant income changes/ income struggles is EXTREMELY DEPRESSING).
I ended up buying a food truck and moving to a tropical area. Not this is a viable choice for you but just stating don't be afraid to try something new. It's a great age to find a career that is less stressful and resume my master plan of sort of flowing and easing into retirement
SparksWood71@reddit
I like your plan! I have considered moving abroad for many many years and have a number of friends who have done so and love it.
LeftCheek99@reddit
Can you share what the low stress part time job is? I'm in a similar situation as OP and just need a little extra scratch to cover the delta from wife's income.
SparksWood71@reddit
I do gig work. Mostly Whole Foods and prescriptions. Home Depot seems to always be hiring older peeps too.
txterryo@reddit
What’s the gig work re:prescriptions? Delivery?
SparksWood71@reddit
Yes
TiaraMisu@reddit
Get a lawyer.
I am not kidding. Do not do this without a lawyer. Sign nothing.
I got laid off eight years ago. I've never even gotten called back, and I had SVP and senior legal recommendations and a long history of promotions and raises and accolades on a regular basis through my whole working life.
My boss practically begged me to lawyer up when I got laid off. It seemed so abstract. I didn't hear him. He knew what I was facing, and I didn't. I had six months severance and six months unemployment. Surely it wouldn't be my last job. Surely not.
I was 49.
I'm a woman and women in salaried jobs are statistically extremely unlikely to see employment again.
I'm lucky in a lot of ways to have the life I have, but you don't want to trust to luck and you don't want to roll the dice.
Ageism is real. It's worse if you're a woman but it is no joke if you're a dude either. Make sure that the compensation is 100% fair for the time you have spent and the future you deserve. Do the research.
Sufficient_Stop8381@reddit
This. Ageism is rampant. I wish I had lawyered up. I just took the money offered and left. New leadership came in a few years ago and started slowly bouncing long term employees, especially corp middle management, almost all over 50 and long tenured. Got mine two months after turning 50.
notevenapro@reddit
I switched jobs at 57. Depends on your industry and skillset.
Cars_Music_GoodTimes@reddit
Exactly. What is your current industry and skill set?
notevenapro@reddit
Chief nuclear medicine technologist,
The vast majority of my job is injecting radiopharmaceuticals into patients and scanning them. But the small percentage of my job has to deal with maintaining a radioactive material license with the state I work in. I set the SOPs and rules on how to operate a facility and decrease radiation dose to the general public.
Pretty cool fucking job.
LayerNo3634@reddit
A friend was layed off in his 50's and semi-retired. He works part time at Home Depot and loves it.
Ms_Anne-Thrope@reddit
If you retire what will you do with your time? If your budget is limited there are few if any time killers that are free.
dolwedge@reddit (OP)
I make music and I have all the equipment I need at this point.
skateboardnaked@reddit
I do the same and have a home recording studio. We have such a great hobby. It's virtually free to do once you have everything.
Myfreakinglyfe@reddit
I’m 53. Started a new career in the legal cannabis industry just a month ago. This was a dream come true. If you can keep working, maybe look for something you really want to do. Even if you make less money than you do now, you’ll be rewarded in many different ways. Good luck!
Long-Foot-8190@reddit
Retail or related role in this sector?
Myfreakinglyfe@reddit
Retail. I’m working at a dispensary in my neighborhood. I love talking about cannabis. It’s one of my favorite subjects!
user86753092@reddit
I was laid off at 51 and have been limping along since. No chance of retirement for me. I am in school getting a Masters and becoming a therapist, which I always wanted to do. This is a career I can keep until I die or get dementia.
imtherealken@reddit
What kind of therapist?
ParticularAction6782@reddit
It’s a combo degree, analyst/therapist
Kooky_Membership9497@reddit
So you mean an analrapist?
ParticularAction6782@reddit
I’m glad somebody else is a fan of Arrested Development 🤣
Thrawn_Nuruodo@reddit
I laughed way too hard at that lol, well played!
Pleasant-Minute-1793@reddit
user86753092@reddit
Mental health with a focus on substance abuse.
Longjumping-Date-181@reddit
Haven't done early retirement, but did find myself in your shoes last year at 51 and after 17 years at a fortune 50 telecom company. I was devestated, my job and my peers went to a shiny new tech center in Chenai, India.
They let me know a month and a half ahead and told me to transition my duties and look for new roles in the company. I found for each of those roles there were now at least 2 of my peers also looking for the same roles. I did look some but immediately started focusing on finding a job. I embraced the 3rd party job placement service from manpower and speed ran their courses while still on the clock. Each week I would spend 3 days working to find a job. The other 2 days I went snowboarding cause I needed the mental break and having worked non stop since 14 I felt I deserves it. I WAS STILL ON THE CLOCK.
I had a few interviews and was in final rounds on 2 roles. I was prepared and ready because of the manpower classes, I was versed in how to get through the ATS and had my STAR/CAR stories on point.
I got an offer and accepted it one week before my term date with caveat that my start date was a few weeks out. I accepted the severance package and shipped my equipment off, bye felecia!
I'm still at my new job and love it. I walked away with double pay for most of last year thanks to the severance package. You can do it too.
P.s. you can empty your full year FSA even though it is half way contributed and they can't do a thing about it
seaofluv@reddit
That's great! Everyone should be so lucky.
jmfewd@reddit
Well, I was unemployed for 2 years. But had GREAT vision 😀 due to the termination date being early in the year, so that was lucky. Anyone laid off late in the year won’t benefit as much.
jmfewd@reddit
Excellent call out on the FSA. I did that years ago when my company laid me off in January and I wanted eye surgery. I contributed less than $400, and the company paid the rest of the $4000 bill!
jojowasher@reddit
I have at least three friends in a similar boat, one moved to Mexico for cheap rent, one spends time with the family and runs the house, and the other just does odd jobs and loves it!
vanwhisky@reddit
Waiting for that handshake, I’m fully game and the buyout would be substantial. After that I’m consulting and looking for an entry level position with low responsibility.
BAHGate@reddit
Going through the exact thing at the moment. DOGE'd. 58 so closer than you. No jobs out there either. I was at @$200k but would be happy with $100k. I'll check out at 62 regardless. We can survive on the wife's salary but I like to buy things 😂😂. @$2 mil net worth.
Happy-Philosopher188@reddit
We're at about $2.5 mill now, and the wife is retiring at month's end. I'm going to stay at it for a couple months to cover insurance and see how we live on what we've built up. I'm convinced we can both retire today and make it, really no difference in me waiting it out.
bjayasuriya@reddit
Not DOGEd per se, but between the bad budget and some ... other things I was separated last June and still searching now. I had just over 17 years of federal service so I was laser-focused on the 62/20 years target in late 2028. I don't like the financial stress of unemployment but I'm plenty happy not working. I need to do the nitpicky math for "what if I just DON'T get another job?" so I can be confident that the low-grade torture of constant job searching is really worth it.
Poundingthepita@reddit
Don’t want to cut back to retire. That means you’re not ready financially.
Researchguy1625@reddit
Retried at 60 nine years ago. Money is not an issue but I have noticed basic living expenses have gone up quicker than in the past. I would not assume you can cut back on enough expenses to be comfortable just 2 or 3 years out. If that is the case and you do need to go back to work you have a 2 or 3 year hole in your resume that will garner some attention. Larger expenses for things like cars have really increased. I recently replaced my 2021 GMC SUV that I paid 84k for in late 2020 with the same basic configuration that cost me 107k. It’s a crazy world and if it were me I would not take the risk and find another career.
Good luck in whatever you do.
skinisblackmetallic@reddit
Gotta do the numbers. Plus, you might be surprised by how much money you could make as a musician.
Affectionate-Map2583@reddit
I did it and it's been great. I was completely retired for a couple of years while I looked for a part time job close to home which wouldn't suck to do. I eventually found it. I have way less money coming in than before, but I paid off my mortgage with the retirement buyout deal, and spend a lot less money on gas.
dsm246@reddit
One option might be to look for a low stress part time job that takes a little of the financial pressure off to bridge the gap btwn now and when you can tap into retirement savings. It also would get you out a little bit and give you a bit of structure while you wife is still working. I have friends in their 50s and 60s who have gotten part time jobs at local breweries, the Apple store, a just to earn a bit on the side and ease into retirement.
My husband retired about a year before me (he got an early retirement buy out) and it was HARD watching him not work while I carried on with the grind. We were both in high stress very demanding jobs. It would have been even harder if I'd been looking at years of continued work while he relaxed. Note: we are roughly the same age so we'd always planned that we'd retire around the same time. Depending on your ages you and your wife might have had different expectations. But you don't mention how she's feeling about this and it is important that you both are on the same page here.
heyyabesties@reddit
I second this. Even if you're not earning as much in a low stress job it's still something.
v4por@reddit
I got laid off at 49 after 20 years at my company. I just sucked it up and went and got a similar job. Thanks was before the job market tanked though. I fully expect the economy to keep getting worse and kept that in my planning.
GlidingToLife@reddit
Take this as a new opportunity to reset and start over. Forget about the money, pick a new job that you are interested in and see where it goes. Maybe teach k-12 or sub. Maybe drive a bus. Maybe become a tour guide. Maybe a ski instructor. This would just be extra cash to stay busy and have a little extra.
Kaldor-Silverwand@reddit
Retired this year. I’m 59 and had hoped to work another 3-5 years and pay off my house before retiring but I was aged out. My pension is almost enough to cover our healthcare premiums. My wife no longer works and I have been doing a lot of forecasting with our Traditional IRA. We live in a high cost area but have always been frugal, so I think we can make it financially but if things are trending badly we may have to sell and relocate. I’ve had several years of very high stress so not working has been good for my mental health. I can sleep at night again and I don’t have constant nightmares. I walk in the mornings to force me to get up, have a routine, get some exercise, and have some low-stress me time. I’ve lost 15 pounds. My plan right now is to continue working on me and not for other people. I neglected myself too long for the benefit of others. Feeling purposeless is a new kind of stress but I think that will pass.
autistic_insomniac5@reddit
I checked out at age 50 accepting a voluntary year long severance after ending 25 years at my organization as a senior manager. I thought I would get another job but this job market said otherwise. It’s been 18 months of unemployment, but I have a seven figure portfolio with over half a million in a non retirement account. My wife also works as a teacher and although the pay is low, it helps cover the basics and health insurance. I’m starting to embrace retirement even though I’m only 52. I still wake up sometimes and think I must be doing something wrong. But then I look at the time spent with my family, working out at the gym 5 days a week with my youngest son, going on trips, picking up hobbies, and overall low stress plus peace of mind, I know this is the right decision. If you’re in a position where you can make it happen financially, I’d highly recommend checking out and enjoying these years while you’re still young.
daveescaped@reddit
This is a helpful reply. I’m 53 and could face the same at any time. But what I wonder is why not work at something just no or some spending money? I used to have a small business that I ran that netted around 60k part time. Or go work at Costco. Just wondering why not do that? Maybe I’m too focused on the money though.
ivegotafastcar@reddit
You are living your best life… make a nice dinner and start making plans for some summer fun.
Direct_Adagio_4022@reddit
Watch "Friends and Neighbors'" supplement income that way. Let me know how it works out. I'm right behind you.
Tiny_Reference_3697@reddit
And, if that doesn't work out, you still end up with "3 hots and a cot" for the next 20 years...😉😆
InventedTiME@reddit
As soon as they walk you out the back door and give you that hearty handshake goodbye, walk right back in the front door and let them know you'll be available as a consultant when their need arises at $200/HR.
There will be a problem at some point.
WritingParking@reddit
This is 100% accurate. My last two jobs have reached out and agreed to pay me a consultant rate. Two jobs ago they paid me 20% of my salary for a year to be available to answer questions via phone and email. This time around it’s an hourly rate. I bill in 15 minute increments as soon as the phone rings.
Expert-Jury-7634@reddit
Awesome for you friend! Funny thing is, they have paid two other company’s to work on the issue and it has cost over 1million dollars…and we are still having issues🤦♂️
Expert-Jury-7634@reddit
This is 100% true! My coworker retired after 41yrs. They did him dirty and didn’t show him the proper respect he deserved. They ran into an issue that only he could wrap his mind around as it was his baby for 30 of those years. Well they asked him to come back to work for a week to help at the tune of 50K USD for one week. He politely told them to go screw themselves lol!
clejeune@reddit
Im looking into this maybe. I’m also only in my 50’s but my wife is much younger her than me and I get a decent disability from the military. Hoping to make it happen this year.
SavageRabbitX@reddit
What else do you enjoy?
DIY = go work at a Wickes or be a handy man for a OAP home or village
Comics = go work at a comic shop
Warhammer = go work a FLGS
Into old BMXs = restore and flip on ebay
Essentially you want to be working bring in a ok wage that is essentially for luxuries and trips away. Your too young to be retired
ackshualllly@reddit
Look at r/fire and ask their advice.
I 85% retired. Sold my law practice, still do contract work for lawyer friends and swing trade stocks (2 decades experience, don’t try without knowing what you’re doing). It’s amazing. My kids just entered their teens. I raise them, hunt, fish, work in my yard, volunteer, whatever I want. My wife is happy for me but wants to keep working. Covers the mortgage and health insurance.
Fire_Doc2017@reddit
You didn't give numbers but you do have options in your early 50s. There are ways to get money out of retirement accounts before age 59 1/2 penalty free. Look into 72t SEPP withdrawals. A good rule of thumb is you can safely pull 4% of your total liquid net worth every year, adjusted for inflation, so run some numbers and see where you stand. For example, if you have $500K in retirement savings you can take out about $20K per year safely.
CaroCogitatus@reddit
Late fifties, laid off after being promoted to Software Architect (that's the programmer who tells programmers what to program) just over a year ago. Nobody wants me. I'm overqualified for light industrial work (apparently) but the software industry doesn't want me.
Same, wife has a steady job with insurance that sucks compared to what I used to have, but we are surviving.
But surviving doesn't mean going out to dinner a lot and going on vacations. And being the sole breadwinner will weigh on her, despite her best intentions.
I have no advice for you, just best wishes.
dyverthesprit@reddit
I’m hoping to retire early too and just get a non-career job too. I hear Costco actually is pretty good but IDK.
Hedonistic_Yinzer@reddit
Find yourself a hobby or two or three.
A year ago in March I found myself unable to continue working due to a medical condition. My vision had been decreasing over the last decade and had suddenly accelerated its decline.
Through an insurance policy, SSDI, and some smart decisions, we are able to make it without struggle. The first few months were stressful because we didn't know what the future held. My income is nearly 85% of what I made working. My wife was actually able to take a job working less hours, with a very slight cut in pay, but a huge bump in her retirement. She only works 40 hours a week, compared to the previous job which was almost 70. We are making it, have time for each other, Go on vacations together. And have relatively no stress.
Had an old electronic keyboard in the closet. I got it out and took some lessons. I have since upgraded twice and have a cool ass synthesizer I play with daily. One of my best friends plays bass. We get together and jam. Another guy I worked with recently had open heart surgery and is doubtful to return to work. Luckily he plays guitar. We basically sit around play what passes for music, smoke a little reefer, and act like it's 1986 again. Without the groupies of course.
shuzgibs123@reddit
The dream life! I like to sing and I have a guitar and a piano, but it would be a stretch to say I play either one.
Hedonistic_Yinzer@reddit
Yes, when I bought an amp and microphone. My wife was like WTF dude? She soon banished me to the basement with my gear. I think the next move is our detached garage.
Yeah, it is kind of like the dream life. Just like motley Crue. We do too much weed and play music. The music sounds better. The more weed we smoke.
shuzgibs123@reddit
🤣🤣. I had to give it up 2 years ago. My lungs just can’t take it anymore and edibles just aren’t the same.
Hedonistic_Yinzer@reddit
Oh man I love gummies. They are God's gift.
shuzgibs123@reddit
I way an all day kind of person, so I don’t really feel the effect much from gummies. They help me to sleep, but I never crave them during the day. Every now and then I’ll sit outside with my hubby and take one or two hits and get a little bit of fun. I just have to be careful because if I let myself back where I was, I will be wheezy, and that sucks. I like being able to sing (and breathe well).
Hedonistic_Yinzer@reddit
I want you, internet stranger, to breathe and sing well. Also. Your joy brings me joy.
shuzgibs123@reddit
Back at ya!
dolwedge@reddit (OP)
I built my garage into a recording studio before covid... And then it became my office during covid. I am out there a lot.
Hedonistic_Yinzer@reddit
I've had the thought of doing that. Also. The problem is I have projects in my garage. Most notably a 1946 Plymouth that I would like to see run before next summer.
dolwedge@reddit (OP)
Way ahead of you. I have never stopped makinf music of my own for fun and I am in a cover band with some friends.
Hedonistic_Yinzer@reddit
I was into music when I was younger. Marching band choir and what not. After school I just kind of lost interest or life gotten away. I am happy I took it up again. It definitely helps me find a happy spot.
Alternative-Meat-779@reddit
I got the golden handshake when I was about the same age as you after working for many years at the same company. It was a difficult time for me as I was the main breadwinner and we had 3 kids in college. Well, I became a realtor and never looked back. In the end I was so glad that I lost the job that I thought would have been secure until retirement age.
DasArtmab@reddit
I retired at 55. Best decision of my life. I will certainly live longer because of it. Though I did not have a mortgage, I had college tuition to pay for. As someone else mentioned, look up the ‘rule of 55’ and see if applies to you
disastrous_affect163@reddit
I'm a little older (57) and have serious health problems. For me, health insurance was more important than income. I was lucky and got to keep my health insurance after a disability retirement last year.👍 The cost of healthcare is a major expense and nobody thinks about it until they have health issues. 🤷♂️
I also discovered that social security and Medicare do not start at the same time. You don't get Medicare until you've been on disability for 30 months, how stupid is that? You go on disability because of health issues, so you are going to be bankrupt and destitute before your covered.
It's almost like the system is setup to get you out of the office and into the grave as fast as it can.🤷♂️
BAMW-447679@reddit
Give it a shot and see how it goes. It ain’t good out there right now. You can get a non-career related job just to make some money and stay busy if necessary.
Rude_Parsnip306@reddit
My company offered an early retirement package and didn't expect so many people to take it. My 62 year old boss took it, had a couple of months off and is now working on an equivalent role somewhere else.
Stroker-Strong420@reddit
I retired 10 years ago after 30 years in one business. After i retired I messed around working part time for 2 years and one full time (50 hours a week) job for 2 years. I was way over qualified for both jobs.
That 50 hour a week job was managing a manufacturing plant somebody else owned.
I realized I was done making money for someone else.
I started a small company that does custom work for customers at their locations. When I need some extra money, I drum up some business. It’s a niche business that pays well.
I work 2-3 days a week for 9 months. I make enough in those 9 months to take the summer off.
I stay busy, have fun and make more than enough to maintain our lifestyle.
No-Doughnut324@reddit
You got it figured out, congrats!
Bokononfoma@reddit
You sort of have a golden opportunity to find out. Stash the payout in savings, and make changes you want to make. Live with it for a while. It might be easy, it might be impossible, it might be easy but miserable.
Try it out, but make a plan/budget. I think this is a real opportunity for you.
Shon_t@reddit
I would advise you put together a budget based on your retirement income. Can you live on that budget? You might try it out now, before you lose your job.
Keep in mind that your budget shouldn’t just cover normal monthly expenditures. You should budget for car maintenance/replacement, home maintenance, annual insurance premiums (home, auto, life, etc). If you have kids, will you help with school costs, weddings, etc? How will you manage life’s unexpected expenses?
If you struggle to put together the numbers on your own or even if you don’t, you might consider the services of a financial advisor, make sure they are a licensed fiduciary. A fiduciary is legal and ethically required to act in your best interest. Similar to how a lawyer would help you legally, a financial advisor can help you look at your current financial picture and help forecast your financial future. They can make recommendations to help you manage your retirement, and some of the services they generally provide today would have only been reserved for the wealthiest clients 10 years ago.
The reality is, that a majority of us will be forced to retire sooner than we would like, and many of us will have to drastically reduce our lifestyle and annual expenditures in retirement. Once you see the actual hard numbers, don’t be surprised if you feel like you really don’t have a choice but to go back to work.
Phobos1982@reddit
Get a job at Home Depot or something.
CharlieLeigh51@reddit
I know several musicians who teach students from their home as a full time job. I don’t know which instruments you play, but teaching guitar would be very profitable.
Healthy-Ad-2412@reddit
I was a teacher and retired 7 years before I had planned when a handshake was offered. Personally felt I’d probably die a lot sooner if I worked the 7 years for the extra $4k a month pension I was leaving on the table. I figured I could use the handshake and some outside savings to maintain my income for about 5 years. If I hadn’t figured something out in that time I’d be fucked.
I can say now that it’s the best decision I ever made. I live in San Diego county so I get the high cost part. But I spent about 8 months recovering from a life of work, getting myself healthy and now I’m working part time and the difference is unbelievable. So much better working when you aren’t driven into the ground.
You didn’t state what your savings is like, so I know not everyone has a pension for a baseline. But if you can do it, I think it’s possible to change the remaining time you got left in a huge positive way.
And my wife is a teacher too!
wrenchedups@reddit
I accepted an early retirement offer recently. I’m taking my PTO now and retirement happens on 31 Dec.
Age 58. I’ll be eligible for about 2/3 of a full pension. It will pay for rent and bills. My registered retirement investments are enough to last for many years.
I have a CDL. I haven’t driven commercially for 25 years, but there’s a shortage of school bus drivers around here. I think that will be the direction I’ll take the for rest of my career. But for now this summer free from work is what I’m looking forward to.
larissaorlarissa024@reddit
Honestly, this sounds like a dream scenario. Congrats!
WritingParking@reddit
It’s completely doable. I was all set to retire at 55. Got laid off at 53 & a half. Discipline is key. I’ve started creating buckets for every expense. Went over the electric this month? Guess we’ll turn off SlingTV for two months. Got extra money left over from groceries. Let’s go out and get a nice dinner. Structure your monthly bills carefully and if you’re feeling like it’s too tight, or your bills exceed your available cash, then consider some meaningless job.
rahbahboston@reddit
Sit down and record your monthly expenses and don't cheat. Add in a safety net for unplanned emergencies and some smaller luxuries.
Only then can you know if you can retire early or not.
grandoldtimes@reddit
What about the rule of 55?
JonCocktoastin@reddit
You might want to hit up the FIRE subreddit.
tiggonfire@reddit
Yes, there is a lot of FIRE (financial independence, retire early) info and calculators out there that can help you analyze whether you are in a financial position to retire early or not. I did and love it. Some people seem to struggle with the identity shift or lack of feelings of purpose, but if that happens, you can always go back to work.
nofishies@reddit
Do you WANT to retire?
dolwedge@reddit (OP)
It wasn't my plan but when does a plan turn out the way you expected. And it's why I am asking here. Did people get bored? Did they find things to do? I can't even imagine retirement right now. I've had jobs continuously since I was 12.
Bob-Dolemite@reddit
what if i told you there was no such thing as retirement?
find something else to do, preferably something that pays you.
nofishies@reddit
Ok, so if retirement is not the goal, my suggestion would be if you really can’t find a job right now, which could be the case, it is brutal out there, explore doing something on your own while you’re looking.
Hard to know what that should be without knowing what you do, but yeah, retiring at 50 usually it’s not a great idea unless you have to or really want to.
But don’t stress yourself so much while you’re looking, the good news is you don’t have to feel like if you’re not working tomorrow, you can’t pay the rent!
LibertyMike@reddit
If you get a nice payout, can you just pay off the mortgage? That would make life much easier.
Pleasant-Minute-1793@reddit
Honestly if he has pre-pandemic low interest rates I’d bank the money instead of paying off the mortgage
JJQuantum@reddit
I have 2 friends who have retired, 1 about a year and a half ago and 1 about a month ago, both in their early 50’s. The first one is happily doing things he likes to do instead of what he needs to do. He says his retirement account has actually grown since he and his wife retired because they are just spending less money overall. The second guy is honestly still feeling it out.
Individual-Army811@reddit
Find a side gig - or a fun job, if you will. Make it something that gets you up and keeps you busy, but doesnt have a ton of stress attached.
madogvelkor@reddit
My dad did that and switched over to sales jobs -- cars, insurance, real estate. Finally turned his hobby of photography into a small business after he realized there was a demand for good real estate photos.
My mom had insurance and a steady income, and they had paid off their house so expenses were low. His income was commission based so it was unpredictable.
dolwedge@reddit (OP)
I hate the idea of sales. But I've talked to folks who switched to sales or real estate and they are happy. Switching careers is interesting to me but i have no idea what I'd do.
b-lincoln@reddit
You can draw on your IRA if you file a 72(t). There is no 10% penalty if you draw the IRS %, around 4%, for 5 years or aged 59 1/2, whichever is longer. This could supplement your income for a lower paying job. A moderate allocation should grow 7-8% a year, so the 4% draw won’t torpedo the principal.
Powerful-Union-7962@reddit
I had kids late, so although my finances are ok-ish at 55, don’t see how I can retire just yet. If I’m laid off, then …..who knows. Just gives me motivation to invest a bit more just in case.
dolwedge@reddit (OP)
I have a 19 yr old and a 16 yr old. The older one is away at college. He is going to get a job now to help.. The younger one may not get as much help. This worries me for sure.
Mjhjane77@reddit
Maybe just a fun part-time gig to fill the time and provide income to fill the gap???? It’s not all or nothing.
AdCharacter9282@reddit
Yeah like why does he need to limp along retirement, just get a part time.
Beneficial-Shock5708@reddit
Get a job selling cars. It’s not hard work and the income potential is pretty good. Some places are salary plus smaller commissions, some are draw vs commission, and some are all commission. I’m 61 and have been in the business 37 years. Good Luck!
Tls-user@reddit
I took an 2 year unpaid leave when I was 53 to bridge to retirement at 55.
I absolutely love having no work obligations and enjoy the freedom to do whatever I want or nothing at all.
Renaissance-man-7979@reddit
I would last a few days and then start fixing up cars, motorcycles, or garden tractors to sell or something. Handyman services, hauling things, I'd have to do something. I would get more satisfaction building a deck than I get from my Microsoft Excel and Powerpoint meetings currently. Maybe install patio doors or startup a quick lube shop exclusively for European cars/bikes that uses only Liquimoly.
Rahawk02@reddit
My 401k should pay off the mortgage with enough left over to keep the lights and water bill paid for a while so I’ll around and eat dollar store bread and watch free tv til I perish
Ill-Consideration892@reddit
Laid off last summer at 53. Complete surprise is an understatement. Got decent severance that I was able to stretch our monthly expenses to 9 months. By the 4th month I got bored and landed a consulting gig after reaching out to my network. 7 months later and I’m almost billing 40 hrs per week. The nice thing is I got to pick the project, the team and the company I wanted to work for. Pay is about 1/3 of what I was making but I don’t need that amount to cover expenses. Wife has great state job so she covers insurance. Going to see if I can do this a year or two and then leave the workforce on my terms - not someone else’s. Financial we are ok if both of us lose our jobs. It was the fact that I wasn’t ready to retire that was the hardest for me. I need to find something to retire to. Best of luck!
Xryanlegobob@reddit
50, out of work since end of 3Q last year. It IS difficult to find a new job
lundah@reddit
I’m a public employee and have 4 years until I hit the minimum age to draw my pension. Once I hit that I’ll start thinking about retiring from the line of work I’ve been in for 30 years and instead find a job more closely related to a hobby or interest rather than for the paycheck. Maybe look into that?
BitterPillPusher2@reddit
As much as I would love to, I wouldn't retire unless I could comfortably retire. I wouldn't want to spend the next 15 years (or the rest of my life) counting pennies, budgeting every gallon of milk I bought, or worried about what we would do if the one working spouse lost their job, was injured, got sick, etc.
If I were in your shoes, I would get another job. It doesn't necessarily have to be the same income as the one you are leaving, but it's something. You can take it a step further and direct your entire salary to savings. That will allow you to see how easy or difficult it would be to survive on your wife's salary alone, while beefing up savings for when you do eventually stop working - maybe even providing enough of a safety net to actually do that.
pathf1nder00@reddit
Retired 56. Granted, had to apply for SSI and it took nearly 3 years. My biggest hardship is the unexpected. I was fine for status quo, but when something popped up that needed funds, it was dipping into my savings. Add current inflation and it's a worry moreso. I didn't (don't) have a mortgage, or car payments, or financials.
ConcertTop7903@reddit
Maybe a part time job? I am single income and have kids but have a small pension and 401k, my job can be high pressure at times and I dream of retiring and staying home. I do play the stock market but that’s not a guaranteed income but lately it’s been doing good.
Quiet_File_11@reddit
"I worry about how difficult it will be to get a new job." -As someone that's been looking for just over a year after being laid off, this is a legit concern. Job market is horrible and getting worse by the day.
QuarrieMcQuarrie@reddit
Can you work part time, or self employed- or even part time self employed? That's pretty much my plan but am in the UK.
Ray_The_Engineer@reddit
Working on it at age 59. I'm "semi-retired" at present, work 20 hours a week, which is delightful after a career busting my ass. My wife is still full time, so I can ride on her health insurance. That's the real trick for us; either one of us has to stay full-time'ish to maintain the insurance, or we have to find another path to it, until 65 and Medicaid becomes a factor.
Key-Juggernaut5695@reddit
Retired at 50. Never looked back. Never bored. Life is great.
North-Bit-7411@reddit
I’m curious about this one as well. I’m about 4 or 5 years away from retirement and both my wife and myself are seeing possible layoffs in the future. If it happens it’s not the end of the world but it would throw off my game plan for how I want to finish stuffing my 401k accounts for the comfortable retirement I had in mind.
SqrBrewer@reddit
Get your budget in order before you make any decisions. Learn about the out of pocket expenses like health care and insurance if not provided via your wife's employer.
Gather your numbers and check out r/personalfinance.
MaybeOnFire2025@reddit
or r/leanfire
SouthConsideration15@reddit
I recently retired at 55 and love it. No regret or boredom yet. My wife is going to work for a few more years. One important note though—my employer had a great retirement plan and I had saved heavily, so retiring didn’t cause any financial hardship.
Full_Mission7183@reddit
How competitive of a job do you need to land?
I hate to say my father was right, but he was a chief of police for years and would commonly say "When I retire I am going to get a job painting out houses and if they ask me what color to paint them, I'll quit."
He ended being a starter on a golf course for his post-career hobby career. I am kind of looking forward to a quasi-retirement where I do not have to feel burned out every Friday evening from the week's work. Maybe I'll run a Tilt-A-Whirl.
guy_n_cognito_tu@reddit
I'm 52, and I cannot imagine what I would do with myself without working. People are easily living into their 80s now, and I wouldn't want to "limp along" for the next 30 years because I didn't want to go shop for a job....
Ceorl_Lounge@reddit
Curious about people's experiences with this too. My wife is seriously considering early retirement and considering the toll her job is taking I'm pretty much on board.