Mom to Mom

[carlycat]

Hi Ladies. I'm 58. I had been employed in a pretty high stress job for the last 6 years. Over 80% of my department has been let go--provided a severance--so the management could hire a new, younger employee. (This management was hired one week after I started six years ago) Well, my turn came up, and I was reorganized out of the organization 2 weeks ago. I got 6 months worth of pay and a bonus. Have to pay my own health care. Got to work one day, and was escorted out. My house is paid for. My boyfriend is going to move in with me, pay all expenses (he sells insurance, works 3 days a week). He will marry me if I want to. So basically I can retire. It's just abrupt. Two weeks ago I was working hard, and now I'm retired. I didn't work up to it at all. Any thoughts or words of advice? Thanks!

[Drythe]

carlycat,

I'm happy you have landed on your feet, so to speak. This must have felt like slamming on breaks very suddenly!

I've never understood why employees who've done nothing wrong need to be escorted out like 'bad people.'

You are safe, your home is paid for, no health problems mentioned; why not take a few weeks of down time, relaxation, me stuff, family stuff, and good, quiet thinking time for yourself. Give your brain, emotions, body time to decompress from the stress. Do some volunteer work if you want to keep your hand in.

Then you will be in a good, rested position to think about what you want to do next.

Best wishes.

[adelle38]

First of all, check out your health insurance with a broker a and make sure you're getting what you need at the best rate. Unless you were planning on your boyfriend move in before, you might be better off waiting until you have a little more time to consider. Relying on him for financial support seems risky to me. Are you considering looking for another job ? You might be surprised how much money you need when you retire. Perhaps you should consider part time work. Give yourself some time to think about what you want.

[Desertdi]

I'd call Social Security and find out what your eventual benefits will be if you quit work now. I'd also consult a lawyer if you are planning on marriage now. If you live in a community property state, you will be liable for any debt your spouse will incur AFTER the marriage. There is a lot to consider before you make any sudden decision.

[Nuttmeg]

Did your company just say goodbye to the older employees the right way? http://www.eeoc.gov/

I would go to the SSA office. You do not call them. You can get information from their site about benefits. You just can not sit until your are 62 and collect early benefits. You need quarters in your work record to qualify for Medicare and a your allowance.

Unemployment insurance.

COBRA health insurance. Life insurance connected with your package.

Please read all papers from your sudden retirement.

https://www.benefitscheckup.org/ Because you are more than 55.

[millieshops]

carlycat - I retired at 58, but it was planned and I had a pension. Had I been in a job in which I could have continued to work 3 or 4 days a week, I probably would have stayed another few years. Couldn't and retired.

I've been a retiree for 15 years now and my best suggestion to you is to take everything slowly and assess as you go along. Treat yourself the way research tells sudden widows - that is, no huge decisions right away. Certainly, I'd make no huge decisions that are hard to reverse - burning bridges, getting married, etc.

I'd also tell you you're young to be retired and you might well want to work at something after you'd taken time to breathe because of the suddenness of your dismissal. Money is one consideration but your identity may also be more tied up in your work than you realized and you need to figure that one out for yourself.

I'm sorry your company chose the method they did to end your job. However stressful it was, this sudden retirement is also stressful and working through that stress and learning all you need to know about yourself and your life at this point is a huge new job.

Retirement has been good to me - and even on the days it is not, going back to my old job would not be the solution to my issues. When you can feel this way, you know you're on the right path. Good luck.

[cotton4me]

nm

[nomless]

It's only been a few days. It's too soon to decide if you're retired. You have 6 months severance to figure out what you want to do next. Don't rule anything out. After a few weeks, you might realize you want another job.

[Peaches McPhee]

58 is too young to stop "work", expecially with no lead up. Get yourself a parttime or volunteer job to keep active, even if you don't need the $$. Sometimes work is not about the $$.

[123SuzyQ123]

I took an early retirement at age 58 also. If you do intend on working again, do not wait too long. You will be competing with 25 year olds for jobs. I thought I could go right out and get a part time job, but I was 58 going up against young people and guess who always got the job?

So my suggestion would be to "stay in the loop" and get another part time job, AFTER you have rested a few weeks and enjoyed the new freedom.

I agree with the posters who said not to jump into anything quickly. Once a boyfriend moves in, it is tough to get them out sometimes, if you should need to. Good luck to you!!