Got layed off Yesterday.

[Frankie the Fink]

Originally Posted by Jughead

I worked for a large hospital system, 29-30 hospitals. Been with them for 25 years. Really came as a shock but I was a manger so easy pickings I guess.

Told me my position was eliminated due to "restructuring". I'll be 72 in the fall so I had a good run. Was going to retire within 2 years anyway. Weird though being escorted off the campus after all these years.

Wife, working at a sister institution also got the axe. She had over 30 years in. She's 67. We will both receive a modest severance package.

We'll certainly miss the income but think we'll be ok. I started taking SS in 2018 and get about $3,400 a month, wife will get approximately the same. We also have about $2mil in 401k and savings. Everything is paid off so no debt.

Might have to cut back on a few things though. This will be a tough adjustment...forced retirement.

Are you kidding? You are better off than 97% of other Americans. I would have laughed as they escorted me out.

[Swany00]

Originally Posted by Steve_R

72 and 67, over $2M saved for retirement, and still working? Why??? It’s past time to retire and enjoy life.

If that $2M is invested wisely you can withdraw $100k/yr and you’ll still have $2M when you die. You’ve worked hard for many years, enjoy what time you have left.

No shit, unless their monthly nut is off the hook, that's a very easy retirement.

[GTOguy]

Originally Posted by Frankie the Fink

Are you kidding? You are better lff than 97% of pther Americans. I would have laughed as they escorted me out.

I think Jughead was just there for the drama.

[jw38]

Originally Posted by Steve_R

72 and 67, over $2M saved for retirement, and still working? Why??? It’s past time to retire and enjoy life.

If that $2M is invested wisely you can withdraw $100k/yr and you’ll still have $2M when you die. You’ve worked hard for many years, enjoy what time you have left.

Originally Posted by Swany00

No shit, unless their monthly nut is off the hook, that's a very easy retirement.

100% correct. Move the 401k into an IRA so you can manage it yourself or have a financial advisor do it for you. You can easily take $100k/year, along with your social security and you'll really enjoy retirement. I retired in Feb 2020 at 64 1/2 years old and I've NEVER regretted it. My wife and I have retirement savings in 8 figures and I also draw SS, my military retirement, and my 100% VA disability payment. Life is GOOD, and we both do what we want, when we want to. Oh yeah...go get your unemployment payments as well!

You're 72. Start enjoying your life!

[Taurus]

Congrats on the forced retirement, sounds like you'll be fine. The one thing that surprised me when I retired in 2021 is how much less you spend than you do when you're working.

[Onebadcad]

CONGRATS on your retirement

Now celebrate by purchasing a great car, like a C4.

[6spdC6]

Originally Posted by jw38

100% correct. Move the 401k into an IRA so you can manage it yourself or have a financial advisor do it for you. You can easily take $100k/year, along with your social security and you'll really enjoy retirement. I retired in Feb 2020 at 64 1/2 years old and I've NEVER regretted it. Oh yeah...go get your unemployment payments as well!

You're 72. Start enjoying your life!

Right on! Unless the OP is neglecting to give us some pertinent information things look real good.

I retired at age 55 from my construction union, due to tons of OT I was able to retire with full pension and good medical as if I went to full retirement age 62!. Now (78) Of course those OT hours also get a good SS check.

[Steve_R]

Originally Posted by GTOguy

My thoughts as well. I retired 3 yeas ago at 60 and time is flying by. I don't need more money....I need more TIME! Everybody I know who kept working out of fear or retiring with insufficient funds to do all they wanted ended up being too old to do it when that day finally came.

So true. I've never, EVER, heard anyone say "Damn, I wish I'd worked longer." I have heard a lot of regrets about working too long.

[zsr22]

Hell yeah, dude! Congrats!!!









edit: Sorry, I didn't read past "got laid." The rest of the story sucks. Hang in there.

[Rodnok1]

Working at 73? Hell I won't be alive then. I'd retired at 37 if could have.

Congrats on "retirement"

[LATB]

Originally Posted by Steve_R

72 and 67, over $2M saved for retirement, and still working? Why??? It’s past time to retire and enjoy life.

If that $2M is invested wisely you can withdraw $100k/yr and you’ll still have $2M when you die. You’ve worked hard for many years, enjoy what time you have left.

I’ll be 65 this year and have zero desire to retire. Some of us enjoy working.

As far as the OP, Two million in savings and 6-grand in monthly SS…should not be a worry at all if your working days are over.

[LATB]

Originally Posted by Steve_R

So true. I've never, EVER, heard anyone say "Damn, I wish I'd worked longer." I have heard a lot of regrets about working too long.

Lord willing I will work to the end.

[PLRX]

It's about your age, no offense, but I have seen this hundreds of times. They use many excuses, but it's against the law to fire you because you are no longer productive and set on your ways. After 55 we are gound beef.

[VITE1]

Originally Posted by GrandSportC3

At your age and considering your 401k balance, I don't see a problem there.
I'd take $100k each year from the 401k + social security. That money shouldn't run out for the rest of your lives. Can't take it to the grave, so, spend your 401k.

Get your 401k into dividend producing stocks with an average payment of 5% and you never touch the principal and still pull 100k.

Plenty of ETFs and BDCs producing that or more.

[GTOguy]

Originally Posted by Taurus

Congrats on the forced retirement, sounds like you'll be fine. The one thing that surprised me when I retired in 2021 is how much less you spend than you do when you're working.

I retired in 2021 as well and spend a fraction of the $$$ I did working. I make my own lunches, have no commute, and have owned what I needed for years. Ironically, my income is over twice what it was when I was working.
I'll spend 10 minutes preparing a killer fresh salad for lunch for well under $2, instead of a crappy $12 burger and fries. Also have the time to walk a couple of hours a day, logging about 170 miles per month. So healthier as well.

[Don Rickles]

Split the money with the Wifie and get a divorce?

Nice apt on the beach in Hawaii with a 22 year old hottie!

[Don Rickles]

Originally Posted by PLRX

It's about your age, no offense, but I have seen this hundreds of times. They use many excuses, but it's against the law to fire you because you are no longer productive and set on your ways. After 55 we are gound beef.

Iirc he is a pharmacist?

Couple patients ended up with a script for Viagra instead of their Vitamins?

[Steve_R]

Originally Posted by LATB

Lord willing I will work to the end.

You have my deepest condolences.


Hint: You need a hobby. Work isn't a hobby.

[GTOguy]

Originally Posted by Steve_R

You have my deepest condolences.


Hint: You need a hobby. Work isn't a hobby.

It is for him. He went from playing with Tonka and Buddy L trucks to the real thing. I have a friend like that, Lar's same age. He LOVES restoring old antique cars and tractors and grading building sites, etc. Like Lars, he doesn't drink and is a bible thumper. Also he is in top shape and tough as a mule due to a lifetime of physical labor and good genes. I watched his dad cut a '65 IHC pickup in half and strip it down with a torch at age 85. Doing what he loved. If you do what you love, you never work a day in your life.

[higgyburners]

Don't listen to these shmoes...get off your lazy butt and get back to work....