Got layed off Yesterday.

[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.

[Don Rickles]

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.

*laid

[Jughead]

No that didn't happen.

[Joey777]

Hospital system here in the Pittsburgh is eliminating positions also. What the heck is going on? Sounds like you planned well and should do fine in retirement. Now get out there and enjoy life!

[04 commemorative]

Get a job at Costco

[TheHammer]

I think you'll survive.

[Yadkin]

When one door closes another opens. In this case it's a well deserved retirement. You should be able to take $80k per year out of your investments (hire an expert if you haven't already). Congratulations!

[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.

[GrandSportC3]

Originally Posted by Yadkin

When one door closes another opens. In this case it's a well deserved retirement. You should be able to take $80k per year out of your investments (hire an expert if you haven't already). Congratulations!

I'd take out $100k per year. That will take over 20 years to run out of funds.

[Jughead]

Originally Posted by 04 commemorative

Get a job at Costco

If anything I'll look for a job working from home, part time. Not interested in Walmart or Home Depot. If I'm going to work I want top dollar.

Originally Posted by GrandSportC3

I'd take out $100k per year. That will take over 20 years to run out of funds.

Wasn't planning on that much but wife is worried we'll run out. I figure in 15 years I really won't care. Don't older people (>80) spend less?

We don't travel. We have beach house rental that is self sustaining, so far, so we'll spend time there in off season. Love surf fishing. I have 2 corvettes to keep me busy too. We do like cutting down trees for fire wood so that will keep us busy if I can get my log splitter started.

[Don Rickles]

Don’t forget about your unemployment check!

[Jughead]

Originally Posted by Don Rickles

Don’t forget about your unemployment check!

What?

[Don Rickles]

Originally Posted by Jughead

What?

You said you were laid off, doesn’t entitle you to a government unemployment check?

[6spdC6]

Originally Posted by Don Rickles

You said you were laid off, doesn’t entitle you to a government unemployment check?

Normally yes, get RIFed and you should be able to sign up!

[Blademaker]

Well, you both must have liked your jobs to work that long.
When I hung it up, I quickly realized that retired does not mean *Stop working*. Sometimes I'll work harder than I did when I had the business, but it's by choice doing things I like to do, but without dealing with people trying to kill you.
Enjoy your retirement, well deserved.

[Blademaker]

Originally Posted by 6spdC6

Normally yes, get RIFed and you should be able to sign up!

When we sold the business and left, my brother and I fired ourselves. Then, we filed for unemployment. Never mind the fact that it was by choice and I was retiring, that didn't even factor in.
I drew the maximum unemployment for 1 1/2 years before the .gov began asking for proof that I was looking for a job. I'd like to think that I got a little bit back from paying into it for all these years, but I know better.

[Don Rickles]

Originally Posted by Blademaker

Well, you both must have liked your jobs to work that long.
When I hung it up, I quickly realized that retired does not mean *Stop working*. Sometimes I'll work harder than I did when I had the business, but it's by choice doing things I like to do, but without dealing with people trying to kill you.
Enjoy your retirement, well deserved.

Hard work opening those caviar cans!

[Blademaker]

Originally Posted by Don Rickles

Hard work opening those caviar cans!

Call it an addiction....

[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.

[GTOguy]

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.

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.