Third time in my 32 year career I have been laid off

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msk
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Re: Third time in my 32 year career I have been laid off

Post by msk » Sun Oct 08, 2017 6:48 am

Retirement at 55 is excellent. I did. With reasonable luck you have a good 15 to 20 years with no major health issues and you are still able to travel the world, enjoying whatever hobbies you have. My arithmetic: my preferred investment is 100% stocks ETF, 5% annual withdrawal and I am willing to take the ups and downs of the market but I'll stick to 5% of the portfolio value in each year. The remaining portfolio will keep up with inflation (and so will my withdrawals) and continue for forever. You can check this with a Monte Carlo simulation (I also checked it against 50 year history) or by whatever method that will salve your anxieties.. Your initial withdrawal on a 2.5 million $ portfolio will be $125k. Why on Earth do you want to continue working? You will need to sweat details regarding health insurance, real estate or not, whatever, but you were clever enough to accumulate $2.5+ million $... Enjoy life while you can.

OnTrack2020
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Re: Third time in my 32 year career I have been laid off

Post by OnTrack2020 » Sun Oct 08, 2017 7:30 am

I do not understand this post/thread at all.

The OP has real estate valued at over $1m, plus $1.6m in investments. I'd figure out a way to sell both properties (not in the same year), move to a LCOL area. Either buy a nice condo/small house or rent and enjoy life. In a LCOL area, you can buy a nice home for under $200k.

epictetus
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Re: Third time in my 32 year career I have been laid off

Post by epictetus » Sun Oct 08, 2017 8:25 am

do you have a good idea of your monthly expenses?
that is an important figure to have when figuring things out.
Focus on what you can control

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Pajamas
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Re: Third time in my 32 year career I have been laid off

Post by Pajamas » Sun Oct 08, 2017 8:42 am

You're getting a really low return on your rental property, especially compared to the risk. If you sold it, you could cover almost ten years of living expenses with the proceeds.

Offering to let you go part-time as a consultant not only softens the transition for you, but it also a great deal for the company. Instead of paying you a full salary and providing generous benefits, they get to pay you wages only and for no more than what they really need you to do. If it were my idea to go part-time on-call, basically, because I wanted to leave, I would be okay with it, but I would resent it if it came about as it has to you. If you do continue to do work for them, be honest with yourself about how you feel about it over the intermediate- to long-term.

Seems to me that you are in a great position to retire if you manage your finances carefully and an okay position to retire if you manage your finances okay.

Since you are financially independent, you can spend your time however you wish. Work you choose to do as a consultant to stash more money in retirement accounts or cover living expenses doesn't have to be for your current employer only or even in your current field. The most enjoyable job I ever had paid not much more than minimum wage and I have thought about doing the same kind of work now just because I enjoy it.

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jimmyq
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Re: Third time in my 32 year career I have been laid off

Post by jimmyq » Sun Oct 08, 2017 8:50 am

OnTrack2020 wrote:
Sun Oct 08, 2017 7:30 am
I do not understand this post/thread at all.

The OP has real estate valued at over $1m, plus $1.6m in investments. I'd figure out a way to sell both properties (not in the same year), move to a LCOL area. Either buy a nice condo/small house or rent and enjoy life. In a LCOL area, you can buy a nice home for under $200k.
Just because someone has accumulated a decent nest egg does not mean that their anxiety suddenly vanishes and they immediately want to retire. This is something that takes time and is a major thought change. My thinking in the past was similar to the comment above. As I get nearer to retirement, things are murkier, even though my nest egg is larger. I now understand better how even those with higher net worths can have difficulties deciding when to pull the trigger and retire.

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Re: Third time in my 32 year career I have been laid off

Post by Herekittykitty » Sun Oct 08, 2017 9:08 am

I doubt if it would impact decisions, but it might, and in any case it would be interesting to know:

Felix the Cat: It would just take a few minutes to set up a username and password to log on to the social security site and see what your monthly social security income would be at various ages starting with 62 and moving on up to 70 including at least your full retirement age as defined by social security. I would run it at various earned incomes; for example increments of $20,000 starting with zero and ending at $120,00. I suggest you do it.

Of course who knows what might happen to social security in the future, but this is just a brief exercise for curiosity's sake. In any case, Felix the Cat is going to be 62 in 7 years, which is not terribly far away in the grand scheme of things.

Certainly there could be better ages at which to run the numbers and better earned income amounts, and others may post them, but I did want to suggest Felix the Cat do at least the above, as it will take minimal time to do it, and will produce numbers that will be interesting at least, and could be useful.
I don't know anything.

Inframan4712
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Re: Third time in my 32 year career I have been laid off

Post by Inframan4712 » Sun Oct 08, 2017 9:45 am

Look at this as an amazing opportunity to semi-retire.
Take the part-time consulting gig and work on finding others. Work as much or as little as you want. You already have significant assets. Others have given good advice on options to reconfigure them.

Enjoy your 50s. Use that extra time off to get out and explore all the awesome places on the west coast.

snowman
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Re: Third time in my 32 year career I have been laid off

Post by snowman » Sun Oct 08, 2017 10:12 am

OnTrack2020 wrote:
Sun Oct 08, 2017 7:30 am
I do not understand this post/thread at all.

The OP has real estate valued at over $1m, plus $1.6m in investments. I'd figure out a way to sell both properties (not in the same year), move to a LCOL area. Either buy a nice condo/small house or rent and enjoy life. In a LCOL area, you can buy a nice home for under $200k.
That's because you have not been on this site for long. There are a lot of wealthy people here who don't consider themselves wealthy at all (by their standards), and who experience high anxiety levels when it comes to managing their wealth.

I plugged in OPs numbers into http://wealthometer.org/US/index.html. Being single - meaning not having to support wife or children, no debt, and his assets puts him into top 2% of Americans. Meaning he is wealthier than 98% of his fellow citizens!

Now, I am not saying it to show any kind of disrespect to OP or anyone on this site. I am just explaining to you that it's hard for ordinary people to relate to top 2 percenters, and your first sentence says it all.

DrGoogle2017
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Re: Third time in my 32 year career I have been laid off

Post by DrGoogle2017 » Sun Oct 08, 2017 10:44 am

OnTrack2020 wrote:
Sun Oct 08, 2017 7:30 am
I do not understand this post/thread at all.

The OP has real estate valued at over $1m, plus $1.6m in investments. I'd figure out a way to sell both properties (not in the same year), move to a LCOL area. Either buy a nice condo/small house or rent and enjoy life. In a LCOL area, you can buy a nice home for under $200k.
That because you don’t live in California. It’s a one way street, as in once you sell and move out, you never get back. Why sell is my question when OP has no mortgage.

KnowNth
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Re: Third time in my 32 year career I have been laid off

Post by KnowNth » Sun Oct 08, 2017 11:24 am

Why all the suggestions for OP to move to a LCOL area? I refuse to believe with 2M+ asset and paid off house , one can't retire in CA at 55.

With 1.6M asset, with conservative 3% withdrawal, that's 48K per year, Rental Income is 30K per year. So if OP's expense is less than 78K, there is no need to move at all.

BlueRidgePro
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Re: Third time in my 32 year career I have been laid off

Post by BlueRidgePro » Sun Oct 08, 2017 12:28 pm

As you are a software developer, you'll find many opportunities as a contractor. A large percentage of software developers today are contract vs. direct employees. Money is better. You can pick and choose work to take. Age is not a factor. Often you'll find a long term contract opportunity that is very satisfying and financially rewarding. As an added bonus, you are exempt from most company politics. You don't get company benefits, but the larger financial income will more than make up for that. The software business is rapidly heading toward everyone being an independent contractor.

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tc101
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Re: Third time in my 32 year career I have been laid off

Post by tc101 » Sun Oct 08, 2017 12:43 pm

Retire. You have plenty of money.

Unless you enjoy your work more than anything you do in your leisure time you should definitely retire.

If you knew you were going to die in 10 years, what would you do? Do that.
. | The most important thing you should know about me is that I am not an expert.

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HomerJ
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Re: Third time in my 32 year career I have been laid off

Post by HomerJ » Sun Oct 08, 2017 12:52 pm

WanderingDoc wrote:
Fri Oct 06, 2017 10:29 pm
I have only been investing in real estate since late 2013..
Edit 2: Yes, only on BH.org is investing in one of the most profitable and desirable market in the U.S. "risky" and "not diversified enough".
You really don't have enough experience to be lecturing people about investing.

You are EXACTLY the same as someone who invested in Apple a few years ago right before it took off, then comes here and says "I don't know why you guys bother with mutual funds. All you have to do is invest in Apple. I can't believe you think investing in the most profitable and desirable stock in the U.S. is "risky" and "not diversified enough".

I'm not trying to be rude, but listen to yourself. That is EXACTLY what you sound like.

WanderingDoc
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Re: Third time in my 32 year career I have been laid off

Post by WanderingDoc » Sun Oct 08, 2017 1:37 pm

HomerJ wrote:
Sun Oct 08, 2017 12:52 pm
WanderingDoc wrote:
Fri Oct 06, 2017 10:29 pm
I have only been investing in real estate since late 2013..
Edit 2: Yes, only on BH.org is investing in one of the most profitable and desirable market in the U.S. "risky" and "not diversified enough".
You really don't have enough experience to be lecturing people about investing.

You are EXACTLY the same as someone who invested in Apple a few years ago right before it took off, then comes here and says "I don't know why you guys bother with mutual funds. All you have to do is invest in Apple. I can't believe you think investing in the most profitable and desirable stock in the U.S. is "risky" and "not diversified enough".

I'm not trying to be rude, but listen to yourself. That is EXACTLY what you sound like.
I respectfully disagree. I don't see the resemblance one bit.

With Apple, one buys the stock then "waits and prays", hope it goes up. With my real estate investments / business, there are things I can do any time to modulate my returns.

This will increase returns:
- look for off-market deals, or distressed sellers, rather than buy retail on the MLS.
- buy below market value and force appreciation through rehab, adding sq ft.age, rooms, or units for rent
- insider information about the submarket, neighborhood etc. (legal)
- bank will loan you 80% of the purchase price, increases returns, and puts the risk on the bank (less of your own $ in the deal).
- I can buy in markets limited by geography such as Honolulu or San Francisco. ie. after 100 years, more than 80% of businesses on the S&P that started there are long gone. No guarantee that Apple will be there imo. I can guarantee my properties will still be standing or I will have a check in my pocket.
- I can decide to fire the PM and manage myself if I feel like doubling my cash flow.

Buying a stock? Just hope the CEO's wife doesn't sleep with the gardener that year, causing the price of the stock to be affected, which you have literally zero control over.

So no mate, there is no resemblence.
One day it suddenly dawned on me that I had won the real estate lottery. | I'm not looking to get rich quickly. I'm not looking to get rich slowly. I'm looking to get rich for sure.

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Pajamas
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Re: Third time in my 32 year career I have been laid off

Post by Pajamas » Sun Oct 08, 2017 1:49 pm

WanderingDoc wrote:
Fri Oct 06, 2017 10:29 pm
FelixTheCat wrote:
Fri Oct 06, 2017 9:09 pm

Rental Home: 633,760 No loans. 2,500 month rent
I would suggest you start to purchase income-producing real estate. Do you have any rentals currently?
Yes, he said he had a rental property right there in his original post, that you quoted but apparently didn't bother to read before launching into your usual real estate infomercial. :twisted:

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burt
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Re: Third time in my 32 year career I have been laid off

Post by burt » Sun Oct 08, 2017 6:03 pm

stan1 wrote:
Fri Oct 06, 2017 9:33 pm
Sorry for the news.

Oh golly. Only on Bogleheads would a single person with close to $2.7M be told that's not enough to retire.

I'd sell the two properties, move to a lower cost of living area and rent. Consult when you want. Enjoy life.

Yes you might owe some tax on the sale of the rental so perhaps a little less than $2.7M.
+1
Layed off 3 times in my 40 year career. Yes, it's a shock but in some ways a relief.
You are set. Enjoy.
Get rid of the rental properties. Invest in REIT's if you must.
Live like a king in a LCOL area.

Congratulations, you are doing better than 90% of the population.

burt

David Scubadiver
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Re: Third time in my 32 year career I have been laid off

Post by David Scubadiver » Sun Oct 08, 2017 6:49 pm

KlangFool wrote:
Fri Oct 06, 2017 10:39 pm
OP,

You are in great shape financially. You do not need to work. So, stop settling for less. Somebody will have to pay you a lot more than 120K for you to work full-time. If your current employer offers you a part-time, do not settle for less than what you get for a full-time position. In fact, you should ask for a lot more.

At your current net worth, your 40 hours per week is worth a lot more than 120K per year.

KlangFool
what is the math you do that translates from net worth to what one ought to be paid for a 40 hour week?

KlangFool
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Re: Third time in my 32 year career I have been laid off

Post by KlangFool » Sun Oct 08, 2017 7:15 pm

David Scubadiver wrote:
Sun Oct 08, 2017 6:49 pm
KlangFool wrote:
Fri Oct 06, 2017 10:39 pm
OP,

You are in great shape financially. You do not need to work. So, stop settling for less. Somebody will have to pay you a lot more than 120K for you to work full-time. If your current employer offers you a part-time, do not settle for less than what you get for a full-time position. In fact, you should ask for a lot more.

At your current net worth, your 40 hours per week is worth a lot more than 120K per year.

KlangFool
what is the math you do that translates from net worth to what one ought to be paid for a 40 hour week?
David,

OP has enough investment to be FI now. Why should he work for 120K per year? In fact, at around 2.6 million and conservative 5%, his investment is making as much as his salary now. He is no longer working for money. Time is more precious than money now.

KlangFool

David Scubadiver
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Re: Third time in my 32 year career I have been laid off

Post by David Scubadiver » Sun Oct 08, 2017 7:50 pm

I see that as one bear market away from losing $500,000. But, I am trapped by two young ones to raise, so 2.6 million doesn’t give me the comfort I need to retire.

msk
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Re: Third time in my 32 year career I have been laid off

Post by msk » Mon Oct 09, 2017 5:36 am

David Scubadiver wrote:
Sun Oct 08, 2017 7:50 pm
I see that as one bear market away from losing $500,000. But, I am trapped by two young ones to raise, so 2.6 million doesn’t give me the comfort I need to retire.
Decide what NW will make you comfortable, and then save towards it. My target was $2.6 million way back in 1999. $2.6 million NW can comfortably support an indefinite withdrawal of 5% of portfolio p.a. AND keep up with inflation. My arithmetic or Monte Carlo simulations will not salve your anxieties. Only your own can do that. Major market falls can drop your NW to $1.3 million practically overnight, so you may prefer using the oft-quoted 4% WR. It does not really matter. What matters is a comparison of your current income and what you think you will be comfortable to retire with. Any sane yardstick ought to say that current income is enough? Once you have your number, and you hit it, then you might feel silly to continue working. I did in 1999 and promptly retired.

By the way, for my youngest ones I put away $200k in an education fund when they were still infants. They are now in college. Their pot has mushroomed well, despite the market falls in recent years and it easily meets their college expenses of circa $100k annually. So, put an ETF aside. I had all their pot in BRK and SPY. Turned out to be brilliant picks :mrgreen: Currently I'd put it all in VT (Vanguard Total World).

David Scubadiver
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Re: Third time in my 32 year career I have been laid off

Post by David Scubadiver » Mon Oct 09, 2017 6:12 am

200k each? I’ve got 200k for the two of them, with 186k in 529 plans and 50k in I-bonds. I can drop my term life about now, have nearly 300,000 mortgage to pay off and would have to pick up medical for a family of 4. It all seems so daunting. Fortunately, I love my work. I can be lid off at any time and I suppose that is when the rubber hits he road and I will see whether I want to start someplace new or try this retirement thing.

KlangFool
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Re: Third time in my 32 year career I have been laid off

Post by KlangFool » Mon Oct 09, 2017 6:52 am

David Scubadiver wrote:
Sun Oct 08, 2017 7:50 pm
I see that as one bear market away from losing $500,000. But, I am trapped by two young ones to raise, so 2.6 million doesn’t give me the comfort I need to retire.
David,

In OP's case, even losing 500K and left with 2.1 million, he still has enough.

KlangFool

tampaite
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Re: Third time in my 32 year career I have been laid off

Post by tampaite » Mon Oct 09, 2017 7:14 am

FelixTheCat wrote:
Fri Oct 06, 2017 9:09 pm
Effective today I am laid off.

Emergency funds: 3 months of expenses
Size of the portfolio: 1.6 million not including real estate
Rental Home: 2,500 month rent
No debt, Single and monthly income of 2.5K and 1.6M in porfolio, you are ready to retire.

CnC
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Re: Third time in my 32 year career I have been laid off

Post by CnC » Mon Oct 09, 2017 7:24 am

snowman wrote:
Sun Oct 08, 2017 10:12 am
OnTrack2020 wrote:
Sun Oct 08, 2017 7:30 am
I do not understand this post/thread at all.

The OP has real estate valued at over $1m, plus $1.6m in investments. I'd figure out a way to sell both properties (not in the same year), move to a LCOL area. Either buy a nice condo/small house or rent and enjoy life. In a LCOL area, you can buy a nice home for under $200k.
That's because you have not been on this site for long. There are a lot of wealthy people here who don't consider themselves wealthy at all (by their standards), and who experience high anxiety levels when it comes to managing their wealth.

I plugged in OPs numbers into http://wealthometer.org/US/index.html. Being single - meaning not having to support wife or children, no debt, and his assets puts him into top 2% of Americans. Meaning he is wealthier than 98% of his fellow citizens!

Now, I am not saying it to show any kind of disrespect to OP or anyone on this site. I am just explaining to you that it's hard for ordinary people to relate to top 2 percenters, and your first sentence says it all.
This is the truth. People who make 200k a year think of themselves as "well off but not rich" same goes for 300k 400k+ I even know some people making in the ballpark of 500k who feel that they are not rich.

I also know families who live on 60k a year and are comfortable. And while not feeling like they are "well off" they are like i said comfortable.


While this site has many normal people the median income on this site is probably 2x-3x the American average

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djpeteski
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Re: Third time in my 32 year career I have been laid off

Post by djpeteski » Mon Oct 09, 2017 8:28 am

What do you want to do? Do you want to keep working in software development? Do you want to relocate somewhere else?

There is a lot of speculation hear about what you should do without the consideration about what you want. You could very well sell your real estate, and purchase a ranch in Montana for cash and have a few horses. You could sell your real estate and move to Aruba, and SCUBA dive for the rest of your life. You could work for that organization that you always wanted to work for, but could not afford the pay cut. You could open a coffee shop or become a greeter at Walmart.

You have done very well and you may want to pat yourself on the back.

I would not worry too much about age-ism in software development. Employment tenures tend to be short, so generally speaking managers don't expect anyone to be working for them for the next 10 or even 5 years. Also the market is very hot right now, so a warm body that is a bit older, is better than no one.

So if you want to keep working do so. If not, work the affordable care act. They do not measure assets only income, you may be able to find very reasonably priced insurance.

As far as filling unemployment, you may want to wait until the Monday meeting. A few hundred bucks will not change your world.

David Scubadiver
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Re: Third time in my 32 year career I have been laid off

Post by David Scubadiver » Mon Oct 09, 2017 8:35 am

I tried that wealthometer calculator and guessed that I was in the 97th percentile. Turns out, I am in the 95th. I wonder how that would play out if they factored in age?

In any event, as far as how we relate to one another, I think that most folks who are wealthier than ourselves have expenses which are greater than our own. While some may be comfortable uprooting themselves from friends and family to live in a low cost of living area that may not be considered a viable option for others.

And, just because one has more than the vast majority of people in terms of "wealth" that does not mean they have earnings prospects that similarly outperform the vast majority of people; many wealthy people worry about job loss and what they are able to do to replace lost income. True, they CAN uproot themselves and move to another country or poorer part of their own country in a pinch. But that is the sort of thinking that creates anxiety in many. Not every person prioritizes their thinking by "where can I live to avoid ever having to work again"; lots of us want to be able to live where we are currently living and not be forced to move due to a loss of income.

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Re: Third time in my 32 year career I have been laid off

Post by bayview » Mon Oct 09, 2017 8:57 am

Herekittykitty wrote:
Sun Oct 08, 2017 9:08 am
I doubt if it would impact decisions, but it might, and in any case it would be interesting to know:

Felix the Cat: It would just take a few minutes to set up a username and password to log on to the social security site and see what your monthly social security income would be at various ages starting with 62 and moving on up to 70 including at least your full retirement age as defined by social security. I would run it at various earned incomes; for example increments of $20,000 starting with zero and ending at $120,00. I suggest you do it.

Of course who knows what might happen to social security in the future, but this is just a brief exercise for curiosity's sake. In any case, Felix the Cat is going to be 62 in 7 years, which is not terribly far away in the grand scheme of things.

Certainly there could be better ages at which to run the numbers and better earned income amounts, and others may post them, but I did want to suggest Felix the Cat do at least the above, as it will take minimal time to do it, and will produce numbers that will be interesting at least, and could be useful.
Unless you're going to download your earnings and crunch your numbers from scratch, it's very important to realize that the projections that are shown assume that you will continue to contribute to SS (= remain employed) until the various ages. From the site:
Retirement
You have earned enough credits to qualify for retirement benefits. At your current earnings rate, your estimated payment would be:

At full retirement age (66):
$x,xxx a month
At age 70:
$x,xxx a month
At your current age (63):
$x,xxx a month

Your estimates are based on the assumption that you will earn $xx,xxx a year from now until retirement.
(emphasis mine)

So for instance, I'd love to believe the projection of my SS at age 70, but I don't plan on working (please Lord) until age 70. I took the projection for the age when I hope to retire and increased it by 8% per year beyond that. So the result was greater than the projection for my retirement year, but less than for age 70.

Not sure how to correct for retiring early, since that scenario is not in my future. :D
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri

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BrandonBogle
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Re: Third time in my 32 year career I have been laid off

Post by BrandonBogle » Mon Oct 09, 2017 9:03 am

Felix, since you weren't prepared for retirement, there is nothing wrong in searching for employment. But to the question, yes, you are in a position to retire now. Someone else mentioned the point of something to retire TO vs. FROM, so you may prefer to find some employment rather than immediately retire. If you do, remember you don't have to work full time and you can "semi-retire".

As for the real estate, would this be an option for you?... Ride out the year now since you have a paying leasee. Collect unemployment while searching for a new job and if you don't find the right fit, don't fret. In a year, move into your rental and rent out your currently primary home. Stay there the 2-3 years needed for a tax-free sale (except for recapture of any depreciation). Then sell the "rental" property and move back into your main home. From there, re-evaluate things. With this process, you've liquidated your rental home to further buffer you finances, you've had time to settle into a lifestyle change (I'm assuming living in the other house may change some things for you), and you've avoided capital gains tax.

But the above, while likely financially efficient, may not be what your heart desires. You wouldn't be ruining things if you followed a different path.

newtonc
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Re: Third time in my 32 year career I have been laid off

Post by newtonc » Mon Oct 09, 2017 11:21 am

Felix,

Sounds like you might want something else to do or you could retire but retirement is not for everybody, since you did not choose this you don't have much choice, but I'd agree this is a way for the company to get you on the cheap.
You are in an enviable position so take your time and something good with come your way.

Cheers

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FelixTheCat
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Re: Third time in my 32 year career I have been laid off

Post by FelixTheCat » Mon Oct 09, 2017 11:55 am

BrandonBogle wrote:
Mon Oct 09, 2017 9:03 am
Someone else mentioned the point of something to retire TO vs. FROM, so you may prefer to find some employment rather than immediately retire. If you do, remember you don't have to work full time and you can "semi-retire".
This is one of my issues. I would have to phase into retirement. My routine is work, gym and church.
Felix is a wonderful, wonderful cat.

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Re: Third time in my 32 year career I have been laid off

Post by EnthusiasticLearner » Mon Oct 09, 2017 12:04 pm

stan1 wrote:
Fri Oct 06, 2017 9:33 pm
Sorry for the news.

Oh golly. Only on Bogleheads would a single person with close to $2.7M be told that's not enough to retire.

I'd sell the two properties, move to a lower cost of living area and rent. Consult when you want. Enjoy life.

Yes you might owe some tax on the sale of the rental so perhaps a little less than $2.7M.
+1 to this.

We had a dual job loss in 2010 and I can tell you that we only just recovered this year. It is not easy and I'm so sorry. I can also tell you that we cut expenses drastically and made a 9 mo emergency fund last two years, but we did sell real estate for a significant loss and and move to a LCOL (where I now earn more than I did in 2010). In your shoes, I would be selling one or both of those properties and looking for jobs in a lower cost of living area. I love the idea of semi-retiring. Everyone is different, but job loss was the hardest thing I've endured in my life (which has not been an easy one in any way) and I wouldn't wish it on anyone, let alone three times. All the best to you.

david99
Posts: 578
Joined: Sat Mar 03, 2007 11:56 am

Re: Third time in my 32 year career I have been laid off

Post by david99 » Mon Oct 09, 2017 12:32 pm

FelixTheCat wrote:
Mon Oct 09, 2017 11:55 am
BrandonBogle wrote:
Mon Oct 09, 2017 9:03 am
Someone else mentioned the point of something to retire TO vs. FROM, so you may prefer to find some employment rather than immediately retire. If you do, remember you don't have to work full time and you can "semi-retire".
This is one of my issues. I would have to phase into retirement. My routine is work, gym and church.
I agree that it can be helpful to phase into retirement --- especially for a single person. That's why working part time as a consultant will help you phase into retirement while also providing some money. I'm also single and I think that single people have different issues --- such as who is going to take care of me when I'm really old? Or if I retire I might feel lonely. So I would work part time as a consultant to help with the transition and make a little more money.

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Ethelred
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Re: Third time in my 32 year career I have been laid off

Post by Ethelred » Mon Oct 09, 2017 12:48 pm

FIREchief wrote:
Sun Oct 08, 2017 12:41 am
FelixTheCat wrote:
Fri Oct 06, 2017 9:09 pm
My employer mentioned he wants to soften the transition by offering me a part-time consultant position and we'll talk soon.
Sounds like a Megacorp scheme to avoid increases in their UI premiums while still sucking more of your brain out at a cheaper price. Never trust Megacorp for anything beyond the (required by law) paycheck; especially when you are told something suggesting that they are concerned for you (such as "wants to soften the 'transition'"). "Transition." Is that what we are calling being fired (involuntary termination) now? :annoyed

I hate Megacorp (except of course the paychecks :beer )
That's possible. But having seen several rounds of layoffs at my industry in the last three years, what seems to happen is that who goes is decided by upper management (maybe the level below the executives), but it's line management who have to deal with the consequences, including loss of skillsets available to the company. It may be this that's driving the offer of consultancy work.

newtonc
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Re: Third time in my 32 year career I have been laid off

Post by newtonc » Mon Oct 09, 2017 1:16 pm

I don't know where you could get health insurance but I am sure you can afford it. As far as working now you won't be able to put money away for retirement so working some as a consultant will keep you in the game and give you a little to put away. As far as being single if you have any family you will never be lonely as long as you have any money.

2015
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Re: Third time in my 32 year career I have been laid off

Post by 2015 » Mon Oct 09, 2017 6:11 pm

FelixTheCat wrote:
Mon Oct 09, 2017 11:55 am
BrandonBogle wrote:
Mon Oct 09, 2017 9:03 am
Someone else mentioned the point of something to retire TO vs. FROM, so you may prefer to find some employment rather than immediately retire. If you do, remember you don't have to work full time and you can "semi-retire".
This is one of my issues. I would have to phase into retirement. My routine is work, gym and church.
IMO, this is one of those areas where you have to be careful with this type of generalized advice, as YMMV. In my case, I retired FROM what I viewed as an increasingly frantic rat race of "leadership", of a system encased in "goodies-for-performance" whereby one has to run faster and faster just to stay in place in the race.

I wasn't concerned with lack of things to do after retirement as I'm basically self-generative and have never experienced boredom in my life that I can recall. What I was ill-prepared for (but so pleasantly surprised by) was the positive psychological, emotional, and intellectual expansion that has increasingly taken place after retirement. It's felt like crossing into a vortex of positive new change, one that appears to be expanding just about daily. So much more stillness. So much more "formlessness" (to borrow Robert Greene's word). So much more calmness.

So I didn't have a TO, it just showed up all by itself. I must say this has been the most fulfilling time of my life, better than anything that's gone on before.

renue74
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Joined: Tue Apr 07, 2015 7:24 pm

Re: Third time in my 32 year career I have been laid off

Post by renue74 » Tue Oct 10, 2017 1:12 pm

Go freelance. There are a ton of projects out there. I hate, hate, hate recruiters because I run a small web design shop and they always are bugging my employees.

If you actively want work, I think you'll be fine in easily seeking it out.

If you're a PHP developer with some Laravel framework background, I have a project for you now!

Jack FFR1846
Posts: 5771
Joined: Tue Dec 31, 2013 7:05 am

Re: Third time in my 32 year career I have been laid off

Post by Jack FFR1846 » Tue Oct 10, 2017 1:29 pm

FIREchief wrote:
Sun Oct 08, 2017 12:41 am
FelixTheCat wrote:
Fri Oct 06, 2017 9:09 pm
My employer mentioned he wants to soften the transition by offering me a part-time consultant position and we'll talk soon.
Sounds like a Megacorp scheme to avoid increases in their UI premiums while still sucking more of your brain out at a cheaper price. Never trust Megacorp for anything beyond the (required by law) paycheck; especially when you are told something suggesting that they are concerned for you (such as "wants to soften the 'transition'"). "Transition." Is that what we are calling being fired (involuntary termination) now? :annoyed

I hate Megacorp (except of course the paychecks :beer )
How you wrote exactly what's in my head confuses me.


Everyone will have his own view. What "I" would do is file for unemployment. Tell them "I'll think about it" for the contract work but never think about it again.....or come back with $300 per hour, take it or leave it. Do the absolute minimum to look for work to keep the unemployment people happy. Sign up for ACA when it's available. I don't know enough about ACA but would expect that if you don't work, you'll get some kind of subsidy. I might even splurge on a new car. Nissan GT-R or maybe a Subaru STi, if I want to stick with a proper manual transmission. Definitely would choose something from the "not Boglehead approved" list. I'd go do things I can't do now.....like go out for breakfast or drive my kid to school.
Bogle: Smart Beta is stupid

Herekittykitty
Posts: 526
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Location: Flyover Country

Re: Third time in my 32 year career I have been laid off

Post by Herekittykitty » Tue Oct 10, 2017 6:20 pm

bayview wrote:
Mon Oct 09, 2017 8:57 am

.....Unless you're going to download your earnings and crunch your numbers from scratch, it's very important to realize that the projections that are shown assume that you will continue to contribute to SS (= remain employed) until the various ages. From the site:
Retirement
You have earned enough credits to qualify for retirement benefits. At your current earnings rate, your estimated payment would be:

At full retirement age (66):
$x,xxx a month
At age 70:
$x,xxx a month
At your current age (63):
$x,xxx a month

Your estimates are based on the assumption that you will earn $xx,xxx a year from now until retirement.
(emphasis mine)

So for instance, I'd love to believe the projection of my SS at age 70, but I don't plan on working (please Lord) until age 70. I took the projection for the age when I hope to retire and increased it by 8% per year beyond that. So the result was greater than the projection for my retirement year, but less than for age 70.

Not sure how to correct for retiring early, since that scenario is not in my future. :D
Try this (social security online calculator). If it doesn't work, go to the social security office and ask them.

https://www.ssa.gov/planners/retire/AnypiaApplet.html
I don't know anything.

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