Layoff - Early 60's

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BanquetBeer
Posts: 281
Joined: Thu Jul 13, 2017 5:57 pm

Layoff - Early 60's

Post by BanquetBeer » Mon Apr 15, 2019 5:44 pm

(not me but family - will have more info soon)

Early 60's, show up for work and given pink slip (IT field). Planned to work for another couple years. My expectation is low probability of finding work (due to age/field). I believe Texas unemployment will last up to 26 weeks ($465/wk) and then after that can file for Social Security (and spouse can claim spousal benefit?) - is this still valid I know there were some changes to law.

Suspect might be better for lower earning spouse to file first and use that and let larger benefit grow?

Any advice? I believe things will be fine (maybe less rounds of golf than anticipated) but just trying to bring some advice to the table.
Thanks

(and before it is mentioned, I am not unwelcomely butting in)

Edit: Thought "SSI" was abbreviation for social security. Learn something new every day
Last edited by BanquetBeer on Mon Apr 15, 2019 5:55 pm, edited 1 time in total.

ResearchMed
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Joined: Fri Dec 26, 2008 11:25 pm

Re: Layoff - Early 60's

Post by ResearchMed » Mon Apr 15, 2019 5:48 pm

BanquetBeer wrote:
Mon Apr 15, 2019 5:44 pm
(not me but family - will have more info soon)

Early 60's, show up for work and given pink slip (IT field). Planned to work for another couple years. My expectation is low probability of finding work (due to age/field). I believe Texas unemployment will last up to 26 weeks ($465/wk) and then after that can file for SSI (and spouse can claim spousal benefit?) - is this still valid I know there were some changes to law.

Suspect might be better for lower earning spouse to file first and use that and let larger benefit grow?

Any advice? I believe things will be fine (maybe less rounds of golf than anticipated) but just trying to bring some advice to the table.
Thanks

(and before it is mentioned, I am not unwelcomely butting in)
Why are they suddenly eligible for SSI (Supplemental Security Income)?

"Supplemental Security Income (SSI) is a Federal income supplement program funded by general tax revenues (not Social Security taxes):

- It is designed to help aged, blind, and disabled people, who have little or no income; and
- It provides cash to meet basic needs for food, clothing, and shelter.
"

RM
This signature is a placebo. You are in the control group.

JGoneRiding
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Re: Layoff - Early 60's

Post by JGoneRiding » Mon Apr 15, 2019 5:56 pm

By early 60s do you mean >62? If so then they would be eligible for regular ss just early. If not then they have no eligibility unless actually disabled which the SSA defines as unable to do any job at all.

They should immediately apply for unemployment. They are most likely going to need the most help figuring out health insurance. They might be eligible for ACA but might want to first take cobra

delamer
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Re: Layoff - Early 60's

Post by delamer » Mon Apr 15, 2019 5:57 pm

Just a FYI — SSI refers to Supplemental Security Income for very low income and asset people.

Social Security based on work record is what you mean.

What level of retirement assets and other savings does your family member have?

Yes, it might be a good idea for the lower earner to claim first and delay the higher earner’s benefit.

Trader Joe
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Joined: Fri Apr 25, 2014 6:38 pm

Re: Layoff - Early 60's

Post by Trader Joe » Mon Apr 15, 2019 6:10 pm

BanquetBeer wrote:
Mon Apr 15, 2019 5:44 pm
(not me but family - will have more info soon)

Early 60's, show up for work and given pink slip (IT field). Planned to work for another couple years. My expectation is low probability of finding work (due to age/field). I believe Texas unemployment will last up to 26 weeks ($465/wk) and then after that can file for Social Security (and spouse can claim spousal benefit?) - is this still valid I know there were some changes to law.

Suspect might be better for lower earning spouse to file first and use that and let larger benefit grow?

Any advice? I believe things will be fine (maybe less rounds of golf than anticipated) but just trying to bring some advice to the table.
Thanks

(and before it is mentioned, I am not unwelcomely butting in)

Edit: Thought "SSI" was abbreviation for social security. Learn something new every day
Board indexUS InvestorsPersonal Finance (Not Investing)

It does sound like things will be fine for you. No one should ever plan or expect to work beyond the age of 50 years old (if you are an employee). Good luck to you.

randomguy
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Joined: Wed Sep 17, 2014 9:00 am

Re: Layoff - Early 60's

Post by randomguy » Mon Apr 15, 2019 6:24 pm

Trader Joe wrote:
Mon Apr 15, 2019 6:10 pm


Board indexUS InvestorsPersonal Finance (Not Investing)

It does sound like things will be fine for you. No one should ever plan or expect to work beyond the age of 50 years old (if you are an employee). Good luck to you.
And yet most people who are 50+ who want a job, have one. The cost to be FI by 50 might be higher than you want to pay. You will never get back the years with your kids when they are young where you can spend money on things that bring both of you happiness.

For the OP the big questions going forward
a) Healthcare. ACA versus Cobra. Assume there is a couple of years til medicare
b) SS: Sooner or later. Need more info about ages and earning history
c) Spouse working?
d) Is the portfolio sane? 100% stocks with retirement in 5 years is one thing. 100% stocks retired is another. Make sure your risk level matches what you want
e) figure out what the budget looks like. No need for huge changes but make sure things roughly line up
f) figure what you want to do with your retirement years.

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CyclingDuo
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Re: Layoff - Early 60's

Post by CyclingDuo » Mon Apr 15, 2019 6:29 pm

BanquetBeer wrote:
Mon Apr 15, 2019 5:44 pm
(not me but family - will have more info soon)

Early 60's, show up for work and given pink slip (IT field). Planned to work for another couple years. My expectation is low probability of finding work (due to age/field). I believe Texas unemployment will last up to 26 weeks ($465/wk) and then after that can file for Social Security (and spouse can claim spousal benefit?) - is this still valid I know there were some changes to law.

Suspect might be better for lower earning spouse to file first and use that and let larger benefit grow?

Any advice? I believe things will be fine (maybe less rounds of golf than anticipated) but just trying to bring some advice to the table.
Thanks

(and before it is mentioned, I am not unwelcomely butting in)

Edit: Thought "SSI" was abbreviation for social security. Learn something new every day
Empathy and condolences. A lot of the same immediate steps to take that I posted earlier with regard to losing a job in your 50's here: viewtopic.php?t=273092

Adding one more thing that I did not cover in the linked post: having done my taxes for 2018, heads up to watch out for the tax bite unemployment will add if you don't have any taxes taken out for it.
"Everywhere is within walking distance if you have the time." ~ Steven Wright

JoeRetire
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Joined: Tue Jan 16, 2018 2:44 pm

Re: Layoff - Early 60's

Post by JoeRetire » Mon Apr 15, 2019 6:32 pm

BanquetBeer wrote:
Mon Apr 15, 2019 5:44 pm
Early 60's, show up for work and given pink slip (IT field).
I'm assuming you don't feel that you were discriminated against? You are in a protected class now.
Planned to work for another couple years. My expectation is low probability of finding work (due to age/field).
Don't assume that!
I worked with several older folks who were contractors in the IT field. And after I retired in my early 60s, I consulted for a year.
I believe Texas unemployment will last up to 26 weeks ($465/wk) and then after that can file for Social Security (and spouse can claim spousal benefit?) - is this still valid I know there were some changes to law.

Suspect might be better for lower earning spouse to file first and use that and let larger benefit grow?
Yes, spousal benefits are still available if the primary worker has already filed.

But be careful here. Learn how social security works and how your benefits will be reduced by claiming early, and how survivor benefits could be reduced too. General advice is for the higher earner to delay until 70 if you can afford to do so. Explore with https://opensocialsecurity.com/ before making this very important decision.

Don't panic. File for unemployment immediately.

Since you didn't intend to end your career now, don't! Find work - either full time or part time. Either in your current field, or in another field that you might enjoy. With the economy the way it is today, there are plenty of jobs.

JoeRetire
Posts: 2112
Joined: Tue Jan 16, 2018 2:44 pm

Re: Layoff - Early 60's

Post by JoeRetire » Mon Apr 15, 2019 6:40 pm

Trader Joe wrote:
Mon Apr 15, 2019 6:10 pm
No one should ever plan or expect to work beyond the age of 50 years old (if you are an employee).
It would be silly to advise that nobody ever plan to work beyond 50. There are plenty of jobs for 50+ folks today. Where I live, anyone who wanted to could find a job today.

Some folks aren't healthy enough to work past 50, but that is a very small minority.

MathWizard
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Joined: Tue Jul 26, 2011 1:35 pm

Re: Layoff - Early 60's

Post by MathWizard » Mon Apr 15, 2019 6:51 pm

What is the field in IT that they are in?

Networking?

Linux?

Are they willing to move?
...

DonIce
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Joined: Thu Feb 21, 2019 6:44 pm

Re: Layoff - Early 60's

Post by DonIce » Mon Apr 15, 2019 7:07 pm

Plenty of jobs out there. Find a new one if you were planning on working longer.

stan1
Posts: 6682
Joined: Mon Oct 08, 2007 4:35 pm

Re: Layoff - Early 60's

Post by stan1 » Mon Apr 15, 2019 7:24 pm

BanquetBeer wrote:
Mon Apr 15, 2019 5:44 pm
My expectation is low probability of finding work (due to age/field).
I would not assume that. Could be able to find something very similar either full time or consulting. Here's one example: your relative may have knowledge in an older technology that younger people don't want to work with but is still widely used (I'll cite SAP as an example).

starfish26
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Joined: Thu Sep 20, 2018 11:11 am

Re: Layoff - Early 60's

Post by starfish26 » Mon Apr 15, 2019 7:42 pm

My husband was laid off at the end of October at the age of 65. He was given 6 weeks severance and had 3 job offers by Thanksgiving (business systems analyst). Accepted a new job with a 20% raise. Don't assume you won't get a new job if you want one. Network like crazy and stay positive. You may be pleasantly surprised. Good Luck. He (we) anticipate working 2 more years to secure our retirement.

bernoulli
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Joined: Sat Feb 02, 2019 1:13 pm

Re: Layoff - Early 60's

Post by bernoulli » Mon Apr 15, 2019 8:09 pm

About a decade ago, when IT professionals were not as in demand as they are now, my father in law got laid off in his late 50's. He just freelanced and made more money than he ever did working for a corporation. Plenty of jobs out there in the IT field.

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