Lost my job for the second time in four years. I'm 62 and have always worked in IT. I feel my chances of getting another job are real slim. I'd like to retire, but I am dependent in part on Social Security (a government program for saving for your retirement).

I still have s mortgage to pay. The plan was to work until 65, at which time the loan would be paid off, the house would be sold to add to retirement funds. I have a second home, to which we had always planned to retire to.

But that all has been bollixed. I am collecting unemployment insurance (another program to ehich I have always contributed), but that is only good for a few months and I must document that I actively looking for a new job.

Which I may never get.

That's why you may have noticed my posting has increased. Anyone with experience in this situation, I'd gladly listen to any advice.

You guys are great. Thanks.

 

Well, you got a job last time. I wouldn't resign my hope that there's another one out there. There probably is.

In the meanwhile, take the opportunity to work on yourself. You know, all the stuff you thought about doing if you had more time. Exercise, diet, sleep, all that good stuff. Getting a job can be a little like looking to meet a girl in a bar. If you look happy like you've already got one, they come to you. If you wear the stench of desperation, you have no chance.

 

Finding a job and finding a job you are familiar and comfortable in are two different things.

I'm spinning wrenches and up to my armpits in hydraulic oil this week doing some specialty work on srap yard cranes and equipment for a buddy of mine in -6F weather.

Not ideal work, but cripes, the pay is nuts because no one else in their right mind will do it and it has to be done so they can ship iron out! (22 rail cars in ~3 days so far since the got the machines working again.)

My point is there's always work to be had if you are willing to look outside your comfort zone and if you are willing to go far enough that odd job stuff can have some pretty crazy cash flow value as well.

 

Really, really sorry to hear that. Please don't tell me your job was taken by foreign workers that you had to train? That is my big worry right now. Everyday there seems to be more and more foreign contractors on the floor and a number of my co-workers have already lost their jobs.

My advice (I have been there). Relax. Take a few weeks to get your head together. Take that trip you have been wanting to take. Come back and go to work. Your job is now finding a job. Best of luck!

I remember when I was laid off. I panicked. I was headed to the Caribbean for a sailing trip. I considered cancelling but most everything was already paid plus I was skipper so a number of people were counting on me. I went and had a great time. My mistake I came back home. I knew the charter company owner pretty well. Had I asked him for me to work for food money and live on one of his boats, I am sure he would have granted me the wish. I could have had a very different life, if not for a little while. I regret to this day my decision to come home.


Have you thought about freelancing?

 

No 1 are your services in demand? In my case I saw the writing on the wall, took a handsome buy out and went independent, never looked back.
Max.

 

The good news is that you have a fairly recent version of a resume. Add your last job to it, have someone proof read it and hit
https://nh.craigslist.org/search/sad
Monster.com
Update LinkedIn you are open to new opportunities.
Look on any number of other places like state/federal postings.
Contact headhunters/recruiters

Then go on a week's vacation or clear your head by fixing everything in your house that needs to be fixed (or cleaned) - just in case you have to pull the ripcord And move to your other house.

 

I still have s mortgage to pay. The plan was to work until 65, at which time the loan would be paid off, the house would be sold to add to retirement funds. I have a second home, to which we had always planned to retire to.

Hi, @djsfantasi -- Sorry for your trouble

I believe there is an arrangement referred to as a 'reverse mortgage' - a scheme (as I understand it) whereby a homeowner may draw his/her building's equity while remaining in physical possession thereof...

In any event, at three years remaining on your mortgage, it seems you have significant equity in the building in question? -- I strongly recommend consultation with a solicitor or financial advisor!

Very best regards and best of luck!
HP

 

Hi, @djsfantasi -- Sorry for your trouble

I believe there is an arrangement referred to as a 'reverse mortgage' - a scheme (as I understand it) whereby a homeowner may draw his/her building's equity while remaining in physical possession thereof...

In any event, at three years remaining on your mortgage, it seems you have significant equity in the building in question? -- I strongly recommend consultation with a solicitor or financial advisor!

Very best regards and best of luck!
HP

Reverse mortgage only works if the house is paid off and the OP is way to young to be taking a reverse mortage anyway.

 

Reverse mortgage only works if the house is paid off and the OP is way to young to be taking a reverse mortage anyway.

Thanks -- and sincere apologies for my ignorance

Best regards
HP

 

If the retirement home isn't paid off, then sell the house your living in and pay it off. If you continue to pay off the current home in 3 years, then that money is subject to Taxes at the point of sale, unless of course a one time home sale in your State by law will not require you to pay.

You really do want to wait until 65 which increases the amount you can collect from Social Security, but you still have to pay taxes on that depending on how much you have saved for retirement.

What ever we do we need to pay close attention to our age, my father passed away Jan 11th at 89. It's a long time from 65 to 89 and we should think about how much we will need between now and then. I'll be 60 in March and have a similar situation, I'm always worried about my job in IT.

Best wishes,

kv

 

Why don't you try applying at GM, they are looking for bunch of IT guys?

 

Have you thought about freelancing?

Freelancing is the way I'd go. I'm 52, and people see me as an expert in my field. If you have the right connections, and good professional contacts, you could offer your services at much more than what you were being paid before.
Thing is, instead of having 1 boss, you will now have 10, and you won't want any of them to know about the others...
I used to hate sales, but now I like it. We're all salesmen after all, we sell our knowledge, our experience and our time.

Tcmtech is right, don't stay at home wasting time brooding about your situation. Get out there and start finding opportunities, and if you can't find them, then make them happen. At the very least, start sending mails to companies and people that know you telling them about your "new professional plans"

 

You really do want to wait until 65 which increases the amount you can collect from Social Security, but you still have to pay taxes on that depending on how much you have saved for retirement.

Up to 85 percent of your SSA can be taxable. You need to fill out the worksheets in IRS Pub 915 to see how much.

Here is the SSA's FAQ https://faq.ssa.gov/link/portal/340.../must-i-pay-taxes-on-social-security-benefits

Here is the IRS's FAQ https://www.irs.gov/help-resources/...sability-benefits/regular-disability-benefits

As far as retirement income is concerned, ROTH IRA's were taxed at the time you put the money in and only the interest is taxable as earned income when you withdraw it. All other retirements were tax deferred and are taxed at the time of withdraw. If you do the pre-calculations, you can keep your withdraws reasonable to reduce your tax liability. If you withdraw it all, and not do a trustee to trustee transfer, be prepared for a tax bill as the trustee typically only withholds 10 percent.

Good luck to you.

 

There are dozens of small manufacturing companies that don't outsource - so there are many smaller regional IT companies supporting them. If this was the old days, I'd say, look in the yellow pages but See how you can do a regional search for such an animal.