NebulousNymph56, Laid Off After 30 Years in Tech—Retire or Try Again? 😰
After 30 years in the tech world, I just got laid off at 56. My head is spinning. I’ve saved up about $1.5 million in cash and investments, plus $500k in retirement accounts, and there’s another $500k if we sell our house. I’ll get a small pension too, but honestly, I’m scared it’s not enough if I live another 30 years. My partner and I have always lived pretty frugally, and thankfully, we have no debt. But living in the Bay Area is expensive, and I’m not sure if I want to jump back into the corporate grind. The thought of starting over somewhere new is both exciting and terrifying. Has anyone else been in this spot? Should I retire now, or try to find another job? Any advice on affordable places to live or ways to make our savings last would mean the world to me. I’m really struggling with what to do next. 🙏 #JobCareer #Career #CareerTransition
23 days ago
Mike Miles
With two million in investable assets, a 4% rate of return yields an $80,000 annual income, without tapping the principal. When you hit 65, you will have another $3k per month (i am guessing). That brings you over $116k per year.
Those numbers might not work in California, but they will in a large part of the country.
If there is a work itch, perhaps you could pick up a consulting sideline and work maybe a day a week for a couple of hundred dollars an hour. The beauty of consulting work is that you get to choose when you work and when not to, who to work for, and your favorite types of work.
Texas would not suit me, but maybe it will for you. Or where I am, in beautiful coastal Maine.
But with assets like yours, you have way more choices than you think you have.
18d
Westbrook, ME
Reply(2)
22
Gene Jones
Leave Cali!!!! Consider North Carolina! Research Triangle, we have many universities and colleges that want you! Teach college or university level only! Young adults will put a spring in your steps and feel better about yourself! Your spouse will find more to do and be happier because you are!!!
18d
Johnson City, TN
Reply(1)
17
RealAmericanpatriot🇺🇸
You are worry about what to do ???
A lot of us are worry if we will make it next month, go to another country Mexico is closer and cheaper with American money you will be just fine!
the love of money is the root of all evil …
18d
Reply(12)
15
Jay Dolive
The secret to retirement is not how much you've saved but how much you owe. Without House or car notes your money stretches a long way. Healthcare expenses will be a big danger until you hit 65 and get Medicare.
19d
Point Blank, TX
Reply(6)
15
Christine Jackson
If you live in Cali you need to move because if the greedy politicians get in your account they will take it all! New scum will need your money to house and feed the illegal invaders and also give them health care
18d
Copperas Cove, TX
Reply(13)
13
bourneredi
I retired 12 years ago when I was 56. It takes less to live on comfortably than planners tell you, especially if your home is paid off. Retiring is awesome. You only have so much time left, do whatever makes you happy. Move or travel or anything else. Worry less and smile more. Good luck!
20d
Orting, WA
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13
jjjkk
Wow any one with a half of a brain would get the hell out of San Fran , come on you
Have enough of coin to retire probably more than 95% of Americans who would like to retire
18d
Monroeville, PA
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12
Keith Rouleau
Move. In fact, move to Asia. Great Healthcare, and a fraction of the price of remaining in CONUS. I'd be drunk with joy if I had that nest egg at 56. Go enjoy your life
20d
Dallas, TX
Reply(1)
10
Trump-sucks
I got laid off at 63 after almost 40 years. I put out at least one thousand resumes. They could see how old I was. I had worked with AI starting in 2012, writing code and libraries for the application side. I had kept up with current trends, but nothing happened. I retired at 63 and eventually found a part-time job making about 40% of what I made the previous 10 years. It allowed me to pick my hours which is helpful as I am a disabled veteran and have several appointments at the VA. I have a friend who was let go at 63, extremely intelligent and probably in the top 10% of those in the industry. He hasn't bern able to find a job either.
21d
Westfield, IN
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10
Brixx
Try again dude!!! You are valuable! The knowledge you have is priceless - kids go to school and PAY to learn what you already know! Do not accept defeat!
21d
New Haven, CT
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9
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