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So what is your plan?

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  • So what is your plan?

    It seems to me that for most folks north of their mid 40's, that they will never work at their chosen profession ever again. IF the economy ever recovers, short of a vibrant Clintonian economic situation, such folks will be in the unemployable gray part of the labor force. And folks here have already zeroed out their non-retirement assets by virtue of Chapter 7.

    This leads to 2 possibilities: early distributions from an IRA or itinerant minimum wage jobs. (And I suppose, of course, welfare benefits such as Food Stamps and Section 8 housing.) I suppose that my plan is a mixture of the two (although my job now is teaching English abroad - not a whole lot more than minimum wage.) Is this what folks are doing? As a childless bachelor, I can make it financially, but what in the world do parents having multiple mouths to feed and bodies to clothes do?

    I feel like I am slowly running out the clock, hoping that I don't have to dip into my retirement account too much, lest it start to decline. Are most folks here pretty much thinking the same, just waiting until they can get a small level of permanent support with Social Security.

    And what about health care? Paying the ridiculous premiums for coverage in the individual market is totally out of the question, so are most folks just hoping they don't get sick - and if they do, just showing up at an emergency room? (I can't wait until I get the security of coverage in 2014, and hope that Obama can win reelection so that the damn Republicans don't repeal it!)

  • #2
    It's becoming apparent to me that businesses and a large number of Americans are putting everything on "pause" until after the next election in 2012. Lots of cash reserves and no hiring for business, no spending or borrowing for consumers. If the results of those elections give Americans confidence in the future, they'll finally hit the "continue" button again.
    Filed/discharged/closed Chapter 7 in 2010!

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    • #3
      We are in our 50's and self employed.

      I have long said that retirement will be a cup of hemlock. My 401K, from 17 years ago, shoulda been a cool mil by now. Never happened, and is finally worth about what it was= a quarter of that- when I left in 94. Wish I was savvier investment wise, but the crash hurt it pretty bad and it's barely recovered. THANKFULLY, I found this board before I cashed it out to pay the bloodsuckers.

      I still hold out some hope for a brighter future but with a hearty soupcon of reality check that either my ds will wind up having to support us or we will have to go to a third world country or... well I just don't know...

      As for health insurance, I posted a few months ago that we went back to college in order to get some. Otherwise it is completely out of the question. Wish I had figured that out years ago and not spent well over 100K, using home equity to buy it...aargh, don't ask. Worth investigating.

      Keep On Smilin'

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      • #4
        We are in our mid-fifties as well, Keepsmiling. Health wise, I am diabetic and hubby has heart arrhythmia, but all are controlled at this point. We have military (TriCare) health insurance ... $38 a month for insurance, $12 co-pay, $9 prescription costs. We have no savings other than the cash we are accumulating now. No IRA. All we can count on for retirement is our military retirement and SS. Minimum 7 years from now. Plus we plan on renting out our three houses after bk until they are foreclosed on, that's our retirement nest egg (ha ha).

        In North Carolina, where we are moving to (hubby at end of month, me as soon as he can rent someplace) there are many double wide manufactured homes, on half an acre to 3 acres, for sale in the 30k to 50k price range. We plan on buying one after bk is over and we have enough cash. Granted, it's a step down, but we will easily spend that in rent over the next few years. Hubby can fix anything ( a few years ago he remodeled a mobile home from the floor up, even putting on a new pitched roof), so we will expect to do work on it. Hey, in the end it's a roof over our heads.

        It's funny, we always talked about how it would be nice to retire early and not have to work till we are 65. Now we are praying he can work till 65. Especially as he is starting a new job in a new state. But luckily he is one of those workers the boss can't do without, so hopefully we can make it.

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        • #5
          You are so lucky he found a job. I've been out of permanent work for 2+ years and the only thing that has saved me is some temporary work. If they ever foreclose on this house (thankfully they are taking their time) I'm not sure what I will do or where I will go as I am 57 and even though I look for/apply for jobs every single day, nothing is happening. I sitll have hope though.

          There HAS to come a time when they realize us seniors are not being hired and hopefully set up some type of program to get us hired. Otherwise the country is going to have a lot of starving seniors out there. Too young for social security but apparently too old to be hired.

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          • #6
            Originally posted by discouraged View Post
            You are so lucky he found a job. I've been out of permanent work for 2+ years and the only thing that has saved me is some temporary work. If they ever foreclose on this house (thankfully they are taking their time) I'm not sure what I will do or where I will go as I am 57 and even though I look for/apply for jobs every single day, nothing is happening. I sitll have hope though.

            There HAS to come a time when they realize us seniors are not being hired and hopefully set up some type of program to get us hired. Otherwise the country is going to have a lot of starving seniors out there. Too young for social security but apparently too old to be hired.
            Believe me, Discouraged, we know we are very lucky he found a job, in his field. Our biggest worry isn't really the bk, it is the job. For one thing, I don't think he looks his age. Second, on his resume, he had been working for the same company for the last 10 years, so we only listed that, and didn't include schooling. In our cover letter we made mention of his time in the service, but did not say he was retired from the military. I think if we had listed everything in chronological order, the prospective employers would have done the math, and realized his age. Once he showed up for the interview, his skills did the talking, and all three interviewers offered him a job, so we got to take the one he really wanted. Now, there is nothing to say he will be able to keep this job till retirement. But his job involves servicing those with money, and the rich just don't seem to be suffering like the rest of us

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            • #7
              Mid 40's and was a 99er. I even went back and completed my degree and still could not find a decent job in my profession. I finally landed one with a crappy company, then kept looking while I was working there and just landed a great job with a great company and paying more than I have ever made (I never thought after over 2 years of looking that I would ever find a good job, ever again). But it can happen. You just have to keep looking and keep interviewing, even while you take a temporary job. Then you demand the higher paying salary and call their bluff. I lost several jobs for asking too much, took a job that paid pretty good, then went after the higher paying job and got it.

              I never thought I would have to work this hard just to interview for a job in a profession I have so many years experience in. This new economy sucks so bad. No security anymore. Good luck and keep cranking.

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              • #8
                May I ask you all a rather vain and self-centered question? I'm beginning to show a "bit of grey." Do you all think (as do I...) that in the education "industry" that is not an issue??

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                • #9
                  Lol, IamOld-- I have been insisting that dh do the Grecian Formula thing. Just in case.

                  Keep On Smilin'

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                  • #10
                    Originally posted by keepsmiling View Post
                    Lol, IamOld-- I have been insisting that dh do the Grecian Formula thing. Just in case.
                    I may need to do that if I stay in my present line of work :-)

                    Comment


                    • #11
                      Originally posted by IamOld View Post
                      May I ask you all a rather vain and self-centered question? I'm beginning to show a "bit of grey." Do you all think (as do I...) that in the education "industry" that is not an issue??
                      IamOld, I think it shouldn't be an issue in ANY industry, but I fear in this economic climate it may be in every industry. I was glad when my hubby started interviewing that even at 55 he has no grey, or at least it is hard to spot unless you look real close. He is balding, but so many younger guys are that it doesn't seem to be an automatic age indicator. One potential employer asked if he had any tattoos! I guess because you are going into customers homes, and some guys who are all tatted up look scary even if they are pussy cats. For what it's worth, he does have two tattoos, but he got them the old fashioned way ... 35 years ago, while in Hong Kong in the Navy, lol. One is a Pegusus, on his forearm, and one is a blue bird on his upper arm with a banner reading "My love, my life, my darling, my wife" and my name in the middle ....awwwww! Now that's a tattoo I can get behind!

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                      • #12
                        Here here Strawberry! Well, I think I either need to move up or transition to education :-) or get grecian formula :-)

                        No bolding though!

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                        • #13
                          One the funniest things from my old job as an aerospace engineer was the way that guys that retired (either by choice or by mandate!) suddenly got grey. One guy came back as a contractor about 6 months after he was let go, and the difference was like Moses coming down from Mt. Sinai!

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                          • #14
                            I want to join a good jobs.

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                            • #15
                              I've been reading a website that talks about guaranteed income - it seems that something like this will need to be done, lest the guillotines move in ...

                              http://www.livableincome.org/links.htm

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