Not sure if anyone has recently experienced the loss of a job, healthcare, and retirement benefits. My husband, the main bread winner, lost his job last month. He is a journeyman millwright and 63. We have a minimal amount in my TIAA, since I have just 10 years with my employer.
Our finacial planner said one option to consider is for my husband to go ahead and draw Soc. Sec. He has no income stream since our State is overwhelmed with unemp. claims. The State rep. said the system is "flawed." I was shocked a State worker would admit that--but, she did. We have been told it could be weeks before there is any unemployment. Meantime, we do have a mortgage, auto insurance, food, auto repair (cars are 10 years old).
Anybody out there in the same boat? How are you surviving?
We have always lived simply--no vacations, no manicures, pedicures, spas, shopping, eating out, expensive cell phones and the like. So, there is not a lot to cut from a budget that was all ready fairly lean.
I hope your husband has found work since you posted. I just wanted to let you know that if you need the SS to tide you over for a short time until he finds work, he can collect the SS for a short time, pay it back and reset his benefit to an older age. If he works and collects SS, since he is 63, your income can only be a limited amount ($34k) before they start deducting from his check.
The SS site (ssa.gov) has a question section that is very useful for questions like yours.
Thank you for your kind reply. My husband is a combat Viet Nam vet and was able to access VA healthcare. It's not the best, but will do for now.
He did go ahead and draw SS. He was extremely lucky and found a p/t job in a community service organization. Much less stress than previous job. Not high pay, but rewarding in other ways. Unemp pays the difference between what he makes and what he would have drawn at maximum unemp rate.
So, we are hanging in there. We have never lived large, and always within our means. We will make it, but it was an adjustment. Takes a bit of time to get over shock and get to reality mode.
There are many of us out there in the same boat as you...lost job, no healthcare, and "forced" retirement.
We are surviving using our savings and hope our "retirement" funds will last till we are in our 90s. All our relatives who are still alive are in their mid 90's. The dead ones were in their 90's when they died. So genetics may win out.
Unemployment insurance, thanks to Obama, is lasting almost 2 years -- which really helps since it is half our regular pay without health insurance. So we are just hoping to make it to 66 (we are 63 &64) to collect social security at 66. and get Medicare at 65.
The dream of working till we were 70 seems hopeless as more and more teachers are being laid off.
Working part time takes away from the unemployment insurance, so by working, we actually loose money. But I do so miss teaching so am substitute teaching...so much fun to be with the kids again. I just tell my self I'm volunteering!
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