Is there any interest in discussion among those of us who have been involuntarily retired -- terminated as part of an institution-wide reduction in force due to falling enrollment or other fiscal issues in the current economy?
I got the ax first thing in the morning on April 15, 2010, along with 20% of the staff at my institution. Everything was done in a pretty corporate way including packing my office under supervision and being immediately escorted out of the building without the opportunity to say goodbye to anyone. Fortunately, it was 3 weeks before my 62nd birthday, so I signed up for Social Security retirement benefits and am also eligible to receive unemployment compensation. Compared to my next door neighbor who lost his IT job in the private sector at around the same time, I got a pretty decent severance package as well. Thus, finances aren't an immediate issue. My financial advisor says that due to my TIAA-CREF and other investments and savings, I should have a decent retirement. However, since this was an unplanned shock, I'm dealing with predictable depression issues. I'm applying for jobs but I'm realistic about the dismal job market for a 62-year-old in the dismal economy in SE Michigan (Detroit).
So, I need to get my mind around being retired, what that means, and what I'm going to be doing with the rest of my life. How are others handling it?
After about 35 years at the same company/agency, my husband was terminated in pretty much the same way as you. He's eligible for unemployment and has both TIAA-CREF and another, better retirement plan, so we'll be okay financially. But, he's still dealing with the depression issue, and it's been over a year since he got his pink slip. Luckily, there are a lot of other people--neighbors and friends--who are in the same boat, so it could be worse. But, he never used to hang around in his robe most of the day!
I also lost my job around the same time as he did, so we hang out together, mostly.
I totally understand the depression of job loss.
Same thing happened to me, after 20 years and the school is now out of business. But when they "retired" me at age 62 I was devistated. I'd planned to work till I was 70. Financially OK, I collected unemployment for 2 years, and next year will sign up for Soc. Security.
I did work for the Census and am substituting, but the energy and excitment for life I used to have is gone.
Now my husband is also out of work and his entire field has just about disappeared. With all the downsizing and overseas jobs taking what used to be USA jobs, the future doesn't look good for the USA. I'm just grateful my children have jobs.
Makes you seriously think about leaving the country and live someplace cheap.
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