Fellow Bogleheads - I'm moving out of my 50's and rolling into my 60's!
As I leave my 50's, I expect one of either two things in my 60's regarding a future thread post from me. Either I will post at some point with a thread title akin to
Retired in my 60's... or
Losing a job in your 60's... and tie it back with a link to this thread. The latter title regards the statistics of those who lose one job, also have a 32% rate of losing another job or more down the road. I am hoping for the former, but at this point - who knows? I take it one year at a time.
I started this thread in 2019 exactly one year after news of a layoff when I was age 56. No doubt, posting has been cathartic for me. The hope was the thread and the information posted in it over the past couple of years has been useful for others who may have experienced, or may at some point experience a layoff in their 50's. Everyone has different goals regarding finances, career, longevity of human capital, legacy, charity, age of retirement, etc... . Thanks to the many who have also chimed in with their own personal situations and experiences. That has helped make this thread more universal for others.
Beyond my 2018 layoff and finding a subsequent combination of part-time jobs to seek replacement income for the past three years, a couple of things happened along the way as a result of Covid that caused many to pause, reflect and make some decisions.
One of those two things I had already alluded to upthread about Covid causing the months of April-May of 2021 to be known as
The Great Resignation:
https://www.cnbc.com/2021/06/22/what-to ... ation.html
I think that ties in relationship wise with Pete the Planner's second article regarding losing a job in your 50's when he wrote about
Capitulation Retirement:
https://www.usatoday.com/story/money/co ... 009336002/
"Capitulation retirement is when you give up on your career, justifiably or otherwise, and decide to retire."
No doubt Covid created capitulation for many - justifiably or otherwise.
The other was the reality that the Covid fueled
capitulation selloff in February - May of 2020 ended up - according to data released - with nearly 1/3rd of investors age 65 and older selling
100% of their equity holdings in 2020
, and 18% of all investors doing the same:
https://reversemortgagedaily.com/2020/0 ... s-in-2020/
It is apparent that those two forms of
capitulation have added a lot of stress and worry to a segment of the population. Had I experienced my original layoff from academia in 2020 instead of 2018, who knows what we would have done portfolio wise as well as career wise? My spouse and I decided not to waver and maintained our dual income household along with regular contributions to our investment accounts. I feel for all of those who may not have had a choice due to the severity of Covid and the impacts it has had on many decisions that were made.
Final wrap for my 50's...
From 2018 to the end of May 2021, I worked a combination of part-time jobs for three years which meant I was working 7 days a week to maintain the same level of household income as we were making prior to being laid off. It was a grind I accepted, but felt I was not going to be able to continue. Financially, my spouse and I saved as much as we could during the past three years. We began discussing upcoming retirement for her in 2023 and things we want to do. As a result, we are in a much better
place than we were back in early 2018.
In the month of August 2021 due to all of the job openings in the economy that were available
outside of my original niche, I made the decision to choose my future course and
capitulate from academia work. I applied for, interviewed, and accepted a new full-time position at the technology company where I had been working part-time. I view it as a refreshing
encore career with excellent benefits, positivity, challenge, and a good way to still tap my human capital as the job ushers me into my 60's via a welcome change.
Compared to the prior three years of piecing income together via multiple part-time jobs (including the wild world known as adjunct academia work), I feel I have reached the point where I am once again working because it is fun and rewarding. My spouse will retire in two years and begin her pension, and I will either stagger my retirement at some point a year or more beyond that, or call an audible when she retires and join her. In addition, now that I am back to working 5 days a week, it has also opened up the window for me to make a few thousand in extra money as a church musician, so that is nice to have going again.
At this point, we are in a much better FI position with continued focus on saving a good portion of our income so that we can meet most, if not all of our future goals which includes legacy and charity.
Here's to being more at peace with myself and a thread update wrap post that should read
Gaining a new full-time job during the last month of your 50's to usher you into your 60's...
CyclingDuo
"Save like a pessimist, invest like an optimist." - Morgan Housel |
"Pick a bushel, save a peck!" - Grandpa