Navigating this decade and the next
Watch this postHello, I'm new here. I'm in the U.S. I very much need to retire (due to years of very compromised health) but I'm not sure I ever can, now that the "recession" has devastated our country, including much of the savings of people my age . I keep trying to figure out if I could retire at 62 (in which case I' d only get 2/3rds of my benefit), but it doesn't seem like a good idea; I'd be so poor. Four years ago, I had to move far from family to try to secure a permanent job and hold on to my savings, and then I got laid off (no job security here anymore). I can't afford to live back where I grew up. I was unable to get my fed disability even though I technically qualify for it (a terribly broken, corrupt system we've got). Anyway, I could really use some people to talk to, bounce ideas off of, about how to manage and go forward. I never knew it would be THIS challenging getting older. I am approaching 58. I am managing to work part time by it's very difficult. I am unmarried and live alone. I have a few friends here, but we never really get 'real' or close. I own my home which is one good thing, though it's really too much for me at this point. I adore my pet cairn, who is also often too much for me... But I try to keep on. Anyway, if you'd like to respond here or correspond somehow, please do...
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Sorry to hear of your circumstances.
Would downsizing release equity in your property and make things a little easier for you? Especially if the house if too much for you. Maybe even consider selling your house and then renting somewhere. The beauty of that would be that you would no longer be responsible for repairs and maintenance.
Are you able to partially retire? In the UK I would be able to take some of my pension benefits and work part time from age 55 yrs. I know some people who were having financial difficulties who did this and feel so much better for doing it.
Difficult to make suggestions as I don't know what's available in the US, but if your health is not good then even a reduced income may be better if your health improves by not working.
best wishes x
You're probably right about the downsizing and getting some money out of the house. I've thought about it a lot but always decide it would be better to wait. But now you have me rethinking retirement at 62.
They changed the retirement age for me and I can't get my full benefit now until I'm 66.5, instead of 62. At 62 I will only get 2/3rd of my soc benefit. But I don't see how I can hold out til 66.5.
I think I'll make plans to move to a cheaper place and area in a year or so. So if I can't work at all, at least I am set for retiring at 62 and adding my cash to my monthly income.
What happens after 68, I have no idea, as the extra funds will be gone and my benefit will be so low I'll be living in abject poverty I guess. I have to hope I'll be gone by then.
In the US it is no good to sell and rent, the cost of renting is usually double the cost of owning; it's ridiculous.
I appreciate your taking the time to help me!
Just a thought...remortgage, release the equity, get somewhere smaller and rent out the bigger property..could give you an income....
Maybe you need to speak to a financial adviser to see what your options could be! Its sad to hope for not being here past 68.
Take care x
Over here we have schemes where you can find reliable financial advisers, is there nothing like that in the US?
I'm so glad that you have started to get some help though. It 's very difficult to make big decisions when you are on your own as you don't have anyone to talk them through. Just a thought though, have you talked to your family about what is happening to you. They may want to help more than you think......
best wishes x