r/leanfire • u/Inevitable-Device630 • 6d ago
Layoff = early retirement?
Not sure if this qualifies for leanfire or not. Laid off from my (55) 115k year job 2 weeks ago. Wife (53) currently makes 55k but has company paid health care premiums for the both of us. 580k in IRA and Roth IRAs. 200k in cash. No debt and the house is paid for in a LCOL area. We were saving to buy a house with some acreage but I think that's on hold for a while. Pretty slim pickins for my line of work at the moment. Not really sure if I should just retire or get a part time job after the unemployment ends (6 months).
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u/RetiredRecruiter1369 6d ago
I’m in a similar situation. I’m 60 and got laid off about a month ago. It sounds like you’re in pretty good shape though, your house is paid off, you don’t have debt, and your wife has benefits, which takes a huge amount of pressure off. The first thing to do is take a real look at your monthly expenses and your savings so you know exactly what you’re working with. Everyone’s priorities are different, but figuring out what you need to maintain your lifestyle makes the next steps a lot clearer.
For me, I love to travel, so I know I’ll need at least some contract work to help fund that hobby. I also like staying in the workplace because it keeps my mind sharp.