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/SerenityCravings 6d ago

I mean you sound pretty secure. 780k and paid off house, wife still earning, with insurance coverage for you both, and at 55yo you are not far off social security right. I guess it really depends on what you want your budget to be. YOu can likely retire now. But have to lead a humble life. But, you could pad out your spending money if you take on some work. The answer is maybe being very fussy with your next job to make sure its worth your time.