Life throws me another curve

[js27]

Wednesday morning while at work I got called into the HR office. After 17 1/2 years with the company I was laid off. I was one of 17 to go on Wednesday and HR guy said this is only round 1 and more are coming. Reason being the Covid 19 virus has effected so many other business that ours has suffered. Our large clients who use to pay on a 30 return all needed to keep there cash flow more fluent so they all pushed out from 30 days to 120 days. Then we could not install our signs in other states because our trucks were not being allowed over state lines. Then we had trouble getting our own supplies because of suppliers being shut down. We were right in the middle of doing a new Krispy Kreme site in New York Time Square which was a 1.2 Million dollar job. All in all it sucks. I will be 65 in Nov and was thinking about retirement but I may had planed on working another year to get the full retirement amount. I no longer have that option. So after 47 years of getting up every morning and going off to work I feel really weird staying home. I have never collected unemployment before so this also feels weird and only about 1/4 of what I was making working so we will have to redo our spending budget. My wife  has been off for 3 weeks and will be for another 4 to 6 weeks until this whole lock down thing is over. Kind of ironic that now I have all the time in the world to work on my car but now I have to watch finances. I have been off 2 days now and have already completed 2 home projects. I guess I will be tearing into the 67 Satellite next week and do what ever I can without spending a lot of money.  I am glad I sold my cars when I did because I think it would be hard selling them now with things the way they are.
JS27

[73_Cuda_4_Me]

Sorry to hear about this, js27... you may be able to get the additional 600/wk from the government on top of unemployment, though! (Sure hope so!)

Many, Many people are in the same boat...

I retired after 39 years at 62... worked it out, and I'd have had to get to age 77 to draw as much at full SS as I would if I retired at 62 and started drawing. I figured I'd rather have it when I could enjoy spending it with my wife...

[Chryco Psycho]

Sorry to hear this , you will be far from the only one unfortunately .
Time or $$ you never seem to have both ...
At least you have an option , I need to work until I am 150 just to pay for my funeral !!  I have no retirement from anywhere ....

[RUNCHARGER]

I think everyone's life is going to change somewhat. Sorry to hear your situation.

[Shoooter]

This sucks, everyone seems to be effected, my work has cut back as well. Hoping the best for everyone

[chargerdon]

JS27, sorry for your lost job.   However, you should feel lucky...  I too got laid off at the age of 55 after 33 years of faithful work, 29 1/2 of which was for the same company.  At 55 nobody wants you...   i struggled until i found a "decent paying job" to get me to 65.

Regarding your "full retirement amount" that occurs at age 70, not your "full retirement age".   At 62 you can begin to collect social security.   From age 62 until 70 if you don't retire, the amount of benefit continues to rise.   The only true difference for "full retirement" is if you plan to continue working then at full retirement there is no deduction based upon your continued salary.   Until that date, if you collect and work, there is a maximum you are allowed to make and not have your benefit reduced.   As 73 Cuda pointed out, there is a break even point, that if you continue working working you could actually lose money depending upon how long you live.  You probably are better off right now,

In my case, full retirement was at 66, but i retired at 65.   When i did that my break even point was up to age 80.   I would have retired earlier, but, being diabetic (previously existing condition), i would NOT have been able to get health insurance...(Pre-0bama care) so i worked till 65 and could join Medicare.

It will feel strange, not getting up to work in the morning, but, believe me in a couple of months you will say...MAN THIS IS GREAT ! 

[blown motor]

I totally agree with your last statement! As long as I do one decent thing per day, even if it only takes an hour, then I feel the day is not wasted.

[js27]

Sorry to hear this , you will be far from the only one unfortunately .
Time or $$ you never seem to have both ...
At least you have an option , I need to work until I am 150 just to pay for my funeral !!  I have no retirement from anywhere ....

I also had no 401. I always said I would work till I die. My 401 was in my cars and parts. After my heart attack I thought that was the time to cash them in. Lucky for me I did it then.
JS27

[BIGSHCLUNK]

Sorry bout your situation, sux to say the least. Many of us here are just before or just past the 65 mark. I think this current situation will get worse before it gets better. For many companies (mine included) cash flow right now is a BIG issue. I've got an handful of bills (that keep coming) and not much to show for it. Granted I'm still working but....

I laid off my crew last week. I NEVER laid off anybody in 35+ years. I've got one guy sort of "on call" if needed. I've been just dealing with our wholesale accounts. Stuff I can grab easily and drop. I've let the few retail calls we've had go unanswered... I dont need any viral "surprises" at my age. If they weren't constructing a new billboard on the property I probably would not be here at all. I have some video posted here on that.  But then I'm not one to sit around the house all day if I can help it.

Next, I had a deal going before all the shit broke loose to sell the shop. Contingent on other deals my buyer had going. Haven't talked with him in a month, No reason to make a call. I already know the answer.

Wife's been home , her store is closed till at least the end of the month. She's getting paid for now but it wont last much longer.

[Brads70]

Sorry to hear this Alan. It could always be worse, not that it makes it any easier to deal with. Try and "count your blessings" think of all the positives, more time with your wife and family. Time to do what YOU want and not what a boss wants etc. We guys all to often tie our self worth to our jobs , it just is not so. Tough lesson to learn for some. Your a smart  and capable guy, you will find a way ! You sound like you have always been wise with what you have. You will be OK! Being laid off 6 months before retirement might not be so bad.
A wise old man once told me, "It's not how much you make, but how much you keep"

I have a neighbor, we were talking yesterday and he is freaking out. Mortgaged to the eyeballs , new BMW and a new Chrysler 300 in the driveway he's making payments on. House has just been redone , new windows, furnace, A/C,a pool,flooring, lots of extra's the best of most everything. 3 kids, wife etc.... lives paycheck to paycheck. We all know the type. Nice people just not the wisest . The city was "nice" enough to take 15 feet frontage for road widening, they paid us just south of 40 grand. I mention that yesterday and said I still have it all in the bank  as we will have to pay a good chunk back ( unknown amount yet) when they widen the road and install sewers. He laughed and said  "I spent that 5 minutes after I got it"
I can't help but wonder how long till we get new neighbors? 
I'm glad Alan that your not "That guy" keep your chin up brother!  You got this!

[RUNCHARGER]

So far I'm counting my blessings. I'm 63, everything has been paid off for awhile. Just applied the other day for Canada pension and yet I have 2 job offers where I'm moving to in 2 weeks if I want to work. I like to stay busy so I might take one part time then use the money for another Challenger likely.

[usraptor]

js27, so sorry to hear that, especially after working for the same company for that long.  That just really blows.  I feel really fortunate that I'm already retired and have a pension so I don't have to worry about getting laid off with all that's going on.  I wish  you the best. 

[anlauto]

With your lay-off being Covid-19 related, I'm sure around Sept-Oct when things start to lighten up and restrictions on businesses begin to lift, you'll be called back to work, and be busy as hell. If you can just stay around home and find things to keep you occupied for the next 5-6 months, it will all work out.
There are millions of people in your same shoes, I'm sure most won't survive financially, but that's just the new norm, until we get this virus thing figured out.

[70 Challenger Lover]

I feel bad for all the people who are getting kicked in the gut with this COVID19 crap. On one hand, I want health officials to control the spread and hopefully save lives but the longer this goes on, the more people will be financially ruined. I get that we are hoping to save tens of thousands of lives but do we really need to make tens of millions suffer so badly?

I fear when all this is over, we will look back and say the cure was far worse than the disease.

[GoodysGotaCuda]

Sorry to hear about your situation, the next few months are going to be very hard on our economy. I think we are up to 15,000,000 unemployment claims in the past 3 weeks and the systems have been overloaded and cannot get to everyone.