Should I Retire After Being Laid Off?
When faced with a job loss after a “certain age,” one might be contemplating retirement versus finding another full-time job. When our jobs were impacted, we instinctively (creatures of habit) decided to find another job similar to, or better than, the ones we lost. However, when considering the current economic conditions as well as the available (or unavailable) opportunities, not to mention our ages, we opted to try and do something different.
The first question you might ask yourself is: How do I decide if I want to retire? More likely, you’re wondering how you can possibly retire: What will I do with my free time? Do I have health issues that require employer-paid health insurance? What are my financial obligations (e.g., child or parental care costs like tuition, assisted living, etc.). The biggest question, of course, is: Can I afford to retire? Do I have enough savings or side income to support it? Finally, am I eligible to collect Social Security or sign up for Medicare? Your answers to these questions will determine your direction. If retirement is not an option, then your next step may be to look for a full or part-time job, explore contracting opportunities, join the “gig economy” (more on this in a later blog), or start your own business.
We admit that, at first, the concept of retirement was terrifying to us. We pictured withered old people sitting on a park bench feeding pigeons. We wondered whether we would have enough things to keep ourselves challenged and occupied, but we worried more about the time and money required to care for our aging parents and in-laws. We knew we needed to continue making a living, but we elected to forgo a regular 8-5 job because of our increased family obligations. Instead, we founded this start-up business, Riff on Jobs, to keep us challenged as we make our way toward retirement.
The idea of sharing our passion and experience to support others going through similar challenges resonated with us, and we are having fun along the way. We are taking a leap of faith.
Our recommendation is to pause, breathe, and seriously reflect on your situation before deciding on your next path. Plan and discuss your situation with friends, family, and colleagues so that you are making the right decision for you.
