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Hi HD Community, I need your help. Today is my last official day of work, having been abruptly terminated with a fellow group of Sr. Managers as part of a corporate restructuring. To be honest, I was not surprised or even particularly upset with the decision as I know the company is struggling and I have been unhappy in my role for some time. Some quick background…I am recently 59, happily married for 35 years with two adult children who are both out of the house and on their own. As with most members of this community, I was a diligent saver and invested wisely throughout my career. As a result, I am in the very fortunate position that I do not need to work if I choose not to…at least not for the money. Here is where I could use some help…as part of my severance, I am being paid ‘continuing compensation’ for the next several months. Like unemployment, it comes with the stipulation that if I find a new job, ANY job, I am obligated to tell them and the payments will cease. In other words, I am completely disincentivized from seeking employment until the payments run out! So, here is where I can use your help…I want to stay happily married and feel productive while I search for my next role. What ideas do you have for how I should spend my 6 months “paid vacation”? NOTE: I am not bragging or seeking congratulations. I am truly worried about how I fill my days and not slip into depression. I am hoping that one (or more) of you will have some viable suggestions for me. Thanking you in advance.
forgive me for not giving YOU any advice. I suspect you’ll do fine.
What I WILL DO is advise EVERYONE, EVERYONE, to put a HELOC on their home, assuming it has equity. If you hadn’t saved and needed money that would be a good resource to tap.
A HELOC doesn’t cost you a penny unless you use it, and the payments are interest only. Principal often doesn’t need to be paid back for 10-15 yrs, or if you sell.
Don’t wait till you’re unemployed! Bank won’t open a loan for someone with no income!
PS notice I didn’t say home equity LOAN…
exercise, keep moving. enjoy liberation. theoretically all the saving of money is so’s we can have time. it’s like buying time. it does and can compound.
I was in your shoes a year ago, and you have a wonderful period of exploration ahead of you.
Try different things. Reconnect deeply with the people who matter most. Read. Travel. Pick up a hobby you’ve long ignored. Build a modest daily routine that gives your days some structure.
Above all, don’t look for a substitute for the status or routine that work once provided. Let this next chapter become something different rather than a replacement for the last one.
I have been successfully retired for 12 years, but still get asked for advice on how to prepare for no longer having a job. The simple answer I give is that you need something to spend time on as the euphoria of the “vacation” phase of retirement will eventually end and you need something to do to occupy your time, mind and hands. By all means travel, but full time travel is not an option for most of us and gets harder as you get older. Instead, you need a hobby and/or volunteer gig to fill some time. A focus on fitness and exercise should also be a part of your plan as you will be surprised by how the aging process speeds up over time. And, last but not least, you need time to read, listen to music, go to movies, visit friends and do other similar things that were hard to do when you were still working. The adage that “..getting old is not for whimps” is true, but you can also enjoy this phase of life if you put some thought and effort into how you want to use this time.