I’m 61, left my job due to medical reasons, and made $150,000 from the sale of my home. I’d like to work for at least another 5 years. Can I still retire? If so, how?


Dear Quentin,

I recently sold my house and had to quit my job because of a medical problem that was easily resolved, and now I’m fine. I have approximately $ 150,000 in my current account for the sale of my home. I’m not sure what to do with this and I’ve been thinking about contacting a financial advisor. I will turn 62 in May.

I’m renting an apartment for $ 1,100 a month. Utilities are very affordable. I have COBRA health coverage available until the end of November 2023. It is approximately $ 700 per month.

I have very strong technical skills as I have worked as a business analyst in government and higher education for over 20 years. I’m not really sure how to proceed. I think I would like to work until I am 65 or 67, to do something and get medical insurance, as I have a number of health issues.

I have Social Security and a couple of pensions, as well as about $ 180,000 in a 403 (b) account. Do you have any suggestions on how best to proceed based on the information I have provided? I am a single woman and I have a son who is a doctor, married to a doctor, without grandchildren.

Thank you so much for your time and consideration.

I’m not sure what to do now

Dear insecure,

Clearly, you have gone through a disorder in your life, physically, financially and emotionally. I congratulate you for recovering and, instead of thinking about things that are out of your control, take some ground and find out what happens next. This is the kind of resilience most people struggle with, but often fail. We are in a tight job market, and your experience is worth its weight in gold. I’ve said it before, and I’ll say it again, I’ll take your hat off.

Reads: Big salary increases and the possibility of working from home record of going up from work

I don’t know the specifics of your medical and financial situation, but you now have $ 150,000 in your bank and $ 180,000 in a retirement account, relatively low expenses, and you can still work, so you still have a lot of work to do. please. You also have the added benefit of being highly skilled in a hot job market, so you can look for jobs that allow you to increase or decrease climbing, and probably work remotely as well. You need a team: a pay-only financial planner and / or your daughter to predict your living costs.

Janet Lee Krochman, President of Janet Lee Krochman, A Professional Corporation in Costa Mesa, California, supports the idea of ​​a part-time retirement. “I’ve heard a lot of local stories about someone in their 60s, heading for‘ traditional retirement ’when the concept of part-time work‘ suddenly becomes available ’when the employer realizes the basics of knowledge that is about to get ahead, “she says. “Almost all of these agreements are to everyone’s advantage.”

Reads: Don’t burn bridges – companies are welcoming older workers

“Some might argue that without retirement, the next generation can’t go up,” he adds. “With ‘part-time retirement’ jobs still opening up, the employee becomes essentially what the post-retirement consultant role was 20 years ago. The employee continues to provide the necessary knowledge for a few more years. (or more), it maintains certain benefits, which they enjoy and greatly helps to facilitate the employee in what will eventually be full-time retirement. “

Reads: “What do we do with all this talent?” Older workers and the new economy

Chris Cooper, a licensed professional trustee in California, agrees that part-time work is a safe way to approach the next phase of your life. He says you may have some obstacles to navigating in terms of your health insurance. Your COBRA health insurance will run out before you are eligible for Medicare, he says. (You can read more about it here.) “Hopefully, you live in a state with a strong market for the Affordable Care Act,” he adds. “Otherwise, you will have fewer options for insurers.”

This is a good time for experienced workers. Nearly 57 million people left work, many more than once, in the 14-month period from January 2021 to February 2022. And about 89 million people were hired in the last 14 months, they show government data, which reflects a record number of job vacancies and an extreme need for labor. During the COVID-19 pandemic, there has been an increase in people hiring and working remotely, and this opens up more opportunities for people from smaller towns and cities.

Let us know how you’re doing. And good luck with this next chapter.

Jou you can email The Moneyist with any financial and ethical questions related to coronavirus at qfottrell@marketwatch.com and follow Quentin Fottrell at Twitter.

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