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QUESTION:
Buffer to enter retirement successfully
Just one thought that I have followed all my life and that is to keep MORE than a 3-6 month supply of cash on hand to weather any potential 'storms'; i.e. loss of job, living expenses to delay withdrawing investments in a truly BAD market. I have strived to save ~ 18 months of cash needed in a low cost providers MM (CAP 1)account for this emergency potential. I know first hand about the needs as I was recently laid off from a 29 year gig in the Telecommunications industry and am all of a sudden looking at ZERO income from one spouse, me, while still saddled with college tuition/living expenses for an existing student (soph) and second child that is just now completing their Jr. year of H.S. Just the shock of being dumped from a long time job is call for future planning like this (you could make a strong case for age discrimination (read over 50 and jobless; or something to that affect) but no chance to show it was. I am VERY fortunate in that I have a working spouse that has a good paying job and that allows me to stay calmer and rational while I search for the right opportunity to re-enter the work force.....I would like to hang up the cleats NOW, but that just isn't feasible with the college costs hanging over my head and the fact that I watch my spouse drive off everyday to a 8-5 headache while I watch drinking my coffee and walking our family dog. Even though I do have college savings accounts for both, I had planned to serve them a reward for finishing college with these funds to allow them a nice start to their respective work careers with these funds (75-80%). I still may be able to reach that goal with child #1, but not sure about 2nd child, IF I don't start the revenue engine up again.
	asked by skerch, 3/14/2007
Categories: Pre Retirement, Work and Retirement, Age Discrimination, Transitioning to Retirement, Early Retirement

ANSWERS:
	Answered by: grandpa24551, 01/02/08 Overall Rating: Be the first to rate it.
Before I retired, I worked from time to time as a Contract Engineer. The pay was better than what I received as a Direct Employee, though there were no "Benefits" except for some holiday and vacation pay which varied depending upon the contract. While I don't know what your area of expertise is, I know that the Contract Employment field now covers the whole range of Direct Employment. To get started in learning about this, I recommend visiting http://www.ceweekly.wa.com/. There is a subset titled Job Hunting Tutorials that gives a good explanation and description of the Contract Job world. I used it for years and it helped me to find work that I wanted and that paid very well. I would also google Contract Employment and browse the listed websites. Your objective is to gain some information and familiarity with Contract work -- sufficient so that (1) your resume can reflect what Contract Agencies and Employers look for, and (2) it prepares you for your phoning some of the Contract Employment firms. You need to be aware that the work may not always be local. On the other hand, you can expense on your taxes ALL your living expenses. Finally, you can email me at leochen24551@yahoo.com if you have further questions. Good luck. Login to rate this answer: