The Moneyist: ‘I can’t sustain this pace’: I’m 61, single and have an MBA. I’m draining my savings after losing my job. What’s my next move?

by | Jul 29, 2023 | Stock Market

Dear Quentin, In 2018, I was let go from my six-figure job. As a then-57-year old woman, I was unable to find a similar job, even with an MBA. (Some interviewers were even so bold as to ask “how old are you?” which I know is illegal, but what can you really do?) After a year, I found a small job, initially part time, which then transitioned into full time, paying me one-fourth of my previous salary.

Initially, I lived on my severance, but as time went on, I was forced to dip into my retirement early to keep my insurance and pay expenses. I had $500,000 when I left my corporate job. Last year, I launched a small bookkeeping business, which is now the bulk of my income, but I am not yet making enough to completely stop taking retirement disbursements. My retirement balance is down to around $400,000, and I currently withdraw $1,500 per month. I have contracts with monthly clients for about $2,300 per month. I do clean-up work (correcting people’s QuickBooks records), but that is not guaranteed work, so while it does produce income and occasionally gives me more money, I can’t count on it as a steady income. The …

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