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The thought of voluntarily giving up your day job in this current economic situation is really stressful. I know it's even more stressful for those who have been separated from their jobs involuntarily.

Early Retirement – Daydreams and Other Baby Boomer Crazy Ideas

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Normally I read about 20 national newspapers online on a daily basis for my day job as a research analyst.  Today I saw a headline in the Baltimore Sun which caught my attention ~  Job loss Hits Seniors Especially Hard.

The reason this headline stood out to me is that as many readers know, I’ve been trying to establish myself online in preparation for retirement.

Within the last week, my organization has been discussing the possibility of an early retirement incentive plan for employees 55 and over.  The kicker is that the decision to retire would have to be made quickly, and those who accept would have to be out the door by March 31.  It takes me longer than that to pick out an outfit for a special occasion when I go shopping!

The idea of retiring and not having to deal with the daily grind of a commute is certainly enticing.  I really can see myself taking care of the grandkiddos for a day or two and devoting more time to my blogs during daylight hours, instead of 2 or 3 am.  But the reality hits me between the eyes, that I still have one kid finishing up college; a mortgage; car payments and other necessities ~ like Internet fees and of course, food on the table ~ makes me realize that I would need to get at least a part-time job to pull this all off.

So far, my income from blogging isn’t putting me in the same category as Darren, at ProBlogger.

The article goes on to say that:

“Moreover, rejoining the labor force can be harder for older people, who often encounter subtle age bias.”

“It tends to take them longer to find a new job after they’re laid off than it does younger workers,” Johnson said. “When older workers find a new job, they tend to experience a pretty sharp decline in wages.”

“The flip side, experts say, is that economic necessity is forcing many to stay on the job well into their 60s and beyond, causing considerable stress when those jobs are eliminated.”

A similar article followed in the New York Times detailing how Seniors and Baby Boomers are delaying retirement or having to find part-time work to supplement their retirement incomes: Losing the Glint of the Golden Years.

Although I did set up a Virtual Assistant website, I haven’t really devoted the time to pursuing it on the level of really actively seeking clients on a daily, permanent basis.  Between all that I have on my plate, I’m really going to have to network and see if working at home is feasible.  Doing so would at least make up for some of my lost income from my full-time job.

The other factor I’m considering is signing up for a temporary agency, where I could hopefully start a second career in a permanent part-time position in my professional capacity as a Paralegal.  I know that even if I’m hired, it will be for far less than what I’m currently making ~ but the trade-off would be that I would be part-time.

I surveyed my Twitter friends, and many of them offered some positive encouragement:

HillaryDePiano @Moomettesgram I would imagine more companies are hiring temps than full time because they don’t have to pay them benefits

bargainbriana @Moomettesgram A few years back my cousin work in temp agency and got hired on perm for enterprise corp job.

integratedmom @Moomettesgram At the same time, I think anything is possible, esp if you’re well-networked. Many jobs (PT or FT) aren’t officially posted.

sanssecret @Moomettesgram yes, and yes. Especially if you’re only looking for p/t.

imaginestudios @Moomettesgram I’ve worked for temp agencies in the past. It’s possible, but not common to get full-time work.

My resume is always up-do-date, so I’m probably going to send it to a temporary agency to try to get some feedback. I should at least be able to get some kind of idea on my marketability before I actually have to make an official decision.

In the meantime, I’ll continue to network online, beef up my online  presence, and follow through on all the valuable Mom Masterminds advice. I hope to increase my income in affiliate marketing, as well as still dabble in vintage collectibles on Bonanzle.

The thought of voluntarily giving up your day job in this current economic situation is really stressful.  I know it’s even more stressful for those who have been separated from their jobs involuntarily.

So what do you think?  Retire early and take my chances, or stick with a good thing for another 5 years?

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About Cindi Moomettes

New England blogger from Connecticut and author of the multi-generational Moomettes Magnificents where she writes about Family, Grandparents and Grandchildren, home decor, Crochet, Knitting, DIY, crafts, family travel familiarization trips (FAMs), photography, social media and reviews. You can also find her at Moomettes Magnificents on eBay for the latest Fashion trends, Home Decor and Vintage Collectibles. Also at Moomettes Crochet for Handmade Crochet Wash Cloths & Accessories. For food and recipes visit at her blog Frugal New England Kitchen ***Products and/or companies featured on Moomettes Magnificents may have provided product samples and/or compensation for consideration. All opinions are my own. Posts may contain affiliate links. See also Disclosure***

6 comments

  1. The decision is ultimately yours. How will the decision to retire early affect you in the short and long run? Is this Good Thing really good for you? If your thinking about retiring early then it must bring you some kind of burden…question is, can you carry that burden for the next years? My 2 cents, hope it is helpful.

    Chrissy’s last blog post..Scoring the Goal

  2. You have until the end of March, so I would make an appointment with a temp agency asap and just go talk to them. You won’t know what your chances are if you don’t ask. Once you get your answers you can make a better decision. I vote you leave and come down to me 2 days a week and teach me the techie stuff on blogs :)

    Rachel Ferrucci
    http://www.Touchd.net

    Rachel Ferrucci’s last blog post..Sugar Scrubs

  3. I guess knowing exactly what you’ll get from your retirement plan is an important part of the decision making process. If you can live on that plus the income you make from your online work, than go for it! Finding work of any kind right now is tough, so I wouldn’t depend on that even temp work. Sorry to be negative, but it’s reality.

  4. I’m not quite in that age range but pretty close, and left my job of 12 years a few months ago to pursue on line sales and started a part time bookkeeping service. Long story short, before I had time to get my feet too wet, a better job opportunity fell into my lap (too good to pass up) and now I’m spread too thin. So don’t automatically assume you’re going to be washed up just because the headlines predict it.
    You’ve also got a tremendous head start on a second career with your on-line presence. Think of how far you could take it if you had all of that extra time.
    Another huge factor is health insurance. Do you carry the policy for your family or does your husband?
    Bottom line, I’d find out what the retirement package offers and if there’s any way possible it can work, I’d go for it. That way you’re in charge of your future success, not your employer.
    My 2 cents.

    fitzcharming’s last blog post..Collectible Vintage Enamel Travel Shield Charms

  5. Good luck with whatever you decide. I’m sure you will succeed in whatever you try.

    Kim @ What’s That Smell?’s last blog post..Military Commissaries SAVE YOU MONEY

  6. I also think you will succeed in whatever you decide. Since I’m lazy and have no one to support I’d take the early retirement package and enjoy the rest of my life, that is if my house was paid off and I could make money online…Good Luck

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