I’m 60 and lost my job due to COVID-19. My husband makes $150K. We saved $1.3 million. Do I resign myself to early retirement?

Dear Quentin,

I was released last year for COVID-19. I want to work, but finding something close to home isn’t a problem and long-distance commuting isn’t an option for me.

Our home and vehicles are paid for, and my husband makes $ 150,000 a year. I’m almost 60 and he’s a lot younger than me. Am I simply giving up on early retirement and am dependent on it without being able to contribute to the household and to a 401 (k) and pension fund?

We have about $ 1.3 million retired without the value of our home. We’re in a good relationship, but I’m scared of being dependent on someone, even if it’s my husband.

Trying to be independent

You can email The Moneyist with all financial and ethical issues related to coronavirus at [email protected]

Dear Independent,

A year is a long time to be without a job, and it may seem more intense in a year when everything seems to have slowed down because it is. Please remember that we are living in very unusual circumstances and so much progress has been made.

You have a happy marriage, savings, a mortgage that has been repaid, and a husband who is still working. That’s a happy position. But don’t give up on the job, especially if your gut tells you you’re not ready, even if you can afford it. Talk to your husband about how you are feeling.

“You could use this time to volunteer so that you can continue to contribute and / or continue your education to plan for the future.”

Assuming you have your vaccine, you could use this time to volunteer so you don’t feel like you’re contributing and / or continue your education to plan for the future. This could also be the time to research starting a small business that doesn’t involve too much financial risk.

Up to half of Americans can’t afford to retire.You have helped keep your household running for the long term by helping to repay your home and raising adequate savings for your retirement. Why choose guilt when so much of what has happened in the past year is beyond your and our control?

Imagine the tables were turned. How grateful you would be to have the privilege of working and knowing that you are in a true 50/50 partnership. Your husband is probably proud and happy that he can now give something back to this marriage. Receiving support and help is sometimes more difficult. Your husband can also contribute to your IRA even when you are not working.

“It could also be time to start a small business that doesn’t involve too much financial risk.”

You are not alone either. The pandemic may push many into early retirement. Jennifer Schramm, a senior strategic policy advisor at the AARP Public Policy Institute, said individuals aged 62 and older who lost their jobs in the Great Recession were half as likely to be reinstated as 25 to 34 year olds.

Lisa AK Kirchenbauer, a certified financial planner and founder of Omega Wealth Management in Arlington, Virginia, asks her clients three questions: “What needs to be protected or maintained? What do you have to let go of What needs to be adopted, adopted, or created in your life? “

It appears from your letter that you are someone who needs to feel busy and useful, and there are ways you can still do so. American job centers can also provide help. I have given you three suggestions, but meeting people through other endeavors opens up new possibilities.

Please keep in touch and let us know how you are.

The money is: “My husband told me that my $ 1,400 stimulus check will be spent on aluminum siding in our home.” What can I do?

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