I am 62 yr old.

23 Comments

1. AnonymousJanuary 18,2024 at 3:26PM UTC

   At this point, I think you might want to job hunt to replace your primary job. If you are offered a better salary elsewhere, you can then use it to negotiate a raise at your current gig, or leave for the better pay. Does your current job offer retirement? If so, I hope you are paying into it. If not, find a job with better benefits and pay into an IRA too. If you can afford it, save as much as you can from your second job and invest that cash in low risk investments (CDs , a quality ETF like VOO or SPY, etc). This will help you be able to retire. Another option to consider is that if you have a retirement fund in the nonprofit you work for, you may be able to retire from there and go work somewhere else so you can get your retirement pay plus have a job. You can then continue funding your IRA for your "real retirement" while earning extra money. It might make it easier to avoid the second job. Many retirees do this for a while. Good luck with everything. Try to save up and low risk invest what you can.

2. AnonymousJanuary 18,2024 at 3:37PM UTC

   In addition to what was shared, what is in the divorce decree regarding any of this? It should have addressed this, big time.

3. AnonymousJanuary 19,2024 at 1:56AM UTC

   Please try not to be judgemental. Not every divorce is black and white. In my case, I never earned a lot of money throughout the marriage, because sometimes I only worked part-time. I was divorced 5 years ago at age 60, after learning that my husband had been living a double life with someone in another country. He not only lost his visa, his passport, and his great job because he was now in the US illegally but me. His bank accounts were frozen and there was little in our joint account. I had my own checking account at the time, but I was only earning $15 an hour at my part-time job at a boutique. Oh, did I mention that we lost our home? So, I had to find an apartment. I had to get a full-time job and benefits too! I just became eligible for Medicare, but if I choose "retirement" anytime in the next 50, yes, I said 50 years! I will still only have a minimal Social Security benefit. Right now, I'm at $1200.

   Please don't assume that every woman who is divorced will get some great settlement, because it is not true! I couldn't even afford an attorney, not that it would have helped me. Please be kind!

4. AnonymousJanuary 19,2024 at 2:33PM UTC

   That was not said at all, ' great settlement' it was said that it should have been addressed. Correct, not black and white, you reached out for feedback, if you want it great, if you not or if you're surprised by any questions back, then understand that THEY also only have a snapshot, which is okay, you may have some takeaways and you may not. Not judgemental in the slightest. You're going through a tough time, I know we ALL wish you peace.

5. AnonymousJanuary 20,2024 at 3:39PM UTC

   Hi, I am not the OP. I just wanted to share MY story. Sometimes there is absolutely nothing to be addressed in the divorce decree.

6. AnonymousJanuary 21,2024 at 2:06PM UTC

   NOT OP, but a former stay at home wife, and In Florida marriages under 9-17 years are not even guaranteed alimony. My ex and I were pro se and he paid $221 per month child support total for two children due to my low income but its now $484 plus after school program. Our divorce was finalized three days before our 10 year anniversary so I don't get social security from him. Not everyone will qualify.

7. CEJNYCJanuary 21,2024 at 7:06PM UTC

   That may be true under FL state law. But FL law does not control the Social Security Act, which is federal law. It's worth your time to call your local SSA office.

8. maria roseJanuary 20,2024 at 6:03PM UTC

   I am addressing the OP of this post, The best you can do to make up for years of not earning enough money to support yourself because you were in a long term relationship with the ASSUMPTION that that relationship guaranteed you a setting that you didn’t have to support yourself is to just move forward. Okay you didn’t earn high income in previous years but you did earn credit ( especially if you are talking about earning money from being paid that is reported to IRS and had FICA taxes taken out of it) so it is possible you have earned Social Security benefits if you at least worked the minimum earnings for each year. You should be able to check this out by checking your account at the Social Security website. You didn’t mention your exact age but I am guessing you are not yet eligible in age to apply for benefits and I suggest you should not think about applying until you reach FRA ( full retirement age) to avoid limitations on earnings restrictions that will decrease/ and /or eliminate your benefits if you earn more. As for saving for retirement in some kind of IRA/401 with the Secure Act , you can put money in the chosen retirement account all the way up until you are required to start RMD which currently is around 73 and that age may be rising again.

   So now you face the choice of finding a job or multiple jobs if part-time to both support your basic necessities and to have enough to put money aside. I think nowadays you can set up IRA or 401 accounts for automatic withdrawals without needing to have your employer offer you that option but more employers are making it available as optional benefits even if they don’t necessarily make an equal contribution as a job benefit, they do allow the employee to designate how their paycheck is dispersed. So the only thing that you have to do is realize that you are in control of your future. Good luck

9. CEJNYCJanuary 21,2024 at 1:29PM UTC

   Have you looked into spousal social security benefits? You may be entitled to benefits accrued by your ex-spouse for the years you were married despite being divorced. This does not affect what your spouse is able to draw under social security, even if this was not dealt with in your divorce decree.

   From the social security website. If you have a brokerage account, your broker can probably help with this, too.

   The spousal benefit can be as much as half of the worker's "primary insurance amount," depending on the spouse's age at retirement. If the spouse begins receiving benefits before "normal (or full) retirement age," the spouse will receive a reduced benefit.

   Benefits for Spouses - SSA

   Social Security Administration (.gov)

   https://www.ssa.gov › oact › quickcalc › spouse

10. AnonymousJanuary 21,2024 at 2:11PM UTC

    Your social security is based on an average of 35 years income, so make all you can!

11. Jacqueline CutlerJanuary 21,2024 at 2:16PM UTC

    I am so sorry. I'm a few years older than you, and it is a sobering time.

    First, you can call the SSA and find out about your benefits, what you have paid into the system, and what your ex did. This will I've you some idea of what you are entitled to. You can take benefits at 62. They increase as you get older.

    Second, I would consult a financial planner just to have a better sense of what to expect and budgets. I would ask around and find someone who can advise. It may be worth paying a professional for an hour of solid advice. I would also talk with officers at wherever you bank - as long as they are not trying to sell you any products - about any financial planning ideas.

    Wishing you the best of luck as you navigate these tricky waters.

12. AnonymousJanuary 21,2024 at 2:16PM UTC

    Start looking for equivalent for profit jobs. Non profit will never pay what you need. Also keep in mind you can file to get 50% of your ex spouses’s social security benefits.

13. AnonymousJanuary 22,2024 at 2:24PM UTC

    when can i do that?

14. AnonymousJanuary 21,2024 at 2:50PM UTC

    I’m in a similar situation, and now I work for the federal government. Perhaps you can get a part-time federal government job working from home?

15. Lori CasoJanuary 21,2024 at 4:30PM UTC

    I’m around your age with many friends all facing the same situation… maybe don’t think about retiring. If you consider working until you’re 70 perhaps you can stay with the non-profit and not burn yourself down with a second job. Your health needs to be considered too!

    Good luck!

16. PriscillaJanuary 21,2024 at 7:18PM UTC

    I can empathize with you as can millions of other people.
    AI will replace millions of jobs, of which a small percentage will be able to adjust, most will not. I have my long term passion with which is the company I am building, one step at a time. (ultimatebeautyhealth) I also have worked part time and full time jobs at the same time. I find that I can do it for a period of time, and then it's just exhausting. With that said, I become very focused and hyper organized - on a day off I totally organize my week and have found that takes a lot of pressure and stress off, because I can flow better. You may want to think about taking social security early - you can do that soon, 62.5 , there are tax events if you make over a specific amount, so check into that - could be $1,000 + a month.
    Just look at this as short term not long term, reduce overhead as much as possible, invest in alternative sources, for example with an IRA - you can designate a percentage to Gold, Silver which has increased in value, vs. the fiat dollar has declined in spending power 20%+ just since 2020, and since we were taken off the gold standard, most likely 96%,
    Sleep will be of the utmost importance, eating healthy, hydrating, and take a walk in nature 30 minutes a couple times a week may be helpful for your stress. It will take discipline, but you got this. And just take it one day at a time, it's just too much to think about 10 years out. We are entering a new turning of the world, we are all going through changes, you are not alone. Take care.

17. AnonymousJanuary 21,2024 at 7:22PM UTC

    I agree that you should check with the SSA to see where you stand and what to expect. Go to SSA.gov (make sure it is the .GOV site) and set up a log-in if you haven't done that already. You will see all your contributions and what to expect in benefits each year up to age 70. It also allows you to contest anything incorrect (perhaps some gig work that wasn't recorded). Also, remember the bit about your ex-spouse's benefits, as that is also an option. I am 68, and it walked me through everything. I filed at my earliest time (66 and 3 months, as part of the sliding eligibility for full benefits). It also helps you apply for Medicare when you turn 65 or apply for disability.

18. SheIsSoMoneyJanuary 23,2024 at 1:11PM UTC

    SSA will only show her earnings, not half of the ex husband’s. Assuming 10 years married, she can take half of his if it’s more than hers.

19. AnonymousJanuary 26,2024 at 3:17PM UTC

    You are correct about it. It also doesn't tell me whether my ex-husband is collecting on mine. Since we were married for 22 years and I made significantly more than he did, half my benefits would probably be higher.

20. maria roseJanuary 26,2024 at 8:42PM UTC

    Social Security is not going to tell you anything about your ex-spouse's earnings benefit but will merely tell you what would be your largest benefit to receive. Take it from someone else who earned more on the book's earnings than their spouse, now ex, you will not benefit from trying to get spousal benefits, especially at age 62 which is below FRA. You only get half of whatever benefits your spouse is getting IF that spouse is already collecting their benefits but if you were the higher earner, they can collect spousal benefits against your earnings if you were married 10 years. It also depends on whether you are still single after the age of 60 because if you remarry you can only apply the claim to your current spouse, no double dipping is allowed. I had the alternate revenge on my ex-spouse, who went on disability benefits and couldn't apply against my Social Security benefits because he remarried before 6o to another woman. You need to choose the best financial option for you right now and what will benefit you in the long term. Applying for Social Security at age 62, when you are still physically able to work is putting yourself in a permanent lower Social Security benefit for the rest of your life.

21. AnonymousJanuary 21,2024 at 7:54PM UTC

    Take a deep breath, look for something full-time using your skills that might offer a flat 40 hour week. As an alternative think about ways that you can cut costs in your life by removing things that are unessential in terms of recurring expenses. You got this!

22. Theresa McAllisterJanuary 23,2024 at 2:06PM UTC

    Check with the Social Security Administration about receiving benefits from your ex-husband’s social security.
    My sister has been divorced for many years and her ex-husband remarried but she was still able to receive benefits from his social security.

23. AnonymousJanuary 26,2024 at 5:57PM UTC

    Hi, I feel your pain and I completely get it. I am 62 y.o. also and I am super concerned about not being able to afford to live comfortably, save enough, and ultimately retire. It is very stressful and difficult some days. I too am concerned about not having the energy to get a second job although I have thought about it. Good for you to get a second income!

    I guess one thought is to identify your skills, highlight and develop those, and look for a better-paying job so you can save and make ends meet.

    In my experience, it is tough for women at our age to be taken seriously and hired as readily as younger folks. Our society has a problem with older women and inclusion so you may have to pound the pavement harder than most. But you can improve your situation.

    You may not retire until your 70s but believe me you are not alone. I would encourage you to seek out help in the form of assistance programs in your state and reach out to churches and local communities for development programs to help you get the skills you need.

    Follow your passions but remember that you have to also pay the bills.

    Define what success is for you. How much money will you need? What can you do to achieve your goals? Write it all out and develop a plan. Any plan is better than no plan.

    You may consider taking classes part-time at a community college to help you become more marketable. There are grants available for first-time students that could help. Many successful people did not even start into business until our age so it can be done. Success and happiness can occur for us older women.

    If you decide to stay with the work you currently have, consider telling them you want more responsibility. Highlight your strengths and present ways you can help grow the nonprofit.

    Become a believer and yourself and push beyond your comfort zone. Don't be afraid to try something new. It IS hard but it is the ONLY Way.

    Also, figure out a way to manage the stress. Women are very susceptible to stress-related diseases. So eat right, exercise or walk when possible, and get sleep so you can make the right decisions. Put yourself first and make a list of what you have to be grateful for now.

    Good luck and hang in there. You can do it!