‘I’m not the only person in the U.S. with this problem’: I’m 61, unemployed, and live in a rental. My $50,000 in savings will run out this year. What’s my next move?

I am currently unemployed and have approximately $50,000 to my credit; Of that $50,000, $30,000 is invested in the stock market, with the rest in my checking account.

I’ve spent the past few years studying and investing in the stock market, and it was paying the bills. I worked and treated it like a business, but the recent bear market has limited my stock-market returns. I have no debt, no car payment, and a 750 credit score. I turn 62 in July, so I can start collecting Social Security payments early, at about $1,000 a month.

I plan to look for a job to supplement my Social Security, but at age 61 and out of the job market since 2014, this will be a difficult task to say the least.

I have no health insurance, but I hope I can stay healthy until I’m 65 and qualify for Medicare.

My rent in Fort Lauderdale is set to increase from $1,800 in 2020 and 2021 to $2,400 in 2022 and $2,800 in 2023. Also, my landlord is going to start charging $50 a month for parking this year. I can’t live in my apartment anymore because by the end of the year my $50,000 in savings will be zero.

I’m not having any luck finding a cheap place to rent. I don’t have last year’s job or annual income to apply for a rental, so no one is willing to rent to me.

What are my options? I figure I’ll have to spend the $50,000 or lose it on the market for any benefits like housing assistance or SNAP payments.

If you can suggest something that I may have overlooked, it would be greatly appreciated.

I have a feeling that I am not the only person in America with this problem or something similar.

desperate for a solution

Too ‘My sister always struggled with money and drugs’: I have a house with my husband and mother. Should we cut our sister off the family inheritance?

Dear Desperate,

Please don’t give up hope.

The labor market is still relatively competitive: There were 1.7 job openings for every unemployed worker in November, up from the pre-pandemic level of 1.2. You need to find a job – even a part-time job to gain experience again – and an affordable place to live. This may involve moving to another state, or at least to another part of Florida. cost of living in fort lauderdale That’s about 20% higher than the state average, and the city’s housing costs are about 50% higher than the national average.

You are correct about your eligibility for Supplemental Nutrition Assistance Program (SNAP) payments. According to the State of Florida, to be eligible for SNAP benefits, you must be a resident of the state of Florida and meet one of the following criteria: “You have a current bank balance (savings and checking combined) of under $2,001. You have a current bank balance (savings and checking combined) of under $3,001 and share your household with one of the following: a person or persons 60 years of age or older or a person with a disability (a child, your spouse, a parent, or yourself).”

You worked hard to save $50,000. This will help while you look for a place to live, and provide you with emergency savings. I appreciate your willingness and conscientiousness in investing in the stock market, but as you have discovered, many investors have suffered massive losses over the years. A decade-long bull market gave people a false sense of security and the series of reforms since then have been a wake-up call for retail investors. Namely, investing in stocks is a long-term plan, and trying to play the market is risky.

You don’t say what happened to your parents’ house, but I assume it was either rented out or sold, with the proceeds being split between you and the other siblings. We all need a safe and stable place to call home. Without it, your other financial concerns will seem even more pressing.

There are low income housing developments for seniors that accept Section 8 rental assistance, such as Gateway Terrace in Fort Lauderdale’s Victoria Park neighborhood. There is a waiting list for these types of properties, but the sooner you enroll, the better. And as an old Irish Lottery slogan goes: “If you’re not in, you can’t win.”

To find work to supplement your Social Security benefits, job searching is a full-time job in itself. Also online job sites like Employment Florida – Silver EditionThere are organizations in Fort Lauderdale like Fact.com, ZipRecruiter and Glassdoor pridestaff and non-profit OIC of South Florida Which can help you find work.

According to the Social Security Administration: “If you start receiving benefits at age 67 you receive 100% of your monthly benefit. If you delay receiving retirement benefits until after your full retirement age , your monthly benefit continues to grow. If you are 61, your year of birth is 1962, so your full retirement age should be 67.

The US Senior Community Service Employment Program helps low-income job seekers age 55 and older find work. According to its website,”Participants work an average of 20 hours a week and are paid the highest of the federal, state, or local minimum wage. This training serves as a bridge for participants to unsubsidized employment opportunities. Participants Must be at least 55, unemployed, and have a family income of no more than 125% of the federal poverty level.The program also helps people with job training, writing, and interviewing skills.

I urge you to cast your net wide—from the retail industry to the service industry and even within the school system—including bus drivers and hall monitors, and student assistants. united states postal service Recruitment too, Make the most of the fact that you took care of your parents in recent years. It shows dedication, humility and loyalty.

“Your story is heartbreaking,” said James Cunningham, a financial advisor with offices in California. “I can understand that you are scared, stressed and see no way forward.” That said, your Social Security will not cover your needs. “There are other housing options that are less expensive. One option is to move into low-income senior housing. They are also Non government organization Which can help you in that search.

Please keep in touch and let us know how you get on. Once you have extra income, you’ll be in a better position to tackle other areas of your life.

YoYou You can email The Monetarist with any financial and ethical questions at [email protected], and follow Quentin Fottrell Twitter.

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