My MBA Career: Navigating Unemployment and Financial Stability at 61

Last Updated on July 30, 2023 by Robert C. Hoopes

Title: 61-Year-Old Woman Struggles to Rebuild Career After Unexpected Job Loss

Introduction:
Formerly employed in a six-figure job, a 61-year-old woman shares her story of resilience and determination after being let go in 2018. Despite holding an MBA, she struggled to secure a similar position and had to settle for a small job that paid significantly less. With a depleted income and rising expenses, she found herself facing financial challenges and sought advice to better manage her finances.

Financial Hardships and Rebuilding:
The woman’s struggle began when she had to rely on her retirement savings to cover daily expenses and maintain insurance coverage. Realizing that it was not a sustainable solution, she decided to launch her own small bookkeeping business, which became her primary source of income. However, it was insufficient to cease dipping into her retirement funds.

Battling Inflation and Additional Part-Time Work:
The constant surge in inflation made it increasingly difficult for her to make ends meet. To supplement her income, she took on additional part-time jobs. Despite living frugally and cutting back on expenses, she began considering downsizing her home as a means of reducing the financial burden.

Seeking Financial Advice and Tapping into Resources:
The woman, concerned about running out of money, sought advice on how to manage her finances effectively. Experts recommend leveraging her MBA through social and academic networks to explore potential job opportunities. Additionally, they suggested considering renting out a room in her home for extra income and taking advantage of career services.

Strategies for Financial Stability:
As the woman approaches the age of 65, experts emphasize how qualifying for Medicare will help reduce her medical insurance costs. Financial planners recommend awaiting the age of 62 to withdraw Social Security to maximize benefits and suggest sticking to a 4% withdrawal rate from retirement savings. Age bias in employment poses a challenge, but experts highlight the advantages of being self-employed, such as deducting medical insurance premiums and business expenses.

The Power of Marketing and Word of Mouth:
With her bookkeeping business, the woman is encouraged to seek more clients and market herself based on her experience and qualifications. Experts mention that her existing clients are fortunate to have her expertise, emphasizing the importance of word-of-mouth marketing.

Conclusion:
This woman’s story serves as a testament to the resilience and determination needed to weather financial hardships, especially in the face of age bias. With the support of financial advice and utilizing available resources, she can effectively manage her finances and rebuild her career. The article concludes by regretting The Moneyist’s inability to respond to individual inquiries but encourages readers to seek professional advice tailored to their specific circumstances.