Over 55 only

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I live in a real cheap area in the Midwest.

House $140K (that's considered above average) with $60K or five more years to go.
Kids grown, help them out occasionally.
Cars paid off, no credit card debts.
$700K in IRA and 401K generating an income stream, plus social security (early retirement at 62) close to half of what I used to make at Merck.
Still buying insurance as a Merck retiree at a reasonable rate after 30 years.

Not living wildly, enjoying side trips here and there. Shop when there are sales and with coupons. Still not sure if I want to work part time for extra money because I finally have time to pursue and enjoy hobbies, spend time with family not possible before. No more coming home after a dinner program and the kids are already sleeping or leave before they wake up. Family is more important and Merck does not give a damn if your personal life unravel.
 






Anonymous said:
Pretty amazing. Must be a manager to have 500K saved or at the least an high end salary exec / sr exec. 20 or more years in?
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Not a manager....exec rep with 25 years who always did max on 401K and carefully followed fund choices, making wise/lucky decisions along the way. Many think $500K is fabulous...for sure I'm grateful for it, as many have far less...but investment advisors would say I don't have enough (which is why I've turned frugal)....want to be sure my money lasts me to the grave.
 






Got the boot a couple of years ago after 30 years with Merck. Spouse had an intuition it was coming. So for a couple of years worked on getting out of debt. Paid off two houses, got rid of all car payments, and paid off credit cards monthly. When the end came, spouse put us on a strict budget where we kept up with every penny spent. Doing this allowed us to know where we were overspending and where we could cut unnecessary spending..

Now we live very frugally. Afer the stress of decades at Merck I was determined I didn't want to go back to work. I had no idea until I left how mentally and physically draining it was to work at this toxic company. It's worth it to live close and forgo exotic vacations and spending sprees and expensive hobbies in order to get up when you want and not be tied down to somebody else's schedule.

Living this way I can do what I enjoy around the house plus make contributions to the church, salvation army and the community. It's worth getting prepared because life after Merck is so much saner. I encourage each of you to live within your means because no one is safe.
 






Anonymous said:
NE also refers to North East or New England, not only Nebraska!!
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That makes sense. I have relatives in Omaha and rural Nebraska who have told me the cost of living there is relatively cheap if I need to look for new employment. They act like Nebraska is Mecca. I'm wondering, who would choose to move to Nebraska? No offense to those of you who like Nebraska, but unless you're a Cornhusker fanatic, the state doesn't have much to offer from my point of view.
 






Anonymous said:
Got the boot a couple of years ago after 30 years with Merck. Spouse had an intuition it was coming. So for a couple of years worked on getting out of debt. Paid off two houses, got rid of all car payments, and paid off credit cards monthly. When the end came, spouse put us on a strict budget where we kept up with every penny spent. Doing this allowed us to know where we were overspending and where we could cut unnecessary spending..

Now we live very frugally. After the stress of decades at Merck I was determined I didn't want to go back to work. I had no idea until I left how mentally and physically draining it was to work at this toxic company. It's worth it to live close and forgo exotic vacations and spending sprees and expensive hobbies in order to get up when you want and not be tied down to somebody else's schedule.

Living this way I can do what I enjoy around the house plus make contributions to the church, salvation army and the community. It's worth getting prepared because life after Merck is so much saner. I encourage each of you to live within your means because no one is safe.
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Funny we are doing almost the same. I am now free to spend more time with family, get right with my faith, help others through the church or other venues. Have not bought a new pair of dress shoes for two years now. They used to rot out with the salt and snow. No exotic trips but doing a lot of local nature trips. Shopping with coupons and during sales only. But really don't need to upgrade my wardrobe that much now. Don't miss Merck anymore. Hardly even mention to anyone who did I do in my previous life. It is such a distant past. I wave at my doctors at the gym and chat about family and life. No more rabid manager screaming over the teleconference at 4 p.m. about sales. No more doing a Merck Connect to look at that crappy sales data which was a guessing game but considered sacred. Found out many places (restaurants, parks, barber, and more) gice either senior or retiree discount.
 






In a way your fortunate to be 55+. When your 49 you can't just retire early. 300,000 between 401k and standard IRA no debt and (house almost paid off) another 55,000 between money market and Roth-not enough to retire on. Not seeing much response from the job market even though I have 7 years in capital equipment sales before the 10 years in Pharma. Even though your still young looking,vital with excellent sales stats the computer can't see that when you apply.The recruiter that doesn't know you ( which is most of them since most recruiters you worked with previously are out of business) seems to think they'd be taking a big chance on someone that's been in Pharma so long when the employer wants experience to retro fit the position. I must say you worry if your corporate job life is over and it is now time to bus tables and hope you make it to 62. Anyone else finding it hard to overcome the age and Pharma issue?
 












It's hard to believe that they think your old at 49+. I think all of the following people are vital, intelligent, resourceful, have life experience, energy, talent: George Clooney, Demi Moore, (whether your democrat or republican doesn't matter) our president is 49, JFKennedy the list goes on. But I guess your too old for medical sales. Do they think dimentia sets in. It's crazy!!!
 






Anonymous said:
In a way your fortunate to be 55+. When your 49 you can't just retire early. 300,000 between 401k and standard IRA no debt and (house almost paid off) another 55,000 between money market and Roth-not enough to retire on. Not seeing much response from the job market even though I have 7 years in capital equipment sales before the 10 years in Pharma. Even though your still young looking,vital with excellent sales stats the computer can't see that when you apply.The recruiter that doesn't know you ( which is most of them since most recruiters you worked with previously are out of business) seems to think they'd be taking a big chance on someone that's been in Pharma so long when the employer wants experience to retro fit the position. I must say you worry if your corporate job life is over and it is now time to bus tables and hope you make it to 62. Anyone else finding it hard to overcome the age and Pharma issue?
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Another rep wondering how you guys do it? Live in suburbs of major metro city in northeastern US. Like the others have little in the 401k / IRA, savings due to cost of living. Property tax and housing are major fianancial destroyers. I would never recommend anyone moving here unless they are independently wealthy. You must have two incomes just to get by. Incredible to hear about how good life can be for people in other parts of the country.
 






Anonymous said:
Another rep wondering how you guys do it? Live in suburbs of major metro city in northeastern US. Like the others have little in the 401k / IRA, savings due to cost of living. Property tax and housing are major fianancial destroyers. I would never recommend anyone moving here unless they are independently wealthy. You must have two incomes just to get by. Incredible to hear about how good life can be for people in other parts of the country.
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If you do not have ties or family in the NE, I would move. The south (Texas, Florida, etc) is SOOOOO much cheaper than the north (plus the weather is better!).
 












Anonymous said:
its the difference of too much rain vs not enough rain
take your pick.

There's always northern New England, VT, NH, ME. upstate NY
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VT, ME, Upstate NY - low prices on houses

NH - low price plus NO state income tax!!!!!

Florida and Texas -- low home prices, low taxes and both have NO state income tax!!!

Nevada, same but who the hell wants to live in the desert....
 






Anonymous said:
Another rep wondering how you guys do it? Live in suburbs of major metro city in northeastern US. Like the others have little in the 401k / IRA, savings due to cost of living. Property tax and housing are major financial destroyers. I would never recommend anyone moving here unless they are independently wealthy. You must have two incomes just to get by. Incredible to hear about how good life can be for people in other parts of the country.
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Of course we don't have all the cultural activities and museums. We have some ethnic enclaves for great food but nothing like the east and the west coasts. Our traffic is not as congested either. Everything is a trade off. I made up my mind a few decades ago to start living beneath my means. I don't think I can save up as much if I am a Merck rep in, say, NYC. I am not planning to work but surprisingly I am just as busy.
 






I left Pharm in my mid 50s following a merger. Consider insurance. I went into Insurance and now continue towork part-time. I am now 69 and sell Medicare Health Insurance and am as busy as I want. Medicare is very confusing to seniors and offers a great opportunity for a sales professional.
 






Anonymous said:
Of course we don't have all the cultural activities and museums. We have some ethnic enclaves for great food but nothing like the east and the west coasts. Our traffic is not as congested either. Everything is a trade off. I made up my mind a few decades ago to start living beneath my means. I don't think I can save up as much if I am a Merck rep in, say, NYC. I am not planning to work but surprisingly I am just as busy.
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South has more than that....docs are more welcoming to reps than in NYC. Air cleaner, more open space, nicer homes for lesser money, low property taxes (I mean really low 1500 to no more than 3000K a year for a big plush home), less/no heating costs, and car insurance is super low. Have a cousin the NY area and they pay 2200K a year to insure a used car on a good driver policy and a plain ol house with property insurance about 18,000 a year!!! I'll take southern living hands down.
 
























OK, I'm not 55 but 49 isn't feeling very good either. I just got laid off from a global leader in medical devices/supplies after being there 10 years with a very strong track record for attaining sales objectives. Since parting with the company in June, the floodgate has not opened for me after resume submission.

My financial situation could be a lot worse because I've banked a good amount, strong 401K and have almost paid off my house.

If nobody is embracing you with open arms at age 49+, has anyone considered being an independent 1099?

I would appreciate any constructive advice, as my knowledge of being an independent is minimal. I do however, have a brain and refuse to believe that I can't close with the best of them.
 






Anonymous said:
OK, I'm not 55 but 49 isn't feeling very good either. I just got laid off from a global leader in medical devices/supplies after being there 10 years with a very strong track record for attaining sales objectives. Since parting with the company in June, the floodgate has not opened for me after resume submission.

My financial situation could be a lot worse because I've banked a good amount, strong 401K and have almost paid off my house.

If nobody is embracing you with open arms at age 49+, has anyone considered being an independent 1099?

I would appreciate any constructive advice, as my knowledge of being an independent is minimal. I do however, have a brain and refuse to believe that I can't close with the best of them.
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If you have money and maybe a working spouse with health insurance you have way more options....without this you need a normal job that pays those bills....

Start a franchise. Got 50-100K to play with? You can find some...

Go back to school for a year. Retrain on a trade or in demand profession without much competitions. Shortages of RNs, LPNs, techs...Marketable skill needed...not some worthless degree in a wasted area..

Teaching license? Questionable due to layoffs...but a possibility.

Consult...the 1099 route. Be prepared to pay 2x social security on your own, quarterly taxes, marketing costs, supplies, car/travel and and no bennies. Need to make alot to pay off...

Get some special license that is IN DEMAND...

Move into the county and start a farm, raise animals...

Good luck.....
 






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