Unemployment-figuring out next steps.

**kork13** · 12-05-2024, 04:04 PM

Depends on your circumstances, and I'll admit I don't recall yours...

First, your situation: married, kids? And you're an MD? Any specialization? A bit shocking that a doc wouldn't have offers around the corner. I remember you were working with the state, right? Are you applying for a very narrow segment of specialized jobs, or swinging wide & seeing what sticks?

Finances: did you get any kind of severance? Are you drawing unemployment? Otherwise, you need to slow the cash burn as much as you can, cutting expenses where possible. Downsizing your car is an easy target (or with a long-term view, just paying it off). Gym & any other memberships/subscriptions are as well. Confirm you're renting out the house (with the mortgage & HOA), then renting a place where you actually live? The only way that's advantageous is if the rent covers all of your associated expenses + rent, which it seems not to. Not a fan of that setup, if I'm reading it right.

Alternatively... Your net worth is approaching $2.5M, with expenses in the range of $4k/mo? Looks to me like you could retire/semi-retire right now. Potentially move to a lower COLA (but not essential), use the 72t rule ("substantially equal distributions") to access your 403b, and otherwise take your time finding a part-time/per diem type of job to supplement yourself if preferred. Maybe the extreme end of the spectrum, but appears to be entirely feasible.

**docstudent** · 12-05-2024, 04:57 PM

I resigned from work, so I did not receive unemployment and or severance package. I opted to rent out my condo, and the renter covers the mortgage, HOA, and my car note. I am living in a rental that is 1G a month (all inclusive). I owe about 7G on the car and the interest rate is extremely low. I am 48 and single, but I need approximately 6 more years of service to retire at 54. I didn’t think it would take this long to find a job, but here I am.

**ua_guy** · 12-05-2024, 06:09 PM

Sounds like you've got your head on straight about money. I think only you know the opportunity costs of selling your property and/or moving to LCOLA. One of the wake-ups that people who move from HCOL to LCOL is that wages are typically a lot less, job opportunities can be fewer, and things about the lower cost locale are typically, um, well, it costs a lot less to live there for a reason. It's not all bad, though.

The "50 job applications with no response" thing is more alarming. It sounds like you formerly had a career with high credentials. I don't know the answer: Is it a resume issue? Job market issue? Have you tried reaching out to job placement firms and/or recruiters who deal in your expertise, or, would it be possible to take a contract gig somewhere?

**Drake3287** · 12-05-2024, 06:40 PM

Is that 403b account $1,950,000. as in nearly 2 million? That plus your other investments and income are enough to retire early. I assume it's $195,000. though.

**Jluke** · 12-06-2024, 03:10 AM

Sorry for your struggles.

How did your savings go from 81,500 to 55,600 since July?

in a prior thread you thought you could make it two years.

**docstudent** · 12-06-2024, 06:15 AM

That was definitely a typo, the 403b account is at $195,000. I had to pay about 12G on a special assessment in late September and that took out a chunk of cash. I have enough cash on hand to get through 2025, and if I sell a portion of stocks, I could comfortably make it through the next year. However, my goal is to gain some type of employment by Jan 1.

**myrdale** · 12-06-2024, 09:31 AM

At 48 I would assume you'd have plenty of contacts as far as potential employers go. If there is nothing in your area maybe you're going to need to move, or at least commute.

Saying you resigned from the previous job is a little open ended. You disagreed with their operations is one thing, you did something bad and were given a choice is something else. If it was the former, in hindsight consider getting something lined up in the future before you quit your next job, if it's the latter maybe you're going to have an even further commute.

I should imagine there are head hunters constantly looking for doctors.

Maybe consider signing up to do ER work or some type of travel work.

Maybe consider finding some lesser position for the interim.

I am dubious of anyone who talks about wanting to retire at 54.

**disneysteve** · 12-06-2024, 09:34 AM

Originally posted by myrdale View Post

I should imagine there are head hunters constantly looking for doctors.

OP is not a physician.

**ua_guy** · 12-06-2024, 09:40 AM

Originally posted by myrdale View Post

I am dubious of anyone who talks about wanting to retire at 54.

Why?

**docstudent** · 12-06-2024, 09:52 AM

I am not a MD, but I did earn a terminal degree. At age 54, I would have worked 31 years. That’s about the normal range for retirement in my field. Based on the last calculations, if I retire at 55, I would get $8100 per month and $12,000, if I opted to work until age 60. I am under the rule of 80 for retirement- age and years of service must equate to 80 (eligibility for retirement). However, I need to pick up something or it will push retirement back by another year or so.

I have always been firm on working in healthy work environments and I made the decision to remove myself from the space. In the perfect world, it’s always best to have a job lined up, but the perfect world is nonexistent.

**disneysteve** · 12-06-2024, 10:40 AM

You’ve been unemployed for 6 months. You’re burning through cash. You’ve applied for 50 jobs with no results.

You need to slash your spending to the minimum to slow your burn rate.

You need to broaden your job search. If you’ve only been looking in your field, forget that. You need to consider other lines of work. Plenty of places are hiring seasonal help right now.

Also focus on what you can start doing today to generate income. What hobbies or skills do you have that you can monetize quickly? Give me 10 bucks and I could start an eBay business immediately. Tell everybody you know that you’re looking for work. Word of mouth beats any job website or app.

**docstudent** · 12-06-2024, 05:59 PM

I am somewhat looking at options outside of my speciality, but that would impact my path to retirement. My aim is to get something that contributes to my retirement plan. I am not a big networker, that has never been my strong suit. Over my career, I have never gained a job from a network contact. However, I do see the importance of that now and I navigate this current situation. I have a couple of promising interviews that are upcoming, so I will see how the next few weeks play out.

I’m trying very hard to find an ideal place, where I can wrap up the next seven or so years of employment. I don’t want to be in this situation ever again, so I am very intentional when I accept my next opportunity. Luckily, it’s just me and I have no one else to be responsible for.

On a side note, I have never used EBay and I would not know what to do first. I guess it won’t hurt to look into since I have the downtime.

**LivingAlmostLarge** · 12-10-2024, 11:44 AM

Keep the condo and rent it out. Good job going to $1k rental of your own. This should give you the flexibility of moving anywhere for a job. I would look in LCOLA or anywhere you can to get the needed 7 years and rent. Then keep your place and see what happens.

I think that keeping your expenses at say $1k rent and renting out your place while you get your last few years will help more than you think financiallyl

**docstudent** · 12-11-2024, 11:41 AM

Yes, leasing out the condo has been extremely helpful during this time period. I redshifted my focus and looked at jobs paying less than my average range. As long as I can save/ invest 4G per month that will be more than efficient to meet my short and long term goals. I am just trying to find the most ideal work setting.

Unemployment-figuring out next steps.