COVID-induced early retirement. I won't count as "unemployed"", how about you?

[lostnfound]

How many of you have lost a job or expect to lose it by the end of the year, but won’t count as “unemployed”?

“Voluntary separation” — getting employees to resign in lieu of layoff. If you’re in your late 50s and your whole industry is essentially destroyed, you might opt to “retire” with a lump sum payout of a pension so that it doesn’t disappear. I am one of thousands at my company that will be doing that. It’s “retirement”, but it’s retirement 7 years earlier than normal. I definitely had expected and wanted to work a few more years, but I won’t be counted as “unemployed”.

Other groups who won’t be counted. COVID-induced caregivers — who decide to quit work to teach and supervise their kids who aren’t in school, or quit work to avoid leaving an elderly parent in a nursing home during an epidemic. “Company offered leaves” — people with a little resources agreeing to take unpaid time off so that colleagues won’t lose their jobs. What about small businesses / self-employed people whose businesses are closed or can no longer support them? Are they “unemployed”?

The job losses are far higher than they admit.

12 votes, 0 passes | Time left: Unlimited
	I do or will officially count as "Unemployed"
	1 (8%)
	I've lost a job or will lose one, but won't count as "unemployed"
	0 (0%)
	Still working and expect to keep my job
	5 (42%)
	My self-employment has ceased or been decimated - but not "unemployed"
	5 (42%)
	My self-employment is still doing okay
	0 (0%)
	Other
	1 (8%)
	0 DU members did not wish to select any of the options provided.
Show usernames Disclaimer: This is an Internet poll

[zipplewrath]

1. Retired

I retired about 9 months prior to this pandemic. I'm glad I don't have to consider on a daily basis whether to go into work. I have to admit though that "sheltering at home" wasn't my idea of retirement.

[ProfessorGAC]

5. Same Here

About 16 months before things started shutting down.
My only "what about" is subbing science in school.
I really need to understand what mitigation is in place before I even consider it.
It's not about the money. We don't need that money, it's just extra pot money anyway.
But, I like the helping out part.
But, I'm apprehensive.

[lostnfound]

15. I'm sure there's great need for tutoring online?

You might find one-on-one tutoring to be rewarding, with less risk. Many of us with teenagers have found that to be a great benefit.

[ProfessorGAC]

18. Hmmmm!

Interesting idea.
I'm not aware of anything local set up for that.
And, I'm not sure I'm willing to take people's money.
The sub money is different.
Between my wife & I, all the way through our 40 year marriage, we spent only kindergarten in public school. (By coincidence, we went to the same school for kindergarten, a year apart!)
So, as a tax payer all these years, I've always been ok with whatever we paid in taxes whether we used the services of public education or not, for 3 generations.
When I sub, I feel like I'm just paying myself a bit.
Taking private money is a little different for me.
But, full disclosure, I'd be too lazy to volunteer. With no skin in the game, I'd only do it if I felt like it. That wouldn't make me a very reliable tutor.
Not an excuse, but a reason.
I tried volunteering in a hospital lab. Somebody asked me to empty the trash, and I almost walked out. Stayed the day. Told them on way out I wasn't coming back.
It's a failing, and I admit it.
But, the $ isn't about the money. It's about feeling like I owe good effort & reliability.
Like I said, I'm lazy!

[lostnfound]

22. Even better. As a parent, I see that you have a huge capacity to make a difference

The relationship that some tutors develop, inspiring their students, is something to see. My son was lucky to get a retired head-of-department, a Harvard grad and a fine gentlemen, as a tutor. Those interactions were so positive and I’m sure he is one of the important role models in his head as he has entered young adulthood.

Googling “Online volunteer tutoring”, there seems to be quite a few opportunities. You could choose to help the child of a health care worker (to ease the burden from nurses feeling too exhausted to help their kid with homework), or low-income kids, or Kids trying to prepare for an AP test. Even putting a message out on Nextdoor offering to volunteer to tutor via video.

I think you can have just as much impact that way, and have meaningful relationships as mentor to young people. It’s an emphasis on quality not quantity (1 on 1, vs a whole classroom) and I think it helps give meaning to be able to pass on knowledge to the next generation.

I’m glad you replied. I’ve decided that I will do the same as I’m suggesting, in a few months when my job ends.

[lostnfound]

10. I should have included that as an option!

Most of us hope to travel during retirement.

[drray23]

2. I'm crunching numbers hard to see if I can retire early.

I have dual citizenship ( american-french). My wife and I are seriously considering packing up and retiring to France or one of the French carribean islands.

[exboyfil]

3. My exact same situation

We have a Vol Sep package on the table with acknowledgement that involuntary separations will happen if not enough individuals elect to take it. What ticks me off is that they are going to pull back the two years of company health benefits offered under VolSep for those forced out. Also they haven't specified what reduction there would be in severance as well.

At 57 I am not ready to retire. I had planned to work to 68 because my wife is 3 years younger than me (so she would qualify for Medicare). With accrued vacation my severance will be 10-11 months along with the two years company rate health benefits.

I just don't know whether to roll the dice and pass on it.

[lostnfound]

9. Health benefits are a struggle at 57. COBRA is $2209 per month!

I’ll be counting on an ACA plan. And changing in the middle of an epidemic is unnerving.

They’ve offered nothing except cobra for management. And equivalent of three weeks salary, even for those who have worked there for 20 or 30 years.

[exboyfil]

13. Check out public universities

In your area. I have found two that gets you into a pretty good pool for 6 hrs or 9 hrs enrollment.

[lostnfound]

16. That's a great idea, and I'd love to take a couple classes anyway.

[shanti]

31. Post retirement health benefits

from my employer were the only thing that allowed me to retire at 55, the earliest I could do so at the time (the age has been raised since). It wasn't a posh pension, but I also took early SS at 62. My SS is not a large amount, but it made all the difference. I turn 65 later this year and have Kaiser now. I plan to just roll it over seamlessly into a Medicare Advantage plan.

[gainesvillenole]

4. Retired Early

My company (New York Times) sold the newspaper I was working at and I was able to retire early (58) with a generous pension and money I squirreled away.... I thought I’d relax and decompress for awhile then find something else when I got bored.... that was five years ago and I’m loving retired life. I realize I’m one of the fortunate few that was in a position to take advantage of this kind of situation.

[helpisontheway]

6. My husband decided to retire early (48) from his second job

We are living off his military retirement and va disability until he is eligible to get his RR retirement at 62. The RR was not serious about protecting them from Covid ( optional and not mandatory) so he said forget that. Best decision for our family.

[lostnfound]

28. Second job?

So he doesn’t have a current job? And because he retired early, he doesn’t count as unemployed / hasn’t applied, correct?

[uppityperson]

7. Semi unemployed, semi retired, no pension possibility

[lostnfound]

12. That must be tough.

I miss the economic predictability of the obama years.
And a lot more, of course.

[mokawanis]

8. Turned down a good part-time job yesterday

I have a monthly pension payment but I wanted the part-time job for extra money. The place that offered me the job had people test positive for Covid recently, so I turned them down.

[ms liberty]

11. I was on unpaid furlough until Monday but I was collecting UI+$600

I expect to keep my job until I retire, which will be about 5-6 years.

[TrishaJ]

14. Other: I made the decision to retire

just before COVID hit the U.S. I did so with 6 months notice. Timing was right; because if I hadn't of decided then, I would be a prime candidate for the downsizing that is now happening in my company due to the virus. So had some control because I decided to retire at the right time.

[captain queeg]

17. I retired before the shit hit the fan

I’d planned on working longer but due to health issues it was time. I’m in ok shape but as mentioned by some others it hasn’t really gone the way I’d hoped. Particularly I was looking forward to doing some traveling and that’s not in the cards for awhile. But I’m glad I got out. I talk to some of my old coworkers and they’re still working from home. Working from home was a nice treat for a couple days at a time but for months on end it would get old real fast. Maybe when things settled down again I might look for a little part time work for a few extra bucks. But during this lockdown I’m living cheap so no hurry.

[lostnfound]

29. Did you decide to retire because of the risk of the coming epidemic?

Or was it completely independent of the coronavirus?

[captain queeg]

30. It was independent. I was really sick starting about 2 years ago.

I discovered I had cancer (MM) but that wasn’t was causing all my problems. They finally did a lumbar fusion operation and found the real issue at that time was a bone infection at the site of my previous back surgery. But when I got out of the hospital for that I figured with the cancer I might as well retire. As it urned out the cancer is very early stage and not progressing. But I’m glad I retired anyway. The cancer is called smoldering multiple myeloma. The smoldering means it’s just sitting there at a low level. The MM is cancer of the bone marrow which is where your blood is produced.

[lostnfound]

32. Sorry you went through that but retirement is a blessing in such a situation

Stress of work led me to take a lesser job a couple years ago, and it has really helped my health a great deal. And now with this epidemic,It makes you appreciate every day.

[Luz]

19. I was set to retire in Dec., but I was laid off in March.

I was working full time, then bam! Im locked away in my home for 4 months and counting. Not what i had envisioned, either.

[lostnfound]

20. Sorry to hear that. So would you officially be counted as unemployed?

There’s only one other person here besides me who is losing job prematurely but won’t count. It surprises me.

[Luz]

25. Doubt it. Once I file, I suppose I officially won't be.

[Recursion]

21. You count as unemployed if you would take a job if offered

How your last job ended doesn't really play into it.

[lostnfound]

23. But only if you apply for unemployment?

Otherwise I look just like an early retirement, right?

How are such things counted? By the number of people filing for unemployment benefits?

[Recursion]

33. Unemployment benefits aren't related to counting as unemployed

It's counterintuitive, but it's two totally separate questions.

Unemployment benefits are determined by the state with some guidelines set by the Federal government. The calculation of the unemployed population of the US is done by the US Bureau of Labor Statistics and doesn't interact with the benefits regime in any way. They determine unemployment and labor force participation based on respondents' answers to a series of questions, mostly about whether they are actively looking for a job and if they would take a job if they were offered one.

[aikoaiko]

24. Is the math better to take the layoff and be UI eligible in the long run?

[lostnfound]

27. UI is super-limited where I live

Lump sum early payout of pension is safer in my situation.
It’s a choice. But at the end of the day, three in my close circle lost jobs but aren’t counted. One because he had a part time job, two due to “early retirement”.
There will be tens of thousands like that, in a few months, in my industry alone.

[Wounded Bear]

26. Retired before this all started. For once, being on a fixed income is a good thing...

And agreed, job losses and people 'working around' having no or reduced income is far higher than they'll admit.