Laid Off at 64 in Chicago—Retirement Plans Shattered! 😰

I never thought I’d be here at 64, suddenly out of work and unsure about the future. After decades in the publishing industry, I was laid off, and honestly, the job market in Chicago is bleak for someone my age. The idea of starting over with a full-time job feels exhausting, but I’m not sure I can afford to retire yet. I have about $175k in my retirement account and almost no savings. Social Security would give me around $2,500 a month if I start early, but is that enough? I don’t have much debt, but living costs here are high. I’ve even considered moving abroad to stretch my money further. I’m feeling lost and anxious. Has anyone else faced this? What would you do in my shoes? Any advice would mean the world to me right now. 🙏 #JobCareer #Career #RetirementStruggles

Chicago, Illinois • 2025-07-22

stella rojo

I recently retired at 66 with less in my account and a smaller pension than yours, but I am stress free. Somehow I know I'll be ok and I won't miss a meal. We learn to cut back and live with what you have. Hence the old saying, The more you make the more you spend. You'll be alright.

07-22

Palos Hills, IL

Purple Babushka

I moved to Springfield Illinois. This way I am 2 1/2 hours from family not 2 days drive. The people down here are so friendly. Lots to do. Whatever you do DO NOT GO TO FLORIDA. Your money will be gone quicker than Wiley E Coyote. Try to wait to your full retirement age. You can’t even get Medicare till 65. Go to Lowes or Home Depot for work for 2 more years.

07-23

Chicago, IL

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Ron

Down size wow quit whinning you knew one day you have to go on your own or forced out

07-22

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Sandra Stemple

As soon as a week before I turned 65, after 18 years of employment, my job called me in the office and said they were dissolving my position. I just happened to be the higher paid employee and they wanted me out. No severance pay, they wouldn't give me my 16 accumulated days of vacation, just said bye . Now they can get somebody with lower pay in there.!

07-25

South Elgin, IL

KEVIN KNOX

Laid off for the last time in 1983. State Unemployment was broke, limited to families. Tough times, you couldn't buy a job in 1979.

07-25

Tallula, IL

Calvin Keyes

Obviously if you worked till you were seventy you weren't going to have much more money. So where you going to work till you died.

07-22

Metropolis, IL

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Nobody in particular

Laid off at 64 and retirement is a bust? I don't know the circumstances, but perhaps retirement prep started too late if being laid off ONE YEAR from Social Security derails the plan.

07-23

Des Moines, IA

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