I Was Not Ready to Retire… Now What Do I Do?

Have you ever had your plans completely changed, not by choice, but by circumstances beyond your control? That career that you thought had years left in it suddenly brought to an abrupt end, and now you're asking yourself, what do I do next?If you're facing an unexpected transition and feeling the weight of uncertainty, today we're going to walk through how to move forward with wisdom and with peace. Hey, friend. Ralph Estep Jr. Here. Welcome to Financially Confident Christian, where my goal is to help you break that cycle of financial shame and.And live in confidence.Now, I got this voicemail today, and this one kind of broke my heart because this is something a lot of people go through as they get older and changes in their career. And today, specifically, we're gonna talk about how to navigate that unexpected retirement and still move forward.So let's get right to our listener voicemail today.

Ralph, I'm 58 years old, and I've been at the Same company for 25 years. Director level, $200,000 plus bonuses and equity. My wife doesn't work. The company's being sold. I'm getting let go.I was planning to work another few years. That's not happening. Now, here's where I'm at. I've got about $2.4 million in stocks and ETFs, $500,000 in a 401k.I owe about $600,000 on the house and have maybe $500,000 in equity there. We're going to need to downsize. But here's the thing that's keeping me up at night.My skills, they've worked great at this company, but I'm not sure they translate to anything else out there.So I'm trying to figure out what kind of work can I actually do to bring in around $50,000 a year for the next few years while we get our feet back under us. And then there's the Social Security question. Should I still wait until 70 or does that change now?Because honestly, I'm not even sure what my plan looks like anymore.

Well, let me start by saying this, friend. You are in a much better place than most of the people that I hear from. You've got equity, you've got assets, you. You've got savings.You are doing all the things right. But I understand what you're going through. It's a heavy shift here. So I want to start by saying this.What you're feeling right now makes sense to me because you've done this career your whole life, and this isn't. Honestly, I don't think it's much about the financial change here. I think it's a life transition and that's tough for people.You're going through a loss of structure, you're going through a loss of identity and, and you're certainly going through a loss of what you expected. So many of us look at structure and our identity based on our job.And I think if we were being honest, you probably expected, I'll work there till I retire. You just pictured that in your mind. But you're not starting from zero. We got to start there first.Listen, a lot of folks are, would be envious of what you have. Here's the things that you also have.You've got experience, so you're starting from a place of provision and you're starting from a place that many people just pray to reach. So first thing, you've done a lot of things right. This isn't the end of your plan. It's the moment that your plan needs to adapt.So I want to get real specific in some of the specific things you asked me about because I think I can help you. But number one, like I said, I can't just let this slide without saying you are in really good shape. But here's the first thing I want you to do.You got to separate that emotional shock from, from the financial reality. Those are two completely different planets. Right now in your world, everything feels urgent, but not everything is urgent.So slow this down a little bit. As I look back at your, your voicemail, you've built significant assets, you've got $2 million in investments.I don't know what the number is lately, but in the United States that most people have nowhere near that and they're on the verge of retirement. You've got retirement savings, you got a ton of equity in. This is not a crisis situation. I think it might be a lifestyle crisis for you.I think it might be an identity crisis. But it's a transition that needs careful decisions, not some quick decisions about, I'm going to go do this, this and this.You have worked so hard to build a margin in your life. So give yourself some space right now before you make any major moves. Which leads me to the second thing you've got to do.You gotta start redefining work for this season of your life. Don't try to build another 25 year career. I don't think you're going to do that and I don't think you need to do that.What you're trying to do is build a bridge. You've got land on one side and land on the other. And you're trying to just bridge between now and that point.Because when you think about it in terms of that, that changes the question. Instead of saying to yourself, what career can I restart? I don't think that's where you are. You've done a great job of being in a career.Ask yourself this question, what income can I create for the next few years? Because that's really what you're trying to do. You're trying to build a bridge. You're trying to get yourself in a way.You said it yourself, I'm looking for something that may be $50,000 a year. This could be things like maybe do some consulting based on your experience. Take that experience that you have and go and put it to work.A lot of people that are let go of businesses or let go of these big companies, actually, it's funny, they come back as consultants and I've got a lot of them that are clients that make more money. You can look at some part time advisory roles.Maybe this company can't afford benefits and all the other package pieces that go like that, but you can do it on a part time basis. You may very well be able to make. Because if you think about it, you're telling me you're making about $200,000 a year. It's great income, by the way.And you only need 50. That's a quarter what you were making. Maybe you do some project based work, hey, here's a great idea.Maybe you get into teaching or coaching or mentoring in the industry that you're in. Maybe there's some contract roles in your industry. This is one of the big takeaways for today. You always have to be expecting this.So always be building up that LinkedIn profile. Build up those connections. You don't need the same title. I don't get from your questions, you're worried about titles.You just need some flexibility here. Now one of the things you do mention, which I think is perfect. Adjust your lifestyle before drawing heavily from investments. You've already said it.You said it yourself, downsizing is likely. You've got a house that's worth over a million dollars and you owe 600,000 on. There's a ton of equity in that.You might be able to sell your house and go buy something for cash. It's okay to change. That's not failure, that's strategy. The idea of reducing your fixed expenses now is great. It lowers the pressure on you.It lowers the pressure on having to take money out of your Investments, it extends how long your money's going to last. And honestly, it gives you some breathing room. Don't look at it like you're losing your lifestyle, what you're really doing.And I think you've got a good attitude just based on the tone of your voice. You've got a great attitude with this. You're not losing your lifestyle, you're protecting your future.But what we've really got to build here is we've got to build a simple income bridge plan. So think about this in phases. This isn't a forever thing. This is just for the next few years. Your goal was very clear.You said, ralph, I need to generate about $50,000 a year. The reason you're doing that is you don't want to take money out of retirement. I respect that.You want to allow your investments times to continue to grow. And that's the thing. A lot of people would just jump in and say, let me take some of the money out of that investment. Bad plan.But your mix right now could be part time income. Maybe you do take some selective withdrawals to put yourself in better space and maybe downsizing, reduce those expenses. Think about it like this.If you've got a mortgage right now, you could potentially not have a mortgage at all. You could sell your home, take the equity from your home and buy something new. Maybe you don't need the space that you have before.Maybe the kids are gone and you just don't need what you have. But that clarity is going to come for you when you focus on the next step, not the next 20 years. Just think about what you've got to do right now.Because the big picture is this. You got to revisit that long term strategy with wisdom and not fear. You mentioned at the end of your call things like Social Security.I love what you're saying there, Ralph. I might wait till I'm 70. Those decisions matter. I can't get into discussing those today. It'd be a great question for another show.But those things gotta be part of a bigger plan. And that's where the guidance helps of reaching out to somebody like me. Great first step.I think the next thing I would do is talk to a financial planner, talk to somebody who understands the tax things that are going to happen with this withdrawal strategies and maybe talk to them about doing some portfolio rebalancing. Because now as you're starting to see it, the time in the rear view mirror is, is bigger than the ones in front of you.You don't have to figure this all out alone and you don't have to rush it. So go find that dream team I talked about on the show. But I want to go a little deeper right now.One of the things I want to start to introduce in this show is what I call a faith moment. I want to go a little deeper because you come here for the.For the financial side of this, but there's also a faith side of this because when I re listen to your question, what you're really facing here is uncertainty. Uncertainty does not feel good in our flesh. Listen, I don't like uncertainty at all.I like to know, here's what's going to happen, here's what's going to be next. And so for all of us, that can feel super unsettling. But remember this, God is not limited by the plans that changed.Even in this time of your life, God is present in what comes next. I wrote a song a few months ago, even here, even now. So just think about this. Make this simple prayer. We'll pray in a minute.But maybe right now you say, lord, I didn't expect this, but help me to trust you in what's ahead. Because the Lord said, I'll never leave you nor forsake you. This may feel like a storm, but trust me, God is right there with you.And yes, this transition feels uncertain, but you're not without direction. So here's your win for today. This is super direct to your question. You need to build a bridge plan. Just write down one sentence.For the next two or three years, I'm going to focus on X. I don't know what that is for you. I don't know what your skill set is, but I'm going to focus on that to create income and reduce pressure. Keep it simple.Progress starts with just one clear step. And that's all you need right now. You don't need to make 15 decisions. You need to just remember that I'm in really good shape.Listen, you heard it from me. I'm an expert in this. You are in fantastic financial shape. You can get through this and God is with you.Let's look at the book of Proverbs, chapter 3, verses 5 and 6, because this nails it. Trust in the Lord with all your heart and lean not on your own understanding. In all your ways. Submit to him and he will make your path straight.That answers the question right there, doesn't it? Submit it to him. Because even when our plans change unexpectedly, God is still guiding us in our next step. We just have to ask him.He's guiding us in our next steps with purpose. Well, let's pray to God right now. Heavenly Father, right now, I lift up my friend who's walking through this unexpected transition.You see the uncertainty, Lord, and you see the questions that he's asking and you see the weight, the heavy weight that he's carrying. So, Lord, right now, at this very moment, I ask that you would bring peace where there is fear.Give him wisdom to make the right financial decisions, Lord. He's made a lot of them and you've provided for him. But open doors for provision in ways that he doesn't even see right now.Help him to release that feeling that was planned and trust you with what comes next. And remind us all, Lord, that our identity is not in our job, but it's in you.And Lord, we know that you're going to be faithful to us in every season of our life. And I ask this in the beautiful name of Jesus. Amen. Friend, I want you to hear me on this. Your plans have changed.That idyllic thing that you said, this is what I'm going to do, has changed. But your future is still being guided and God is right there with you right now.Now maybe right now you're listening to this and this isn't your situation, but maybe you're facing a financial decision and you're not sure what comes next. I would love to help you along that journey. You can go to financiallyconfidentchristian.com/questionWe'll put a link in the show notes, but tell me what's going on. Let me help you. Go to financiallyconfidentchristian.com/question I want to thank you so much for the question today. I really do wish you the best. Thank you.Thank you for joining me. Stay financially savvy. May God bless you and you have a great day.