Depleted Savings and a Big Pay Cut, But at Least There's Pay Once Again
Rick Rose of the District lived on savings and unemployment benefits as he spent more than a year out of work after a layoff. Relief from his mortgage lender helped him keep his condominium.
(By Gerald Martineau -- The Washington Post)
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Who's Blogging  |
Rick Rose
Age: 44
Background: Rose is single with no children and owns a condominium in the District. In May 2008, he was making $85,000 a year as a communications director for a nonprofit organization. His employer lost funding and downsized. Rose lost his job as a result.
He has depleted his savings. His only income has been unemployment benefits. He was able to get a break from paying his mortgage.
"The forbearance made all the difference," he said. "It was a huge benefit."
Update: Rose landed a job!
He is the marketing and communications manager for Brookings Executive Education. The position was created as part of a new partnership between the Brookings Institution, a D.C.-based think tank, and Washington University's John M. Olin Business School in St. Louis.
Rose took a significant pay cut. He will be earning $50,000 a year.
"It's a lot less than I was making, but the organization is a lot more stable and the benefits are great," Rose said. "Just having a consistent job to come to is a relief. Brookings is a large, stable organization with a great reputation. And it's five blocks from my condo." Rose, who started working Aug. 17, expects his first paycheck soon. His unemployment extension ended the week before he started the position.
To cover his basic needs until his first paycheck, Rose is living off the last tiny bit of his savings and $1,000 he pulled from his home-equity line of credit.
"A couple friends have helped me out with small expenses and some medical bills," he said.
Once he gets that first paycheck, Rose said, he wants to start rebuilding his savings and again contributing to a retirement fund.
"I just want to get back on track," he said "I want to find ways to live well on the salary I have."
