Layoffs at 50

[Anonymous]

Yes happened to me as a DC fed at 55. No protections there either. If someone wants to take your job.

[Anonymous]

I started feeling age discrimination in my late 30s. It has been so easy before to get a job. After that, my industry prefers under 35 or someone they know already, or I found that the URM would get the role.

It gave me the motivation to work for myself, and I feel much better not worrying about layoffs. There of course is a lot of stress with finding work and getting contracts, but I know I work hard and each year I have become better at what I do.

[Anonymous]

I was a poster on thread from 4 years ago when laid off during Covid from an high paying job and was 58.

Update it took one year to land a decent full time job and I mean looking 30-40 hours a week. Was same title old job but a $160,000 a year pay cut! From $325,000 to $165,000. Ouch!!!! I kept looking maybe 15-20 hours a week as job remote. By a miracle I landed on my 61st birthday a $225,000 a year job. Still a 100k pay cut but I can live with it. Now I am 62 my job hunting days are over for now.

I want to retire at 67 but reality is next layoff I am toast. It was crazy hard at 58-60 job hunting. I can’t imagine it at 63-65

That 165k job was peanuts. I was being paid in 2022 my same salary I made in 2005 but in 2022 had two kids in college!

[Anonymous]

It happened to me at 50. I wasn't making DCUM-worthy money (less than $100k!) but it was OK until my employer was a federal contractor that got bought by private equity. The acquisition was news to me, which meant I wasn't in the group of people that they wanted to keep. A good number of us middle aged workers were laid off, which taught me that you MIGHT think you understand how things work and sometimes you don't.

It took about 8 months to catch on with a smaller employer with much less pay, no retirement plan and no health benefits. It stung for a while but a decade later I've adjusted to my new normal.

[Anonymous]

Anonymous wrote:Yes happened to me as a DC fed at 55. No protections there either. If someone wants to take your job.

How is this even possible? MSRB protections, RIF tenure, etc.

[Anonymous]

As someone in her 50s, I would caution younger women (and men) to realize that all bets are off in the workplace once you hit 45. By 55, it's tough out there. Today's workplace is built for people ages 18 to 45.

The 50s are an exercise in walking a tightrope without a safety net below.

Many are just waiting to get to 65 to get Medicare. There are many people in their 50s without employment, and health insurance.

You've been warned. Employers have no loyalty once you age out.

[Anonymous]

Anonymous wrote:We interviewed a guy in his 50s yesterday and I only know his age because he left his graduation years in his resume. I thought he was a good candidate, but my boss told me plainly "he is too old". I was shocked. I guess that will be in a decade. I am 30. [b]I am saving as much as I can because the work culture in this country is heartless.[b]

It is. Save every penny and invest aggressively when you're young. It pays off in the end. We're in a position now where the sole earner's job was eliminated at 53. Even with two kids in college and one in private high school, we are fine financially if neither of us works again. We will because we need something to do, but save as much as you can as early as you can. We've drilled this into our kids as well.

[Anonymous]

Anonymous wrote:It happened to me at 50. I wasn't making DCUM-worthy money (less than $100k!) but it was OK until my employer was a federal contractor that got bought by private equity. The acquisition was news to me, which meant I wasn't in the group of people that they wanted to keep. A good number of us middle aged workers were laid off, which taught me that you MIGHT think you understand how things work and sometimes you don't.

It took about 8 months to catch on with a smaller employer with much less pay, no retirement plan and no health benefits. It stung for a while but a decade later I've adjusted to my new normal.

It happened to me at 41. I hit six figures for the first time at 40 and then 15 months later I was stabbed in the back and pushed out the door and I haven't been able to find full time work a year later. It's really humiliating. Everything I've worked for in my career feels like it's down the toilet.

[Anonymous]

Age discrimination is illegal, very widespread, and difficult to prove in court. The key to survival beyond age 50 is to be at a workplace where one’s knowledge and experience are valued.

For scientists and engineers, Federal lab environments (like NIST) often can be very good options.

Tech companies often have layoffs and restructurings which result older non-executive people being squeezed out. So they are better workplaces for younger people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yes happened to me as a DC fed at 55. No protections there either. If someone wants to take your job.

How is this even possible? MSRB protections, RIF tenure, etc.

I also am confused how this could happen to a Federal employee in the career civil service. Was it an Excepted Service position ?

[Anonymous]

Anonymous wrote:

Anonymous wrote:We interviewed a guy in his 50s yesterday and I only know his age because he left his graduation years in his resume. I thought he was a good candidate, but my boss told me plainly "he is too old". I was shocked. I guess that will be in a decade. I am 30. [b]I am saving as much as I can because the work culture in this country is heartless.[b]

It is. Save every penny and invest aggressively when you're young. It pays off in the end. We're in a position now where the sole earner's job was eliminated at 53. Even with two kids in college and one in private high school, we are fine financially if neither of us works again. We will because we need something to do, but save as much as you can as early as you can. We've drilled this into our kids as well.

We saved aggressively, living like grad students most of our life, put most of the money in index funds, but we are no where near that position to retire at 53.

We only made about $150k each, so maybe you made much more. Or invested in crypto something?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We interviewed a guy in his 50s yesterday and I only know his age because he left his graduation years in his resume. I thought he was a good candidate, but my boss told me plainly "he is too old". I was shocked. I guess that will be in a decade. I am 30. [b]I am saving as much as I can because the work culture in this country is heartless.[b]

It is. Save every penny and invest aggressively when you're young. It pays off in the end. We're in a position now where the sole earner's job was eliminated at 53. Even with two kids in college and one in private high school, we are fine financially if neither of us works again. We will because we need something to do, but save as much as you can as early as you can. We've drilled this into our kids as well.

We saved aggressively, living like grad students most of our life, put most of the money in index funds, but we are no where near that position to retire at 53.

We only made about $150k each, so maybe you made much more. Or invested in crypto something?

dp..

If your HHI has been $300K for at least 10 years, you should have been able to save a fair amount so far. Where is your income going?

[Anonymous]

This thread has been so eye opening for me. DH and I are in medical fields and just starting to make good money in our 40’s. I can’t imagine getting laid off at 50.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We interviewed a guy in his 50s yesterday and I only know his age because he left his graduation years in his resume. I thought he was a good candidate, but my boss told me plainly "he is too old". I was shocked. I guess that will be in a decade. I am 30. [b]I am saving as much as I can because the work culture in this country is heartless.[b]

It is. Save every penny and invest aggressively when you're young. It pays off in the end. We're in a position now where the sole earner's job was eliminated at 53. Even with two kids in college and one in private high school, we are fine financially if neither of us works again. We will because we need something to do, but save as much as you can as early as you can. We've drilled this into our kids as well.

We saved aggressively, living like grad students most of our life, put most of the money in index funds, but we are no where near that position to retire at 53.

We only made about $150k each, so maybe you made much more. Or invested in crypto something?

dp..

If your HHI has been $300K for at least 10 years, you should have been able to save a fair amount so far. Where is your income going?

NP. Do you think $300k is normal? We make $275k currently, at 47 and 53, but luckily thanks to my family, we have a small inheritance. Thanks to buying our home 20 years ago and investing well, we have a solid nest egg. But to think most have been making $300k for a decade-wow.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We interviewed a guy in his 50s yesterday and I only know his age because he left his graduation years in his resume. I thought he was a good candidate, but my boss told me plainly "he is too old". I was shocked. I guess that will be in a decade. I am 30. [b]I am saving as much as I can because the work culture in this country is heartless.[b]

It is. Save every penny and invest aggressively when you're young. It pays off in the end. We're in a position now where the sole earner's job was eliminated at 53. Even with two kids in college and one in private high school, we are fine financially if neither of us works again. We will because we need something to do, but save as much as you can as early as you can. We've drilled this into our kids as well.

We saved aggressively, living like grad students most of our life, put most of the money in index funds, but we are no where near that position to retire at 53.

We only made about $150k each, so maybe you made much more. Or invested in crypto something?

dp..

If your HHI has been $300K for at least 10 years, you should have been able to save a fair amount so far. Where is your income going?

NP. Do you think $300k is normal? We make $275k currently, at 47 and 53, but luckily thanks to my family, we have a small inheritance. Thanks to buying our home 20 years ago and investing well, we have a solid nest egg. But to think most have been making $300k for a decade-wow.

I got laid off my $360k job in Covid with two kids in college, a third at home, a stay at home wife, three cars, house with a total cost of $5,000 a month to run (mortgage, property tax, insurance, law service, water, gas, electric)

I need without college tuition $8,000 a month just to pay bills and buy food. But with 30k a month pay it all worked.

Yes I have some savings, 2 million in stocks, bonds and cash, maybe 1.4 million equity in house and 401k and some 529.

But at 58 when laid off I would “bleed out” with no new job. I don’t want to touch my savings, home equity or tap 401k or sell my small rental property.

Lucky I got a job paying 20k a month still a big haircut but at least I can survive till 67.

I briefly had a job paying 160k and my boss was not appreciative I told him it feels like I pay to work here. I was not motivated. Each month I worked there my savings went down. It was not enough pay.

I am trying to hit 4 million in my 401ks, paid off house, last kid college paid for, all home repairs caught up and all new cars before next lay off