Everyone I know is laid off by age 55

[Anonymous]

Anonymous wrote:

Anonymous wrote:What's weird is the 50s is when women are done raising children or have children in the upper grades of high school. They have fewer distractions, they don't need to leave early to take care of children, they can fully focus on the work. Sure, they don't look 30, but they don't have that baggage, either.

I agree--I don't get this either. I consider myself a good employee (44, two ES aged kids) but I'm going to do what I have to do and be done for the day. Give me 5 more years and I will happy to work much harder and will have more time to dedicate to work. In my 30s, I was looking for a job that had good maternity benefits and would let me go part-time eventually. Which I did, but I didn't stay forever.

It's probably the perception that old people can't work as fast, learn new things, and cost more - health insurance and salary.

But, yea, it's not like now a days most companies provide pensions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What's weird is the 50s is when women are done raising children or have children in the upper grades of high school. They have fewer distractions, they don't need to leave early to take care of children, they can fully focus on the work. Sure, they don't look 30, but they don't have that baggage, either.

I agree--I don't get this either. I consider myself a good employee (44, two ES aged kids) but I'm going to do what I have to do and be done for the day. Give me 5 more years and I will happy to work much harder and will have more time to dedicate to work. In my 30s, I was looking for a job that had good maternity benefits and would let me go part-time eventually. Which I did, but I didn't stay forever.

It's probably the perception that old people can't work as fast, learn new things, and cost more - health insurance and salary.

But, yea, it's not like now a days most companies provide pensions.

Anecdotally, I’ve found it’s really that older workers have much higher salaries. Unfortunately, this means that they are much more costly to keep on if their skill set is one that can easily be done by a 20 or 30 something. Look for jobs where expertise and in institutional knowledge is valued.

[Anonymous]

Anonymous wrote:
Anecdotally, I’ve found it’s really that older workers have much higher salaries. Unfortunately, this means that they are much more costly to keep on if their skill set is one that can easily be done by a 20 or 30 something. Look for jobs where expertise and in institutional knowledge is valued.

Agree with this. As everyone gets more experienced, they demand more salary. It isn't that experienced staff isn't needed, but you only need so many people with high levels of experience. You have to be extremely productive or have institutional knowledge to be worth the salary.

[Anonymous]

In my department alone we have three women (out of about a dozen women total) caring for aging parents—hospitalizations, strokes and the care required, chauffeuring to appointments.... They have the time banked to take whenever they need to. The moms with young kids at home don’t have enough time saved to use it. You just don’t see these responsibilities falling to men.

[Anonymous]

If you work in private industry, it totally makes sense to plan to retire at 55 regardless of whether you actually do retire. I work in a large healthcare company and you do see more of an attrition once you hit the 50's. You are definitely more vulnerable at that age. I plan on working as long as I can but also realize that I need to save now for that peace of mind later.

[Anonymous]

I’m 32 and work for a foreign government. Healthcare can be sorted out. Consulting is an option and a good transition to retirement. If EVERYONE gets laid off at 55, plan for it.

[Anonymous]

Anonymous wrote:I am 57 (female and person of color), soon to be 58 and work in-house for a non-profit. I make 315K and have been in my position for 19 years. We have people in our organization who have been with the company for 30 to 40 years. If I can, I will work another 10 years. You can do the math. It depends on your position. I am viewed as key personnel and have a lot of institutional knowledge and subject matter expertise (law). The key is making yourself as critical to the enterprise as you can. I have $1.5 in retirement. I want to add another $500 - $750 if I can. My husband is retired and we have twins starting college in the fall. It can be done but you have to find your niche.

Curious, what is the field of your nonprofit?

[Anonymous]

45 yr old checking in. This thread has scared the crap out of me. Thanks guys!

[Anonymous]

Anonymous wrote:I’m 32 and work for a foreign government. Healthcare can be sorted out. Consulting is an option and a good transition to retirement. If EVERYONE gets laid off at 55, plan for it.

Re healthcare can be sorted out—yes, but the plans you can buy in the market typically don’t have as good coverage as employer-sponsored plans. This wasn’t on my radar in my 20s and 30s when I had zero medical issues. Enter my 40s and a sudden onset autoimmune disease with treatments that run $5000/mo, and it makes my PPO (with $0 copay for these meds) worth a lot.

[Anonymous]

Anonymous wrote:45 yr old checking in. This thread has scared the crap out of me. Thanks guys!

me too!

[Anonymous]

I am interviewing now. And I can tell you it is real. I have an amazing resume. However, I made it appear I graduated college in 1989. It is actually 1984.

I interview with folks 20 years younger who often have no clue what I do and companies are using HR tools to have them key in if you are hitting their weird behavioral and culture fit type responses.

I am not geared for these type of resumes.

Then I get these where do you see yourself in five years questions. First I am 59. Dont ask that, second I am applying for head of an area, so I really cant get promoted if I got the job.

Bascially they want the knowledge of a 59 year old in the body of a good looking 29 year old Hispanic femaille who passes for white. .

[Anonymous]

Anonymous wrote:I’m 32 and work for a foreign government. Healthcare can be sorted out. Consulting is an option and a good transition to retirement. If EVERYONE gets laid off at 55, plan for it.

Considering people still have kids in high school when they are 55, this is absolutely insane. Who can retire when your kids are in high school?

[Anonymous]

Anonymous wrote:I am 57 (female and person of color), soon to be 58 and work in-house for a non-profit. I make 315K and have been in my position for 19 years. We have people in our organization who have been with the company for 30 to 40 years. If I can, I will work another 10 years. You can do the math. It depends on your position. I am viewed as key personnel and have a lot of institutional knowledge and subject matter expertise (law). The key is making yourself as critical to the enterprise as you can. I have $1.5 in retirement. I want to add another $500 - $750 if I can. My husband is retired and we have twins starting college in the fall. It can be done but you have to find your niche.

Weird that you and your DH are retiring at different times.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m 32 and work for a foreign government. Healthcare can be sorted out. Consulting is an option and a good transition to retirement. If EVERYONE gets laid off at 55, plan for it.

Considering people still have kids in high school when they are 55, this is absolutely insane. Who can retire when your kids are in high school?

Tons of people. Why does it matter if college is paid for?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What's weird is the 50s is when women are done raising children or have children in the upper grades of high school. They have fewer distractions, they don't need to leave early to take care of children, they can fully focus on the work. Sure, they don't look 30, but they don't have that baggage, either.

I agree--I don't get this either. I consider myself a good employee (44, two ES aged kids) but I'm going to do what I have to do and be done for the day. Give me 5 more years and I will happy to work much harder and will have more time to dedicate to work. In my 30s, I was looking for a job that had good maternity benefits and would let me go part-time eventually. Which I did, but I didn't stay forever.

It's probably the perception that old people can't work as fast, learn new things, and cost more - health insurance and salary.

But, yea, it's not like now a days most companies provide pensions.

Anecdotally, I’ve found it’s really that older workers have much higher salaries. Unfortunately, this means that they are much more costly to keep on if their skill set is one that can easily be done by a 20 or 30 something. Look for jobs where expertise and in institutional knowledge is valued.

Courts said long ago that you cannot use salary as a proxy for age discrimination. This is why jobs have salary bands -- same work, same pay without regard to age/gender/race/etc. If the higher salary is based on experience, then it is because the company deemed experience worth more for the position, and so it cannot be easily done by an inexperienced 20 year old.