Layoffs 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?

We bought a house, which cost $1.4M for an Shahani with short commute

I mean we have like $1M in retirement accounts, we are on track to retiree at 62, but we don’t have college fully funded nor private school tuition from cash on hand if we just stopped working.

[Anonymous]

Anonymous wrote: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.

There is no loyalty with anyone.

All jobs are.temporary.

I lucked out getting my CPA done. Smartest career move I ever made after plenty of stupid ones. Without that, I would be toast.

[Anonymous]

Anonymous wrote: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.

Aren’t layoffs for nurses and doctors rare?

Maybe you all do other work.

[Anonymous]

I have not seen this with lawyers in law firms. Maybe in-house? At my prior law firm, lawyers "worked" (or at least went into office and got a cut) into their late 70s and even 80s and never retired.

[Anonymous]

Anonymous wrote:I have not seen this with lawyers in law firms. Maybe in-house? At my prior law firm, lawyers "worked" (or at least went into office and got a cut) into their late 70s and even 80s and never retired.

I work in-house ($280k) and was laid off recently. I am 63.

[Anonymous]

Anonymous wrote:

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

Three kids, a stay at home spouse and large mortgage…how did you sleep at night?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have not seen this with lawyers in law firms. Maybe in-house? At my prior law firm, lawyers "worked" (or at least went into office and got a cut) into their late 70s and even 80s and never retired.

I work in-house ($280k) and was laid off recently. I am 63.

Sorry to hear this. Are you retiring or planning to work again?

Equity partners are owners so would have to be paid their share. Are they ever "voted out" under the theory they are no longer competent to practice or generating enough revenue?

[Anonymous]

We have a couple 50 year olds about to be laid off. The contracts they were supporting are not renewing and their tech skills are atrophied and we cant use them on another project as they are too expensive to have to take a long time to learn. We tried at least once with each person giving them a new part time task to transition to and it did not work out. Pretty much if you're not in management at 50 or a superstar with your own clients/customers that trust you and want to give you projects/contracts to support, its really hard as an individual contributor

[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?

We bought a house, which cost $1.4M for an Shahani with short commute

I mean we have like $1M in retirement accounts, we are on track to retiree at 62, but we don’t have college fully funded nor private school tuition from cash on hand if we just stopped working.

You don't need private school tuition. You are not making enough to save for retirement, college, private school tuition and retire by 62.

We are going to retire at 56/62 (in a few years) -- $3.5mil saved, 529 funded for in state public or a cheaper oos public (possibly including graduate school if they go cheaper in state). Our kids went to public school. Similar HHI to yours.

[Anonymous]

Anonymous wrote:I have not seen this with lawyers in law firms. Maybe in-house? At my prior law firm, lawyers "worked" (or at least went into office and got a cut) into their late 70s and even 80s and never retired.

Those were rainmakers or rainmaker favorites who survived to the end. Percentage-wise they are a fraction of people who start out. Older lawyers in smaller firms often keep working because they have to — they’ve been successful enough to subsist but not build up exit money.

[Anonymous]

Anonymous wrote:

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

Tell your wife to get a job.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

Three kids, a stay at home spouse and large mortgage…how did you sleep at night?

He was earning 30K a month!

[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?

DP

OMG! This type of answer is so unhelpful. PP made money and built a life and saved what she could, now you want DCUM to victim blame her like it's her fault. She should have expected ageism and sexism to curtail her career? All the while hearing how we are progressing anti-discrimination. Give me a break!

[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?

DP

OMG! This type of answer is so unhelpful. PP made money and built a life and saved what she could, now you want DCUM to victim blame her like it's her fault. She should have expected ageism and sexism to curtail her career? All the while hearing how we are progressing anti-discrimination. Give me a break!

I'm the PP.. I'm 53. I'm well aware of ageism. And yes, people need to expect some form of ageism and sexism (I'm female). Companies don't give a shlt about you. They have a ton of money to fight any lawsuit you attempt to bring, not to mention that these types of lawsuits are incredibly difficult to prove.

This isn't 1950 where you work for a company for 30 years and then get pension. This hasn't been the case for the past 30 years.

Yes, ageism sucks. What else can we say about it?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

Tell your wife to get a job.

My wife can’t make 20k to 30k a month. And if she took a 60k a year job it be pointless as it cost me more than her salary. It also be pretty embarrassing to her and me. It is obvious she does not want to work. She has not worked in 23 years. She said she will go back if has to if we can’t pay mortgage or college etc.

But I usually get severance and eligible for unemployment when laid off