Everyone I know is laid off by age 55

[Anonymous]

Anonymous wrote:

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?

Tons of parents at your child's high school are retired? BS.

[Anonymous]

Anonymous wrote:

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?

I cannot be specific but it is a government contractor with 501c3 status. There are many people of 55 and above who make low to mid six figures. A few high six figures with bonuses.
Like I said, you have to find your niche and make yourself critical with subject matter expertise or institutional knowledge or both. It is also important to keep up with the changing technology. Because my company competes with other government contractors, it maintains the most current software and technology solutions. You have to be nimble and quick to learn.

[Anonymous]

Anonymous wrote:

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.

DP - I’ve seen this comment a lot lately. I’ve personally never known a couple to retire “together.” I think it’s odd to assume a couple is easy to leave at the same time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

DP - I’ve seen this comment a lot lately. I’ve personally never known a couple to retire “together.” I think it’s odd to assume a couple is easy to leave at the same time.

Easy —>ready

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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?

Tons of parents at your child's high school are retired? BS.

There are tons. Especially since everyone is older when having kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

DP - I’ve seen this comment a lot lately. I’ve personally never known a couple to retire “together.” I think it’s odd to assume a couple is easy to leave at the same time.

Why? We have planned for this for 20 years. What's hard?

[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.

Exactly.

[Anonymous]

Anonymous wrote: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. .

You lied on your resume?

[Anonymous]

I live in Canada. Thank goodness health care is not something we have to worry about with regards to timing of retirement.

[Anonymous]

Anonymous wrote:

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

me too!

You'll be less stressed if your house is paid for/kids college taken care of/retirement on track. Even if you lose your job at that time, you'll be OK with a lower salary if you have prepared. Not everyone is in this situation but there's a higher chance at that age that you can be in this situation.

[Anonymous]

Anonymous wrote:

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

me too!

Me too. Luckily my spouse works for the federal government so we can probably rely on that for a steady job. But I also hate that, because we are stuck in the DC area.

[Anonymous]

This is not the case in my line of work. It’s the opposite actually!

[Anonymous]

Anonymous wrote:This is not the case in my line of work. It’s the opposite actually!

What is your line of work?

[Anonymous]

Anonymous wrote:I live in Canada. Thank goodness health care is not something we have to worry about with regards to timing of retirement.

LOL. My friends in the UK and Canada are simply boggled by how much we stress about healthcare. Like this job but it doesn't have benefits. Would like to leave that job but we need the benefits. Can't take a break from employment for a new kid because our insurance will get screwed up. Need to stay in this state, not that state because their Medicaid program is terrible.

Absolutely zero chance of the American healthcare system changing because it's making too many new millionaires every month.

[Anonymous]

Anonymous wrote:Anyone here who had to retire early and fund their own healthcare? What does it cost per year? This is the part of getting pushed out early the scares me.

2,605/month with one dependent