If you were to lose your job at age 55+, would you retire/dial back or look for another full-time position?

[Anonymous]

I am 58 and work in media and communications.

In the last few years an increasing number of my friends and colleagues have been offered buyouts or lost their jobs as part of layoffs/restructuring. Obviously this is happening in government (DOGE's wrecking ball) and other industries, too. In most cases the job loss has nothing to do with the person's job performance.

The affected people I know are (unsurprisingy) around my age. Many are deciding to take extended time off (especially if they have buyout money), pursue part-time work, or simply retire outright, rather than look for a new full-time position. Put simply, they are making lemonade out of lemons and are deciding to retire early, if they can afford to.

I am happy that I haven't been put in this kind of position (yet); it's always preferable to be able to choose your fate professionally. But I'll admit that a small part of me envies my friends who, in a weird sense, have been given "permission" to retire early, and can afford to do it.

If you are 55 or older, and you lost your job involuntarily, would you retire early or try to keep working?

[Anonymous]

I just found a very part time and am living off savings. Life is too short.

[Anonymous]

My boyfriend works 3-1/2 days a week at age 68.

[Anonymous]

I will need to work until the day I drop dead so unless I was expecting to die that week when I lost my job at 55, I'd absolutely look for another one.

[Anonymous]

I’d retire from my profession but look for part time work that might be more fun.

[Anonymous]

My mom retired at 75, so it would feel really odd to retire a full 20 years earlier than she did. If you live to 90, that means you will have been retired for nearly as long as you worked.

[Anonymous]

I would keep working even if it meant changing careers, both for income and health insurance. I know a few college friends that had to retire early due to unforeseen health issues and money is tight.

[Anonymous]

I would keep working but try to pick a more socially impactful career.

I would accept a big salary reduction if I could stay insured and do a more useful job (as defined by my values).

[Anonymous]

I'm 58, and looking at DOGE cuts (my company's work is nearly all federally funded), and wondering the same thing.

If my DH and I both lose our jobs we're in trouble. If just one of us does, we could get by but we're not as well positioned as so many people on DCUM but definitely well positioned. We have a kid in high school, so we'd both definitely try for other work though realistically we'd both take pay cuts.

I'd like to get 5 more years out of working at a high level, at least. I think I wouldn't mind ramping down to a lower paying job at that point, but I don't think I'd be fully ready to retire.

[Anonymous]

I’m in my mid 50s and lost my job as a federal contractor. My particular field has been very hard hit. Openings are scarce, and salaries are artificially depressed. We still have two kids in college, so I won’t be retiring anytime soon. For now I am doing a bit of consulting and trying to figure out a more secure path for the next 10+ years.

[Anonymous]

DH is about that age, and if he loses his job, we are in a world of hurt because our lifestyle requires his income, which is entirely on him (the big house, his car lease, the club memberships were effectively unilateral decisions by him). Without his income, we would have to make drastic changes, including listing the house. On the other hand, if I lost my job, whatever. Without my income, we would have to cut back on household help, save less, and change how we travel. But these are all choices he made as the primary earner. All I can and have done is create an emergency fund to hold us over for about a year if it happens.

[Anonymous]

Retire, definitely, but my plan has always been to try to retire early. I'll be 56. Fingers crossed.

[Anonymous]

I'm 58 and I'd retire.

[Anonymous]

I have to keep working until 67, no way to swing it earlier.

[Anonymous]

I'd retire. I actually have a co-worker in this exact scenario (lost their job today). Idk what she will do, but personally I would get retired and not worry about it anymore.