Everyone I know is laid off by age 55

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yep, that's why I'm staying in the government, despite getting so many calls from recruiters. I'm 45 y/o and I'm staying until 57.

43 and Gov't here too. Not that recruiters are calling me, but I'm sticking with this gig. GS-15, no need to even try to be an SES for the money added isnt worth the work.

I’m 41, GS-14, and I’m with you. I would rather stay a 14 than ever be an SES. Although If you’re FERS and hang until 62 you’ll get another .1% on your Government Pension.

[Anonymous]

Just turned 40. Haven't read all 11 pgs of this thread but I will. It is illuminating as this is one of my biggest fears -- needing to make as much money as we need NOW bc who knows about the future.

Lawyer. Didn't make partner so I just had the 8-9 yrs in biglaw. Ended up in gov't after which I know is the antidote to job security issues but I hate it so much and NEED to go back to private sector, KNOWING the job security problems will follow. This is really why I'm thinking I should either go to the private sector/make money for a number of more years and then start my own business (a non professional business like buying a franchise) so I am not dealing with being another laid off lawyer at 50.

OR I'm thinking of transitioning from law to a business type of job sooner rather than later to gain some experience there -- that will come with layoffs on and off but I feel like business/finance/mgmt people do land someplace even if it's at a lower salary. I just don't want to be in a situation in my middle 50s where I'm not working AT ALL -- I mean it didn't work well for my psyche at 33, I can't even imagine in my mid 50s. I feel like if I've made my money/invested properly, then even a lower salaried job in my mid 50s will be better than NO job.

Thoughts? WWYD in your 40s to plan for this?

[Anonymous]

Anonymous wrote:Just turned 40. Haven't read all 11 pgs of this thread but I will. It is illuminating as this is one of my biggest fears -- needing to make as much money as we need NOW bc who knows about the future.

Lawyer. Didn't make partner so I just had the 8-9 yrs in biglaw. Ended up in gov't after which I know is the antidote to job security issues but I hate it so much and NEED to go back to private sector, KNOWING the job security problems will follow. This is really why I'm thinking I should either go to the private sector/make money for a number of more years and then start my own business (a non professional business like buying a franchise) so I am not dealing with being another laid off lawyer at 50.

OR I'm thinking of transitioning from law to a business type of job sooner rather than later to gain some experience there -- that will come with layoffs on and off but I feel like business/finance/mgmt people do land someplace even if it's at a lower salary. I just don't want to be in a situation in my middle 50s where I'm not working AT ALL -- I mean it didn't work well for my psyche at 33, I can't even imagine in my mid 50s. I feel like if I've made my money/invested properly, then even a lower salaried job in my mid 50s will be better than NO job.

Thoughts? WWYD in your 40s to plan for this?

I left law in early 30s to start a non-professional business. Together with my partner I built a small real estate company from scratch, now have about 2.5mm of own interest (fully repaid income producing real estate). It's not what I always wanted to do professionally, and now I am looking for a legal or business role in a larger company. I have no "corporate" job but already earned my retirement. There are so many opportunities for property development in DC area, it's easy to buy and repay a few multi-unit townhouses in 10 years. This will provide some job security and better than buying a franchise.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Just turned 40. Haven't read all 11 pgs of this thread but I will. It is illuminating as this is one of my biggest fears -- needing to make as much money as we need NOW bc who knows about the future.

Lawyer. Didn't make partner so I just had the 8-9 yrs in biglaw. Ended up in gov't after which I know is the antidote to job security issues but I hate it so much and NEED to go back to private sector, KNOWING the job security problems will follow. This is really why I'm thinking I should either go to the private sector/make money for a number of more years and then start my own business (a non professional business like buying a franchise) so I am not dealing with being another laid off lawyer at 50.

OR I'm thinking of transitioning from law to a business type of job sooner rather than later to gain some experience there -- that will come with layoffs on and off but I feel like business/finance/mgmt people do land someplace even if it's at a lower salary. I just don't want to be in a situation in my middle 50s where I'm not working AT ALL -- I mean it didn't work well for my psyche at 33, I can't even imagine in my mid 50s. I feel like if I've made my money/invested properly, then even a lower salaried job in my mid 50s will be better than NO job.

Thoughts? WWYD in your 40s to plan for this?

I left law in early 30s to start a non-professional business. Together with my partner I built a small real estate company from scratch, now have about 2.5mm of own interest (fully repaid income producing real estate). It's not what I always wanted to do professionally, and now I am looking for a legal or business role in a larger company. I have no "corporate" job but already earned my retirement. There are so many opportunities for property development in DC area, it's easy to buy and repay a few multi-unit townhouses in 10 years. This will provide some job security and better than buying a franchise.

PP here - thank you. Real estate is one of my ideas but seems more "overwhelming." But yeah I do agree with you it would be better than franchises etc. How old are you now? Why are you looking for a legal/business job now -- is it bc real estate is a passive type of investment job and you're looking for more of a day to day go to the office thing? Or something else if you don't mind saying.

[NASAguy]

I'm 56 and have been a NASA contractor for 29 years. I have 10 year old twins, so I will be working here at least another 12 years until they graduate college.

But there are many people at NASA who work well into their 60s and even quite a few who work into their 70s. This agency has won best large agency in the federal government like 8 of the last 10 years. It is a fantastic place to work and people love it here. NASA values experience, especially relevant experience needed for science and engineering positions but also people who know how to work the system to get things done. Older people often have very valuable institutional knowledge that is prized here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just turned 40. Haven't read all 11 pgs of this thread but I will. It is illuminating as this is one of my biggest fears -- needing to make as much money as we need NOW bc who knows about the future.

Lawyer. Didn't make partner so I just had the 8-9 yrs in biglaw. Ended up in gov't after which I know is the antidote to job security issues but I hate it so much and NEED to go back to private sector, KNOWING the job security problems will follow. This is really why I'm thinking I should either go to the private sector/make money for a number of more years and then start my own business (a non professional business like buying a franchise) so I am not dealing with being another laid off lawyer at 50.

OR I'm thinking of transitioning from law to a business type of job sooner rather than later to gain some experience there -- that will come with layoffs on and off but I feel like business/finance/mgmt people do land someplace even if it's at a lower salary. I just don't want to be in a situation in my middle 50s where I'm not working AT ALL -- I mean it didn't work well for my psyche at 33, I can't even imagine in my mid 50s. I feel like if I've made my money/invested properly, then even a lower salaried job in my mid 50s will be better than NO job.

Thoughts? WWYD in your 40s to plan for this?

I left law in early 30s to start a non-professional business. Together with my partner I built a small real estate company from scratch, now have about 2.5mm of own interest (fully repaid income producing real estate). It's not what I always wanted to do professionally, and now I am looking for a legal or business role in a larger company. I have no "corporate" job but already earned my retirement. There are so many opportunities for property development in DC area, it's easy to buy and repay a few multi-unit townhouses in 10 years. This will provide some job security and better than buying a franchise.

PP here - thank you. Real estate is one of my ideas but seems more "overwhelming." But yeah I do agree with you it would be better than franchises etc. How old are you now? Why are you looking for a legal/business job now -- is it bc real estate is a passive type of investment job and you're looking for more of a day to day go to the office thing? Or something else if you don't mind saying.

I went to real estate development at 37, just turned 43. It was very time consuming and interesting in the very beginning (construction, licensing, zoning, procurement). But now that the project goals are achieved, it became as you said a passive investment that leaves me with plenty of time in my hands. I don’t want expand the business further as it requires hiring more people, taking on more loans and the same repetitive business pattern.
In my 20-30s I was in international consulting, traveling, structuring management buyouts, opening banks. It didn’t pay as much as my 5 years of pure money making in DC real estate but it was a rewarding career. I am hoping to return to bigger corporate world now, even if it doesn’t pay as much. I still feel I can do so much and I don’t mean just the money.

[Anonymous]

Anonymous wrote:Just turned 40. Haven't read all 11 pgs of this thread but I will. It is illuminating as this is one of my biggest fears -- needing to make as much money as we need NOW bc who knows about the future.

Lawyer. Didn't make partner so I just had the 8-9 yrs in biglaw. Ended up in gov't after which I know is the antidote to job security issues but I hate it so much and NEED to go back to private sector, KNOWING the job security problems will follow. This is really why I'm thinking I should either go to the private sector/make money for a number of more years and then start my own business (a non professional business like buying a franchise) so I am not dealing with being another laid off lawyer at 50.

OR I'm thinking of transitioning from law to a business type of job sooner rather than later to gain some experience there -- that will come with layoffs on and off but I feel like business/finance/mgmt people do land someplace even if it's at a lower salary. I just don't want to be in a situation in my middle 50s where I'm not working AT ALL -- I mean it didn't work well for my psyche at 33, I can't even imagine in my mid 50s. I feel like if I've made my money/invested properly, then even a lower salaried job in my mid 50s will be better than NO job.

Thoughts? WWYD in your 40s to plan for this?

How do you plan to transition into a high paying job in finance (at least within the next ten years?) I'm a NASA contractor and would love to make that leap, but unclear how best without taking huge paycut for 5 years gambling it would rise

[Anonymous]

NASAguy wrote:I'm 56 and have been a NASA contractor for 29 years. I have 10 year old twins, so I will be working here at least another 12 years until they graduate college.

But there are many people at NASA who work well into their 60s and even quite a few who work into their 70s. This agency has won best large agency in the federal government like 8 of the last 10 years. It is a fantastic place to work and people love it here. NASA values experience, especially relevant experience needed for science and engineering positions but also people who know how to work the system to get things done. Older people often have very valuable institutional knowledge that is prized here.

Hah, didn't know there were other NASA folk here. I work at GSFC as well. Curious if you know how much salaries are for your contractor? Mine starts out crazy low (70ks) and then we tend to top out at $150k unless business development/proposal side. Is your company about the same?

We have many older people, partly because I think salaries top out early so there's not too much savings in pushing out and replacing ($150k vs $70k for a freshout)

[Anonymous]

Anonymous wrote:

Anonymous wrote:Just turned 40. Haven't read all 11 pgs of this thread but I will. It is illuminating as this is one of my biggest fears -- needing to make as much money as we need NOW bc who knows about the future.

Lawyer. Didn't make partner so I just had the 8-9 yrs in biglaw. Ended up in gov't after which I know is the antidote to job security issues but I hate it so much and NEED to go back to private sector, KNOWING the job security problems will follow. This is really why I'm thinking I should either go to the private sector/make money for a number of more years and then start my own business (a non professional business like buying a franchise) so I am not dealing with being another laid off lawyer at 50.

OR I'm thinking of transitioning from law to a business type of job sooner rather than later to gain some experience there -- that will come with layoffs on and off but I feel like business/finance/mgmt people do land someplace even if it's at a lower salary. I just don't want to be in a situation in my middle 50s where I'm not working AT ALL -- I mean it didn't work well for my psyche at 33, I can't even imagine in my mid 50s. I feel like if I've made my money/invested properly, then even a lower salaried job in my mid 50s will be better than NO job.

Thoughts? WWYD in your 40s to plan for this?

How do you plan to transition into a high paying job in finance (at least within the next ten years?) I'm a NASA contractor and would love to make that leap, but unclear how best without taking huge paycut for 5 years gambling it would rise

Have a finance degree and in a related field in law. Doing certifications - think CFA. Starting to talk to contacts.

[Anonymous]

Anonymous wrote:Not in the federal government, there are full time employees in their 80's. And people in their 60's are routinely hired.

+1, I have not seen age discrimination at my agency.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Banking. We just cleared out everyone 55+. Generous buyouts. But, we can replace 250k boomers with 75k millennials and even when we only get 2 yrs it makes sense.

But! Do you know how much cost a fully furnished "cry room" "safe spaces" and lifetime supply
of "weighted blankets" AND! one " cuddle me = my boss is mean = I need a hug" therapist per person per on payroll?

you made very POOOOOOOOOOOOOOOR business decision.

+ a million.

[Anonymous]

Anonymous wrote:

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?

This is what I always wonder. And if there are multiple kids, college costs can easily stretch into early 60s

My last child graduates college when I am 67. My friend had list last child at 55 with his 45 year old wife. And both of us this if first marriages.

My friend lives in a rich neighborhood when his kid started pre-school when his was 58 he was younger than half the dads. It is a rich neighborhood so a lot of Dads on second or third marriages.

My cousin got married at 40 to a 50 year old and had three kids. But she invested like crazy, bought multiple investment properties and she was booted at 60 and her husband made it to 65 but at 65 he had a 14, 13 and 11 year old.

These are maybe rare examples but over last 25 years companies have ramped up pushing people over 50 out the door yet folks are marrying later and having kids later. 50s. Me I am turning 59 with a kid still in middle school and two in college

A number of my friends had kids early to mid 40's. Not sure what their plans are.

NP and all things equal presumably those folks were able to save more in their younger years when they didn't have childcare expenses. Of course, it's also possible they lived it up while they were young too and didn't save much.

[Anonymous]

Went into consulting in 40s and now have grown a big business where I'm the boss. Hope it takes me into my early 60s. Fingers crossed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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?

This is what I always wonder. And if there are multiple kids, college costs can easily stretch into early 60s

My last child graduates college when I am 67. My friend had list last child at 55 with his 45 year old wife. And both of us this if first marriages.

My friend lives in a rich neighborhood when his kid started pre-school when his was 58 he was younger than half the dads. It is a rich neighborhood so a lot of Dads on second or third marriages.

My cousin got married at 40 to a 50 year old and had three kids. But she invested like crazy, bought multiple investment properties and she was booted at 60 and her husband made it to 65 but at 65 he had a 14, 13 and 11 year old.

These are maybe rare examples but over last 25 years companies have ramped up pushing people over 50 out the door yet folks are marrying later and having kids later. 50s. Me I am turning 59 with a kid still in middle school and two in college

A number of my friends had kids early to mid 40's. Not sure what their plans are.

NP and all things equal presumably those folks were able to save more in their younger years when they didn't have childcare expenses. Of course, it's also possible they lived it up while they were young too and didn't save much.

You have no clue how expensive it is to be single. Finding a spouse, building a career, paying 100 percent of all bills at a paycheck on the lower end is hard.

My wife and I when we are both 30 and had not met yet were maintaining two apartments, two cars, paying two sets utilities bills, then the usual dating, going out, vacations, buying new clothes. It is expensive to find a spouse.

When we married she litterally moved into my place. out expenses for house fell in half, utilities fell in half, I got rid of my car as I was walking distance to train so no need for two cars and we stopped going out and vacations as married. Yet my HHI doubled overnight.

By compairision my neice got engaged young. She moved in college BF in his dumpy place no car, they look like homeless people next to single people, both WFH, never go out. If they were normal single people each would have a much nicer appartment, two nice cars, nice clothes, going to clubs, vacations, fancy dinners. The stuff you do to meet someone.

[NASAguy]

Anonymous wrote:

NASAguy wrote:I'm 56 and have been a NASA contractor for 29 years. I have 10 year old twins, so I will be working here at least another 12 years until they graduate college.

But there are many people at NASA who work well into their 60s and even quite a few who work into their 70s. This agency has won best large agency in the federal government like 8 of the last 10 years. It is a fantastic place to work and people love it here. NASA values experience, especially relevant experience needed for science and engineering positions but also people who know how to work the system to get things done. Older people often have very valuable institutional knowledge that is prized here.

Hah, didn't know there were other NASA folk here. I work at GSFC as well. Curious if you know how much salaries are for your contractor? Mine starts out crazy low (70ks) and then we tend to top out at $150k unless business development/proposal side. Is your company about the same?

We have many older people, partly because I think salaries top out early so there's not too much savings in pushing out and replacing ($150k vs $70k for a freshout)

No real idea. I've worked for 7 different contractors over the 29 years and what you've cited is pretty close to my experience.

I can say that I suspect at least some people get paid above that max range, but those tend to be people that have very specialized skillsets and are in high demand. For example, I know a few scientists who were civil service, then retired and are working as double dippers and I really suspect that they are making more than $150K. And I know a few network engineers who are key employees and involved in some critical infrastructure roles who get paid more than that. But the exceptions are pretty rare.

I also know a few lower-end folks who are being hired for very basic non-skilled positions at the lower end who are making less. At one point, I was a contract technical lead and we had a guy who interned with us during college summers in a basic IT support role. He ended up dropping out of college and came to work for us full-time. With no college degree, he was offered a lower end salary that was under that $70K limit, probably closer to $55-60K. But it was much better than he was going to get most places as a college drop-out. The college degree made a big difference.

Heck, when I started in 1992, I was very happy to make $29K in my first position here at GSFC! I was young, single and it was plenty for me. I was lucky that my first manager did some research into market values for our job and in 1995, he gave two of us (me and a guy who hired 2 years after me) a substantial raise to help us come up to closer to industry standards for our job.