Everyone I know is laid off by age 55

[Anonymous]

Anonymous wrote: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.

I am late 30s and have been at a few stagnant jobs, now I am entertaining the idea of returning to consulting, what is the best approach here?

I am not looking for a big business, just a chance to work on a few different projects to develop up to date skills.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The current unemployment rate for hose 55 and over is 5.3%, so no, not everyone is laid off at 55 and then can’t find another job.

https://fred.stlouisfed.org/series/LNS14024230

That doesn't include discouraged workers who are no longer actively looking. It also doesn't include people who took much lower paying jobs (or working at a Starbucks for health insurance when you used to make $100k).

The labor force participation rate for those 55-64 was 65.3% in 2019, and the this statistic has been creeping up over the past couple of decades. So the majority in that age bracket were working.

https://www.bls.gov/emp/tables/civilian-labor-force-participation-rate.htm

Underemployment statistics are harder to come by, but a 2019 survey by AARP found that 14% of people 45 and older reported being underemployed.

https://www.aarp.org/work/working-at-50-plus/info-2020/underemployment-age-discrimination.html

I am not denying that there are people 55 and over experiencing un/underemployment, or that un/underemployment at that age doesn't have it's own challenges. But it's just silly to say this is happening to everyone you know. The numbers say otherwise.

Almost anything AARP says is bullshit. They are a pimp for insurance companies.

[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 am still working, but my DH is also retired. His retirement was a forced retirement. He was pushed out at 56, and six-months later he found out his employer hired two younger people. I imagine the company got two for the price of one.

[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 am still working, but my DH is also retired. His retirement was a forced retirement. He was pushed out at 56, and six-months later he found out his employer hired two younger people. I imagine the company got two for the price of one.

What was hid field/specialty?

[Anonymous]

Anonymous wrote:Anyone considering a second (lower-key)career in an area of interest? For example, my banker brother talked about personal coaching or teaching a class, etc.

Personal coaching and teaching courses (that you make yourself, not like college classes) is the new multi-level marketing. Everyone claims to be doing it and very few are making real money at it. The people making money are the ones teaching other people how "they too can start their own class!"

[Anonymous]

Anonymous wrote:

Anonymous wrote:Anyone considering a second (lower-key)career in an area of interest? For example, my banker brother talked about personal coaching or teaching a class, etc.

Personal coaching and teaching courses (that you make yourself, not like college classes) is the new multi-level marketing. Everyone claims to be doing it and very few are making real money at it. The people making money are the ones teaching other people how "they too can start their own class!"

My kids reading teacher is a former lawyer that took a buy-out from her agency. She moved out west and teaches kids to read. Nice life it seems.

[Anonymous]

Anonymous wrote:

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.

Yep, this does not happen in government.

[Anonymous]

Yes. My husband is a doctor and they can be ancient and still knock around but I am a corp VP. All of our retirement plans assume I am done at 55.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The current unemployment rate for hose 55 and over is 5.3%, so no, not everyone is laid off at 55 and then can’t find another job.

https://fred.stlouisfed.org/series/LNS14024230

That doesn't include discouraged workers who are no longer actively looking. It also doesn't include people who took much lower paying jobs (or working at a Starbucks for health insurance when you used to make $100k).

The labor force participation rate for those 55-64 was 65.3% in 2019, and the this statistic has been creeping up over the past couple of decades. So the majority in that age bracket were working.

https://www.bls.gov/emp/tables/civilian-labor-force-participation-rate.htm

Underemployment statistics are harder to come by, but a 2019 survey by AARP found that 14% of people 45 and older reported being underemployed.

https://www.aarp.org/work/working-at-50-plus/info-2020/underemployment-age-discrimination.html

I am not denying that there are people 55 and over experiencing un/underemployment, or that un/underemployment at that age doesn't have it's own challenges. But it's just silly to say this is happening to everyone you know. The numbers say otherwise.

Almost anything AARP says is bullshit. They are a pimp for insurance companies.

so I looked at the unemployment data and it just doesn't fit in with my experience in corporate world. I think you do have to separate out private industry vs. government and then there's no doubt to me that people 50+ are more vulnerable to losing a job and then finding it harder to get a job at the same salary level. This is one area where there's no downside to financially planning for such an event at the age of 55+.

[Anonymous]

This thread definitely reminds me why we save the way we do. We are 39 and 40 and we are both planning for one of us to retire (forced retirement/lay off) by 55 because I’ve seen this happen way too frequently

[Anonymous]

Anonymous wrote:This thread definitely reminds me why we save the way we do. We are 39 and 40 and we are both planning for one of us to retire (forced retirement/lay off) by 55 because I’ve seen this happen way too frequently

Age 40. Same. This was dinner table conversation like nightly growing up w a dad in engineering whose friends were also engineers; the next layoff was always looming (as its easy to outsource that work to talented people in other countries at much cheaper prices).

[Anonymous]

Both of us were pushed out, 51 and 54. Techies. Had a 10 and 12 year old. Outsourced to India in one case and new younger hire in another. Took DH a year to find something at 30% lower salary and I haven’t found anything yet.

[Anonymous]

I just landed a new job at 59 after being forced out last year. A mere 120k pay cut. Which stings that’s 10k a month

[Anonymous]

Anonymous wrote:I just landed a new job at 59 after being forced out last year. A mere 120k pay cut. Which stings that’s 10k a month

Well you lost more than many of us earn in an entire year so you will be fine.

[Anonymous]

Anonymous wrote:Both of us were pushed out, 51 and 54. Techies. Had a 10 and 12 year old. Outsourced to India in one case and new younger hire in another. Took DH a year to find something at 30% lower salary and I haven’t found anything yet.

What specifically did you do in the tech field?