Typical American Career path - esp after 50

[Anonymous]

Anonymous wrote:When I was laid off at 40 I was already considered an "older worker" - I don't remember the exact process but there was extra paperwork related to age discrimination. I had a new job before my severance ran out, but that shook me and I saved like mad for the next 5 years, then launched a side business while still working full-time that eventually became my sole job at 49. I'm now 55 and financially independent, so starting to wind down my business (I still enjoy it but I am TIRED).

I did an ok job of saving/investing before the layoff, but that was the wakeup call I needed to go into overdrive and maneuver myself out of a 9-5. Huge blessing in disguise.

I’m curious how people suddenly ramp up their savings? Our biggest expenses are our mortgage and education (college savings). We do have a decent travel budget since we value that highly and kids will leave the nest soon, but even allocating that annual $10k isn’t going to let me retire at 50. We make $300k, $60k after goes into mortgage. Are there people making $600k blowing it on eating out or something that is easy to cut back?

[Anonymous]

In a different thread of this forum, multiple posts have noted that FAANG and other big tech companies often have IC who are 50+. People who are team players, smart, and work hard are not at nearly the same risk as others.

[Anonymous]

What is IC?

[Anonymous]

Anonymous wrote:In a different thread of this forum, multiple posts have noted that FAANG and other big tech companies often have IC who are 50+. People who are team players, smart, and work hard are not at nearly the same risk as others.

Then why is there so much media attention and other posters saying tech is ageist? Recent Google layoffs were a lot of middle age.

https://www.wired.com/story/ageism-haunts-tech-workers-layoffs-race-to-get-hired/

[Anonymous]

Anonymous wrote:What is IC?

Individual contributors in this case

Intelligence community (sometimes$

[Anonymous]

Anonymous wrote:

Anonymous wrote:When I was laid off at 40 I was already considered an "older worker" - I don't remember the exact process but there was extra paperwork related to age discrimination. I had a new job before my severance ran out, but that shook me and I saved like mad for the next 5 years, then launched a side business while still working full-time that eventually became my sole job at 49. I'm now 55 and financially independent, so starting to wind down my business (I still enjoy it but I am TIRED).

I did an ok job of saving/investing before the layoff, but that was the wakeup call I needed to go into overdrive and maneuver myself out of a 9-5. Huge blessing in disguise.

I’m curious how people suddenly ramp up their savings? Our biggest expenses are our mortgage and education (college savings). We do have a decent travel budget since we value that highly and kids will leave the nest soon, but even allocating that annual $10k isn’t going to let me retire at 50. We make $300k, $60k after goes into mortgage. Are there people making $600k blowing it on eating out or something that is easy to cut back?

Yes. When Covid happened, people’s savings rate skyrocketed, it’s a fact. The fixed costs - mortgage, utilities, tuitions - stayed the same. It’s that random impulse spending plus travel and entertainment that got curtailed, and it made a huge difference.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:When I was laid off at 40 I was already considered an "older worker" - I don't remember the exact process but there was extra paperwork related to age discrimination. I had a new job before my severance ran out, but that shook me and I saved like mad for the next 5 years, then launched a side business while still working full-time that eventually became my sole job at 49. I'm now 55 and financially independent, so starting to wind down my business (I still enjoy it but I am TIRED).

I did an ok job of saving/investing before the layoff, but that was the wakeup call I needed to go into overdrive and maneuver myself out of a 9-5. Huge blessing in disguise.

I’m curious how people suddenly ramp up their savings? Our biggest expenses are our mortgage and education (college savings). We do have a decent travel budget since we value that highly and kids will leave the nest soon, but even allocating that annual $10k isn’t going to let me retire at 50. We make $300k, $60k after goes into mortgage. Are there people making $600k blowing it on eating out or something that is easy to cut back?

Yes. When Covid happened, people’s savings rate skyrocketed, it’s a fact. The fixed costs - mortgage, utilities, tuitions - stayed the same. It’s that random impulse spending plus travel and entertainment that got curtailed, and it made a huge difference.

That was mostly stimulus to people who usually loved month to month.

We don’t spend anything on entertainment, we are very boring.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:When I was laid off at 40 I was already considered an "older worker" - I don't remember the exact process but there was extra paperwork related to age discrimination. I had a new job before my severance ran out, but that shook me and I saved like mad for the next 5 years, then launched a side business while still working full-time that eventually became my sole job at 49. I'm now 55 and financially independent, so starting to wind down my business (I still enjoy it but I am TIRED).

I did an ok job of saving/investing before the layoff, but that was the wakeup call I needed to go into overdrive and maneuver myself out of a 9-5. Huge blessing in disguise.

I’m curious how people suddenly ramp up their savings? Our biggest expenses are our mortgage and education (college savings). We do have a decent travel budget since we value that highly and kids will leave the nest soon, but even allocating that annual $10k isn’t going to let me retire at 50. We make $300k, $60k after goes into mortgage. Are there people making $600k blowing it on eating out or something that is easy to cut back?

Yes. When Covid happened, people’s savings rate skyrocketed, it’s a fact. The fixed costs - mortgage, utilities, tuitions - stayed the same. It’s that random impulse spending plus travel and entertainment that got curtailed, and it made a huge difference.

People poured money into home renovation, home goods, delivery, electronics during the pandemic btw, they shifted spending, but savings came about because of additional income from stimulus.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Accounting and Audit is a great career. Back in the days of SOX I was Big 4 and visited 23 states and three countries doing Audit work.

In my 8 years I worked at maybe 100 clients and while on trips I always go to a ball game, got to a club, find best restaurant in town, go sightseeing. The work itself was not exciting but the people aspect was amazing.

My Daughters friend started at PwC out of school in 2022 with a 100K base and a 10K sign-on. If she stays by 34 if Partner could be making $700k.

And she started with 4 year degree. Plans on part time taking courses to hit 5 year rule to sit for CPA and make PwC pay.

Good luck making it to partner. A vast majority never get that far. The amount of hours the Big 4 expect of employees is unsustainable for most.

Partner at 34 doesn't happen, neither does 750K for junior/rookie partner. Spouse (49) is a partner at a place you all know. 920k last year.

$750 absolutely happens for junior partners at Big 4 firms.

[Anonymous]

Anonymous wrote:

Anonymous wrote:When I was laid off at 40 I was already considered an "older worker" - I don't remember the exact process but there was extra paperwork related to age discrimination. I had a new job before my severance ran out, but that shook me and I saved like mad for the next 5 years, then launched a side business while still working full-time that eventually became my sole job at 49. I'm now 55 and financially independent, so starting to wind down my business (I still enjoy it but I am TIRED).

I did an ok job of saving/investing before the layoff, but that was the wakeup call I needed to go into overdrive and maneuver myself out of a 9-5. Huge blessing in disguise.

I’m curious how people suddenly ramp up their savings? Our biggest expenses are our mortgage and education (college savings). We do have a decent travel budget since we value that highly and kids will leave the nest soon, but even allocating that annual $10k isn’t going to let me retire at 50. We make $300k, $60k after goes into mortgage. Are there people making $600k blowing it on eating out or something that is easy to cut back?

PP here - I was making about $150K at the time as a solo (widowed) parent and there was more fat in my budget than I realized once I started tracking expenses. I was spending a lot on convenience eating, clothes I didn't really need, vacations that could have been done less expensively, etc. So I cut all that out and put it into VTSAX instead. I probably saved an extra $15-20K a year but the real game changer was increasing income, especially because I was a more financially disciplined person and invested it vs. inflating lifestyle.

[Anonymous]

Anonymous wrote:In a different thread of this forum, multiple posts have noted that FAANG and other big tech companies often have IC who are 50+. People who are team players, smart, and work hard are not at nearly the same risk as others.

There are very very very few like that. It is highly highly uncommon.

[Anonymous]

Anonymous wrote:

Anonymous wrote:In a different thread of this forum, multiple posts have noted that FAANG and other big tech companies often have IC who are 50+. People who are team players, smart, and work hard are not at nearly the same risk as others.

There are very very very few like that. It is highly highly uncommon.

Not at all uncommon.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In a different thread of this forum, multiple posts have noted that FAANG and other big tech companies often have IC who are 50+. People who are team players, smart, and work hard are not at nearly the same risk as others.

There are very very very few like that. It is highly highly uncommon.

Not at all uncommon.

I’m glad you solved it! Just be one of those 50+ ICs at FAANG who are smart motivated hard workers. They’re super common!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:When I was laid off at 40 I was already considered an "older worker" - I don't remember the exact process but there was extra paperwork related to age discrimination. I had a new job before my severance ran out, but that shook me and I saved like mad for the next 5 years, then launched a side business while still working full-time that eventually became my sole job at 49. I'm now 55 and financially independent, so starting to wind down my business (I still enjoy it but I am TIRED).

I did an ok job of saving/investing before the layoff, but that was the wakeup call I needed to go into overdrive and maneuver myself out of a 9-5. Huge blessing in disguise.

I’m curious how people suddenly ramp up their savings? Our biggest expenses are our mortgage and education (college savings). We do have a decent travel budget since we value that highly and kids will leave the nest soon, but even allocating that annual $10k isn’t going to let me retire at 50. We make $300k, $60k after goes into mortgage. Are there people making $600k blowing it on eating out or something that is easy to cut back?

PP here - I was making about $150K at the time as a solo (widowed) parent and there was more fat in my budget than I realized once I started tracking expenses. I was spending a lot on convenience eating, clothes I didn't really need, vacations that could have been done less expensively, etc. So I cut all that out and put it into VTSAX instead. I probably saved an extra $15-20K a year but the real game changer was increasing income, especially because I was a more financially disciplined person and invested it vs. inflating lifestyle.

We have always lived like grad students and home bodies — we make our own meals 99% of the time except when traveling and for maybe a quarterly special event. We don’t shop for clothes except when things wear out, and it’s old navy and h&m for a 6 pack of underwear.

Travel we could cut down. We try to stay at a Hampton Inn/Courtyard minimum quality of hotel to avoid dingy hotels that smell of smoke and maybe have pests. But the biggest expense is always airfare; and we work the Kayak and Google trying to find that optimal fare.

Do people really spend money that mindlessly every week to save $20k from just not buying takeout?? I feel like I’m missing the real life hack

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In a different thread of this forum, multiple posts have noted that FAANG and other big tech companies often have IC who are 50+. People who are team players, smart, and work hard are not at nearly the same risk as others.

There are very very very few like that. It is highly highly uncommon.

Not at all uncommon.

I’m glad you solved it! Just be one of those 50+ ICs at FAANG who are smart motivated hard workers. They’re super common!

FAANG is very representative of all of tech, everyone has their benefits and pay, they are the benchmark.