Everyone I know is laid off by age 55

[Anonymous]

Anonymous wrote:I would love to see Biden's policy of Medicare at age 60 enacted.

That would be a godsend for us. It’s the one thing keeping us working into our sixties.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
... and then can't find another job. Seriously, this is messed up. Gone are the days companies keep someone until they are 60, much less 65.

Yes, people can consult, but then there's no healthcare.

Medicare needs to start at 60, no later.

Can't you buy a subsidized health care policy dirt cheap on the ACA exchange if your income is low?

Yes. You have to manage your income though. It's easier to do if you don't have a mortgage and have low expenses.

[Anonymous]

I know too many people over 50 who have been laid off. Quite a few of them still have youngish kids too. Most don't have a job yet and it's been almost a year.

[Anonymous]

DH and I both have been laid off in the past 5 years, he at 48, then a few years later me at 46.

We both had a 6 month period of trying to find new jobs and it was rough. We both know it could happen again, not due to our performance, and it’s scary.

We each make 110 and 160, so obviously not poor, but it’s harder to switch careers at this stage.

We are also aiming to retire by 60 with the house paid off and the kids done with college, but I worry about health insurance between that time and 65, how expensive it will be and what if something catastrophic happens.

Also, laughing at the person who said $140k per kid isn’t enough for college. Of course it is. We will have enough for our kids in public state schools

Just coming here to say, I feel ya!

[Anonymous]

Other than union workers - yep, I see the same thing constantly. Our retirement plans are actually built around an assumption we can't work at our current income level after 55 (currently 37).

[Anonymous]

My DH is in medicine and I’m in the educational field ...not a teacher. This doesn’t happen in our lines of work. Sounds horrible!

[Anonymous]

Anonymous wrote:This isn’t new. It’s why the adea was enacted. My father was a professional with over 30 years at a company in the late 80s—they pushed out all the people over 55 at the site in my hometown by telling them they had to take a RIf package or they would be moved to an incredibly remote location. I knew so many people with fathers laid off or who had to relocate. They replaced my father with a guy in his 20s who did not know how to do the work at all.
Incidentally, that company then started to spiral downwards and is a shadow of its former self.

Same with my Dad at 55 in the early 90s. And most of his peers at his company.

[Anonymous]

My mom worked for a company that was sold then shut down by the new buyer at age 60. If she stayed until the last day she would get a huge severance package.
She went to the unemployment department before she was actually unemployed knowing it was coming a few months later. She got a new job within a week and had to work both jobs for 3 months. She is currently 66.5 and she is still working, though retiring soon.

[Anonymous]

Anonymous wrote:DH and I both have been laid off in the past 5 years, he at 48, then a few years later me at 46.

We both had a 6 month period of trying to find new jobs and it was rough. We both know it could happen again, not due to our performance, and it’s scary.

We each make 110 and 160, so obviously not poor, but it’s harder to switch careers at this stage.

We are also aiming to retire by 60 with the house paid off and the kids done with college, but I worry about health insurance between that time and 65, how expensive it will be and what if something catastrophic happens.

Also, laughing at the person who said $140k per kid isn’t enough for college. Of course it is. We will have enough for our kids in public state schools

Just coming here to say, I feel ya!

I have three kids and budgeted $750k total which is average schools with some merit aid. It is not just school. Dental, doctors appointments, food, cell phone plans, on your car insurance, birthdays, Xmas. A kid in school will cost you 60k each. It you are working won’t notice. I will have a 15, 19 and 21 when I turn 60.

Plus colleges nearly doubles every ten years. We already hit some schools that are finally 100k a year all in for undergraduate. Soon that will creep to average schools by 2030.

My daughters two colleges plain to really jack tuition and costs Post Covid

Plus hard to downsize when they live with you at winter break and all summer and may move gone after school for 1-2 years

Most people are not child brides with college done by 60. To do that you need to have them young and not have many. I say that as my mother and grandmother had last kids in early 40s. But they had 4-8 kids.

And to retire at 60 you need two houses paid off. My friend who have done it paid off primary then bought retirement home and paid that off. Other issue is kids off your health plan. It is family policy that is expensive.

[Anonymous]

Anonymous wrote:

Anonymous wrote:DH and I both have been laid off in the past 5 years, he at 48, then a few years later me at 46.

We both had a 6 month period of trying to find new jobs and it was rough. We both know it could happen again, not due to our performance, and it’s scary.

We each make 110 and 160, so obviously not poor, but it’s harder to switch careers at this stage.

We are also aiming to retire by 60 with the house paid off and the kids done with college, but I worry about health insurance between that time and 65, how expensive it will be and what if something catastrophic happens.

Also, laughing at the person who said $140k per kid isn’t enough for college. Of course it is. We will have enough for our kids in public state schools

Just coming here to say, I feel ya!

I have three kids and budgeted $750k total which is average schools with some merit aid. It is not just school. Dental, doctors appointments, food, cell phone plans, on your car insurance, birthdays, Xmas. A kid in school will cost you 60k each. It you are working won’t notice. I will have a 15, 19 and 21 when I turn 60.

Plus colleges nearly doubles every ten years. We already hit some schools that are finally 100k a year all in for undergraduate. Soon that will creep to average schools by 2030.

My daughters two colleges plain to really jack tuition and costs Post Covid

Plus hard to downsize when they live with you at winter break and all summer and may move gone after school for 1-2 years

Most people are not child brides with college done by 60. To do that you need to have them young and not have many. I say that as my mother and grandmother had last kids in early 40s. But they had 4-8 kids.

And to retire at 60 you need two houses paid off. My friend who have done it paid off primary then bought retirement home and paid that off. Other issue is kids off your health plan. It is family policy that is expensive.

Need two houses? What?

[Anonymous]

Yeah sure, lemme just budget 3/4 of a million for my kids college years real quick. 🙄

Stop. Use the calculator on savingforcollege.com. It just doesn’t cost that much. It costs a lot and we will have approximately $250 saved for 2 kids. But I’m not stressing about needing much more than that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:DH and I both have been laid off in the past 5 years, he at 48, then a few years later me at 46.

We both had a 6 month period of trying to find new jobs and it was rough. We both know it could happen again, not due to our performance, and it’s scary.

We each make 110 and 160, so obviously not poor, but it’s harder to switch careers at this stage.

We are also aiming to retire by 60 with the house paid off and the kids done with college, but I worry about health insurance between that time and 65, how expensive it will be and what if something catastrophic happens.

Also, laughing at the person who said $140k per kid isn’t enough for college. Of course it is. We will have enough for our kids in public state schools

Just coming here to say, I feel ya!

I have three kids and budgeted $750k total which is average schools with some merit aid. It is not just school. Dental, doctors appointments, food, cell phone plans, on your car insurance, birthdays, Xmas. A kid in school will cost you 60k each. It you are working won’t notice. I will have a 15, 19 and 21 when I turn 60.

Plus colleges nearly doubles every ten years. We already hit some schools that are finally 100k a year all in for undergraduate. Soon that will creep to average schools by 2030.

My daughters two colleges plain to really jack tuition and costs Post Covid

Plus hard to downsize when they live with you at winter break and all summer and may move gone after school for 1-2 years

Most people are not child brides with college done by 60. To do that you need to have them young and not have many. I say that as my mother and grandmother had last kids in early 40s. But they had 4-8 kids.

And to retire at 60 you need two houses paid off. My friend who have done it paid off primary then bought retirement home and paid that off. Other issue is kids off your health plan. It is family policy that is expensive.

If have kids in your mid to late 30s you'll have college age kids in mid 50- 60s. That's very common around here. It's tough to lose you income and health insurance at that stage. ACA or Medicare needs to better cover the 55+ age group.

[Anonymous]

Anonymous wrote:Yeah sure, lemme just budget 3/4 of a million for my kids college years real quick. 🙄

Stop. Use the calculator on savingforcollege.com. It just doesn’t cost that much. It costs a lot and we will have approximately $250 saved for 2 kids. But I’m not stressing about needing much more than that.

$250 won't even cover the college application fees.

[Anonymous]

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

[Anonymous]

My mother was laid off due to “covid” at 63. She’s still trying to find work in technology sales but I doubt she will be able to. In previous years it would be a hard “maybe” but not now. She isn’t financially able to retire. Not sure what she/we will do once unemployment runs out.