Everyone I know is laid off by age 55

[Anonymous]

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Anonymous wrote:I wasn’t in high risk high reward IT career. I am out at 52. So don’t feel secure that only those are affected by ageism.

Same here. Booted at 50. Salary was not high, $155k. Been a year. Not even close.

You have struggled to find a job for a year?

This is not unusual at all in your 50s.

But what about all the news about labor shortages, hard to hire?

Shortage of people with 4-6 years of exp out of college.

Why don’t the 55 year old take those jobs. Is it that huge a pay cut?

I'll state again, companies want everything in one person but want to pay really low.

Even when a 55 yr old takes a job that pays like a junior, the team still has the bias to expect the 55 to perform like a mature senior level, to mentor and manage conflicts.

. I can live with that need to pay for college

[Anonymous]

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Anonymous wrote:I wasn’t in high risk high reward IT career. I am out at 52. So don’t feel secure that only those are affected by ageism.

Same here. Booted at 50. Salary was not high, $155k. Been a year. Not even close.

You have struggled to find a job for a year?

This is not unusual at all in your 50s.

But what about all the news about labor shortages, hard to hire?

Shortage of people with 4-6 years of exp out of college.

Why don’t the 55 year old take those jobs. Is it that huge a pay cut?

I'll state again, companies want everything in one person but want to pay really low.

Even when a 55 yr old takes a job that pays like a junior, the team still has the bias to expect the 55 to perform like a mature senior level, to mentor and manage conflicts.

. I can live with that need to pay for college

the people doing the hiring don't want to hire an old person. Ageism is real.

[Anonymous]

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Anonymous wrote:I wasn’t in high risk high reward IT career. I am out at 52. So don’t feel secure that only those are affected by ageism.

Same here. Booted at 50. Salary was not high, $155k. Been a year. Not even close.

You have struggled to find a job for a year?

This is not unusual at all in your 50s.

The problem is you think you are worth a professional salary, but your skills are old, stamina is down, and you need to accept a job with less responsibility and pay.

This is a generalization and only true in some situations.

But I do agree that someone in their 50s laid off needs to take what they can get. A friend's dad got laid off and wouldn't take a job that was "beneath" him. He never worked again and I know he and his wife are struggling now with money.

Work out, keep current, forget pride and be happy to get another job.

[Anonymous]

Anonymous wrote:

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Anonymous wrote:I wasn’t in high risk high reward IT career. I am out at 52. So don’t feel secure that only those are affected by ageism.

Same here. Booted at 50. Salary was not high, $155k. Been a year. Not even close.

You have struggled to find a job for a year?

This is not unusual at all in your 50s.

The problem is you think you are worth a professional salary, but your skills are old, stamina is down, and you need to accept a job with less responsibility and pay.

This is a generalization and only true in some situations.

But I do agree that someone in their 50s laid off needs to take what they can get. A friend's dad got laid off and wouldn't take a job that was "beneath" him. He never worked again and I know he and his wife are struggling now with money.

Work out, keep current, forget pride and be happy to get another job.

Agree. I go to networking meetings and some older people look out of shape and depressed. Nobody is expecting a triathalete to show up at an interview, but don't look like you couldn't walk around the block without being gassed. And companies do not hire negative people. I work in a field, accounting where there are fewer people getting CPAs and a lot of boomers have retired. So a firm might want a 31 year old, but there are not enough of them to go around.

[Anonymous]

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Anonymous wrote:^yep, financial plan is to retire before 59. If we can still get work, we will. But, we assume that we will stop in a few years. We hope to have about $2.6mil in just retirement accounts in about 3 to 4 years. Our mortgage is smallish (less than $200K), no other loans. College will be funded to about $140k per child.

Do you mean 2.6m each?

$140k per child. Is that a joke. My two kids are in out of state - state schools with merit aid in 2021 and all in costs around $150k each for a degree.

I’d they went Syracuse, Villanova, Fordham or Gerorgetown be more like 300k a kid.

Fordham is tell parents with kids in middle school to have 400k saved for college each kid!

For one thing, kids can go in state. For another, kids can take out a loan for the difference. That would $40K when they graduate. That's not *that* much.

There is absolutely no way I am paying for $400k college degree. The kid can go to community college for two years, then transfer, if needed.

This works only if the community college is of good quality. It worked well back in the 80s but today’s community colleges are often underfunded. My friends’ kids have struggled to get the necessary prerequisite courses for transferring to a four-year college. The ones they got are not of the same quality as the ones at the four year. Better plan is to go for merit aid or qualify for an athletic scholarship the family makes too much to get sufficient financial aid.

If you live in northern VA, NOVA is an excellent community college and the transfer guarantee program is also excellent.

Athletic scholarships? Almost every kid I know who got one came from a family that poured a lot of money into the sport. The exception is certain sports like basketball but you'd know if your kid was a five or four star recruit. Also, those kids who are five and four star recruits are recruited to powerhouse basketball high schools before they apply for college.

[Anonymous]

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

I know I'm replying to an old post in this thread, but I bet is still applies to many of the current posters.

I've noticed that there are a lot of old people that want young people to subsidize their health care costs, be it through the ACA or through proposals to lower the Medicare age.

Many, but certainly not all, of these people simultaneously are opposed to subsidies for child care, college or student loans.

[Anonymous]

Anonymous wrote:

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

I know I'm replying to an old post in this thread, but I bet is still applies to many of the current posters.

I've noticed that there are a lot of old people that want young people to subsidize their health care costs, be it through the ACA or through proposals to lower the Medicare age.

Many, but certainly not all, if these people simultaneously are opposed to subsidies for child care, college or student loans.

I am one who wants all of those things enacted.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

I know I'm replying to an old post in this thread, but I bet is still applies to many of the current posters.

I've noticed that there are a lot of old people that want young people to subsidize their health care costs, be it through the ACA or through proposals to lower the Medicare age.

Many, but certainly not all, if these people simultaneously are opposed to subsidies for child care, college or student loans.

I am one who wants all of those things enacted.

I think most people like PP wants simple universal health care, that would make work much more flexible.

Instead in your 50s when health declines, you are desperate for work with health care or will retire destitute.

Good times.

[Anonymous]

Anonymous wrote:

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

I know I'm replying to an old post in this thread, but I bet is still applies to many of the current posters.

I've noticed that there are a lot of old people that want young people to subsidize their health care costs, be it through the ACA or through proposals to lower the Medicare age.

Many, but certainly not all, of these people simultaneously are opposed to subsidies for child care, college or student loans.

It's because there is no way for older people to continue working to pay for health care.

You don't see the difference?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I wasn’t in high risk high reward IT career. I am out at 52. So don’t feel secure that only those are affected by ageism.

Same here. Booted at 50. Salary was not high, $155k. Been a year. Not even close.

You have struggled to find a job for a year?

This is not unusual at all in your 50s.

But what about all the news about labor shortages, hard to hire?

Shortage of people with 4-6 years of exp out of college.

Why don’t the 55 year old take those jobs. Is it that huge a pay cut?

And, when you start digging into it - there are a lot of shortages in hospitality, food service, retail, and other front-line jobs. It is also a candidates market in white collar jobs, but there has started to be a lot of evidence companies are posting jobs and claiming they aren't getting candidates, but they actually are just choosing not to hire. Kind of hard to study but more and more insider stories are coming out about inflated job postings (1 job posted in 15 cities as recruiting tries to get better at handling remote job postings, so it appears like more jobs than there are) or the recruiting processes simply grinding to a halt, no one hired even though there are applicants. It is saving the company money in the short term to drag their feet on hiring and the pain is usually on the front line people who pick up the slack, have mandatory overtime, etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

I know I'm replying to an old post in this thread, but I bet is still applies to many of the current posters.

I've noticed that there are a lot of old people that want young people to subsidize their health care costs, be it through the ACA or through proposals to lower the Medicare age.

Many, but certainly not all, of these people simultaneously are opposed to subsidies for child care, college or student loans.

It's because there is no way for older people to continue working to pay for health care.

You don't see the difference?

People like you is why birth rate is low. We will see who will pay for social security in 10 years.

[Anonymous]

Anonymous wrote:I’m in IT, made $170k as senior sys admin but laid off 2020. I’m 55, Asian female. I’ve applied everywhere and had zero reply.

What should I pivot to and how much should I expect to make?

Rework your resume so you appear to be 40, make sure your haircut and style and skin look younger than you are, get networking.

[Anonymous]

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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.

If you think millennial employees are fragile, wait till you see Gen. Z.

I'm 40 and have managed 10+ people older than me and 15+ people younger than me I will say, no Gen Z direct reports yet.

My experience is that Boomers are WAY more "fragile" and entitled on the whole than the Millennials I've managed. It still comes down to the individual, but yeah, if all I have to go on is age for a role that just needs a few years experience - I'd take a 28 year old with 3 years experience over a 55 year old with 30 years experience. I've also found younger people to be much more resourceful. The Boomers expect everything to be hand fed/taught to them. Again, on the whole - have had some awesome older employees and some annoying younger ones too.

A lot of things that get attributed to generational differences is actually just stage of life, too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

If you think millennial employees are fragile, wait till you see Gen. Z.

I'm 40 and have managed 10+ people older than me and 15+ people younger than me I will say, no Gen Z direct reports yet.

My experience is that Boomers are WAY more "fragile" and entitled on the whole than the Millennials I've managed. It still comes down to the individual, but yeah, if all I have to go on is age for a role that just needs a few years experience - I'd take a 28 year old with 3 years experience over a 55 year old with 30 years experience. I've also found younger people to be much more resourceful. The Boomers expect everything to be hand fed/taught to them. Again, on the whole - have had some awesome older employees and some annoying younger ones too.

A lot of things that get attributed to generational differences is actually just stage of life, too.

Isn’t 55 Gen X?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

I know I'm replying to an old post in this thread, but I bet is still applies to many of the current posters.

I've noticed that there are a lot of old people that want young people to subsidize their health care costs, be it through the ACA or through proposals to lower the Medicare age.

Many, but certainly not all, of these people simultaneously are opposed to subsidies for child care, college or student loans.

It's because there is no way for older people to continue working to pay for health care.

You don't see the difference?

People like you is why birth rate is low. We will see who will pay for social security in 10 years.

If older people had better health care options, they could retire and open more job opportunities.