If you were to lose your job at age 55+, would you retire/dial back or look for another full-time position?

[Anonymous]

I wouldn’t be able to retire because I’ve got 2 HS kids who are heading to college but that doesn’t seem to be of too much concern for most people on this board. Is that because college is “fully funded” or you assume you’ll get aid?

[Anonymous]

Anonymous wrote:I wouldn’t be able to retire because I’ve got 2 HS kids who are heading to college but that doesn’t seem to be of too much concern for most people on this board. Is that because college is “fully funded” or you assume you’ll get aid?

For us, fully funded for only in state. My younger one (HS senior) wants to go oos. They will have to use all of their inherited money to cover the difference. And no money for grad school. I have been trying to tell DC that this was a bad idea.

Or, if you go to a lower tiered private, they may give you more aid.

[Anonymous]

Anonymous wrote:I was laid off my 300k job at 54, got a 320k job, got laid off that at 57 then got a start up job for two years big pay cut, then started current role at 61 paying 250k.

I will keep working till o am laid off and can’t get a job.

55 is extremely young, it is someone born 1970. I got a job that age paying 320k. It is a lot harder at 60 plus.

55 is a spring chicken with a decade or more to go

yea keep telling yourself that. Anyone over 50 is OLDDDDD, real old

[Anonymous]

I’d need to look for fulltime work. For one thing, I need health insurance for me and my child. For another thing, I don’t have enough saved to cover any emergency or medical care needs if something bad happens (god forbid). And I’d like my child to inherit something from me.

[Anonymous]

At 58, you are done. Don't plan on finding another job on a senior level. Just retire or go get a hobby job.

And remember to vote your pocketbook.

[Anonymous]

Anonymous wrote:I wouldn’t be able to retire because I’ve got 2 HS kids who are heading to college but that doesn’t seem to be of too much concern for most people on this board. Is that because college is “fully funded” or you assume you’ll get aid?

We have one HS junior and one 8th grader. Fully funded in-state. They are welcome to try for merit in other places to even out the cost. We don’t anticipate any aid.

I’m 50 and would retire at 55+ but probably get a hobby job.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I was laid off my 300k job at 54, got a 320k job, got laid off that at 57 then got a start up job for two years big pay cut, then started current role at 61 paying 250k.

I will keep working till o am laid off and can’t get a job.

55 is extremely young, it is someone born 1970. I got a job that age paying 320k. It is a lot harder at 60 plus.

55 is a spring chicken with a decade or more to go

yea keep telling yourself that. Anyone over 50 is OLDDDDD, real old

No 50 is really young, I say that as better higher paying jobs need a lot of experience. I say 45 is absolute youngest you can be. My job I got at 54 they wanted prior regulatory experience I had 10 years. Prior big 4 experience I had 8 years, MBA and certifications, then a few big name brand companies on resume which I had 12 years of industry experience. They also wanted experience running departments.

That type of roll I got first at 45 and Board told me wanted “younger and hip” candidate. They were so picky most of candidates in 50s already.

The 54 year old job they wanted a more seasoned guy but not so old could not get 7-10 yards out of. So perfect.

My job hunt at 60 was hard as now I am Arron Rodgers or Joe Flacco. QBs very tail end of career whose only fit is desperate football team needs a short term turn turnkey solutions right now as they figure out long term solution or they mentor someone to take role.

63 is real kiss of death. My buddy was head of a 100 person critical area in a Fortune 500 and forced him to hire successor, train her than at 64 become deputy head of area. No pay cut but second in charge own area. They offered him a bit of severance package if he did this and he was planning on retiring around 65 anyhow. But he was like what a slap in face.

BTW 30 can be older than 55 in corporate America if you have crappy skills

[Anonymous]

Anonymous wrote:At 58, you are done. Don't plan on finding another job on a senior level. Just retire or go get a hobby job.

And remember to vote your pocketbook.

At 58 I had two kids in college at same time, a third kid in HS and a mortgage and everyone on my Health plan. Sure sounds like a great time to retire.

And I had around 5 million net worth at that time but would have ran through it by 68 and would be eating dog food in a cardboard box by 70.

Most of net worth was house, rental properties, 401ks, IRA. Only had two million in after tax accounts.

That two million disappear quick as I was making $25k a month.

[Anonymous]

Anonymous wrote:At 58, you are done. Don't plan on finding another job on a senior level. Just retire or go get a hobby job.

And remember to vote your pocketbook.

Depends on industry and individual—skills, experience , industry needs. At 63 (don’t look my age), I’m one of the top finalists for 2 better paying (project manager, consultant) jobs than the one I held for the past 10 years. I was already verbally offered 2 jobs but they are both on hold for now (awaiting budget). I’ve only been looking for work for a month and very selective on what I applied to.

My retirement account is okay but need more $$ for college tuition since we don’t qualify for financial aid. Also need good family health insurance. Spouse retired early but from a low paying career.

[Anonymous]

There are exceptions of course but no one wants your a$$ over 55 - even if you have all the qualifications. I’m 54 and I can admit I don’t even bother interviewing others for job opportunities - no matter the credentials. The only way most 55 plus get competitive work is through connections.

[Anonymous]

Anonymous wrote:

Anonymous wrote:At 58, you are done. Don't plan on finding another job on a senior level. Just retire or go get a hobby job.

And remember to vote your pocketbook.

At 58 I had two kids in college at same time, a third kid in HS and a mortgage and everyone on my Health plan. Sure sounds like a great time to retire.

And I had around 5 million net worth at that time but would have ran through it by 68 and would be eating dog food in a cardboard box by 70.

Most of net worth was house, rental properties, 401ks, IRA. Only had two million in after tax accounts.

That two million disappear quick as I was making $25k a month.

Haha, nice trolling!

[Anonymous]

I have to keep working. Need the max SS.

[Anonymous]

Anonymous wrote:I wouldn’t be able to retire because I’ve got 2 HS kids who are heading to college but that doesn’t seem to be of too much concern for most people on this board. Is that because college is “fully funded” or you assume you’ll get aid?

They got aid and merit and we had a small 529 that pays the remainder (not much).

[Anonymous]

Anonymous wrote:

Anonymous wrote:At 58, you are done. Don't plan on finding another job on a senior level. Just retire or go get a hobby job.

And remember to vote your pocketbook.

At 58 I had two kids in college at same time, a third kid in HS and a mortgage and everyone on my Health plan. Sure sounds like a great time to retire.

And I had around 5 million net worth at that time but would have ran through it by 68 and would be eating dog food in a cardboard box by 70.

Most of net worth was house, rental properties, 401ks, IRA. Only had two million in after tax accounts.

That two million disappear quick as I was making $25k a month.

Yea, I never use the equity in my primary residence in my nw, but you can certainly sell your rental properties if you had to. Also, your $25K/mo expenses is crazy. So yea, if you aren't willing to pull back on expenses, you can't retire on even $4mil at 58.

I'll retire at 56, and we will have about $4mil, not including the house. Our monthly expenses is about $10K.

[Anonymous]

I'm 55 and can't afford not to work. I would be worried and job searching.