Everyone I know is laid off by age 55

[Anonymous]

Anonymous wrote:

Anonymous wrote: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!

This ^ situation factored heavily into my choice of new career after divorce in middle age. Getting a new (not online) degree in my late 40s was draining and felt expensive but I am certain I will be employable as long as I have a pulse, into my 80s if I wish.

Lightly abused on the job and underpaid maybe, but I’ll have a job anywhere I want.

I am so sorry for OP and PPs though- the lack of safety nets in the US is ridiculous

what was your career choice?

I’m pretty glad I made the jump from underpaid non-profit to government in my late 30s. Nonprofits pay so little anyway that I don’t think they push out older workers to the same extent, but they are so unstable.

[Anonymous]

I’m the poster with both spouse and me laid off in late 40s. Spouse works for an association/ non profit. I work in private sector. Not defense or govt contracting, which I feel is easier to replace around here. Don’t want to say more than that.

[Anonymous]

Anonymous wrote:I think this is awful, but at the same time I can't help but feel a bit of smugess because the generation that told mine to "just work to put yourself through college" and "if you expect a decent job you're entitled" are now facing the consequences of their actions.

Instead of picking on us for picking "useless majors" maybe you should have seen the writing on the wall and picked fields that don't do this. Pull yourself up by your bootstraps! Stop being so entitled!

I mostly put myself through college but selected the wrong field - IT. Someone in Asia can do my job for less than half the price. We didn't have world competition when we graduated. Furthermore, as the pandemic has shown us, many jobs can be done remotely and parts of the world are well prepared or in the process of preparing for those jobs as well.

Those teaching jobs are looking better and better.

[Anonymous]

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.

[Anonymous]

I’ve seen this a lot with friends in marketing/PR/media jobs. Same for consulting/finance type jobs, though the best can keep rising in those fields. Medicine and law value experience.

[Anonymous]

Anonymous wrote:Yes, can you all post the industries where this is happening?

I posted earlier about 4 of the men in my life being out of work (2 brothers, husband, brother-in-law) by age 53. Reading these responses makes me feel like I should have elaborated a bit more. Two of the four were in finance -- and while they would like to work and continue their careers, they are also well off from their previous employment. One was in tech. Tech and finance are always mentioned as industries where you are done early. The fourth was in non-profit management and that person has a more difficult future.

[Anonymous]

If I go down my neighborhood block, many have been pushed out early. One retired and his wife still works but the others had kids at home and had to find other jobs. Most were in IT. They eventually found something but I don't know if they had to take a pay cut. So, yes, people over 55 are employed but most likely not making the same.

[Anonymous]

My brother and SIL's husband got laid off and have not found a job yet. Both my SILs got jobs enough to put food on the table and take care of medical coverage.

[Anonymous]

I'm a CPA, early 60s and still working. But my company is a disaster zone so who knows if I will be there through the end of the year. Looking to start my own software business as well as hoping my license keeps me employable, even if on a consulting basis.

[Anonymous]

Anonymous wrote:I think this is awful, but at the same time I can't help but feel a bit of smugess because the generation that told mine to "just work to put yourself through college" and "if you expect a decent job you're entitled" are now facing the consequences of their actions.

Instead of picking on us for picking "useless majors" maybe you should have seen the writing on the wall and picked fields that don't do this. Pull yourself up by your bootstraps! Stop being so entitled!

What the F are you talking about? The generation this is hitting is GenX.

[Anonymous]

Anonymous wrote: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!

Yes healthcare here. Plan to work up until retirement. Mid-50s now. First career nonprofit, left for Nursing in 40s.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think this is awful, but at the same time I can't help but feel a bit of smugess because the generation that told mine to "just work to put yourself through college" and "if you expect a decent job you're entitled" are now facing the consequences of their actions.

Instead of picking on us for picking "useless majors" maybe you should have seen the writing on the wall and picked fields that don't do this. Pull yourself up by your bootstraps! Stop being so entitled!

What the F are you talking about? The generation this is hitting is GenX.

55+ is 2 years of gen x, the rest are boomers. If you're going to be rude, be right.

[Anonymous]

We are 59/60 in biotech and don't find this to be the case. My boss is a couple years older than I.

[Anonymous]

Anonymous wrote:We are 59/60 in biotech and don't find this to be the case. My boss is a couple years older than I.

An older boss is not a sign this isn’t happening; it’s when you have peers that have stayed at same level as others who are 30s and not kicked out. That’s the signal. Not every worker can advance to management, so either you stay performing you same work with modest COL raises or they lay you off. Most likely new hires will make about the same as you once they are experienced (so you make $150k, they hire on at $120k and catch up very quickly)

[Anonymous]

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.