Layoffs at 50

[Anonymous]

Anonymous wrote:So what's the strategy people? Turn 50 and pray nobody lays you off for 15 or more years? Or some private equity firm buys your company or it merges?

Doesn't anybody every take what they know, consult, and make serious money? And how many people, except these hi-sal DCUM'ers can retire at 58 and live another 30-35 years on what they saved? A couple of recessions, stock market crashes, zero interest, Republicans take social security away and even a great saver would suffer. Plus companies that go bankrupt and screw retirees over their pensions. That never happens?

What has actually worked for people so we don't go to work in fear?

You'll always be afraid if you work for someone else. Start a side business (a "hustle" as it's called today). Take control of your own destiny and career. Go after opportunities - don't wait for someone to give them to you. If you're a star trek fan, watch this clip (don't "play it safe"):

https://www.youtube.com/watch?v=mGvUDvZ7KyU

[Anonymous]

Anonymous wrote:

Anonymous wrote:So what's the strategy people? Turn 50 and pray nobody lays you off for 15 or more years? Or some private equity firm buys your company or it merges?

Doesn't anybody every take what they know, consult, and make serious money? And how many people, except these hi-sal DCUM'ers can retire at 58 and live another 30-35 years on what they saved? A couple of recessions, stock market crashes, zero interest, Republicans take social security away and even a great saver would suffer. Plus companies that go bankrupt and screw retirees over their pensions. That never happens?

What has actually worked for people so we don't go to work in fear?

You'll always be afraid if you work for someone else. Start a side business (a "hustle" as it's called today). Take control of your own destiny and career. Go after opportunities - don't wait for someone to give them to you. If you're a star trek fan, watch this clip (don't "play it safe"):

https://www.youtube.com/watch?v=mGvUDvZ7KyU

Well I have a noncompete so I have to build a separate unique career that doesn’t overlap. That makes real money, as well as work full time and parent.

I honestly want to do it, but I’m honestly baffled by logistics? Ritalin? And I have to build the business outside normal business hours b/c I’m working. How do you court customers on the weekend?

[Anonymous]

Anonymous wrote:Ageism is real, but it's seemingly the natural order of things. Companies are pyramids. As you work your way up the corporate ladder and get paid more, eventually you will plateau in your mid-to-late-40s. Once you're been at a certain level for more than 3 years or so, the bean counters will look at your compensation and see an area to cut by replacing you with a cheaper model who is 10 years younger. The company pays less for your replacement and gets 5-10 years of service. Win-win for the company.

If you're 40+, in middle management, and don't think you have a target on your back - you need to wake up.

Plenty of folks have asked what can you do about it? Doing good work isn't enough. You must justify your existence.

Link your productivity to the bottom line. Always think about whether what you're doing will have a positive ROI for the company and make sure your name is attached to every project, initiative, product launch, service, etc... that makes money for the company.

Stop helping anyone who isn't in a position to help you down the road.

Make your boss look good, but don't let him/her take the credit for your hard work.

Never document how your job is done, nor the recipe "secret sauce" that you've acquired over your years of working.

Get out of your company and make a name for yourself in your industry by speaking at conferences, writing papers (preferably co-authored with a VP in your company that needs some street cred), serving on industry trade groups/councils, etc... People need to know who you are outside of your company and business unit.

How do you prove adding value if you are in accounting, HR, or possibly legal? To some degree you're doing compliance. Ok, I reduced the monthly close process, but try quantifying what they saved. Everybody just worked less hours.

[Anonymous]

Anonymous wrote:At least older GenX and boomers had cheap housing. We are late 40s with huge mortgage and no idea how to hedge against lay-off in 50s

We're slightly older, but had to move to DC to find jobs in our 40s and adjust to the higher prices; neither of us have never made more than 100k each, even in the DC metro. Concerned, because we pretty much have to work until we are 69 / 70.

[Anonymous]

Anonymous wrote:

Anonymous wrote:At least older GenX and boomers had cheap housing. We are late 40s with huge mortgage and no idea how to hedge against lay-off in 50s

We're slightly older, but had to move to DC to find jobs in our 40s and adjust to the higher prices; neither of us have never made more than 100k each, even in the DC metro. Concerned, because we pretty much have to work until we are 69 / 70.

Didn't do this but feel we're in a similar boat. DH is 8 years older than me. We plan to live overseas as soon as our kids finish college. Know this isn't for everyone but you can live quite well on much less elsewhere.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:At least older GenX and boomers had cheap housing. We are late 40s with huge mortgage and no idea how to hedge against lay-off in 50s

We're slightly older, but had to move to DC to find jobs in our 40s and adjust to the higher prices; neither of us have never made more than 100k each, even in the DC metro. Concerned, because we pretty much have to work until we are 69 / 70.

Didn't do this but feel we're in a similar boat. DH is 8 years older than me. We plan to live overseas as soon as our kids finish college. Know this isn't for everyone but you can live quite well on much less elsewhere.

Except by time kids graduate college, they move back home for a bit before save up enough to move out the younger is almost 25. By time who can pack up and leave, need access to good health care and SS and Medicare kick in plus RMD 401k.

It is damn 55-65 that is killer

[Anonymous]

Anonymous wrote:
It is damn 55-65 that is killer

this is true. Too old in the workplace, too young for medicare to kick in. If it wasn't for the crazy health care costs in this country, we could easily retire soon, in our 50s.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:At least older GenX and boomers had cheap housing. We are late 40s with huge mortgage and no idea how to hedge against lay-off in 50s

We're slightly older, but had to move to DC to find jobs in our 40s and adjust to the higher prices; neither of us have never made more than 100k each, even in the DC metro. Concerned, because we pretty much have to work until we are 69 / 70.

Didn't do this but feel we're in a similar boat. DH is 8 years older than me. We plan to live overseas as soon as our kids finish college. Know this isn't for everyone but you can live quite well on much less elsewhere.

Except by time kids graduate college, they move back home for a bit before save up enough to move out the younger is almost 25. By time who can pack up and leave, need access to good health care and SS and Medicare kick in plus RMD 401k.

It is damn 55-65 that is killer

I agree - DH is 63 and I'm 55. We plan to go to a country with good, inexpensive healthcare. We speak Spanish so have lots to choose from. Also Portugal (I speak some Portuguese as well) has excellent, inexpensive care. We are looking into getting citizenship elsewhere too but that can be expensive (Spain, Portugal, Malta, Ecuador, Panama, etc.

We've told our kids about our plan their entire lives, traveled with them overseas, and they will either find their way after age 26 here in US (when we stop paying for their healthcare) or follow us or work to get a job overseas if they don't want to go the govt/teaching/corporate/military route which are the only ways to access healthcare consistently anymore in the US.

Healthcare will break this country if coronavirus or some other pandemic/radical climate issue doesn't. Time to move on...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:At least older GenX and boomers had cheap housing. We are late 40s with huge mortgage and no idea how to hedge against lay-off in 50s

We're slightly older, but had to move to DC to find jobs in our 40s and adjust to the higher prices; neither of us have never made more than 100k each, even in the DC metro. Concerned, because we pretty much have to work until we are 69 / 70.

Didn't do this but feel we're in a similar boat. DH is 8 years older than me. We plan to live overseas as soon as our kids finish college. Know this isn't for everyone but you can live quite well on much less elsewhere.

Except by time kids graduate college, they move back home for a bit before save up enough to move out the younger is almost 25. By time who can pack up and leave, need access to good health care and SS and Medicare kick in plus RMD 401k.

It is damn 55-65 that is killer

I agree - DH is 63 and I'm 55. We plan to go to a country with good, inexpensive healthcare. We speak Spanish so have lots to choose from. Also Portugal (I speak some Portuguese as well) has excellent, inexpensive care. We are looking into getting citizenship elsewhere too but that can be expensive (Spain, Portugal, Malta, Ecuador, Panama, etc.

We've told our kids about our plan their entire lives, traveled with them overseas, and they will either find their way after age 26 here in US (when we stop paying for their healthcare) or follow us or work to get a job overseas if they don't want to go the govt/teaching/corporate/military route which are the only ways to access healthcare consistently anymore in the US.

Healthcare will break this country if coronavirus or some other pandemic/radical climate issue doesn't. Time to move on...[/quote

Google Forbes magazine for a list of great places to move. Healthcare will never be fixed in the US because if CEOs don't suck every last penny out of people, that's socialism.]

[Anonymous]

This is how it happens:

NEW YORK: Weber Shandwick has let five senior executives go in what the agency is describing as "a small staff reduction."

https://www.prweek.com/article/1673307/weber-shandwick-ousts-five-senior-leaders

[Anonymous]

Look up your company here. It is where they post lay-off info by company

https://www.thelayoff.com/freddie-mac

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would highly encourage people 40+ to think twice before throwing more money at getting more education towards a degree in a white-collar field.

Competition will continue to be stiff and it's ALWAYS easier for companies to hire younger, hungrier and cheaper employees.

My advice is to look at trade-related options which will always be in high demand. Electricians, plumbers, mechanics, HVAC, construction manager, carpenter, welder, etc.

Also look at options in health-care related fields.

With a bit of experience under your belt you can be your own boss. If you demonstrate to just a few clients that you are competent, honest and fair priced you won't believe how many referrals you will get and the kind of income you can generate.

The trades guys that I've had at my house are all smart, smart, smart and really on the ball. They are all driving the brand new big pickup trucks. I'm guessing they cost around
$70,000.

There is huge demand in the trades.

Become an RN. Just got a new job (age mid 50s). Felt like changing patient populations. Can work PRN, part time, full time. I am ramping up to full time.

It takes a couple years to become in RN right ? And it would be costly?

You can do direct entry RN-BSN if you have a degree already (hard to get in to but faster than ADN to BSN route). You can get hospital to pay toward loan/education (mine did) at some places .

That’s not reality true. One of my friends is doing that and he has to retake all his gen ed courses as the ones he took for his bachelor degree is more than 10 years old. Then he also need to take nursing courses. It’s definitely not as seamless as you made it sound.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would highly encourage people 40+ to think twice before throwing more money at getting more education towards a degree in a white-collar field.

Competition will continue to be stiff and it's ALWAYS easier for companies to hire younger, hungrier and cheaper employees.

My advice is to look at trade-related options which will always be in high demand. Electricians, plumbers, mechanics, HVAC, construction manager, carpenter, welder, etc.

Also look at options in health-care related fields.

With a bit of experience under your belt you can be your own boss. If you demonstrate to just a few clients that you are competent, honest and fair priced you won't believe how many referrals you will get and the kind of income you can generate.

The trades guys that I've had at my house are all smart, smart, smart and really on the ball. They are all driving the brand new big pickup trucks. I'm guessing they cost around
$70,000.

There is huge demand in the trades.

Become an RN. Just got a new job (age mid 50s). Felt like changing patient populations. Can work PRN, part time, full time. I am ramping up to full time.

It takes a couple years to become in RN right ? And it would be costly?

You can do direct entry RN-BSN if you have a degree already (hard to get in to but faster than ADN to BSN route). You can get hospital to pay toward loan/education (mine did) at some places .

That’s not reality true. One of my friends is doing that and he has to retake all his gen ed courses as the ones he took for his bachelor degree is more than 10 years old. Then he also need to take nursing courses. It’s definitely not as seamless as you made it sound.

Except the "trades" have same issue. Unless you own a Plumbing or Electrician business etc., you get too old that type of work. I am 58 and newly laid off from a white collar job, I can do work around the house home repairs, but to be honest I am pooped after 2-3 hours. I cant work 8 hours a day of manual labor for long. Plus I need benefits. I have a whole family on plan.

And nursing the pay is way too low. I honestly could do bagging groceries 20 hours a week to get benefits and then manage investments, etc and make more money. Plus I bleed out at below 100K. so Under 100K is almost same as zero. My monthly bills run $10,000 a month.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would highly encourage people 40+ to think twice before throwing more money at getting more education towards a degree in a white-collar field.

Competition will continue to be stiff and it's ALWAYS easier for companies to hire younger, hungrier and cheaper employees.

My advice is to look at trade-related options which will always be in high demand. Electricians, plumbers, mechanics, HVAC, construction manager, carpenter, welder, etc.

Also look at options in health-care related fields.

With a bit of experience under your belt you can be your own boss. If you demonstrate to just a few clients that you are competent, honest and fair priced you won't believe how many referrals you will get and the kind of income you can generate.

The trades guys that I've had at my house are all smart, smart, smart and really on the ball. They are all driving the brand new big pickup trucks. I'm guessing they cost around
$70,000.

There is huge demand in the trades.

Become an RN. Just got a new job (age mid 50s). Felt like changing patient populations. Can work PRN, part time, full time. I am ramping up to full time.

It takes a couple years to become in RN right ? And it would be costly?

You can do direct entry RN-BSN if you have a degree already (hard to get in to but faster than ADN to BSN route). You can get hospital to pay toward loan/education (mine did) at some places .

That’s not reality true. One of my friends is doing that and he has to retake all his gen ed courses as the ones he took for his bachelor degree is more than 10 years old. Then he also need to take nursing courses. It’s definitely not as seamless as you made it sound.

Except the "trades" have same issue. Unless you own a Plumbing or Electrician business etc., you get too old that type of work. I am 58 and newly laid off from a white collar job, I can do work around the house home repairs, but to be honest I am pooped after 2-3 hours. I cant work 8 hours a day of manual labor for long. Plus I need benefits. I have a whole family on plan.

And nursing the pay is way too low. I honestly could do bagging groceries 20 hours a week to get benefits and then manage investments, etc and make more money. Plus I bleed out at below 100K. so Under 100K is almost same as zero. My monthly bills run $10,000 a month.

+1. Trades is only a wise option if you switch pre age 40. Trades work is also not easy....those of you 50+ who have had to bend under the kitchen sink to install a faucet know what I'm talking about. Same with an HVAC tech having to go into an attic on a 90 deg plus day. Do you think a 50+ YO could survive the 150 deg temps for too long? Trades work requires skill, physical stamina, and knowing trick of the trade which oftentimes takes a lifetime to learn and master.

[Anonymous]

Also trades are in demand b/c housing and RE is hot. It’s very cyclical.