Layoffs at 50

[Anonymous]

Anonymous wrote:We are a Fed family and locally know mostly either other Federal employees or BigLaw/lobbyist employees.

We have some family in friends in a variety of fields, such as hardware tech companies, biochem, health insurance, etc and all of them seem to be going through rocky careers transitions in their 50s.

Many have been laid off after being there for 20 years, then getting a new job for less money at a smaller company, rinse and repeat. Or they are just laid off and desperately trying to re-tool their careers and get back to work.

Is it really that common to be laid off in your 50s, or is it just our skewed sample size with our friends and family? Obviously we don't encounter that at our workplace, but at same time we haven't sen the soaring stock values in an EPP so there are obvious tradeoffs.

Just jumped on the thread, so didn't read the other responses.

Ha ha ha ha. I'm over 50, and wow. It's a whole new world up here.

Many of my friends and family around the nation have been laid off as soon as they got into their 50s. Lots are consulting, a few retired and live now on family money, several have gone into teaching, some are scratching around at part time and freelance work after full careers. Many are making less money.

I have two Ivy degrees and great work experience in my field. In my 40s, I was offered every job I applied for. I thought it would be easy to get back into the work force any time I chose, so I stepped back to deal with some family issues.

Stupid me, I stayed at home for too long. Now, in my 50s with a big gap in my resume, no one will even look at me. I can't get any interviews. Nada, nothing. It's astonishing to me, but that's the way it is.

DH is in his 50s, and holding on for dear life, as are most of our friends. Jobs are scarcer, and there are always younger workers, willing to work for less money, eager to replace you when you are in your 50s.

Age discrimination is rampant, and there's nothing to stop it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are a Fed family and locally know mostly either other Federal employees or BigLaw/lobbyist employees.

We have some family in friends in a variety of fields, such as hardware tech companies, biochem, health insurance, etc and all of them seem to be going through rocky careers transitions in their 50s.

Many have been laid off after being there for 20 years, then getting a new job for less money at a smaller company, rinse and repeat. Or they are just laid off and desperately trying to re-tool their careers and get back to work.

Is it really that common to be laid off in your 50s, or is it just our skewed sample size with our friends and family? Obviously we don't encounter that at our workplace, but at same time we haven't sen the soaring stock values in an EPP so there are obvious tradeoffs.

Seeing it a lot among famiy, friends, coworkers and neighbors going through this. All I can say is live in a frugal manner and save. Live way below your means.

We tried to do this, but when kids hit college, you have to spend a lot more money than you expected. We saved, and sent them to state schools, but it's costly, and ate away ate our savings. We have four kids, so two more to go. I don't know how we're going to get through this. I never expected to scrimp in my late 50s.

We have always lived below our means and very frugally, but college costs caught us off guard. And COL is so high in this area. Eating away at our savings, and job prospects are precarious. Very scary time. Not at all where I thought I'd be now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My BIL made 120k and lived like he made 350k. Went through dire straits now. The kids bail them out now and then. They at least have social security.

We try do the opposite. Our HHI is about $250K, and live on $120K. The rest goes into savings. We are in our 50s, and I'm a contractor. When my contract ends (could be six months, could be 1 year, who knows), I think that will be it for me.

In our mid/late 40's we moved to a lower COL area so we could downsize our mortgage for this very reason. We knew that as our 50s were approaching, our chances of continuing to make this much money would go down, so even though we could've afforded a much more expensive home, we bought a lower priced home (still pricey for most people), and got a smaller mortgage.

We are aiming for $140K to $160K for each child for college, and $2.3 mil (minimum) by the time we retire in our mid 50's/early 60's. I will probably get a low paid admin type job just for the benefits and to pay for simple necessities like food and utilities, and by then, kids will be in college.

Good luck with this!!

I've been trying to get one of these. Ha! Even these jobs are given to the young. Don't count on this.

[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?

Good question. I don't have any answers. Sorry. Nothing is working for us, and we're trying.

[Anonymous]

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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.

What are you planning to do to earn 100K (or 120K plus taxes) to support yourself?

[Anonymous]

My 50+ friends have been laid off from white collar jobs and are looking to get in the same field even after 2 years. Some took serious demotions to pay the bills accepting bosses 20 years younger. Every day there are more “I’m happy to announce that I’ve starting a consulting (or coaching) firm” on linkedin. It’s just a facade not to look unemployed because the majority have no clients.

I too left a C-suite job right before 50 because of a really toxic environment. I stayed for the money until I got sick, then I had to leave to save my life. I started a gig in a completely different field and hope to never ever have to be employed and make some shitheads rich.

I believe that after 50 it comes down to having a bold mindset and going against conventions. My grandparents rode their bikes into their 90s and were never concerned they’d fall. They didn’t overthink it, it was just part of their daily life. Screw conventions, move your elbows and claim your space. It’s the best cure anti ageism.

[Anonymous]

Anonymous wrote:My 50+ friends have been laid off from white collar jobs and are looking to get in the same field even after 2 years. Some took serious demotions to pay the bills accepting bosses 20 years younger. Every day there are more “I’m happy to announce that I’ve starting a consulting (or coaching) firm” on linkedin. It’s just a facade not to look unemployed because the majority have no clients.

I too left a C-suite job right before 50 because of a really toxic environment. I stayed for the money until I got sick, then I had to leave to save my life. I started a gig in a completely different field and hope to never ever have to be employed and make some shitheads rich.

I believe that after 50 it comes down to having a bold mindset and going against conventions. My grandparents rode their bikes into their 90s and were never concerned they’d fall. They didn’t overthink it, it was just part of their daily life. Screw conventions, move your elbows and claim your space. It’s the best cure anti ageism.

Curious what spurred you to revive my 4 year old thread? It was just before pandemic, so in some ways a different world — but is ageism still hitting 50 year olds hard? I actually turn 50 soon, so thinking a gov role is best option even if wanted innovation and pay of private sector.

I’m a little confused, you were C level executive and how run your own company in a different field? I would have assumed you made such enormous money as Executive that retiring in at 50 was a reasonable option, so this gig is a low risk enterprise, with only upside - - you don’t need it to live? Not many of us are in that position at 50…

[Anonymous]

Ageism is even worse than 3-4 years ago.

[Anonymous]

Anonymous wrote:This happened to my father in law back in 1991 at the age of 50. It’s been a thing for a long time. Companies don’t give a damn about their employees.

Same happened to my dad in 1990 in his mid-50s. Then to my DH a year and a half ago at 60. My job's a bit boring and I've thought about trying something different but at 54 I'm happy right now to stick with a company that doesn't push people out because of age and has good benefits and reasonably competitive salaries. Plus been there a long time so I have a lot of vacation time so I can travel with my now-retired DH.

[Anonymous]

We interviewed a guy in his 50s yesterday and I only know his age because he left his graduation years in his resume. I thought he was a good candidate, but my boss told me plainly "he is too old". I was shocked. I guess that will be in a decade. I am 30. I am saving as much as I can because the work culture in this country is heartless.

[Anonymous]

Here is my question guys. I am 45 today but I make only 100k and no more room for growth at my company. I am thinking of changing career and company but man you guys are scaring me lol.

[Anonymous]

I know 2 people (in the last 6 months) mid 50s whose C level positions were eliminated. Different fields. Both had enough saved that they essentially just considered it retirement just a bit sooner than they expected. They don’t have to work anymore but I know one is trying to figure out what they want to do for the next few years.

[Anonymous]

Anonymous wrote:I know 2 people (in the last 6 months) mid 50s whose C level positions were eliminated. Different fields. Both had enough saved that they essentially just considered it retirement just a bit sooner than they expected. They don’t have to work anymore but I know one is trying to figure out what they want to do for the next few years.

Exactly, we are planning to be ready to retire by 50. Anything else is courting disaster

[Anonymous]

Anonymous wrote:I work for a firm of approximately 3,000 employees and it's employee owned and one reason why I'm never leaving my job is because the firm does not push people out the door when they hit a certain age. At all. The only downside to my firm is that we don't have the best salaries but our benefits are excellent, and I'm not taking the risk in jumping to another firm for a higher salary only to face ageism.

That’s why I’m staying at this place I’m at now. There’s an older guy about 68 years old and he sleeps half the day

[Anonymous]

In my field, the super experienced people are in high demand.