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[quote=Anonymous][quote=Anonymous][quote=Anonymous]People don't realize low paid job is actually a bad solution. A man getting laid off a high paid job at 58 making around 360K a year. With two kids in college and a mortgage and a SAHM wife for instance getting a job in McDonalds or becoming a substitute teacher or school bus driver is not going to help. He can cut expenses but when you had income of 30K a month a job that pays 60K a year is not much help.

Even a 160K job you will bleed out. The clock is ticking he should be looking for 40-60 hours a week for a high paid job. He has to do at least 1,000 to 5,000 applications, following up on leads, reaching out on LinkedIn, meeting up for coffee, presenting at conferences, coming to trade groups.

I think his best choice is to find a start up looking for someone with gray hair and a good resume looking to work for peanuts with pre-IPO stock in exchange a good title. Then do that 1-2 years and try to land a good job again.

And it is ALL ON HIM. I have sisters and sister inlaws who were teachers, nurses, working in lower level marketing jobs that are jobs that never pay a ton or have been a SAHM for years. Not like their husband at 55 loses their 360K job they can magically make 360K .

[/quote]

Get real.  99% of 58 y.o. men who get laid off from a $360K job will never find another job like that again.  I’ve been with a F500 company for 30 years and I don’t know a single comeback story.   You have to be pretty special to land on your feet in this situation.

I do know two guys who retired, they were fairly well known in the industry, and their contacts begged them to come out of retirement for a few years to fill a gap.  [/quote]

+1. This.  And probably 95 pct of 48 year old men will never see those salaries again. A company can get a 28 year old with cutting edge skills for half the price who is willing to work twice as hard because they don’t have kids. That’s why labor economics theory shows that people are underpaid relative to their productivity when they’re young and overpaid when they’re older.

But the model sucks if people who are older no longer have the security of long-term employment. [/quote]

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