Reply to PSA: Save early

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]How long have you been laid off?  Why are so sure you can't get another job?  Assuming you can find one in 6 months to a year, yes you lose retirement contributions but not in a place that is unrecoverable.

Unless you are depleting other savings?  Did you get a severance?

At 51, you should be able to find something else if you look aggressively, unless you are in a weird niche industry.  51 is not 61.[/quote]
np.. 51 in certain industries is considered "old", like tech.

I hear ya, OP.  I'm lucky to still have my $170k paying job at 53.  DH is almost 61, and no longer able to find anything that pays $170K, even.  Luckily, I made sure that we did save the max earlier on.

But, yes, OP's situation is all too common and a cautionary tale for younger people.  You think your career path is set and you're good at your job so you will always be in demand for a high salary job.  DH is great at his job, but he's old. Ageism is real.

Listen up, people in your 30s/40s.  One day ageism will come for you, too.[/quote]

+100!

I'm the 12:03 poster above. I was making $200K+ bonus and options in my 40s and thought I was irreplaceable.  Laid off at 47, didn't want to touch lower level jobs, became a contractor, landed a job 5 years later that paid 20% less than what I was making before, laid off again at 56.  I could have prob. gotten a job at $150-$160k but the offers were for hands-on work and I'll have to take direction from some snot-faced idiot who wouldn't have dared to talk to me 'back then'. So I said 'fu*k this' and 'retired'. DW was part time when i got laid off the first time, switched full time and now makes over $200K. Thankfully, we'd focused on savings and investments when both were working and of course, the market doing well over the past decade or so (except the past couple of years) has definitely helped. Save as much as you can, as early as you can, and invest. [/quote]

I can totally relate. Laid off at 49. Was able to find another job, then laid off again at 55. I was very happy that DW has a stable job with benefits. Although I was making more than her for most of our marriage, the safety net of a government job was very comforting to us, even before I got laid off. When I got laid off the for the second time, I took over managing the household: shopping, cooking, driving the kids around, etc. Our lifestyle took a hit, but we adjusted just fine. Luckily, our kids’ 529s were already funded. So all is good.  [/quote]

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