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[quote=Anonymous][quote=Anonymous]I’m surprised that people still get shocked when they are laid off from a job, especially at age 40+.

This is not a new phenomenon. Imho Layoffs are common and should be expected and financially planned for.

The expense, skills and upward trajectory of a 50 year old are very different to an employer than a younger worker. Higher health care costs, larger paychecks, more vacation time off work, more sick time off. Coupled with a declining and outdated skill set, knowledge base and lower productivity compared to younger workers.

No worker should be surprised when they are laid off in this day and age. But older workers should definitely not be shocked by it.[/quote]
I'm a PP with a DH who is having a hard time now at almost 60 finding something that pays what he's used to.

I'm not shocked because I was already laid off once when I was 24, my first job.  Then I learned at 28 that there is no such thing as loyalty from a company to its employees.

That's why I  started saving a lot early on.

But, I think most people think things like this will never happen to them, or that they have time to save.  When you're 35, 65 seems so far away, and you think you have those 30 years to catch up.  But, those 30 years go by fast, especially if you have kids, and you're trying to also save for college, which is *insanely* expensive now. You also don't think ageism will impact you until you are 65, when it actually starts at 50.

We showed our teens the power of compounding and they were wow'd.  We opened an IRA for our 18 yr old who has been working for 2 years.  We are funding their IRA.  Bonus:  new rules allow leftover 529 to be rolled over to an IRA (with conditions).[/quote]

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