Anonymous
02/18/2021 13:31
Subject: Everyone I know is laid off by age 55
.Anonymous wrote:I am 57 (female and person of color), soon to be 58 and work in-house for a non-profit. I make 315K and have been in my position for 19 years. We have people in our organization who have been with the company for 30 to 40 years. If I can, I will work another 10 years. You can do the math. It depends on your position. I am viewed as key personnel and have a lot of institutional knowledge and subject matter expertise (law). The key is making yourself as critical to the enterprise as you can. I have $1.5 in retirement. I want to add another $500 - $750 if I can. My husband is retired and we have twins starting college in the fall. It can be done but you have to find your niche.
For such a high salary, that is a relatively low amount for retirement. When do you intend to retire? Does your husband have more in a separate account? Or is the $1.5M combined?
Anonymous
02/18/2021 12:55
Subject: Re:Everyone I know is laid off by age 55
Anonymous wrote:Yep, that's why I'm staying in the government, despite getting so many calls from recruiters. I'm 45 y/o and I'm staying until 57.
43 and Gov't here too. Not that recruiters are calling me, but I'm sticking with this gig. GS-15, no need to even try to be an SES for the money added isnt worth the work.
Anonymous
02/18/2021 12:54
Subject: Everyone I know is laid off by age 55
I am sorry to hear these stories from the private sector. I'm a fed, so there is a lot of job security. problem as a fed is that my agency has a lot of folks retired in place, well over the age of 60. many are still on the old pension plan
Anonymous
02/18/2021 11:23
Subject: Everyone I know is laid off by age 55
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:I’m 32 and work for a foreign government. Healthcare can be sorted out. Consulting is an option and a good transition to retirement. If EVERYONE gets laid off at 55, plan for it.
Considering people still have kids in high school when they are 55, this is absolutely insane. Who can retire when your kids are in high school?
This is what I always wonder. And if there are multiple kids, college costs can easily stretch into early 60s
My last child graduates college when I am 67. My friend had list last child at 55 with his 45 year old wife. And both of us this if first marriages.
My friend lives in a rich neighborhood when his kid started pre-school when his was 58 he was younger than half the dads. It is a rich neighborhood so a lot of Dads on second or third marriages.
My cousin got married at 40 to a 50 year old and had three kids. But she invested like crazy, bought multiple investment properties and she was booted at 60 and her husband made it to 65 but at 65 he had a 14, 13 and 11 year old.
These are maybe rare examples but over last 25 years companies have ramped up pushing people over 50 out the door yet folks are marrying later and having kids later. 50s. Me I am turning 59 with a kid still in middle school and two in college
A number of my friends had kids early to mid 40's. Not sure what their plans are.
Anonymous
02/18/2021 11:22
Subject: Everyone I know is laid off by age 55
Anonymous wrote:In IT, I am preparing for laid off by 50
go into consulting
-50 yr old IT
Anonymous
02/18/2021 11:18
Subject: Everyone I know is laid off by age 55
Anonymous wrote:Anonymous wrote:Anonymous wrote:I’m 32 and work for a foreign government. Healthcare can be sorted out. Consulting is an option and a good transition to retirement. If EVERYONE gets laid off at 55, plan for it.
Considering people still have kids in high school when they are 55, this is absolutely insane. Who can retire when your kids are in high school?
This is what I always wonder. And if there are multiple kids, college costs can easily stretch into early 60s
My last child graduates college when I am 67. My friend had list last child at 55 with his 45 year old wife. And both of us this if first marriages.
My friend lives in a rich neighborhood when his kid started pre-school when his was 58 he was younger than half the dads. It is a rich neighborhood so a lot of Dads on second or third marriages.
My cousin got married at 40 to a 50 year old and had three kids. But she invested like crazy, bought multiple investment properties and she was booted at 60 and her husband made it to 65 but at 65 he had a 14, 13 and 11 year old.
These are maybe rare examples but over last 25 years companies have ramped up pushing people over 50 out the door yet folks are marrying later and having kids later. 50s. Me I am turning 59 with a kid still in middle school and two in college
Anonymous
02/18/2021 11:06
Subject: Everyone I know is laid off by age 55
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:I am 57 (female and person of color), soon to be 58 and work in-house for a non-profit. I make 315K and have been in my position for 19 years. We have people in our organization who have been with the company for 30 to 40 years. If I can, I will work another 10 years. You can do the math. It depends on your position. I am viewed as key personnel and have a lot of institutional knowledge and subject matter expertise (law). The key is making yourself as critical to the enterprise as you can. I have $1.5 in retirement. I want to add another $500 - $750 if I can. My husband is retired and we have twins starting college in the fall. It can be done but you have to find your niche.
Weird that you and your DH are retiring at different times.
DP - I’ve seen this comment a lot lately. I’ve personally never known a couple to retire “together.” I think it’s odd to assume a couple is easy to leave at the same time.
Why? We have planned for this for 20 years. What's hard?
It may also be worth it for one spouse to continue working to obtain health insurance coverage for both. Health insurance cost alone can be worth having a job.
Anonymous
02/18/2021 10:35
Subject: Re:Everyone I know is laid off by age 55
Anonymous wrote:I’ve seen this a lot with friends in marketing/PR/media jobs. Same for consulting/finance type jobs, though the best can keep rising in those fields. Medicine and law value experience.
Law mainly values book of business. It's a tough road for aged 50+ non-equity partners or even equity partners who lose that one big client. New in-house wants to send business to buds @ old firm even though you've efficiently handled things for years. Happens all the time.
Anonymous
02/18/2021 08:32
Subject: Everyone I know is laid off by age 55
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:This is not the case in my line of work. It’s the opposite actually!
What is your line of work?
Medicine
I’m a physician, too. I used to think like you, until my prior hospital system started having financial difficulties, At this point, departments that were hurting started jettisoning the experienced doctors. It’s easy enough - the chair increases your service time to untenable levels or refuses to give you a bonus (or makes it a laughably small sum), at which point the experienced doctors leave. The administration systematically replaced the experienced doctors with doctors who were just finishing up their fellowships. And then leadership ran around crowing about how much more money the department would make because of reduced personnel costs. I left before I was targeted because I had over ten years of experience, and people hired along with me started to get targeted. I should specify that the doctors who left were phenomenal, and were not weak in any way. They just cost too much money.
So, I fear that I have seen the future of medicine, and it looks awfully corporate. It’s only a matter of time before this strategy is deployed by other hospital systems, and I suspect that the economic damage wrought by covid will accelerate the process.
If you don't have job security as a doctor, what's left. Health care is being taken over by private equity vultures who have no problem, along with hired gun management to screw people over. Of course patient care suffers, but who cares? Only the almighty dollar counts. Welcome to the America of continued increasing income inequality.
Anonymous
02/18/2021 08:17
Subject: Everyone I know is laid off by age 55
Anonymous wrote:Anonymous wrote:I’m 32 and work for a foreign government. Healthcare can be sorted out. Consulting is an option and a good transition to retirement. If EVERYONE gets laid off at 55, plan for it.
Considering people still have kids in high school when they are 55, this is absolutely insane. Who can retire when your kids are in high school?
This is what I always wonder. And if there are multiple kids, college costs can easily stretch into early 60s
Anonymous
02/18/2021 00:29
Subject: Everyone I know is laid off by age 55
Anonymous wrote:Anonymous wrote:Anonymous wrote:This is not the case in my line of work. It’s the opposite actually!
What is your line of work?
Medicine
I’m a physician, too. I used to think like you, until my prior hospital system started having financial difficulties, At this point, departments that were hurting started jettisoning the experienced doctors. It’s easy enough - the chair increases your service time to untenable levels or refuses to give you a bonus (or makes it a laughably small sum), at which point the experienced doctors leave. The administration systematically replaced the experienced doctors with doctors who were just finishing up their fellowships. And then leadership ran around crowing about how much more money the department would make because of reduced personnel costs. I left before I was targeted because I had over ten years of experience, and people hired along with me started to get targeted. I should specify that the doctors who left were phenomenal, and were not weak in any way. They just cost too much money.
So, I fear that I have seen the future of medicine, and it looks awfully corporate. It’s only a matter of time before this strategy is deployed by other hospital systems, and I suspect that the economic damage wrought by covid will accelerate the process.
Anonymous
02/17/2021 23:27
Subject: Everyone I know is laid off by age 55
In IT, I am preparing for laid off by 50
Anonymous
02/17/2021 22:43
Subject: Everyone I know is laid off by age 55
Anonymous wrote:Anonymous wrote:This is not the case in my line of work. It’s the opposite actually!
What is your line of work?
Medicine
Anonymous
02/17/2021 18:19
Subject: Everyone I know is laid off by age 55
Anonymous wrote:
... and then can't find another job. Seriously, this is messed up. Gone are the days companies keep someone until they are 60, much less 65.
Yes, people can consult, but then there's no healthcare.
Medicare needs to start at 60, no later.
You have to ask, how often did the people who are getting laid off now hired people who were over 45 when they were doing the hiring.
Anonymous
02/17/2021 17:50
Subject: Everyone I know is laid off by age 55
Anonymous wrote:Anonymous wrote:I am interviewing now. And I can tell you it is real. I have an amazing resume. However, I made it appear I graduated college in 1989. It is actually 1984.
I interview with folks 20 years younger who often have no clue what I do and companies are using HR tools to have them key in if you are hitting their weird behavioral and culture fit type responses.
I am not geared for these type of resumes.
Then I get these where do you see yourself in five years questions. First I am 59. Dont ask that, second I am applying for head of an area, so I really cant get promoted if I got the job.
Bascially they want the knowledge of a 59 year old in the body of a good looking 29 year old Hispanic femaille who passes for white. .
You lied on your resume?
Did not lie resume. Just left off first two jobs. They are irrelevant anyhow. Also leave off dates I graduated college. I am making it look like I am 54 instead of 59. Even companies that hire older folks at 59 think you are going to retire on them or it is a step down job you take and quit.