Anonymous
02/18/2019 15:10
Subject: Laid off at 55
OP, I'm so happy to read a happy ending (we hope!). That said, now that your dad knows it can happen -- and happen at this company -- I'd still think he should polish his resume, including certifications, new skills, etc. and redouble his networking efforts. I don't know what the security of the new position is but if it can happen once, it can happen twice.
I also think your parents should consult with a financial advisor if necessary and plan to reduce living expenses and increase retirement savings to the maximum extent they possibly can. They should save every dime for the next 8 years (or maybe more, 63 is still young to retire), delay taking Social Security, etc. I.e. don't rest easy because they need to have the money in place to survive ~20 and maybe more years after retirement.
I also think your parents should consult with a financial advisor if necessary and plan to reduce living expenses and increase retirement savings to the maximum extent they possibly can. They should save every dime for the next 8 years (or maybe more, 63 is still young to retire), delay taking Social Security, etc. I.e. don't rest easy because they need to have the money in place to survive ~20 and maybe more years after retirement.
Anonymous
02/18/2019 14:44
Subject: Laid off at 55
Anonymous wrote:Not me, my father. 55 years old, was recently told that he - along with the 8 others at his company with his title - would be let go from their company (large, F500 CPG, think Proctor and Gamble, Unilever, etc) due to a restructuring. I would love to get some feedback from the collective intelligence here on DCUM. His stats are as follows;
-55 years old, 25 years experience in marketing and product/brand management. BA in Journalism from state directional.
- has worked at this company for 18 years with steady promotions. He currently makes a salary of $110K with bonuses usually bringing that to around $150K.
-lives in a low COL where he's pretty much "topped out" in terms of salary/title. His company is one of the main white collar, high paying employers in the area.
-He does not LOOK 55. He is very trim, not balding/greying/overweight/etc. But still worried about age discrimination.
This is so scary for him! He wanted to retire at 63. My mom makes about $60K and just went through this exact thing a year ago (without a dime in severance) and managed to find a job but took a $25k paycut.
Totally normal and common. This is exactly why despite my high salary, I'm treating my 40s like their will be my last years of stability. We live way way way below our income, saving well into 6 figures each year.
I saw it happen to my FIL and saw someone at my office get pushed out. Also when we are interviewing people I hear ALL THR TIME debate over an "old" person (old meaning 55+) and if they can keep up. Totally illegal, but it happens all the time.
Anonymous
02/16/2019 16:47
Subject: Laid off at 55
I got laid off 55 and got a job at a start up with a raise and sign on bonus, and I got severance from old company. Start up needs some old farts like me to set up departments.
Anonymous
02/15/2019 23:28
Subject: Laid off at 55
Anonymous wrote:Anonymous wrote:You guys!!!! My dad got a job, just a different role, at the same company! His boss reached out with a few openings and he applied for all of them, interviewed on Wednesday, and got offered the job today! It is very similar in pay and a great fit for him.
This truly demonstrates the important if never burning bridges IMO. He built an incredible network of co-workers and friends over the years and to a person, they reached out to the hiring managers for his new role. As he put it, always remain above the fray and good things can happen.
Thank you, all, for your advice! I know there was a lot of thought in these posts and I appreciate it.
Congratulations, Op! I was about to write that your dad has a wonderful and caring child. Glad it worked out for him.
This is wonderful news, OP!!! I am so happy for your Dad! I am sure he is appreciative of all of your help and support. It sounds like this is an opportunity that is well deserved. Congratulations and hugs to you and your Dad!!!
Anonymous
02/15/2019 23:25
Subject: Laid off at 55
Anonymous wrote:You guys!!!! My dad got a job, just a different role, at the same company! His boss reached out with a few openings and he applied for all of them, interviewed on Wednesday, and got offered the job today! It is very similar in pay and a great fit for him.
This truly demonstrates the important if never burning bridges IMO. He built an incredible network of co-workers and friends over the years and to a person, they reached out to the hiring managers for his new role. As he put it, always remain above the fray and good things can happen.
Thank you, all, for your advice! I know there was a lot of thought in these posts and I appreciate it.
Congratulations, Op! I was about to write that your dad has a wonderful and caring child. Glad it worked out for him.