Ageism is real, but it's seemingly the natural order of things. Companies are pyramids. As you work your way up the corporate ladder and get paid more, eventually you will plateau in your mid-to-late-40s. Once you're been at a certain level for more than 3 years or so, the bean counters will look at your compensation and see an area to cut by replacing you with a cheaper model who is 10 years younger. The company pays less for your replacement and gets 5-10 years of service. Win-win for the company.

If you're 40+, in middle management, and don't think you have a target on your back - you need to wake up.

Plenty of folks have asked what can you do about it? Doing good work isn't enough. You must justify your existence.

Link your productivity to the bottom line. Always think about whether what you're doing will have a positive ROI for the company and make sure your name is attached to every project, initiative, product launch, service, etc... that makes money for the company.

Stop helping anyone who isn't in a position to help you down the road.

Make your boss look good, but don't let him/her take the credit for your hard work.

Never document how your job is done, nor the recipe "secret sauce" that you've acquired over your years of working.

Get out of your company and make a name for yourself in your industry by speaking at conferences, writing papers (preferably co-authored with a VP in your company that needs some street cred), serving on industry trade groups/councils, etc... People need to know who you are outside of your company and business unit.

So what's the strategy people? Turn 50 and pray nobody lays you off for 15 or more years? Or some private equity firm buys your company or it merges?

Doesn't anybody every take what they know, consult, and make serious money? And how many people, except these hi-sal DCUM'ers can retire at 58 and live another 30-35 years on what they saved? A couple of recessions, stock market crashes, zero interest, Republicans take social security away and even a great saver would suffer. Plus companies that go bankrupt and screw retirees over their pensions. That never happens?

What has actually worked for people so we don't go to work in fear?

At least older GenX and boomers had cheap housing. We are late 40s with huge mortgage and no idea how to hedge against lay-off in 50s

Anonymous wrote:I got laid off at 55 due to merger. But my end date was year end and had 7 months notice. I only had like 5 hours a week of work. Came to work 40 hours a week and job hunted. I got an offer letter at my same salary and bonus in 12-23.

Had that job three years and just laid off at 58. This time they walked folks out same day.

I look a bit younger that I am but at 58 does not help as much.

I was making total comp 360k.

Don't worry, the Trump economy will save you.

Anonymous wrote:

Anonymous wrote:I would highly encourage people 40+ to think twice before throwing more money at getting more education towards a degree in a white-collar field.

Competition will continue to be stiff and it's ALWAYS easier for companies to hire younger, hungrier and cheaper employees.

My advice is to look at trade-related options which will always be in high demand. Electricians, plumbers, mechanics, HVAC, construction manager, carpenter, welder, etc.

Also look at options in health-care related fields.

With a bit of experience under your belt you can be your own boss. If you demonstrate to just a few clients that you are competent, honest and fair priced you won't believe how many referrals you will get and the kind of income you can generate.

This is really, really, really good advice. There is giant demand for people in the trades.

But how many people can shift from being a marketing person or accountant to a plumber? Plus where I live there are tons of guys who didn't want to go to college or the miliatry and are in trades.

Anonymous wrote:My BIL made 120k and lived like he made 350k. Went through dire straits now. The kids bail them out now and then. They at least have social security.

We try do the opposite. Our HHI is about $250K, and live on $120K. The rest goes into savings. We are in our 50s, and I'm a contractor. When my contract ends (could be six months, could be 1 year, who knows), I think that will be it for me.

In our mid/late 40's we moved to a lower COL area so we could downsize our mortgage for this very reason. We knew that as our 50s were approaching, our chances of continuing to make this much money would go down, so even though we could've afforded a much more expensive home, we bought a lower priced home (still pricey for most people), and got a smaller mortgage.

We are aiming for $140K to $160K for each child for college, and $2.3 mil (minimum) by the time we retire in our mid 50's/early 60's. I will probably get a low paid admin type job just for the benefits and to pay for simple necessities like food and utilities, and by then, kids will be in college.

Anonymous wrote:We make 350k now. We started saving at 35. We are 55. We have lived on 120k or less. It essentially means that we have around 2 mil in savings. We have secure employment, pension etc. I don't worry about us, I worry about our kids. We have paid for college and new first car. Apart from that, they are free to live with us for as long as they want and we will not charge for room and board. They need to seize the opportunities that we are giving and live within their means. And yes, we go on foreign vacations and host people frequently.

You Obviously bought when houses were way cheaper and work for the govt. pretty different situation

My BIL made 120k and lived like he made 350k. Went through dire straits now. The kids bail them out now and then. They at least have social security.

Anonymous wrote:We are a Fed family and locally know mostly either other Federal employees or BigLaw/lobbyist employees.

We have some family in friends in a variety of fields, such as hardware tech companies, biochem, health insurance, etc and all of them seem to be going through rocky careers transitions in their 50s.

Many have been laid off after being there for 20 years, then getting a new job for less money at a smaller company, rinse and repeat. Or they are just laid off and desperately trying to re-tool their careers and get back to work.

Is it really that common to be laid off in your 50s, or is it just our skewed sample size with our friends and family? Obviously we don't encounter that at our workplace, but at same time we haven't sen the soaring stock values in an EPP so there are obvious tradeoffs.

Seeing it a lot among famiy, friends, coworkers and neighbors going through this. All I can say is live in a frugal manner and save. Live way below your means.

We make 350k now. We started saving at 35. We are 55. We have lived on 120k or less. It essentially means that we have around 2 mil in savings. We have secure employment, pension etc. I don't worry about us, I worry about our kids. We have paid for college and new first car. Apart from that, they are free to live with us for as long as they want and we will not charge for room and board. They need to seize the opportunities that we are giving and live within their means. And yes, we go on foreign vacations and host people frequently.

Except this is not your fathers generation. At middle school and HS in DC area tons of Dads in their 50s. Plenty bought s large home in mid to late 40s with 30 year mortgages. Kid three often pushes you out of starter. Add in elderly parents and kids starting college 55-65 can be your most expensive years. Now add in no Medicare till 65 and Cobra family plan insurance is around $3,000 a month a man 55 to 63.5 is screwed. I say 63.5 as COBRA is a max of 18 months which gets you to Medicare.

Plus less time to earn money. My parents generation did not go to college, many cops, garbagemen, postal employees, fireman, electric or phone company. Some started at 18. Remember 1/2 pension 20 years, 2/3 pension 30 years and 100 percent pension 40 years. My one uncle started at 18 retired 58 100 percent pension for life, kids already graduated college and still in paid off starter home.

Today a 58 year warranty of often has 20 years left on mortgage, facing no healthcare and several years of college tuition with no pension if laid off at 58

Anonymous wrote:

Anonymous wrote:You gotta save once you hit 47. I made $450k a year until the ax finally fell at 52. I was able to find a job at half that and am now 55. But the ax is going to fall here too. My next job will be half the current salary so not much over $100k. Plan on retiring at 60. Some companies don’t but many do. Cheaper and younger.....

OP here. You all run on way way richer crowds. If my family and friends we’re pulling in $0.5M/year and got laid off at 50, they would have simply retired.

We are normal professional: first line technical managers, sys admins, project managers, chemists. We make at most $200k at the peak of our career.

Your step down salary after laid off is amazing.

Maybe we are just unlucky and our lower salaries will protect me?

Unfortunately, plenty of people who make tons of money are really dumb with their money. They spend it as fast as they make it, which is why layoffs at 50+ can be really devastating for them. Not that I'm crying tears of sympathy over here or anything.

Anonymous wrote:To those who were laid off, have any of you sued your former employers? Age discrimination is illegal. If there’s a pattern at your org of laying off older workers, you may have a case.

Extremely difficult to do. Not worth the $$.

Anonymous wrote:

Anonymous wrote:You gotta save once you hit 47. I made $450k a year until the ax finally fell at 52. I was able to find a job at half that and am now 55. But the ax is going to fall here too. My next job will be half the current salary so not much over $100k. Plan on retiring at 60. Some companies don’t but many do. Cheaper and younger.....

OP here. You all run on way way richer crowds. If my family and friends we’re pulling in $0.5M/year and got laid off at 50, they would have simply retired.

We are normal professional: first line technical managers, sys admins, project managers, chemists. We make at most $200k at the peak of our career.

Your step down salary after laid off is amazing.

Maybe we are just unlucky and our lower salaries will protect me?

Don't count on it. We were you and it happens at those levels too.

I got laid off at 55 due to merger. But my end date was year end and had 7 months notice. I only had like 5 hours a week of work. Came to work 40 hours a week and job hunted. I got an offer letter at my same salary and bonus in 12-23.

Had that job three years and just laid off at 58. This time they walked folks out same day.

I look a bit younger that I am but at 58 does not help as much.

I was making total comp 360k.