Anonymous
09/01/2024 10:23
Subject: Typical American Career path - esp after 50
Being a naive 30 year old, I am maxing all tax advantaged accounts and stashing $ into my brokerage so that I can retire at 45-50 if I want to. Any “work” after age 50 would be “for fun or to stay sharp”, not because I need a paycheck.
If you need to work for a living at age 50 or even 60, you messed up along the way, sorry.
If you need to work for a living at age 50 or even 60, you messed up along the way, sorry.
Anonymous
09/01/2024 09:38
Subject: Typical American Career path - esp after 50
Anonymous wrote:Starting to see posts from folks who planned for a layoff post-50 years old. Good. The problem is that 20-30 year olds aren't reading this thread, so they'll never see it.
Today's 20-30 year olds are struggling with inflation, student loans, etc... so saving is much harder than for Gen X. But they can still save something. The economy will turn around, at which point they should save more.
I think people do expect layoffs over their career — I just don’t think they expect to never be hired again after 50 for a professional job.
Few people make enough to save for a retirement at 50, it’s not about cutting avocado toast. Housing and children are crazy expensive. Maybe that’s why GenZ and Millennials are having fewer kids.
Anonymous
09/01/2024 09:02
Subject: Typical American Career path - esp after 50
Starting to see posts from folks who planned for a layoff post-50 years old. Good. The problem is that 20-30 year olds aren't reading this thread, so they'll never see it.
Today's 20-30 year olds are struggling with inflation, student loans, etc... so saving is much harder than for Gen X. But they can still save something. The economy will turn around, at which point they should save more.
Today's 20-30 year olds are struggling with inflation, student loans, etc... so saving is much harder than for Gen X. But they can still save something. The economy will turn around, at which point they should save more.
Anonymous
09/01/2024 08:27
Subject: Re:Typical American Career path - esp after 50
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Here are a few of the take-aways after reading this and similar threads:
1. Working in tech seems like a bad move as so many people seem to age out at a relatively young age. (In contrast, I am in the legal profession where experience seems valuable.)
2. It is always important to maintain your appearance (keep fit, dress well) and be OK with reporting to a younger boss. Also, your institutional knowledge is valuable, but don't over-use it.
Well in theory in tech you can make huge money without any advanced degree right away. So maybe your career ends early but you earn early too.
Yes, this can be true, and is fine if the person knows to start saving and investing early.
+1 DH got laid off in tech at 59 and that turned into retiring but he'd always assumed he was likely to get laid off in his 50s and we planned for that. I like my job and will continue to work to 60 (my company has a lot of older employees and I get a lot of vacation time so we can still travel a lot until then).
what is your job? that they allow you to work as older person and that you like?
Anonymous
09/01/2024 08:15
Subject: Re:Typical American Career path - esp after 50
Anonymous wrote:Anonymous wrote:Anonymous wrote:Here are a few of the take-aways after reading this and similar threads:
1. Working in tech seems like a bad move as so many people seem to age out at a relatively young age. (In contrast, I am in the legal profession where experience seems valuable.)
2. It is always important to maintain your appearance (keep fit, dress well) and be OK with reporting to a younger boss. Also, your institutional knowledge is valuable, but don't over-use it.
Well in theory in tech you can make huge money without any advanced degree right away. So maybe your career ends early but you earn early too.
Yes, this can be true, and is fine if the person knows to start saving and investing early.
+1 DH got laid off in tech at 59 and that turned into retiring but he'd always assumed he was likely to get laid off in his 50s and we planned for that. I like my job and will continue to work to 60 (my company has a lot of older employees and I get a lot of vacation time so we can still travel a lot until then).
Anonymous
09/01/2024 06:17
Subject: Typical American Career path - esp after 50
Anonymous wrote:I’ve had several friends laid off this year; we are all around 50 and have been in the same company for 10-20 years. They were still low level like managers or IC — not leadership or executive path.
However I don’t know many people in corporate America — my whole family worked for the county and here in DC we work for the govt and know either gov workers, contractors, or BigLaw partners.
What is the career path and out look for working to retirement as a F500 IC in like Chicago or Dallas? Does most of America live in fear of layoffs as they near 50??
I was shown the door at 63.
in software.
there is an abundance of workers via H1XB job outsourcing program. thanks to our own federal government.
Anonymous
09/01/2024 05:34
Subject: Typical American Career path - esp after 50
My solution to this has been to aggressively save and invest in my retirement accounts. I have always saved the maximum in my retirement accounts since starting full-time employment with the government at age 23. Now that I'm 45, I have $1.3M in those accounts which will help me a lot if I get laid off at age 50. Also, with the government, if they lay me off at 50, I have the option to retire with a $4,000 per month pension and can purchase subsidized health insurance for life.
I would almost consider "unofficially retiring" now, but I really need the lifetime subsidized health insurance to make the numbers work.
I would almost consider "unofficially retiring" now, but I really need the lifetime subsidized health insurance to make the numbers work.
Anonymous
09/01/2024 05:14
Subject: Typical American Career path - esp after 50
Anonymous wrote:No matter how much you save it won’t in most cases ever replace your income.
I was laid off a 360k job with a 24k 401k match with great health benefits at 58 with two kids in college.
I did not have a big mortgage, my cars were paid off and already had college funds. It still was a huge hit. Not only did I lose 30k a month income, I lost my medical plan and given I was putting 30k into 401k with a 24k match I lost a ton of future 401k money.
I eventually landed a new role but if that was end of road retirement would have been a bust. Now that I am working I am prepaying last of mortgage, maxing out 401k, buying CDs while rates high and investing in stock mutual funds.
I am also doing a lot of overdue work on house to get everything in tip top shape so if laid off again I don’t have home improvements popping up.
But the dream of 5 million saved, home no mortgage, little beach condo no mortgage, kids colleges paid for, two new cars in driveway when you retire at 65 is just a dream if laid off at 57 and you never work again
How many years did you have the $360k with 401k match? I’m almost exactly the same comp as that (permanent counsel at a law firm) and am 48 with $4m saved. Should have $10m at 58 assuming no layoffs but if I get laid off plan is to find gov job and avoid touching retirement and just let the principal grow.
Anonymous
08/31/2024 21:46
Subject: Typical American Career path - esp after 50
Anonymous wrote:I earned a lot more money after 50. Became a licensed CPA at almost 48. Now there is an accounting shortage. Timing is everything.
+1 To quote Wayne Gretsky, you skate to where the puck is going. There are plenty of statistics that indicate where there is or will be a talent shortage. Unfortunately, many 50+ people don't want to change. They prefer to complain about how unfair life is. Life isn't being unfair to you. Your younger self was unfair to your older self. Accept the blame for what you are responsible, then turn that into a commitment to change.
Anonymous
08/31/2024 21:39
Subject: Typical American Career path - esp after 50
I earned a lot more money after 50. Became a licensed CPA at almost 48. Now there is an accounting shortage. Timing is everything.
Anonymous
08/31/2024 18:20
Subject: Re:Typical American Career path - esp after 50
Anonymous wrote:Anonymous wrote:Here are a few of the take-aways after reading this and similar threads:
1. Working in tech seems like a bad move as so many people seem to age out at a relatively young age. (In contrast, I am in the legal profession where experience seems valuable.)
2. It is always important to maintain your appearance (keep fit, dress well) and be OK with reporting to a younger boss. Also, your institutional knowledge is valuable, but don't over-use it.
Well in theory in tech you can make huge money without any advanced degree right away. So maybe your career ends early but you earn early too.
Yes, this can be true, and is fine if the person knows to start saving and investing early.
Anonymous
08/31/2024 17:55
Subject: Re:Typical American Career path - esp after 50
Anonymous wrote:Here are a few of the take-aways after reading this and similar threads:
1. Working in tech seems like a bad move as so many people seem to age out at a relatively young age. (In contrast, I am in the legal profession where experience seems valuable.)
2. It is always important to maintain your appearance (keep fit, dress well) and be OK with reporting to a younger boss. Also, your institutional knowledge is valuable, but don't over-use it.
Well in theory in tech you can make huge money without any advanced degree right away. So maybe your career ends early but you earn early too.
Anonymous
08/31/2024 17:05
Subject: Re:Typical American Career path - esp after 50
Here are a few of the take-aways after reading this and similar threads:
1. Working in tech seems like a bad move as so many people seem to age out at a relatively young age. (In contrast, I am in the legal profession where experience seems valuable.)
2. It is always important to maintain your appearance (keep fit, dress well) and be OK with reporting to a younger boss. Also, your institutional knowledge is valuable, but don't over-use it.
1. Working in tech seems like a bad move as so many people seem to age out at a relatively young age. (In contrast, I am in the legal profession where experience seems valuable.)
2. It is always important to maintain your appearance (keep fit, dress well) and be OK with reporting to a younger boss. Also, your institutional knowledge is valuable, but don't over-use it.
Anonymous
08/31/2024 16:43
Subject: Typical American Career path - esp after 50
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:I got laid off for my 50th birthday and my career/income never recovered. I caught on with a small company in another field am still working there today.
Nobody wants to talk to you "cold" when you are that old.Me and everyone I know in that situation got their next job through personal connections - you have to know somebody.
My brother made the jump to a government job when he was in his early 50s and has been very happy with his choice. (he was always the smart one)
I just did this and feel very fortunate to be starting a great government position at 55. Age bias is real on the corporate side!
What is your field? I’m curious who gets hired in government at 59+.
I meant 50+. Sorry.
I have 25 years of experience in recruiting, staff development and large team management. Your basic senior/middle manager. Will be applying these known skills in my role but for a field completely new to me. Like I said, I feel very fortunate. If this is your hope, I’d say keep applying via USA Jobs and network with any friends or colleagues you can. I’m a few weeks in and it has been terrific so far.
Thank you for your answer. I hope you continue to love your new job and wish you many good years there!
Anonymous
08/31/2024 16:42
Subject: Typical American Career path - esp after 50
Anonymous wrote:The problem is that many Americans 50+ didn't exercise the required financial discipline to maximize their investments starting in their 20s. They also didn't invest in themselves by taking on stretch projects, continuing their education throughout their careers, and constantly demonstrating their value to others.
Now some would say that all is just "living to work". No, it's not. It's being vigilant and looking out for yourself instead of relying on others to look out for you. Newsflash - no one is going to look out for you unless you represent value to them, and they'll look out for you commensurate with that value. If you can't do something that someone 20 years younger than you can do, then you're far less valuable than someone with a unique, in-demand skill set.
Getting laid off at 50+ sucks, and it sucks far worse if you didn't plan 30 years earlier for such an eventuality. But not all is lost. You need to grieve for a short time, then come up with a plan to take charge of your life. If you just want to keep working for someone else, then you'll have to accept much lower pay and benefits.
This is a great post and partly true in my case. I wish I’d started saving in my 20s, but I didn’t know the first thing about the importance of it.
I also didn’t know how to be strategic with my career until late in the game. I had no mentors or parents who taught me that, so I’m helping my kids to have that knowledge.
In many of the posts here, I see people that have a spending problem. If you have to keep up with the neighbors, you will have to work longer.
We are pretty much done but continue working to have extra padding, excellent health insurance, and the social interaction.