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Old 02-02-2015, 04:32 PM
 
Location: Its easy to be a perfectionist when someone else is doing all the work.
2,232 posts, read 5,467,766 times
Reputation: 4088

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Im 65 now. I retired early at 50 to take care of my Mom and to help care for my Uncle and Grandmother. I would have retired anyway though.

I was force transfered to technical support because of my technical experience. Here I was an Engineer with an office
( a cubicle but it was private) doing all the interesting gnarly stuff and answering questions and training .
Now Im in an open pit tied to a phone like a telemarketer one call after another.
While somebody with have half my senority and experience is sitting in my office.
Talk about being punished for knowing you job and doing it well. Im an Introvert so I was mean and miserable.
So I left.

After I retired I started cleaning houses to get out and for the exercise.
Now Im reretiring and concentrating on my growing Ebay business. Im down to one house a week now.
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Old 02-02-2015, 05:05 PM
 
Location: NW Philly Burbs
2,431 posts, read 4,623,710 times
Reputation: 3333
People of ALL ages are being pushed out while corporations either eliminate their positions or convert them from full-time employees to contractors. They are VERY careful to balance younger/older workers in the layoffs, to prevent age discrimination.

I was technically retired at age 50 due to a layoff and bridged to retirement benefits -- VERY lucky that I qualified, as they've since changed the requirements. My actual retirement won't happen until I'm 65 or so. After actively looking for a job for 20 months, I accepted one at a HUGE pay cut -- as a contractor. No idea how long this one will last -- I dread job hunting again as I approach my late 50s.

At least I had a long buffer time to get rid of some of the bitterness, since I'm now back at my old company. Folks that were turned directly into contractors after working at the company for decades have had a much harder time.
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Old 02-02-2015, 05:20 PM
 
Location: Cochise county, AZ
4,985 posts, read 3,475,327 times
Reputation: 10533
I was laid off at 55 due to "a change in mission". There were a lot of us 55 & older were let go.

I never thought I wouldn't find another job. But I did not count on the recession. I did some long term temp jobs for the 1st year, at 1/2 the salary I'd gotten. I finally declared bankruptcy & eventually my house went into foreclosure. One month before I had to move, a person ran a red light & crashed into & totalled my car & my back.

It then took 2 years to get disability, partly my fault as I kept trying to work & I too, turned to housekeeping & home health aide. Wrong decision. It only aggravated the back.

Now that I am on disability, I am so thankful that I am getting a check each month. Sure, it's smaller than my paycheck was but, my house took 1/2 my salary & I no longer have that. I'm actually liking getting back to being frugal.
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Old 02-02-2015, 06:48 PM
 
Location: Currently in CT but have recently started construction for our retirement home in NH
292 posts, read 232,953 times
Reputation: 756
I retired by choice at 57. My industry (Nuclear Power Plant - Instrument & Controls Engineer) seem to always be looking for good experienced people so getting laid off was never a concern. It is a 24/7 business so the job demands were pretty high and the pay was good (not rich, but pretty comfortable). Contract work is plentiful too, but I'm really not interested in going back.

Lou
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Old 02-02-2015, 07:31 PM
 
Location: SW MO
23,605 posts, read 31,524,402 times
Reputation: 29082
My wife retired for health reasons at age 54. I retired because I wanted to at age 62. We're both glad to be no longer working and have a comfortable life. We were both political and legislative analysts for our, then, state.
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Old 02-02-2015, 08:01 PM
 
14,272 posts, read 24,029,111 times
Reputation: 20106
I retired at age 53 from a manufacturing company, which surprised everyone. I have had several offers of positions making nearly what I was making when I left. However, I decided that I did not want to work. Now, I get to volunteer as much as I want whenever I want and I feel that the work is greatly appreciated.

Part of the reason that people are "forced out" is that many people stop learning and keeping up their work skills around the age of 45-50. They do not keep up with their professional education and have no interest in keeping up their skills. The last three years that I was working, I put aside $20k in the budget for eight employees for training and offered it to my people. The young folks signed up for Excel clashes and personal development classes. The older ones did nothing.
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Old 02-02-2015, 08:26 PM
JRR
 
Location: Middle Tennessee
3,687 posts, read 2,234,391 times
Reputation: 5245
I retired a bit earlier at the age of 65 than I had planned on, after 21 years in the financial services industry, due to changes in the department where I worked. We were moved to be under a new regime which believed in managing by fear. Imagine going to the restroom and coming back to an instant message asking why you were gone for so long. Everyone was miserable and three of us who were able to, retired on the same day last April. About 60% of the people I worked with have either retired, left the company or managed to flee to another department and been replaced by newer, cheaper people. With most of the experienced people gone, the work isn't being done right, but that didn't seem to be an issue.

I could not quite figure out what the goal was with this strategy. Then I found out that a new facility is being opened in another part of the country with even cheaper labor costs and the work will be transitioned there when the people are fully trained. So the replacement people hired over the last few months here will at some point find themselves being expendable when the work is moved. And the older people who have been here for many years trying to hang on will find themselves fighting for a job in another department or will be tossed into the position of searching for another job with a different company.

Every day I wake up and am so grateful that I was in a position to walk away from all of that. But I feel very sad for some friends that I have that are still there.
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Old 02-02-2015, 09:05 PM
 
Location: NE Mississippi
13,711 posts, read 8,612,921 times
Reputation: 19976
It's been 20 years since my friend was offered "early retirement". He was overjoyed! I was jealous.

It came with a really NICE cash pay-out. They gave him the cash, but no retirement check. He was 50-ish.

It's gone, now. The DotCom collapse. 9/11. Recession of 2007. Expenses. Social Security too soon.

So he works as a jailer.

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I worked until I was 66. Glad I did.
We went to Bermuda last year...........
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Old 02-02-2015, 09:17 PM
 
48,516 posts, read 84,032,619 times
Reputation: 18050
Quote:
Originally Posted by Good Point View Post
I have recently participated in the number of interview panels where I and the team have interviewed hundreds of people for a huge government contract. This has been an eye opening experience to say the least. A large number of applicants are 55-65 years old and unemployed. The stories they have told us about being fired, laid off or pushed out their last job. So much bitterness and anger and so many of these people I suspect will never work full time again in a professional job. They have been sent out to pasture by a society that generally is not interested in older workers.

If you are on this board, I suspect you are either retired or are planning for retirement. Did you retire on your own schedule? Or were you pushed out and forced to retire because there was no one who was willing to hire someone at your age? Tell us your story.
No; I retired because I wanted to. What skill level jobs was those interviews for? The overall fact is that many less skilled and young people often either got laid off or never could get a job ;even college graduates. But it varies around the country same as unemployment rates. Look at the unemployment rate now and then that jobs available by government stats has gown to 4 million to see problem. Most are jobs a lot are not qualified for. Then European nations have a 25-30% young unemployment rate depending on country. In reality this recession is going to effect many young people by even if they got a good job they loss years and then many will never get a good job for skills mismatch.many older people got buyouts I know several. Younger work did not if they loss a job.
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Old 02-02-2015, 10:02 PM
 
6,856 posts, read 3,887,202 times
Reputation: 15645
Quote:
Originally Posted by PDD View Post
If you are a decision making executive in a large Corp. who's raises are based on cost cutting for the company it's an easy decision to lay off with a compensation packege a 50-60 YO worker making 150K when he can be replaced by a foreign worker with even better academics but is willing to be hired for 50-75K.

This is happening everyday in America. I know because some of my friends are training foreigners who are replacing my friends co-workers.He will probably be next.

It's a sad state, just glad I'm out of the work force.
It happened to my neighbor and he was in this thirties!
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