U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 02-03-2015, 11:25 AM
 
Location: Albuquerque NM
1,663 posts, read 1,530,975 times
Reputation: 3650

Advertisements

My accountant brother got laid off last year at age 61. The company had been bought out by another company a couple of years earlier that immediately demoted everyone one level (no pay cut but no salary increases until their pay caught up with their position). His highly experienced manager saw the writing on the wall and eventually got a job with a competitor. Over the next year, the new company brought in younger accountants who had MBAs and CPAs to replace the older, more experienced accountants who were systematically let go. His new manager was young and arrogant and had no experience in the type of accounting that he managed.

Around Christmas time, a new accounting software system was installed and my brother was required to cut his holiday vacation short to come in and help test the system. A month later he was called into his manager's office for a meeting with HR and told that because of the efficiency of the software he would no longer be needed. Then he was escorted back to his office and given a half hour to gather his stuff and then escorted off the site. The company was kind enough to provide six months severance pay and he got unemployment. My brother has health issues and has not been able to find another job so he took social security at age 62 and has been supplementing it with his investments which are not that much. The future does not look that good and I have already started helping him pay for his ACA health insurance. I am thankful every day that I'm a federal employee with a pension.
Quick reply to this message

 
Old 02-03-2015, 12:02 PM
 
12,825 posts, read 20,166,929 times
Reputation: 10910
Well, looking at all the comments here, we have a growing demographic of PO'd people, ages 55 - 70, with a lot of time available. All I can say is ... in 2016 ... throw da bums out!
Quick reply to this message
 
Old 02-03-2015, 12:17 PM
 
26,156 posts, read 28,555,015 times
Reputation: 24868
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.
I am only 44 and I saw this coming 20 years ago when I was in my 20s. I really can't fathom how so many people can walk around with their heads in the sand. I have a 60 year old friend just like this. Thought he'd be able to work at good paying jobs until 70. On what planet????

People should prepare to be financially independent (or at least quasi-independent) by the time they're in their 50s. Forget the dream house. Forget the ridiculous SUV with monthly payments. Skip the expensive cable tv (and maybe don't bother with it at all). People vastly overestimate the happiness these things bring anyway. Live modestly and put away as fat a chunk of your salary as you can so that you won't end up in this position.
Quick reply to this message
 
Old 02-03-2015, 12:49 PM
 
Location: Kirkland, WA (Metro Seattle)
4,023 posts, read 3,270,979 times
Reputation: 7163
Quote:
Originally Posted by Hemlock140 View Post
I don't see that. In fact, I started working here at age 57, and have been promoted twice since (2009). I have hired people ages 48 and 54. With many of our better jobs requiring 15 years experience, most applicants are over 40. People tend to stay here until 68-70 before retiring, and no one is pushed out early. Even in 2008 when we had 30+ layoffs they were based on non-critical functions being eliminated, and included younger people.
Would say the majority of Senior, Principal, and Director are 40+ around here, @tech major. Company has had a median age increase "I think" past X number of years, making me wonder how they did business prior (seat of the pants, relying on a relatively few number of geniuses I suspect?). And yes, too, with the exception of a few very mature whiz kids (I'd say about 25% of the strategic/engagement-side are 35 and under), it really requires 10-15 years experience to get the real business-work done. I'm watching one under-30 start to buckle a bit, due to what I'm perceiving as lack of maturity; I'm about to begin coaching him a bit more-closely. He'll wise up, I'm confident.

The tacticals/vendors, though, have a median age I'd estimate at about 33. That's a bit different and may go to OP's point.

I'm planning to bounce at 60 myself, go into private consulting at $150-225/hr for 10-20 hrs a week freelance. Sooner, if I can get away with it, but we'll see.
Quick reply to this message
 
Old 02-03-2015, 01:15 PM
 
Location: Pennsylvania
12,580 posts, read 4,254,726 times
Reputation: 9913
Quote:
Originally Posted by BayAreaHillbilly View Post
Well, looking at all the comments here, we have a growing demographic of PO'd people, ages 55 - 70, with a lot of time available. All I can say is ... in 2016 ... throw da bums out!
What good is that going to do? First of all, 90% of incumbents get voted back in no matter what. Second, the country keeps leaning more and more Socialist and it's very likely that Hillary wins and we have 4 or 8 more years of the Clinton regime. Which means more of the same. And I don't see anyone on the Republican side that looks like any sort of a real leader.

Nothing is ever going to change in this country until we get a 3rd, or 4th, or 5th political party, and they can actually compete fairly in elections, have money to get their message out, and are allowed to participate in the debates. It's not going to happen with the two party duopoly we have now. Too many people getting rich with the status quo.
Quick reply to this message
 
Old 02-03-2015, 01:34 PM
 
223 posts, read 275,274 times
Reputation: 443
Hubby has been retired for a week and a half. He literally just quit his job at almost 57 years old. We always planned to do this, but had hoped to have him leave at 55. His skillset is still very much in demand, but we'd probably have to move someplace else to get him even close to earning what he just walked away from.

I feel for folks who were pushed out of their jobs or who were victims of age discrimination. I've always preferred to hire older people due to their work ethic and loyalty. I have seen some cases where older people haven't kept their skills up-to date to remain competitive in the job market. It is a lesson for anyone of any age: ALWAYS KEEP LEARNING!!!
Quick reply to this message
 
Old 02-03-2015, 02:24 PM
 
Location: it depends
6,074 posts, read 5,341,106 times
Reputation: 5771
I learned at 40 that I might have a chronic health issue that could lead to employability problems. So I went into business for myself, fortunately in a line where grey hair is desirable, not a drawback. Just hired a 62 year old, hoping to get five good years out of him. Health issue never really became an issue.

I can't get fired, because I have a business, not a job. Very grateful for the way things worked out.
Quick reply to this message
 
Old 02-03-2015, 02:52 PM
 
Location: Central Massachusetts
4,800 posts, read 4,857,647 times
Reputation: 6379
Not retired but I will be either this year or in two years. Technically forced but... I know I will not dwell on it. Age 60 is mandatory age for soldiers and I am going to be 58 this year. I would prefer to go out on my terms and retire in 2017 but every two years they have a board to see who if any they will send packing. What they look at is "what you have done for me lately". It isn't too much to ask for that you keep in shape enough to do your job. Attend the schools required for your position. Still it is a political adventure for officers and senior NCOs.
Quick reply to this message
 
Old 02-03-2015, 03:05 PM
 
52,055 posts, read 41,872,746 times
Reputation: 32469
My dad and a number of teachers I know weren't forced out per se but they were given some fat incentives to retire in their late 50's.
Quick reply to this message
 
Old 02-03-2015, 04:17 PM
 
Location: Columbia SC
9,011 posts, read 7,774,270 times
Reputation: 12247
Most fortunate for us. My wife was an upper management person with a state government. At age 62 with 18 years of service they offered her an optional early retirement package. They would make her age 65 with 20 years of service if she would retire. They also included health benefits. Her boss told her if she took the early retirement then she would hire her back on a one year contract, 3 days a week at her existing salary paid on a 1099. She took the money and ran.

Those were heady days.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top