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.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,797 posts, read 58,339,441 times
Reputation: 46311
Quote:
Originally Posted by Coney
The hardest hit are people who had children in their 40s. There are some 60 year olds who still have children in high school or college.
and... MANY grandparents going around a second time as 'new' parents (adult kids in jail / prison / strung out on drugs.)
A friend took in his nieces due to their mom being in prison. ~$20k each to adopt, then he got laid off (age 47). Eventually the 'troubled' nieces called CPS and were removed from the home to live with their dad who was out on parole. Pregnant by age 16. So goes the best intentions to do the right thing for your family.
Out at age 49. No HC, No Pension (that was a long time ago... but still waiting to make it to age 65)
Happens far too often.
Most people think of age 62 as being early retirement. It may be for voluntary retirement but involuntary retirement often strikes while a person is in their 50's. My Dad was 50 when the small Gray Iron Foundry where he had worked for ~20 years went bankrupt. Because of WWII and fertility issues he and Mom had their family very late, I was 10 years old when Dad had to find a new job.
He went from the highest paid and most prestigious hourly position at the foundry to the lowest paid and lowest prestige position at the new auto plant in town. But he still made more money, a less physically taxing job, and had insurance and pension benefits for the first time in his career.
So it can sometimes work out - other than the emotional toll.
I retired two months short of my 60th birthday. I did so voluntarily. I was financially ready and have enjoyed retirement though I miss work. I was financially ready to retire because I had started saving in my first job right out of college and did so my entire career of almost 38 years with the same employer.
I retired two months short of my 60th birthday. I did so voluntarily. I was financially ready and have enjoyed retirement though I miss work. I was financially ready to retire because I had started saving in my first job right out of college and did so my entire career of almost 38 years with the same employer.
I am not retired yet, hopefully summer 2021. I will be 62. I won't miss work. I will miss a few of my co-workers, but not the job. I also have been saving and running the numbers and it seems like a go at this point. I will probably have to just retire, no bail outs, buy outs, or layoffs where I am. If I wanted to I am sure I could work until I dropped dead at my desk. But that is not my plan!
Most people think of age 62 as being early retirement. It may be for voluntary retirement but involuntary retirement often strikes while a person is in their 50's. My Dad was 50 when the small Gray Iron Foundry where he had worked for ~20 years went bankrupt. Because of WWII and fertility issues he and Mom had their family very late, I was 10 years old when Dad had to find a new job.
He went from the highest paid and most prestigious hourly position at the foundry to the lowest paid and lowest prestige position at the new auto plant in town. But he still made more money, a less physically taxing job, and had insurance and pension benefits for the first time in his career.
So it can sometimes work out - other than the emotional toll.
This sort of happened to my dad.
He was a lead mechanic at a pharmaceutical plant here. Made around $50k base with a lot of OT back in 2007. He was laid off when the jobs were offshored to France. He went back to a community college and got a software development associate's, which landed him a gig answering phones at a help desk for a defense contractor for ten years. He topped out at $19/hr at that job, and was driving 500 miles a week for the commute for many years.
Sometime in 2017 or 2018, some folks he knew from his maintenance days got him hired on at a restarted plant. He's now the lead mechanic there making around $30/hr with OT.
He gripes, but it's the only reason mom could retire.
My husband was forced into early retirement at the age of 59 nine years ago. He was a senior level engineer in research & development and had a good paying position. I was a stay at home mom with a small side business.
In 2012 DH got sick and was forced to stay at home for a year on disability. He recovered somewhat and went back to work for a year but his health started to go downhill again and he was terminated from his job due to "financial" issues the company had. They gave him a severance package that lasted for 6 months and then we had to start dipping into the IRA funds.
The original plan was for him to work until 65 in the company and then do some free lance consulting work for a few years....however things as they often do turned out quite differently. Fortunately for us we have a very good financial advisor and though we've been using funds from our IRA for over 8 years we have more in the account than when we started so it has worked out (so far) for us.
Why do you think that the suicide rate is up in men between 55 and 60.
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 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.
