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Old 12-05-2018, 07:58 AM
 
Location: Tennessee
23,541 posts, read 17,525,434 times
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Quote:
Originally Posted by MI-Roger View Post
To the OP's question of "Where do these trends collide?" I say a person's mid-50's.

Instead of trying to accumulate enough wealth by age 65 to fund your desired retirement for 30 years, a person now seems to need to accumulate enough wealth by their mid-50's to fund a sustainment level retirement for 40 years.

Part time jobs or lower paying jobs after a person's forced mid-50's retirement (if it happens) will allow a standard of living increase above sustainment level. But a person needs to be ready for the worst. Additional degrees, licenses, certifications, training, remaining current in their field, etc. are all means to prevent or forestall the RIF, as well as being means to secure a late in life career change.

Benn there, done that, have a collection of hard hats in my basement to prove it. Three different employers since my 56th birthday.
I agree.

My aunt was laid off from a salaried management job last year at age 56. She was able to find much lower paying work.

She could easily live longer than she worked meaningful jobs.
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Old 12-05-2018, 08:29 AM
 
20,521 posts, read 16,599,446 times
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Quote:
Originally Posted by GotHereQuickAsICould View Post
As to those who step away from employment to care for children or aging parents and find themselves in their 50's with no recent work history and only a decade or so to get a retirement together, there is no time to lose.

Get down to the career center at the local college and ask to take some some interest inventories, aptitude tests, etc.

There are two year degree programs that might be a good fit and no one expects you to have years of experience coming out of college.

Occupational Therapy Assistants, for example. An aging population is increasing demand for OTAs to assist with exercises and therapies to improve a person's ability to perform daily tasks. Decent pay

Funeral service workers -- Morticians, undertakers and funeral service managers -- always in demand and often pay well.

...
As a 56-year-old occupational therapist, I have to say that I do not think a OTA program is a good fit for an older person. Iím already worried that I wonít be able to do this job physically for as long as I need to in order to be able to retire. When I started out in this field 20 years ago the morbidly obese person was an exception now probably 20% of our patients fit that description. Occupational therapy assistants have to lift those people, sit them on the side of the bed, teach them how to transfer from the wheelchair to the toilet just like occupational therapist do and physical therapist do. The older I get the more I wish I had taken speech therapy instead, LOL.
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Old 12-05-2018, 08:53 AM
 
13,872 posts, read 7,381,208 times
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Personally, I made it to age 58 before the whole job stability thing happened. I'd had the divide-by-2 divorce math life event so my net worth at age 50 wasn't where it should have been. I marched along on a plan from age 50 onwards to have an affordable and paid-for retirement house in a place where I wanted to be and diligently accumulated wealth to retire comfortably. At age 61 1/2, I'm trying to splice together a few more years of senior high tech wages before I start touching savings. In my high paying tech specialty, my gigs now seem to last for 6 months. I then face down time until the next thing turns up. I'm fine working half time but it's kind of unsettling to not know if I'll be able to land the next thing. My worst case now if I never work again isn't awful. My accustomed cash flow is about 1.5x where I'd land if I stopped working now. I'd have to give some things up but I'd still be comfortable.
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Old 12-05-2018, 09:31 AM
 
Location: Ypsilanti, MI
2,431 posts, read 3,659,178 times
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Quote:
Originally Posted by Serious Conversation View Post
I agree.

My aunt was laid off from a salaried management job last year at age 56. She was able to find much lower paying work.

She could easily live longer than she worked meaningful jobs.


I left GM voluntarily 6 years ago, at age 56, because I was at the top of the RIF list for the next headcount reduction. In hindsight it appears I would have been OK there until the current round of salaried head count reductions announced in the news. No additional rounds of head cuts occurred after I retired.

But had I stayed, I would be trying to find alternative employment now at age 62 rather than 56. Six years additional age could be a deal breaker. Leaving simultaneously with the few thousand other engineers being laid off in January would make finding a new career much harder as well.

Luckily I found a well paying job at another company (my 2018 pay here at the Utility will likely match or exceed my 2012 pay at GM, whereas the early intervening years were definitely a pay cut) which pledges to NOT have headcount reductions. Job assignments may change, work locations may change, but all current employees will continue to have a job as our employer executes a major restructuring in means of producing electricity.

This guaranteed employment pledge is not completely altruistic. The company knows that 50% of current employees will be retirement eligible during the next 5 years, and the impending retirees are needed to train their replacements before they go. Overall employment levels in 5 years time may be less than today but the changes will have occurred via natural attrition rather than forced attrition.

Last edited by MI-Roger; 12-05-2018 at 09:41 AM..
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Old 12-05-2018, 09:46 AM
 
11,118 posts, read 8,523,617 times
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Quote:
Originally Posted by GotHereQuickAsICould View Post
IT folks face a tough road to retirement.

It's a rapidly changing field and easy to get left behind. A layoff, working for a company with outdated technology that goes under, the difficulty keeping up with all the changes as a brain ages, ... All sorts of factors make it difficult to stay employed in IT until retirement.

In order to stay employed, making career changes such as into management or ??? might make more sense than struggling to stay employed in IT.
Just keep up with the changes.
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Old 12-05-2018, 03:46 PM
 
Location: VT; previously MD & NJ
2,183 posts, read 1,338,732 times
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Quote:
Originally Posted by dbsteel View Post
I've always wondered about this..... and they seem to keep moving SS later all the time. Doesn't something need to be in place to keep the person employed?

The way I look at it, ageism won't go away. So we better stay on top of ourselves to look viable. Stay fit and as young looking as possible.

I'd like to say I could live 40 years off my retirement income, but I know that's not happening.
I'm not so sure the statement about ageism is right - at least not for the relatively near future. For the same reason that Social Security and Medicare will be facing challenges because of all us baby boomers retiring while there are fewer workers to pay into the systems, there will also be fewer workers to replace us while we live out our retirement years. There may be shortages of workers in skilled professions. As an example, anyone who was in IT leading up to the year 2000 will remember how the older folks were in demand because the newer crop of workers had no idea how to fix those old systems.

But yeah, older workers will have to stay fit and dye their hair.
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Old 12-05-2018, 03:55 PM
 
8,820 posts, read 5,119,154 times
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Quote:
Originally Posted by coschristi View Post
I'm probably completely screwed.

I left the workforce at age 38 to caregive (family, uncompensated) thinking that I was going to tap into options & resources & be back to work within a year.

That was 13 years ago. There were no options or resources or rather I was the resource. Even if Mary Poppins & Florence Nightengale were to arrive on my doorstep this afternoon; what are the odds that a now 51-year-old woman who has not been employed for 13 years would be hired?

I suspect; not good odds. I guess I'm all blown to heck & just the thought of that ... blows.
It isn't going to get easier as the years continue to roll by. Do you need to return to work? If yes, I suggest you re-train in some way and get looking. You might consider public sector jobs where age discrimination is less of a thing.
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Old 12-05-2018, 04:17 PM
 
3,630 posts, read 7,238,048 times
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Quote:
Originally Posted by Serious Conversation View Post
My guess is these are mostly avoidable lifestyle problems. Drug addiction. Suicides. That sort of thing.
Suicide is a lifestyle problem?
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Old 12-05-2018, 06:46 PM
 
3,247 posts, read 842,766 times
Reputation: 3758
Quote:
Originally Posted by Serious Conversation View Post
https://www.nytimes.com/2018/10/23/n...mentsContainer

I was rereading the above article from the NYT this morning. Though it's sensational, IT/tech workers are extremely vulnerable to ageism and being thrust out of the workforce. To some extent, there is a significant bias against older workers throughout the labor force. Many folks get pushed out of "career oriented" work sometime before 60. Finding a new job in your 50s, or even 40s, can be dicey in some fields.

On the other end, people are living longer. It's not uncommon to see people very healthy throughout their 70s, and even into their 80s. 3/4 my grandparents are alive at 82-83, and none of them have any serious medical problems to my knowledge. The odds are pretty high that they all make it to 85, and someone getting to over 90 wouldn't surprise me.

Where do these trends collide in your retirement planning?
These trends will sooner collide with retirees' children's retirement planning when they have to take in aging parents before their children leave for college - not due to a medical disability, but financial disability. Three-generation households will become the norm for about half of US households in the next 20 years.
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Old 12-06-2018, 04:34 AM
 
38,085 posts, read 14,878,695 times
Reputation: 24522
Quote:
Originally Posted by ocnjgirl View Post
As a 56-year-old occupational therapist, I have to say that I do not think a OTA program is a good fit for an older person. Iím already worried that I wonít be able to do this job physically for as long as I need to in order to be able to retire. When I started out in this field 20 years ago the morbidly obese person was an exception now probably 20% of our patients fit that description. Occupational therapy assistants have to lift those people, sit them on the side of the bed, teach them how to transfer from the wheelchair to the toilet just like occupational therapist do and physical therapist do. The older I get the more I wish I had taken speech therapy instead, LOL.
Good point.
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