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Old 09-19-2022, 06:08 PM
 
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Quote:
Originally Posted by timberline742 View Post
I find it hard to believe the same person averages a higher salary in their 40s than in their 50s.
It depends on the industry. Hard to believe but yes. Look at industries requiring physical involvement, look at industries which evolve at high speed. Then you have the crazies who decided to slow down:>)
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Old 09-19-2022, 06:26 PM
 
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Quote:
Originally Posted by bricka View Post
it's more like you're no longer up for promotion as much, you're more likely to get let go, and when you lose your job it's basically impossible to find a new one.

so with all that in mind, sure if you have a job in your 50's you might be making marginally more than you did in your 40's
Allow me to disagree with you. And employment is my field.

Some niche jobs/industries require extreme experience in more than on field. That takes time. I see professionals in their 60-70s with seral pensions/SS at nice WFH pay in aviation and some other small niches.

Personally I left a comfortable job after 5 years last November. The new one was not a good fit. The next one knocked on the door in April. 50% increase and benefits out of this world. Well, my main operation area is the New England states My 50s have been a while.

Do your research. Know your industry. Know your market. Know who you know knows.
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Old 09-19-2022, 06:54 PM
 
Location: Suburban Boston Lifer
181 posts, read 124,568 times
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Quote:
Originally Posted by Threestep2 View Post
Allow me to disagree with you. And employment is my field.

Some niche jobs/industries require extreme experience in more than on field. That takes time. I see professionals in their 60-70s with seral pensions/SS at nice WFH pay in aviation and some other small niches.

Personally I left a comfortable job after 5 years last November. The new one was not a good fit. The next one knocked on the door in April. 50% increase and benefits out of this world. Well, my main operation area is the New England states My 50s have been a while.

Do your research. Know your industry. Know your market. Know who you know knows.
you're more than welcome to disagree, but i think you proved my point by using the words "some niche jobs/industries" and "some other small niches", since I was speaking in generalities.

in either case, i work in SaaS for a $5 billion dollar company and I can tell you that we don't have many (if any?) people over the age of 50. our entire executive suite is in their 40s.

i'm personally not counting on having a job when i'm 50, i plan to retire when i'm in my 40's and just avoid the rigamarole entirely.
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Old 09-19-2022, 07:06 PM
 
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
41,936 posts, read 36,962,945 times
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Well if we're sticking to generalities very very few people can retiree in either their 40s or 50s, and most Americans can barely afford to in their 60s. The median amount of retirement savings for an American in their early 60s is under $100k.
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Old 09-19-2022, 07:11 PM
 
Location: Suburban Boston Lifer
181 posts, read 124,568 times
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Quote:
Originally Posted by timberline742 View Post
Well if we're sticking to generalities very very few people can retiree in either their 40s or 50s, and most Americans can barely afford to in their 60s. The median amount of retirement savings for an American in their early 60s is under $100k.

that's true. the median american has a relatively high time preference. people in general are not very good at long term planning, or math for that matter.
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Old 09-19-2022, 07:25 PM
 
408 posts, read 231,953 times
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Quote:
Originally Posted by timberline742 View Post
I find it hard to believe the same person averages a higher salary in their 40s than in their 50s.
The data doesn’t lie. Of course, the current generation workforce majority and upcoming are trying to change that. One simple thing was not staying in the same gig for over 20 years straight and expecting “raises” or “promotions”. The gains you get from 40’s to 50’s is small at best on average.
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Old 09-19-2022, 07:29 PM
 
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
41,936 posts, read 36,962,945 times
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Quote:
Originally Posted by Higherho View Post
The data doesn’t lie. Of course, the current generation workforce majority and upcoming are trying to change that. One simple thing was not staying in the same gig for over 20 years straight and expecting “raises” or “promotions”. The gains you get from 40’s to 50’s is small at best on average.
The data shows the average person earns more in their 40s than in their 50s? If that's the case, so be it. Glad that's not me, and few people I know. I am surprised by that, if that is the case.
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Old 09-19-2022, 07:35 PM
 
16,395 posts, read 8,198,277 times
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I actually know someone who was a sr director of HR at a tech company in Cambridge. She hadn't been there her whole career but she had a good career that was important to her. Ivy leaguer with no kids. Her career was her baby. She was laid off in 2020 and has simply decided to retire. She is 55. She said she just didn't feel like dealing with looking for another job at her age. There are many HR directors in their 30s and 40s these days. I have no idea if she earned more in her 40s than in her 50s. I'm going to guess that she was probably earning about the same.

It seemed weird to me that she'd leave her career at a fairly young age and maybe there's more to the story. She does have a husband to help her but she had at one point been so career driven. Some people burn out and if they don't have to work why bother.
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Old 09-19-2022, 07:41 PM
 
16,395 posts, read 8,198,277 times
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But overall yes it seems like many peoples careers peak in their 40s. Heck I've worked at places that didn't seem to hire anyone over 40 and at times it felt alarming to me as I was approaching 40. I moved onto a new company and was relieved to see people in their 50s working there but the majority seem to be in their 30s.

I one time asked why we seem to always hire people in their 20s for certain roles and I was told because anyone older will want more money and we don't have the budget.
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Old 09-19-2022, 07:41 PM
 
2,710 posts, read 1,733,872 times
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Quote:
Originally Posted by timberline742 View Post
The data shows the average person earns more in their 40s than in their 50s? If that's the case, so be it. Glad that's not me, and few people I know. I am surprised by that, if that is the case.
That doesn't mean they work the same job their whole life. I know a couple who were both actuaries in their 40s and made a lot of money but got burnt out, so they became teachers.

My Dad was laid off in his 50s in the late 90s/early 2000s as an upper manager and never found another cooperate job after that.

Some people decide to go part time or retire early in their 50s.
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