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Submariner, all the retired military people I know retiring in their early 40’s went onto second careers. Many went to state employment and now have 2 pensions.
I could retire in my late 50's mostly because I had a government job. A reduction in force layoff that late in my career would have entitled me to an early pension, social security supplement to age 62, and to health insurance at the same cost as while working. I had almost paid off my house and had a moderate sized 401k. Assuming that it would have been hard to find another job, I would have accepted the situation and made do with my income. Downsize the house and live more modestly.
But I agree with matisse that 4 years can make a huge difference. Working to age 62 significantly increased my retirement income and allowed a higher standard of living. Those extra years allowed a few more years of maximum contributions to the 401k and Roth, a thriving stock market to grow the 401k, being able to save some cash after paying off the house, an increase in pension, and ensuring 35 good earning years for social security as my part-time college earning years were replaced. Working a few more years can make a big difference if you have a good job.
Location: Unlike most on CD, I'm not afraid to give my location: Milwaukee, WI.
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Quote:
Originally Posted by charlygal
You don't think any women or people of color have been fired? I've seen all types of people fired for many reasons.
Women and "people of color" are infinitely more protected than older white males. I'm sure you *have* seen all types of people fired for all types of reasons, but I can assure you that white males are let go, or not even hired in the first place, for no good reason except the sin of being a white male. I have heard (anecdotally from credible people) and read of so many cases of this it is not even debatable to me. And I have seen with my own eyes incompetent "people of color" kept and coddled to avoid lawsuits and accusations of racism.
I was forced into retirement at age 58.5 due to being terminated from the army. My employment was contingent upon my continued service so there were clauses in my contract. I also did what I was supposed to do in preparing for retirement. Oh I might have been able to find a job but doing what? But I was compensated for being forced out before age 62 with a supplement to my income. There is no way to be able to survive in retirement if you are not prepared.
I read somewhere that most people expect to work well into their late 60s. It is hip according to the media to work well into your life. (Early retirement used to be hip but that is so 20th Century!)
Well, many of the employers' of people in my parents' generation did not get the memo because many people are losing their career well-paying jobs in their mid to late 50s due to reorganizations, layoffs, terminations, and general corporate cutbacks. (Whatever you want to call them!)
Many people that age don't want to retire from full-time work but society and business, who love younger cheaper workers, disagree.
Any stories about your friends and family who lost their career jobs from 55-65 years old and what happened to them when they tried to get back on the corporate treadmill?
First, I don't consider 62-65 to really be "early". Most of the people I know that have retired, actually retired by 65. I don't know anyone that *had* to retire due to losing their jobs.
It happened to me at the end of 2018. I was laid off at 57. They had been cutting the older people for a number of years and so, I had a target on my back. I know a few people who got hit this year. Each year it's another round.
Anyway, I was lucky enough to get another job right away, but it involved me moving for it. It could happen again to me here, but every year that I can hang on is another year where I can sock away the savings. Luckily, I am debt free (except for mortgage) and have no children, so I have that going for me.
Been There and Done That. Nuclear Power seems to have an abudance of older engineers - some in their 80's! Nuke is where I landed at age 56. A true learning experience.
Best of luck to you!
Strange, I was a nuke-drop-hero in the Navy, and my name is Roger.
Strange, I was a nuke-drop-hero in the Navy, and my name is Roger.
Rg
Navy Nukes are the most desirable of all engineers for Nuclear Plants!
I came from Design and Construction for the Auto Industry but a massive fan is a massive fan, a massive pump is a massive pump, and a cooling tower is a cooling tower. Just keep me away from the reactor.
If interested in temporary gigs look at the RoadTech web site for contracted engineering positions at Nuke Plants.
Any stories about your friends and family who lost their career jobs from 55-65 years old and what happened to them when they tried to get back on the corporate treadmill?
Yes - me.
I have been laid off several times over my career. The most notable was in April of 2016 when I was 60.
I figured I would work 'til 65 or so. In 2016 I had been with my employer for 13 years. This is pretty typical of large companies. When cuts are made they go after the higher salaries. I was at the top of my earning power.
I figured I would have to take less in my next role. I bled the six months of severance and then took a temporary assignment a the local community college system for half of what I had been making. Then I got a call from my previous employer and was hired back in at my old salary in February 2017. I felt very fortunate to get my old salary (different role) at age 61.
Then the hammer fell again at age 63 in September 2019. I was going to quit sometime after March 2020 anyway so that was fine.
It's often hard to hang on to your great salary in the private sector when you're 55+. I was able to save pretty well after the kids got out of college so I am done with the corporate gig.
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.
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