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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?
Last edited by Like To Post; 10-24-2018 at 01:28 PM..
A friend got laid off in his late 50's, was right down the hall from me. He got a small pension and the continuing health care, which right now would cost about $1000 per month for a couple. He did a few contract jobs "on the road" but is now right down the road with a regular job again.
I almost had to bail in my late 50's, with a paid for house and no kids, I would have been OK, but was glad to dodge that bullet. I guess I would have done similar to my friend.
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?
What does this have to do with retirement? This question probably belongs in the Work and Employment subforum. If someone is forced out of a job and they can't/don't want to retire, they have to go find another job. Maybe they decide not to get back on the treadmill and do something different. They decide to downsize their expectations and their finances. Just because you don't want to do something doesn't mean you don't have to face it.
What does this have to do with retirement? This question probably belongs in the Work and Employment subforum. If someone is forced out of a job and they can't/don't want to retire, they have to go find another job. Maybe they decide not to get back on the treadmill and do something different. They decide to downsize their expectations and their finances. Just because you don't want to do something doesn't mean you don't have to face it.
It has everything to do with retirement because not all retirements are pleasant and full of travel and golf. Many are forced retirement without the money before they were ready.
In another forum here, there was a story about a New Yorker who took his own life after a divorce and the subsequent departure from his current job. He was well into his 50's for these events and after several hundred interviews, failed to obtain meaningful employment. Sadly, his decisions took its toll and he was arrested for a drive-through incident which added to his misery. He was literally dead-broke when he committed suicide and his body remained in the car for they think, two weeks before someone noticed him.
I'm sure there's a lot more to this story but at least on the surface, his decisions and events rendered him completely unprepared for retirement. His fault? Someone else's fault? Yeah...all of the above. I'm sorry life treated him so badly.
I know an NFL player that wanted to play one more year. He felt his stats were still relevant but they explained they could draft a college player that could put up the same stats for about 1/3 of what the league would have required them to pay my friend. He got cut, even after 2 Superbowls.
The extra cash would have bolstered his retirement but mentally he wasn't ready to sit down.
So whether on the field or "in the field" the forced retirement could hit anyone. I am personally not ready for retirement but I could "make it work" if it happened to me tomorrow.
We are roughly the same age. We could retire now, but plan to work for a few more years to build our dream house in the mountains.
Just hit 60 but the wife won't hit it for a few more years. I elected to work until they no longer need me for similar reasons to yours. It'll allow us to purchase the property we want and cash-flow a good bit of the development process related to new land/new home/maybe new barn/etc. If I retired now, we could still pull it off but we'd have to add a modicum of discipline to the budget process. Every extra month I work adds a little more to the kitty. I like a fat, happy kitty.
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