2/8/23: Laid Off in Your 50s or 60s?
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- Опубликовано: 7 фев 2023
- How to launch a new future for yourself.
It's Wednesday, February 8th. Yesterday, I talked about the fact that you'll likely need millions of dollars in savings in order to retire in financial comfort. That raised a question from William in Albuquerque. He sent me an email that said the following:
"Ric, no one wants to confront age discrimination. I think it's a potentially huge obstacle to anyone's efforts to achieve financial independence by retirement. I lost my well-paid job at 58 and I went to an unemployment seminar that was sponsored by the state of New Mexico, and the presenter said if you're over 40, getting a new job that is equivalent to the job you just lost is improbable, if not impossible..."
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“Get over it” is right to the point. I’ve reinvented myself 4 times. The first time was joyful after completing my 6.5 year enlistment…I loved the work but the waste and politics was not something I wanted for the rest of a 20 year career. The second time was traumatic (eastern airlines) and I grieved about for a while since aviation was my dream industry since entering Aviation High school in nyc and the airline business went to 💩after deregulation (yes I’m that old). The third was a no brainer since I was working in for GE as a biomedical tech and I was seeing the writing on the wall which led to enrollment in nursing (my wife’s own career) school at 50 years old…retired at 65 with a pension and took advantage of an early retirement package offered in 2019 that I’m sure the hospital system regretted giving when cococovid hit. They lost a lot good people to that. Bottom line…put your pride aside and get on with the program. Hell, a friend of mine got promoted to director of peri operative services and called me the other day…I may have reinvent myself out retirement 🤣
You said it better than I could! Your attitude and outlook will keep you successful - and young!
-Ric
@@RicEdelman Feeding two children clears the mind wonderfully.
if your severance is 6 months, take it and find a new job as recommended.
If your severance is a mere 1 month, don't sign the disclosure and separation papers and open an age bias lawsuit. they will usually settle with a year or so of pay and you've only risked a single month of pay.
Good advice
If you are pushing 70 and only have $100K; that’s on you for not saving and saving smartly earlier in life. You have to figure out this retirement, adulting stuff earlier in life and not beginning in your 50s and 60s.