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Why more older workers are finding themselves unemployed as retirement approaches (Original Post) Yo_Mama_Been_Loggin Feb 2020 OP
Reneging on Long Term Agreements Roy Rolling Feb 2020 #1
I didn't work hard enough Mike__M Feb 2020 #2
This scares the crap out of me. smirkymonkey Feb 2020 #3
This is so real LittleGirl Feb 2020 #4
Similar thing happened to me... MrModerate Feb 2020 #5

Roy Rolling

(6,853 posts)
1. Reneging on Long Term Agreements
Mon Feb 24, 2020, 06:15 PM
Feb 2020

Promising benefits in the future that end up being eliminated. Stiffing contractors after performing work.

They aren’t that different. They both rely on a promise in the future that is broken.

The promise that if we work hard to age 65 we can retire is being broken more and more. It is almost non-existent.

Mike__M

(1,052 posts)
2. I didn't work hard enough
Mon Feb 24, 2020, 07:33 PM
Feb 2020

I'm 60, and I know I didn't work hard enough, because I can't afford the rent the White House for four years.

LittleGirl

(8,261 posts)
4. This is so real
Tue Feb 25, 2020, 09:40 AM
Feb 2020

This has plagued my family and friends for the past decade!
I saw my BIL, another BIL, my brother who all got laid off in their 50s.
My BILs survived, but my brother was dead in 6 months.

I haven’t been able to get an interview and gave up 5 years ago. I turned 60 a few months ago.

A classmate I know is about to or already lost her house because she got laid off 2 years ago. 401k is probably gone. Same job for 24 years.

 

MrModerate

(9,753 posts)
5. Similar thing happened to me...
Tue Feb 25, 2020, 10:28 AM
Feb 2020

After 30+ years with one company, I'd grown too expensive to retain, and so when one project ended, they simply didn't offer a new one, and I had to repatriate from overseas unemployed. I tried to get reassigned domestically in my original company, but they were downsizing after completing a bunch of projects in a single year, and were shedding staff throughout the organization. I also looked for work in my field with other companies for about a year, and literally no one would hire me — too old, too expensive, and perceived to be "old-fashioned." I briefly considered taking a job in retail until I figured out that the best I could earn in such a job would be 1/10 of my previous salary. So I pulled in the reins, modified family expectations, and am now getting by on Social Security and what I can draw from my now-rolled-over 401k.

I had wanted to work another 3-5 years, but that wasn't possible, and it ended up causing me to change my retirement plans substantially.

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