Video & Multimedia
Related: About this forumWhy more older workers are finding themselves unemployed as retirement approaches
&feature=emb_logoRoy Rolling
(6,853 posts)Promising benefits in the future that end up being eliminated. Stiffing contractors after performing work.
They arent 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)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.
smirkymonkey
(63,221 posts)LittleGirl
(8,261 posts)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 havent 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)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.