Downsized and re-employed ages

[jIMOh]

The retirement is unplanned for many thread here
http://www.early-retirement.org/forums/f28/retirement-is-unplanned-for-many-98105.html

Led me to a question (but did not want to hijack that thread):

At what age have you been downsized, reorganized, or told to take your talents elsewhere and been successful in finding another position?

I am 46. Last time I changed jobs was 43. I am curious if this is my last rodeo and I don't know it yet. I need another 8-11 years at my current savings rate to be on plan for retirement around age 55.

FYI the poll asks the opposite question as the one in green. Looking for age where it appears it is difficult to find gainful employment.

 

[Dtail]

Volunteered for a package just short of 56 y.o. but couldn't find work for 15 months, then retired at 57 y.o.
Never wonder about whether I should go back to work.

 

[W2R]

Never?

Divorced and destitute at 50, I took a federal job primarily for the health insurance in retirement; but I was also aware that job security at that age was of vital importance for me.

Salary isn't everything.

I'd say anecdotally that most of my friends started telling me of troubles finding a new job at around age 52-53.

In my late 50's, without asking about it I was informally offered a job with one of the largest oil companies for about twice what I was making with Uncle Sam. All I had to do was formally apply and the decision maker was telling me the job was mine. But I declined. I would imagine that they could have laid me off without benefits pretty quickly after hiring me, if they wanted to.

 

[Dtail]

Never?

Divorced and destitute at 50, I took a federal job primarily for the health insurance in retirement; but I was also aware that job security at that age was of vital importance for me.

Salary isn't everything.

I'd say anecdotally that most of my friends started telling me of troubles finding a new job at around age 52-53.

In my late 50's, without asking about it I was informally offered a job with one of the largest oil companies for about twice what I was making with Uncle Sam. All I had to do was formally apply and the decision maker was telling me the job was mine. But I declined. I would imagine that they could have laid me off without benefits pretty quickly after hiring me, if they wanted to.

Yes never. I have Plans B and C and both do not include working on any level.

 

[nhcycling]

First time RIF’d in 1998 at age 42. Don’t recall what the economy was like but had a comparable job and I believe for more $ in a few weeks. Second time at age 52 company going downhill fast and RIF’d half it’s staff of 8000 employees in 2008. The Great Recession! I was fortunate to have a broad network and had a job the next day albeit with a 30% pay cut but grateful for a 6 month package, 3 months PTO pay and a new job at a stable company in a growing industry.

 

[stepford]

I got s-canned at age 36 and was out of work for about 2 months before finding a similar job (same pay, same field). This was also in the late '90s. No other layoffs in my career (unless you count the final elective one that started my retirement), but I was threatened with a layoff for at least 12 of my remaining 19 working years

 

[N02L84ER]

I was canned at age 35.5 (hated the boss) and accepted a new, better paying job within one month of starting to look for a new job.
I was told at age 39 my position was being eliminated on a Monday with my last day to be that Friday. By Thursday, I had landed a new, better paying job that started on Monday.
I retired at age 52, had multiple offers for more work over the next year, but turned them all down. I have no intention of going back to work. I did not vote.

 

[H2ODude]

Relative in high level finance not downsized, but repatriated and in mid forties finding job hunting quite difficult; getting a distinct vibe that age is an issue.

 

[Jerry1]

Depends on a lot of things, but I’d say at around 50, time to expect it. Of course that can be mitigated if you have a certain skill but as a general rule, I think 50. As was pointed out, another way to handle being let go later in your life is to not hang on to the notion that you should be able to get the same job and or same level of pay or grade. If you’re willing to take a downgrade or creatively shift course, you should still be able to find work. But replacing what you had I think would become more difficult with age.

 

[HillCountry]

Three layoffs at the age of 37, 41, and 43. All due to the startups folded. After the last layoff, I said goodbye to Silicon Valley startup.

 

[Teacher Terry]

Never but my husband at 52. I didn’t vote.

 

[Scuba]

I’ve never been laid off or downsized, and never intend to work again. Retired at 56.

 

[Dreamer]

I was rif'd in my early 20s while working for DOD, but they had a job for me the next day at a higher pay rate.

My DH volunteered for a separation package at age 58, but did not plan to go back to work.

I did not vote either.

 

[brett]

58. Thrilled when it happened. Never went back. I was ready a little earlier but wanted the termination settlement and the pension credits.

 

[candrew]

At age 51, the health system mega-corps where I was w*rking [-]merged[/-] was [-]acquired[/-] [-]taken over[/-] actually swallowed by a much larger health system mega corp. With a bit of advance knowledge, I learned that my job title was not part of the "acquiring" mega corp. So, with help from my Director, we re-wrote my job description to match that of the incoming "owners". I took a pay cut as part of the "merger", but was able to hang on and RE, taking the exit ramp at age 59.

 

[Just_Steve]

I won't count working in the construction trades in the 80's because layoffs were just a normal course of business. But from 1990 until retirement in 2015 never downsized in any form or fashion.

 

[tb001]

Our situation doesn’t fit exactly in the categories you laid out, so I didn’t vote. That said, it became *much* harder for DH to find full time work in his late 40s/early 50s. He was unemployed for ~3 years. He eventually found a consulting gig that turned into full time work at 53, but was let go at 55. His salary there was a fraction of his earlier salaries—1/2 to 1/3.

He’s now almost 56 and hasn’t been looking for anything full time since losing that job, but has had a fairly steady stream of consulting work. I’d love for him to find something full time, but I don’t think he wants to put himself through the wringer of rejection again and is hoping one of these consulting jobs might transition to full time.

 

[Cassius King]

Very early in my career. I was let go in 1998 and again in 2002. Been with my current employer for 17 years now. Having those early experiences right out of college has always left me in the mindset of taking care of my family first and that no job is guaranteed tomorrow. Saved, LBYM, never bought a mcmansion, always had the mindset of this job could be gone tomorrow, what's the plan. It was a helluva way to start one's working career. I would like a bigger/better house in a nicer neighborhood, but with my history, I won't lock myself into that commitment.

 

[unclemick]

50. In research on a program with a limited life span left. Did not wish to leave the area for work in my field. Ended up doing some different temp.(jobshopper) work for about a year or so total in the environmental area.

heh heh heh - now we get small change to watch grass grow. CPR - 2 AKA a small inheritance.

P.S. At a younger age I was in the group - 'Will the last person leaving Seattle turn out the light'.

 

[aja8888]

Got downsized from a consulting firm @ 55. I didn't look for new employment so I started my own business in consulting and worked it for 13 years.

 

[omni550]

Fortunately, never.

I worked in automotive engineering my entire career (= 3 employers). During economic downturns, my employers downsized/RIFed salaried staff. It was tough to see these folks let go through no fault of their own.

Luckily, I was never laid-off, but always felt the spectre of its possibility looming. Thus I scrimped and saved my entire career.

Early retired at 56.

----

I was in management. I did notice age-ism kicking-in as people hit their early 40s. Although not overt, the hiring, ranking, and firing decisions were often impacted by age, which was usually correlated to salary level.

omni

 

[Walt34]

I never was downsized. DW was twice, but bounced back and found other jobs, the last with federal govt. Then when I retired and we moved to WV we both intended to get part time jobs but found those only paid minimum wage at jobs we had no interest in. DW interviewed for several federal full time jobs but never was hired and we figured out that around here you had to know someone to get hired and they were going through the motions.

It was just as well, shortly afterward her father began having health issues and as that progressed it became nearly a full time job in itself dealing with that and she wouldn't have had time for a job, or would have exhausted herself trying to do it all. So I was just as happy that she wasn't trying to hold down a job and deal with that too.

I happened to stumble into a low-stress job that I stayed with for ~ five years all the while with the thought in mind that I had already earned my KMA* hat so if things went south I was gone. Eventually of course things did "go south" and I quit.

*Kiss My *ss

 

[SomedaySoon]

RIF'd @ 53, then took less pay at another job for 18months because I thought I'd like the work. Then that job petered out and I stayed out as I felt I could get by with what I had put away. 6 yrs later my net worth is about the same and am looking forward to SS and pensions in a few more years....

 

[T-Minus]

Downsized @57. Let’s just say that I worked hard to put myself in the path of this outcome... ;-)

 

[rockinray]

I was let go at 60. Took me about 30 days to land a new position that payed about ten percent higher wages.

I’ve now been with this company for 2 years. If for whatever reason it happens again. I’ll be done.