Downsized and re-employed ages

[brett]

I spent a career in the IT industry..through two mergers and umpteen down sizings/right sizings/transitions and whatever other name as chosen.

Hardware sales, services, outsourcing, consulting. I saw lots of downsizing based on off shoring and age/cost. The impetus was there to make an assumption that I could easily get canned, just like anyone else, in my early 50's at best. I lucked out and very happily went to 58/59 with a healthy exit package.

Depending on the industry and the occupation it does not take a crystal ball to figure this one out.

 

[bada bing]

I didn't vote because I've not been put out of work and experienced difficulty finding work due to ageism. Part of the reason is because I strategically changed
jobs with the potential for that difficulty in mind.

Ten years ago I applied for a permanent position with my current employer - "Evil Mega Big Oil" corp, posted in Alaska. Prior to that I had been working 3-4 year discrete contracts ex-pat. In most cases, ex-pat postings with big oil corps have a limited contract duration. I was aware that after age 50 I would face greater difficulty getting new contracts and also after age 50, the potential for little health issues could make working places like offshore Angola or Equatorial Guinea imprudent. So I elected to transfer to a permanent post back in the USA for ~20% less money.

So far my plans have worked. My current job is solid and secure with no chance I could be RIF'ed based on age. Actually my job at this point is too secure . I would prefer that the company was looking to cut numbers and offer packages, but there isn't much sign of that currently. I'll retire in any case next year, pretty much at the top of my personal earnings power.

 

[Bamaman]

2008 was a great year--when Megacorp overreacted and retired all of their over 55 employees. They paid us out the nose to leave.

Despite being paid severance,.we.still had unemployment benefits coming in. I had to sign into the state computer weekly and lie saying I was.out looking for a job. Working 36 years was long enough

There were a number of 50 year old friends that had an office closure, and they chose to not take offered transfers to high COL cities. None ever chose to work again after looking for jobs in their specialized field. They adjusted their lifestyles to reduced incomes.

 

[DrRoy]

I was tagged at 34, but found a position in another division. Had to relocate. FIRE'd at 57.

 

[RxMan]

I preemptively quit last year at the age of 44 before my employer stopped lying about a “voluntary” hours reduction program and started mandatory hours cuts and that was before closing stores including the one I was working at in my district. I would have been let go just a couple of months later.

It took me 6.5 months to find another job but I attribute that to problems in my field rather than age. I found something for less pay that was a consulting job. Best professional decision I’ve ever made.

I was scared to death I made a huge mistake when I left but I was so upset about being lied to by my employer I didn’t care. In all honesty I needed to make a change from my old job. All of the events that unfolded just pushed me into a decision I should have made years ago.

This wasn’t the first time I had worked at a store that ended up being closed. But the other time my previous employer at least relocated me to another albeit terrible store in the area. Last year I would have had to move out of state and transfer my professional license and take an hours cut to 32 hours a week to stay on. Let’s just say I had a two word response to that idea and one of the words began with an F.

So I guess I’m officially working hard to save and FIRE sometime in the next 5-8 years in my early 50s but not necessarily because I hate my job. The real reason is that you never know when a company will screw you over even after putting in over a decade of quality w*rk. I’m not going to have my financial future dependent on an unreliable company who doesn’t care for my wellbeing or even worse a government who cares even less.

 

[big-papa]

RIF's several times in my career. Second to the last one, I was 52. Took about 10 months before I found the next gig. That was by far the longest span between jobs. Was seriously considering calling it a day when something came along. Did that one for the next 3 years before the company shut down my remote office. Fortunately, I saw that one coming from about 10 miles away and had offer in hand on my last day. Been there for 2 years.

Just turned 58 and can see daylight now. Kid starts college this fall and that's all taken care of. If it happens again, then I'm done. Otherwise sometime in the next 1's of years.

FYI - I did quite well with all the sign on bonuses & severance packages. Wouldn't mind getting one last "consolation prize"

 

[jIMOh]

Thank you for the insightful responses, thx

 

[kgtest]

I've had like 21 jobs in 20 years. I'd like to say I found my niche, but downsizing is real.

If I can make it to 55 I would be happy, aiming/planning for getting too "old" around 50.

 

[ExFlyBoy5]

I retired from the AF almost 5 years ago and haven't looked for another j*b. Now at the age of 45, I know that if I *had* to go get one...it would be difficult. Any skills I had are now rusty (or useless) and I would have issues "answering" to a boss. After retirement, I did go out and get a law degree, so in the event of some catastrophic event...I could w*rk as an attorney; but again, do to my age, I would most likely have to be a solo practitioner. So, hopefully paid w*rk isn't in my future.

Also, I did not vote...I didn't want to skew the OP's results.

 

[INTJ10]

I was downsized from Megacorp at age 50. I redefined my career at that point. The change has worked out for the best but it wasn't all that fun to have my plans change.

 

[jIMOh]

I was downsized from Megacorp at age 50. I redefined my career at that point. The change has worked out for the best but it wasn't all that fun to have my plans change.

I voted 65+ so I could see the votes- appears to be nothing consistent, about 1/3 are suggesting it is between 55-58

 

[trumpeting_angel]

I posted on the other thread: left a job at 50 and it took 6 months to get one job offer. Interestingly, I moved to Vermont, semi-retiring, and employers are so desperate to hire I have had my pick of jobs, in my mid-sixties. Lower pay, which I was willing to take. Full employment all over the US is probably a big factor, as well as people moving out of this beautiful state that I love.

Saying goodbye to w*rk at the end of this month!

 

[W2R]

I voted 65+ so I could see the votes- appears to be nothing consistent, about 1/3 are suggesting it is between 55-58

Just trying to be helpful to you and others (no criticism intended!). A little known go-around to see the votes on a poll here, is that you can click on "View Poll Results" on the lower right (see image below). Then you will see the results and this way you don't have to vote in order to see them.

 

[FreeBear]

Fortunately, I managed to dodge the layoffs, which were a real risk for at least half my career. At the time I FIRE'd at 45, there were only a few people older than me still in senior management or tech functions.

My mini-tech got rid of the 60-something grey hairs when manufacturing went overseas in the early 2000's. The 2009 recession, along with off-shoring an out-sourcing of even white collar functions, purged many 50-somethings.

The long parade of decent folks out the door convinced me to save aggressively earlier in my career. Now, life is good!

 

[Dtail]

When I volunteered for a package at 55 y.o., there wasn't one person in our 400+ office who was over 60 y.o.
Either way I was going to be let go eventually.

 

[DatumPoint5]

I very much appreciated this tip!!!

A little known go-around to see the votes on a poll here, is that you can click on "View Poll Results" on the lower right (see image below). Then you will see the results and this way you don't have to vote in order to see them.

Wow!! I am just sitting here minding my own business, and then, out of nowhere, BLAM, I learned something new!!??!!

Thanks W2R....... I very much appreciated this tip!!!

 

[ychuck46]

Downsized but chose to retire

My job went away when I was 60 but I could have taken others in the company or on the outside. Wasn't concerned about finding another job. But at that point the wife had been retired for five years and wanted me to join her, so I did, and it has been a great five years in retirement so far.

 

[jIMOh]

80% of responses are before age 60...

 

[ychuck46]

Found that interesting, too

80% of responses are before age 60...

I noticed the same thing. Those stats would probably still hold true with a much larger pool of respondees as well. Guess the age thing as the determiner of who gets laid off or downsized has probably been replaced virtually 100% of the time with which employees are making more whose salaries we can "save". Save in most cases means how much the top execs can rape and pillage the company for their own benefit.