Aiming_4_55
Thinks s/he gets paid by the post
I have a few uncles/close friends that lost their jobs in their 50's and never was able to replace with what in my mind would be a reasonable replacement. After unemployment benefits ran out, several actually took a 50 - 60% paycut for healthcare benefits and some cash flow. I don't blame them, but that sucks.
It is one of my concerns as I'm in my early 40's, close to the ceiling of my salary range of current position, but with FI within 4 - 6 year reach.
Anyone else encounter or have this as a concern in pursuit of FIRE?
"When planning for retirement, many Americans think about their pay the way they used to think about the value of real estate or stocks: that it will always go up.
They are mistaken. It turns out that the average person's pay plateaus in his 40s, according to the latest data from the U.S. Census Bureau. Many people also assume they will be gainfully employed until the day they turn 65, or 62, or whichever age they plan to retire--but if they lose a job in their 50s, finding another at the same salary is difficult."
full article...
other-midlife-crisis-wsj: Personal Finance News from Yahoo! Finance
other-midlife-crisis-wsj: Personal Finance News from Yahoo! Finance
It is one of my concerns as I'm in my early 40's, close to the ceiling of my salary range of current position, but with FI within 4 - 6 year reach.
Anyone else encounter or have this as a concern in pursuit of FIRE?
"When planning for retirement, many Americans think about their pay the way they used to think about the value of real estate or stocks: that it will always go up.
They are mistaken. It turns out that the average person's pay plateaus in his 40s, according to the latest data from the U.S. Census Bureau. Many people also assume they will be gainfully employed until the day they turn 65, or 62, or whichever age they plan to retire--but if they lose a job in their 50s, finding another at the same salary is difficult."
full article...
other-midlife-crisis-wsj: Personal Finance News from Yahoo! Finance
other-midlife-crisis-wsj: Personal Finance News from Yahoo! Finance