Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Article: 'I'm too young to retire': What forced these workers to retire
Old 03-28-2024, 08:31 AM   #1
Thinks s/he gets paid by the post
 
Join Date: Jun 2017
Location: Western NC
Posts: 4,633
Article: 'I'm too young to retire': What forced these workers to retire

From health issues to age discrimination many examples of why everyone needs to strive to be ready for early retirement no matter their vocation or how long they plan to work:

'I'm too young to retire': What forced these workers to retire before they were ready/

On a personal note the last relative I buried had refinanced their home on a 15 year mortgage in their early 50s, planning to work until it was paid off.

So, naturally, their entire department was outsourced less than a decade later...they had to cash in their pension to make it to age 62 for SS.

Also had to scramble to refinance to a 30 year mortgage & later had to add a HELOC to cover lumpy expenses.

By doing is they managed to stay in their home of ~35 years, but 'enjoyed' a very lean retirement until dying of terminal cancer (only a few months after diagnosis) in their early 70s.
ncbill is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-28-2024, 09:43 AM   #2
Full time employment: Posting here.
wrigley's Avatar
 
Join Date: Nov 2008
Location: Jacksonville
Posts: 637
My company would hire Seacat in a heartbeat. He'd have to move to Florida.

Mike
wrigley is offline   Reply With Quote
Old 03-28-2024, 09:53 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
target2019's Avatar
 
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 9,724
A good message for those working towards retirement. There are circumstances that come up and can alter your plan.
target2019 is online now   Reply With Quote
Old 03-28-2024, 10:20 AM   #4
Recycles dryer sheets
Tetto's Avatar
 
Join Date: Dec 2016
Location: New England
Posts: 370
Sad stories, especially that poor lady attacked by her boyfriend! So sad
Tetto is online now   Reply With Quote
Old 03-28-2024, 10:24 AM   #5
Thinks s/he gets paid by the post
 
Join Date: Jun 2023
Posts: 1,161
Anyone over the age of 50 had a target on their back in my last workplace. If you didn't get RIF'd, they'd just squeeze you on compensation and advancement until you got the message. I finally got the message.
LateToFIRE is offline   Reply With Quote
Old 03-28-2024, 10:28 AM   #6
Thinks s/he gets paid by the post
CaliKid's Avatar
 
Join Date: Apr 2016
Location: Ex-Cali
Posts: 1,245
Quote:
Originally Posted by target2019 View Post
A good message for those working towards retirement. There are circumstances that come up and can alter your plan.
This right here!

There are a million things that can come up, change, etc.... Your company changes, your health changes, your desire changes, etc....

Make a plan but know it might change... and ENJOY EACH DAY!
__________________
______________________
The plan was September 1, 2022 and I am 95% there. Still working a few hours a week at the real job.
CaliKid is offline   Reply With Quote
Old 03-28-2024, 10:35 AM   #7
Thinks s/he gets paid by the post
 
Join Date: Mar 2013
Location: Coronado
Posts: 3,707
Quote:
Originally Posted by wrigley View Post
My company would hire Seacat in a heartbeat. He'd have to move to Florida.

Mike
He's easy to find on LinkedIn. Why not send him a message and see if he's interested?
cathy63 is offline   Reply With Quote
Old 03-28-2024, 10:42 AM   #8
Thinks s/he gets paid by the post
Souschef's Avatar
 
Join Date: Dec 2015
Location: Santa Paula
Posts: 4,077
Quote:
Originally Posted by LateToFIRE View Post
Anyone over the age of 50 had a target on their back in my last workplace. If you didn't get RIF'd, they'd just squeeze you on compensation and advancement until you got the message. I finally got the message.

I agree. I was passed over for raises my last 2 years at my company. In the 20 years I had been there, I lost track of how many company presidents we had.
__________________
Retired Jan 2009 Have not looked back.
AA 60/35/5 considering SS and pensions a SP annuity
WR 2% with 2SS & 2 Pensions
Souschef is online now   Reply With Quote
Old 03-28-2024, 11:10 AM   #9
Thinks s/he gets paid by the post
 
Join Date: Jun 2002
Posts: 1,637
Quote:
Originally Posted by CaliKid View Post
This right here!

There are a million things that can come up, change, etc.... Your company changes, your health changes, your desire changes, etc....

Make a plan but know it might change... and ENJOY EACH DAY!
The article made me think about all the posts I’ve read by people looking to find affordable health insurance or justify not paying for a Medicare supplement. They say, “ I’ve always been healthy….” But health can literally change in an instant with devastating consequences. Sorta like investments where “past performance does not guarantee future results.”
__________________
friar1610
friar1610 is offline   Reply With Quote
Old 03-28-2024, 11:19 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 11,300
I volunteered for a RIF at 55. Would have been laid off before 60. Looked for work for 15 months to no avail, but then calculated we can retire.
Been 7 years and have not looked back.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 03-28-2024, 11:19 AM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Apr 2010
Posts: 5,915
My employer had been downsizing for years. I was often in the uneviable position of cutting headcount. It was the worst part of the job.

I was always surprised of those in their early-late 50's who were surprised at their downsizing, not financially prepared, or emotionally prepared.

My advice when asked, by those of any age, was always expect to be cut, always have an up to date resume, keep your interview skills sharp, keep in touch with others in the industry. Always have a plan B and a plan C. The company could fire you or you may want to fire the company.

Those who think that the company is 'loyal' to them or believe that they cannot be replaced by someone younger, smarter, and less expensive are dreaming in la la land.

I was happily downsized. I knew it would be coming within 6-12 months. I was prepared but had more time to finanize plans that resulted in FIRE. Had our financial ducks in a row right down to knowing what the package should look like and what employment lawyer I intended to engage for the negotiation.

Never get caught with your pants down so to speak!
brett is online now   Reply With Quote
Old 03-28-2024, 11:30 AM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: NC
Posts: 21,305
Very sad news and a real possibility, but the article doesn't give any indication how common forced early retirement is. For all we know there are many more who get to retire on their own terms.

And while not universal by any means, I personally knew quite a few senior employees who not only let their skills become hopelessly outdated, some actively resisted any and all attempts to help them stay current enough to continue - while fully expecting generous wage increases annually. I had an engineer who expected us to maintain our old process control systems for him as the company transitioned to an entirely new platform. Obviously we couldn't, he eventually quit, and blamed us for having to retire before he'd planned. We don't know if that might have been at play in any of the stories in the link. If you're a poor performer, and well paid, you're asking for trouble at any age.

I could get hit by a bus tomorrow, but that doesn't factor into my plans. Just suggesting to keep articles like these in perspective...
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 03-28-2024, 11:39 AM   #13
Thinks s/he gets paid by the post
 
Join Date: Jan 2011
Location: Fair Lawn
Posts: 2,963
I filled an important niche with my next-to-last company, so they were willing to pay me. Within a couple of years, though, it became evident to me I was one of their higher paid workers, and at age 56 I knew there would likely be a target on my back. By 58 they had let me go. It took several months to land another position, but in that time I realized I was in a fine position to retire. It was good, though, to leave on my own terms with that last employer. Between my 2 kids and their spouses, only my son in law is in the white collar world, in a very high level position; I've had talks with him to never presume it is forever.
mystang52 is offline   Reply With Quote
Old 03-28-2024, 11:44 AM   #14
Thinks s/he gets paid by the post
 
Join Date: Oct 2011
Location: Philadelphia
Posts: 1,409
Quote:
Originally Posted by target2019 View Post
A good message for those working towards retirement. There are circumstances that come up and can alter your plan.
That's how I always felt about selling vested stock options. I had lots of friends who's plan was to just hold them until their expired. But if you were let go, you only had 90 days to exercise the options.

I'd often remind them that the company may choose to let them go at a time when the stock was down,

Sadly, that happened to a bunch of people.
__________________
Luck is when Preparation meets Opportunity.
FIRE'd 1/1/24
Closet_Gamer is online now   Reply With Quote
Old 03-28-2024, 11:50 AM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Apr 2010
Posts: 5,915
Quote:
Originally Posted by Midpack View Post
Very sad news and a real possibility, but the article doesn't give any indication how common forced early retirement is. For all we know there are many more who get to retire on their own terms.

And while not universal by any means, I personally knew quite a few senior employees who not only let their skills become hopelessly outdated, some actively resisted any and all attempts to help them stay current enough to continue - while fully expecting generous wage increases annually. I had an engineer who expected us to maintain our old process control systems for him as the company transitioned to an entirely new platform. Obviously we couldn't, he eventually quit, and blamed us for having to retire before he'd planned. We don't know if that might have been at play in any of the stories in the link.

I could get hit by a bus tomorrow, but that doesn't factor into my plans. Just suggesting to keep articles like these in perspective...

So true. Be a life longer learner is not just a saying. It is a necessity these days for most workers. Especially those in knowledge based jobs.

And be flexible, adaptable. Never be afraid to stretch yourself.

As above I have seen a few who were stuck in a rut. As their skills became outdated or less in demand their willingness to change and adapt declined. Others I knew embraced changed, put effort into learning new skills and approaches. They survived and florished.
brett is online now   Reply With Quote
Old 03-28-2024, 12:15 PM   #16
Thinks s/he gets paid by the post
 
Join Date: Oct 2013
Posts: 1,187
I tell my kids to find something absolutely essential to the company and be the best at it. Then find something else absolutely essential to the company and be the best at it too. No guarantees, but it worked for me.

I do have empathy for the people who are stricken with some disease and can no longer work in their career field.
freedomatlast is offline   Reply With Quote
Old 03-28-2024, 12:35 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
athena53's Avatar
 
Join Date: May 2014
Posts: 7,373
The article really does highlight how sometimes Stuff Happens. I can take credit for learning from my Dad, who was put out to pasture in his mid-50s (he and Mom had saved and invested and were always LBYM's). They did fine and I noted how freeing it was not to have your well-being chained to an employer who could terminate you at will if the math didn't work out for them.

It also reminds me that I was spared some of the awful Stuff Happens things the people in the article endured. Where I am is partly luck or the grace of God- your choice.
athena53 is online now   Reply With Quote
Old 03-28-2024, 12:57 PM   #18
Dryer sheet wannabe
 
Join Date: Aug 2023
Posts: 16
Ouch. I'm in a blessed phase of life, and that article reminds me of how life happens, tragedy happens. At the drop of a hat everything could change. Maybe not specifically liver cancer, divorce, or an ax attack. But reasonablely something just as devastating.

What makes me wonder is why an older gentleman who sounds very talented can't get a job? It sounds like companies value older employees less. Which, whatever the reasons there are, means there is some rule somewhere that you have to pay them what you pay someone you value more. Thus, you might as we hire the 25-year-old.

My company decided recently that they value my department and the similar, neighboring department differently: for the first time in decades, employees in the two departments stopped making the same hourly wage when we got a 2% wage increase and they got a 6%. This resulted in outrage, but no one has quit yet. Just complained.

Their reasons for it can be whatever--they still have the workforce needed. So just like with the aged gentleman, what's stopping the hiring company figuring out a wage number that they do believe matches the value of him as an employee, and then proposing it? Don't tell me they don't want to hire him at, say, 70% of what they pay a 25-year-old (who's statistically going to jump ship in 5 years anyway). Surely there's somewhere on the wage scale an offer neither side would want to refuse, yet I never hear of it.
__________________
-Greenblue, a near-FIRE 38-year-old dad with a sore puzzler.
Greenblue is offline   Reply With Quote
Old 03-28-2024, 02:04 PM   #19
Thinks s/he gets paid by the post
HI Bill's Avatar
 
Join Date: Dec 2017
Posts: 2,555
A lot of great thoughts here. I agree on making yourself indispensable. Be willing to take on multiple roles, and do a good job at execution. I found that I didn't have to perform at 100% of my capability or effort, because at 50%, I exceeded the productivity of most of my coworkers. I managed so many projects, my local managers assumed I must always be busy and scrambling. I must have been extraordinarily efficient compared to my coworkers.

I was always worried about becoming homeless, and I wanted to ER. So, I took a 'mercenary' approach to w$rk. I took the best paying jobs, moved a lot when required, and took on increasing levels of responsibility. You never know when there's a downturn in the economy, or your health goes south. I was fortunate to maintain continuous employment from 6 weeks after graduation to my ER at 30 years.
__________________
Balance in everything.
HI Bill is offline   Reply With Quote
Old 03-28-2024, 02:18 PM   #20
Thinks s/he gets paid by the post
38Chevy454's Avatar
 
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,373
I think the article is more common than we here on the E-R forum are aware of. Most of us voluntarily left employment to retire early. Certainly for most of us making that decision was supported by having a good plan and enough savings so that it could be done.

The one thing that the article discusses, and I believe is very real, is ageism and how older workers are pushed out. Could those article people have done better preparing for the unforeseen events? Probably, but there are many people in the population with their same plan to work into mid-late 60's.

One thing I did not see in the article, and wonder why some of the people did not pursue contract work, instead of trying for new full time employment.
__________________
The problem isn't artificial intelligence, it's natural stupidity.

You can't spend yourself to prosperity.

Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
38Chevy454 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Too poor to retire; too young to die LOL! Life after FIRE 245 02-24-2018 06:14 PM
Too old to retire young, but too young to retire Schutzie Hi, I am... 4 07-25-2014 10:52 AM
Young Workers Not Saving Article Mountain_Mike FIRE and Money 59 07-12-2005 12:02 PM
Too young too retire Familyretired Other topics 18 11-13-2004 12:23 PM

» Quick Links

 
All times are GMT -6. The time now is 07:44 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.