It's a Trap! The Keep W*rking Plan

[GR111]

Great lessons to teach the kids! My plan was to work until 70 at mega corp, but after working years in toxic environment, and watching my co workers die a slow death, I realized there’s more to life and will RE next year in mid-50s. Hope I make it. Co workers dropping like flies with heart attacks. Time > money.

 

[timo2]

Time > money.

This is the cartoon version

 

[Milton]

A book with reading

I really understand and feel bad for people who are forced out of work between 50-58 and could not find a job. It's always good to be financially independent once you hit your 50s. Age discrimination and work discrimination is real, no matter how good you are at your job. LBYM and Aggressively Saving for Retirement is a Life Saver.

Amen.

Recommended reading: G.J. Meyer, Executive Blues: Down and Out in Corporate America. Originally published in 1995, it is still well worth reading as a painfully honest firsthand account of what happens after being let go in one's 50s. Extract:

Today is Friday, the thirteenth day of September, the ninety-eighth day of my unemployment. Ninety-nine days ago I was Vice President for Communication of the J.I. Case Company, a multinational manufacturing corporation with sales of more than five billion dollars a year. Before that, I was a vice president at McDonnell Douglas Corporation, a firm that needs no introduction.

And for more than three months now I have been a man with no particular need for an alarm clock, no place where I really need to go in the morning.

 

[FreeBear]

C

 

[Tekward]

Related: https://www.bloomberg.com/news/arti...ng-teenagers-at-fast-food-joints?srnd=premium


Senior Citizens Are Replacing Teenagers as Fast-Food Workers

Amid a tight U.S. labor market, restaurant chains are recruiting at churches, senior centers and AARP.

 

[Amethyst]

That's interesting. My dad was a master electrician who specialized in high-voltage construction. His jobs came through his union, and when the union didn't have work, he got laid off. Conversely, when there was more work than local-union men to do it, he worked overtime...a LOT of OT.

When he got laid off, he went on unemployment till work picked back up. Mortgage and car payments were sacred, and were made before anything else. We ate leftovers mixed with other leftovers, took ketchup sandwiches to school, and Dad fixed stuff that had been going south around the house.

When he worked OT, we got new clothes, even new carpet and furniture (once).

It was just an expected thing, almost a cycle of life for us.

My father was laid off when he was 49, and I remember him worrying endlessly about what to do. He and my stay-at-home mother had practiced LBYM so the family was not destitute; but it was a very stressful time for all of us, especially him.

This experience seared itself on my 18-year-old subconscious. Thereafter, I was always well aware that 'bad things can happen to good people'; that no employee has job security; and that it was necessary to prepare for possible job loss by saving, investing and building a nest egg. It was a major factor in reaching FIRE by my mid-40s.

 

[Milton]

Sounds more like a cycle of furloughs than a real layoff situation. I'm sure it had its stressors, but as you say it became almost routine ... the fact that it was only a matter of time until your dad was rehired again would have helped.

I don't mean to take anything away from him, though. Your family made sacrifices and your parents had their priorities right.

 

[FreeBear]

When he got laid off, he went on unemployment till work picked back up. Mortgage and car payments were sacred, and were made before anything else. We ate leftovers mixed with other leftovers, took ketchup sandwiches to school, and Dad fixed stuff that had been going south around the house.

When he worked OT, we got new clothes, even new carpet and furniture (once).

It was just an expected thing, almost a cycle of life for us.

Ahh, cyclical employment...

I w*rked in tech engineering in a mature and downsizing industry, so I expected layoffs. I realized that a high savings rate would provide a financial buffer or "income smoothing". Basically, save during the good times in order to weather the bad times.

After DW and I saved enough over decades, I realized that that we could FIRE!

 

[revhappy]

We humans are so fortunate that we can work and save in the early part of our life and consume it later.

Imagine if animals could do it, hunt during 50% of their lifetime and then consume their spoils for the remainder of the lifetime.

 

[youbet]

We humans are so fortunate that we can work and save in the early part of our life and consume it later.

Imagine if animals could do it, hunt during 50% of their lifetime and then consume their spoils for the remainder of the lifetime.

We can consume savings later in life only if the younger generation says we can and honors our economic system. Last time I looked, my FIRE portfolio contains only computer entries and the house I'm sitting in and the cars in the garage. We need the younger working folks to grow food, harvest timber, dig mines, drill wells, produce goods, provide services, etc., and accept computer entries in exchange. Otherwise, we can just dig into a tasty bowl of computer entries from our Vanguard, Schwab and Fido accounts for lunch!

 

[travelover]

We can consume savings later in life only if the younger generation says we can and honors our economic system. Last time I looked, my FIRE portfolio contains only computer entries and the house I'm sitting in and the cars in the garage. We need the younger working folks to grow food, harvest timber, dig mines, drill wells, produce goods, provide services, etc., and accept computer entries in exchange. Otherwise, we can just dig into a tasty bowl of computer entries from our Vanguard, Schwab and Fido accounts for lunch!

So true. That is why I hedged with a garage full of Beanie Babies.