Years ago when I turned 50 I took stock of my life. I realized that even if it is illegal, age discrimination exist. The older I got, the more likley I would be let go. That was not so much of a problem as the fact that I knew the older I got, the less likely I would be able to find another job in my field. (It was/is dominated by young people). I realized that my then current job would most likely be my last.
I than wondered to my self what are the odds I will be able to hang on unti I was 62. Although at the time I was a highly valuable employee technology was changing at a rapid pace. I was no longer sure I would be able to keep up, so the odds were against me making it to my 62nd birthday.
I had to accept the idea that I would be unemployed (and unemployable) for a few years before I begin drawing any Social Security.
What could I do to make the transistion less painful?
I had two things going for me. One my wife was in a secure job and would be able to work until she decides to retire. Second, we have alway lived modestly but still had a few debts.
So we had a three prong attack.
1. Get out of all debt
2. Save as much as possible
3. Do major home repairs while I was working (and paying cash) so they would not show up after I stopped working.
Two years ago, just a few days after I turned 59 I got the news my job was going away. My last day of workd was more a day of celebration than sorrow.
If you are already 59 and unemployed my advise won’t do you much good. However for you young people out there, begin planning for your last day of work today. It is going to arrive sooner than you expect.
3. Do major home repairs while I was working (and paying cash) so they would not show up after I stopped working.
Just before pulling the plug, we replaced any appliance that was 10 years or older. No need to get hit with a new fridge when retired. Did the same with a "new[er]" used car.