Posted on 04/23/2006 7:49:45 AM PDT by SmithL
One of my readers is an underemployed 59-year-old man from among us here in the South Suburbs. Call him Harry. He works in information technology. Slowly and wearily, he says: "Once you get past 50, I swear, it gets tough, it gets really tough."
For instance, Harry applied for a job with a city of Chicago department that operates 24 hours a day, seven days a week. He got an offer for some contract work. There were no benefits, but it was a paying job.
A woman from the city called him one Monday morning and wanted to know if he could start at midnight. Harry said he'd like to give his current employer a week's notice. That wasn't good enough. The job was gone. The caller told him: "This is a brave new world. Learn to live with it."
(Excerpt) Read more at starnewspapers.com ...
Today, it really starts getting tough at 40.
You know, my husband and I were just talking about this the other day. We both just turned 40 and we can already see the writing on the wall for what the future holds. Currently, I work only one day a week to stay home with the kids, but we both work for the same company. Their MO has become very clear: once you start accumalating vacation time and benefits and hit 50/55, you can expect a visit from upper management telling you that you have been 're-assigned'. They don't fire you per se, they just make your life so miserable that out of depseration you do quit and try your luck finding another job, only to be faced with more age discrimination. This has happened to several of his older friends and co-workers. Basically, they only want new, 20 something grads with no family and lots of debt so they are willing to work as much and under any conditions. Experience means nothing anymore, and in fact, has become a liability. We have always saved aggressively and lived within our means. I have wanted to build a nicer house for years, but especailly now that my husband turned 40, he says we will never be able to afford to since we need to save for the inevitable.
I hope you never find out just how devestating cancer can be to your "retirement" plans. How it eats through all your assets. But then, perhaps you have never loved anyone enough to give up your little nest egg, perhaps you would just let them die.
:)
Graduated high school, worked briefly for Ford, then a decade in the Navy, not a high paying positon. Its probably fair to say he entered the work force in his early 30s.
Peak earnings, upper 70s.
Its fair to assume thats not a 25 year average.
Since he works, hes been paying income and ss tax on all his earnings, at least a quarter.
$700 per month mortgage, thats not living large in Chicago any more than a $200 per month auto payment is. Im willing to assume hes been just as extravagant in other expenses.
In those circumstances, expectations of saving enough to support a $70m retirement income at 59 arent realistic. Its a function of our tax system.
He makes no criticism of his employer for firing him on the spot, in fact complements the employer.
Hes not interested in lawsuits.
All he says is its tough to get a job when youre 50, which it is, and he might have to work the rest of his life to support himself, which he might.
Government help doesnt come up at all. Other than the Peotone airport, which would be a local economic boom.
His solution
Is there a solution? Harry suggested two. One is the responsibility of the employee: He must keep himself employable by continuing his education and upgrading his skills. If you want a job, you must have a skill set that employers value. Such as? Management is an important one, he said.
Thats good advice for everyone.
69ConvertibleFirebird needs to pay attention to his own tag line. Age doesn't necessarily imply wisdom! If you can't get a real job, work for the government or a union, that way you can retire by 59!
You know who can come knocking at your door faster then the government? Doctors and hospitals. They can eat right through every cent you've ever saved, they can eat up the equity in your house, they can take over just about everything you've ever owned. They can cause you to willingly empty out your 401k (AND pay the premium for cashing out) just to give you a few extra days with someone. Don't be so smug about how well you have things planned out.
bump
And the message you, I, and a few others have been putting forth - personal responsibility - is being ignored by virtually all.
Tis sad indeed we have gotten ourselves into the place we have gotten ourselves into as a society, but predictable for many decades.
Congratulations for having made and worked a plan that allows you to enjoy the fruits of taking responsibility for your financial security.
Sad you are taking hits for being responsible.
Then I should rephase it. If I am laid off, it will not be because of something I did or did not do.
I work work "at will", which means I could become unemployed at any time.
Having clarified that point, it just re-enforces the main point(s).
Due to no fault of my own, I could be unemployed. It is up to me to be prepared for that event.
We have nothing saved for retirement due to unforeseen medical bills and credit card debts we incurred when we both found ourselves unemployed with two sons. My wife, God bless her soul has to commute 60 miles one-way into Boston from NH because they pay almost half less as much over the border for the same work in the "Live Free AND Die" state.
It is easy for rich people, or those who have not undergone difficult circumstances who have been able to save for one reason or another to cast stones and look down on people who are not in the position they are in. Thank you again. Dr. Jerry S
"I'm really sorry, you're overqualified for this position."
"We paid for their K-12 private schools."
That's a financial sacrifice you chose. You could have chosen to send them to public school for free.
Yes, labor cost savings do have ramifications.
Have you tried applying with us:
http://www.juvenile.state.az.us/CareerOpps/CareerOpps.htm
His solution
Is there a solution? Harry suggested two. One is the responsibility of the employee: He must keep himself employable by continuing his education and upgrading his skills. If you want a job, you must have a skill set that employers value. Such as? Management is an important one, he said. Thats good advice for everyone.
Yes Harry offered the right solution. Some didn't read down to the bottom.
What kind of mental illness is it that you have that you think it a noble act to breed indentured servants? The very premise is vile, and I certainly would not air such views in public. Indeed, this is the very thing that is wrong with Social Security.
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