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I have a steady job, and my wife and I are putting away a 9-12 month supply of cash in a separate savings account.

That's a good thing ... I was out for 8 months ... luckily I had about 8 months worth of savings and JUST made it thru. The stock market crash completely wiped out the 401K BUT I still have my house equity. BUT if I get laid off again before I can resave that 8 months safety money, which doesn't happen over night ... I'll be picking out that sweet spot the live in ... under the bridge. In 25 years of engineering .... I have NEVER seen it anywhere near as bad as now. That means since the late 70's thru the 80's and the 90's. I took a job that is only distantly related to my disipline and took a 25% pay cut to boot. Luckily the kids are gone and the cars are paid for ... the're getting old though (200,000 miles on one) but the payment is right. I would hate to think about how it would be if I still had a couple of kids at home and a car payment. Problem is that the retirement money is now gone and companies DO NOT HIRE people over 50 (except MAYBE McDonalds). I have to face the fact that I am in my last good paying job and make to best of it.

I worked for a telecom equipment manufacturer and was recently laid off (after 9.5 years of dedicated hard work).

Luckily I have about 8 months of back-up cash + my severance package.

Word to the wise: high tech/telecom is the pits.

Trajan88; TAMU Class of '88; Law Hall (may it R.I.P.) Ramp 9 Mule; f.u.p.

Sorry to hear about your job losses. And you are right - it hasn't been this bad in a long, long time. My brother was laid off last week from a semiconductor equipment manufacturer - and he's got a master's degree and 8 years experience under his belt. I wish him the best and pray for him, but I am realistic when I say he probably won't find a job until spring time next year. He was fortunately able to pay off most of his student debt, but he's going to be eating his retirement funds soon enough.

My wife and I are relatively young, so kids are still in the future. No car payments - both our cars are 8-10 years old and we will drive them until they die. We are making extra payments on the mortgage so we can pay the debt off early.

Regardless of how 'unpatriotic' some people make us out to be, we are clamping down on any and all unnecessary spending. God has given us this time to save and be good stewards. We are being frugal because we are not fools.

Problem is that the retirement money is now gone and companies DO NOT HIRE people over 50 (except MAYBE McDonalds). I have to face the fact that I am in my last good paying job and make to best of it.

If you have talents, don't lose faith.

I was 56 when, after 23 years with the company, the division closed. I was offered a transfer to a place I politically hate,(CA) and turned it down.

But I had worked hard and had a good reputation, and because of it, got a better job before I even touched my severance!

This, despite my being certain I had lost the last job I would ever have.

So you never know...someone you did a good job for years before, or someone who had heard of you may come through if you develeloped a good network!

In 25 years of engineering .... I have NEVER seen it anywhere near as bad as now. That means since the late 70's thru the 80's and the 90's.

30 years for me.

Problem is that the retirement money is now gone and companies DO NOT HIRE people over 50

Well, you're just one big frickin' ray of sunshine, aren't you? ;^)