Came across a number, 38.4% of 55+ are in the workforce.
That means 61.6% are permanently gone.
I think the unemployment numbers are window dressing, defying what is really going on.
I do know that in my parents' days, people could in fact retire at 53....some in the 40's. But imho at 55 is a stretch (there was the rule of 30 back then).
I'm just old enough to have two defined benefit pensions--most people I know don't have one. They don't amount to that much and I'll be relying upon 401k, but folks point out hey, that's for life and it covers some expenses, such as property tax and car, and that's something....
My wife's aunt is 70 and she was offered a contractor position at Goldman Sachs--that's how hard it is to hire people nowadays.
So imho, it's a great time to be 45+ if you still want to work. If you're good at what you do, your employer has zero ability to hire someone like you! If that makes any sense lol
I retired after 25 years at 55, so that doesn't suprise me at all.
I retired at 62 in 2009. At that time, my company was offering "early retirement incentives" to get rid of the older experienced long term employees that were costing them more in salary and benefits than new hires. I actually wanted to work a few more years, but it didn't make sense to pass up the incentives. How things have changed!
While I was working for Siemens Automotive we had the same thing happen
more than once - and so did many other companies.
Soon started seeing the buzz phrase "Corporate Amnesia" being used. Companies let go all the knowledge that wasn't in their manuals. Many of those people came back as "contractors" because nobody knew how to do what they did.
I had no idea this situation was so extreme.
Not to open a different can of worms, but this is happening to a significant extent in the military too. Political loyalty litmus tests are becoming more important than experience. God help us!
I did exactly the same thing. I retired in 2003 at age 56 as part of a company offer. 401K + pension + perks = something I couldn't refuse. Like you, I didn't want to leave but I'm very glad I did.
So many took the offer, that the company had to hire some back. I worked for a year as a private contractor for the company until I decided I liked retirement better. Many companies do this and the process does skew the unemployment numbers somewhat.
Unfortunately, those days are gone and won't be an option for a lot of younger workers. Now, many get pay raises by changing jobs rather than through seniority at a single company.
who took retirement at 53 using the rule of 75, he was in fact hired back to his very same job part time as a contractor. They needed his expertise.
He also got an adjunct professor job at a very prestigious university. He said the pay is atrocious, but he enjoys being challenged by very bright students. Said preparing for class is harder than any job he's ever had, and he loves it.
I was shocked to learn the pay was bad. That university has the largest contribution ever made to a university.
But interestingly enough? It's not even top 10 for endowments. So maybe that's why? I'm thinking a contribution that tops a billion has strings attached. Whereas the endowments, the school can do what they choose with it?
a family friend went from being an executive to a truck driver...
age is an issue with working
Retired at 56 with 401K, pension, perks and an offer I couldn't refuse as there was too much to lose. Best decision of my life.
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