And I’m terrified of losing my job. A lot of my colleagues lost their jobs soon after they turned fifty, and the vast majority of them have been struggling ever since to find something else. Corporations are wasting so much human capital. At fifty you are specialized, knowledgeable, skilled and experienced. And worth nothing, apparently.
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Don't apply to the government jobs now, the DOGE is eliminating a lot of positions this year. The DOGE will also force every employee to report to the office every day. Their primary targets are federal agencies, but it probably will impact state and local governments eventually.
Old guy here. Worked in state gov right out of college and eventually earned a pension. Never made a lot of money during those 20+ years but the pension and health care was worth it. So, don’t discount public service for all you younger people. I have been at Wells for 11 years where I have finally made some money. The other poster nailed it…save save save.
Heh, when you get old you'll realize that being young and poor were the good old days. Being further along in your career has its benes to a point, but only to a point. Eventually you reach a place where you're discriminated against and your wage earning power often tanks as a result. There's also lots of people who physically become less and less able to work over time, that doesn't help employability either. Enjoy your youth, it's a great phase of life. When I look back on my own, I don't really dwell on my finances at the time, which often su-ked.
You're lucky you're so old and were probably able to afford to buy and house and have a secure place to live. Good luck.
The best defense is to save every penny that you can. Max out your Roth IRA to the IRS limit every single year. That's your emergency fund. Max out your 401k to the IRS limit, every single year. That's your ticket to financial independence at a young age. I just need a couple more years and layoffs won't be feared, just getting paid for a year for not working while I head into retirement.
You can do this. No excuses. I did it when I made $16/hr, and every one of you is pulling down more than that right now. Save save save. It's the only approach that will truly reduce your stress level about a Fd up job market.
Displaced last year at age 56 but found a job within a few months. Collected severance for six months after that. Glad to be gone from WF, the worst place I ever worked in 35 years!
Laid off twice in 7 years. Here’s what made the 2nd layoff more bearable: I made a plan to be more prepared. If you’re almost 50, make sure you have an emergency fund, at least 6 months of expenses. If you’re not networking, start now. Start evaluating your budget to see where you can cut. Agree with another poster to get training on WF’s dime. Focus on what you can control.
Hello. Deepak here. What is your job requisition number so I may apply? Thank you very much.
Just turned 51 and informed im outta here 6/1 (heads up). I’m looking at it as an opportunity to explore other options than banking and reinvent myself.
Laid off at 54. I had enough that I didn’t need to work, but I didn’t like ACA and preferred to continue work of some kind. Networking got me my next job, but I wasn’t actively looking either. I was trying to figure out if I wanted to do something different, but then an opportunity came to me.
If you are having a tough time I can almost guarantee that it has nothing to do directly with age. 50 is still 15+ working years for most people. Companies aren't looking at people and worrying if they will be around that long. Now, if you are 65 then sure, some roles just won't be a match.
The bigger issue is either you are well compensated and the there is tremendous pressure on wages at the higher end of the pay scale. Additionally, if you aren't staying up on current tech you run the risk of having skills in applications that aren't in demand. We aren't helped at WF due to how much legacy software we use in most parts of the company. Smaller, newer companies often don't have legacy software or have the regulatory considerations that we do. That opens up all sorts of new and exciting tech options.
Why are you assuming race and gender of anyone here? Look at the cost center, a ton of women are getting downsized too. Probably a slight majority.
"The official retirement age is 67. Until then, you cannot collect social security, and you have to keep working unless you have a huge saving."
This is incorrect. Full retirement age is 67, but you can retire and collect social security as early as 62. It will just be less.
The official retirement age is 67. Until then, you cannot collect social security, and you have to keep working unless you have a huge saving.
I am over 60 and got laid off. I cannot retire yet, but now I am struggling to find a new job.
5 billion in profit and 4 billion in stock buybacks. Why do we need to reduce payroll costs? Grow the fu--ing bank.
It's tough, I got laid off in 2023 at age 52.
At 50 you’re more than likely highly compensated too. That’s an easy target when companies need to reduce payroll costs.
@a9 If they're ever "targeted" it's only because of their high pay, but that's never the conspiracy they choose to see.
Wild that with the amount of whining about DEI on this site, the only people I ever see complaining about oppression of their protected class are older white guys.
Read Seneca and Epitectus to learn not to worry about what is outside of your control and plan for what you’d do if you were laid off.
No, just evidently not worth what you think.
I'm over 50 and was displaced last year. It is a horrible job market for older people - don't get complacent like I did and not hone in on some skills, especially the non-WF specific skills. Take all the training you can at WF and try to stay current on technologies. May or may not help, but definitely won't hurt.
If you can compete with the 20 and 30 year olds outperforming them, you will never be without a job.
Too bad about DEI going away then