I'm staring at a 401k that took a hit, no retirement in sight, and a skillset that feels outdated. The company I gave 18 years to is shedding people my age like dead weight. I'm terrified. I can't afford to start over at entry-level, but I can't compete with graduates who'll work for half my salary.
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Why did your 401k take a hit? The market is near ATHs.
@b4 I think you mean late stage welfare-state capitalism! 38% of GDP comes from government spending! Oh, and it is growing. 38 cents of every dollars is from your taxes. 38% of the economy is an anchor of fraud, cronyism or Ponzi. 38 cents of every dollar is negative growth, negative prosperity, theft from future generations, inflation, scare resources and more. It is only going to get worse before it gets better.
Your only job security, its your ability to get your next job. Always be looking for your next job.
@OP in addition to the great advice already posted, keep in mind that your age likely means you have a great work ethic that is lost on those young graduates. I’m not talking about working 6 days a week, 11hrs per day. I’m talking about being resilient, calm in crisis, and resourceful.
On the other hand, maybe it’s time to let go of MDT? I was RIFd 6 years ago and clawed my way back. I hate it here and wonder if I shouldn’t have just found something else. Give it some good thought.
Bro the market is up 17% in the last year. What do you mean your 401k took a hit?
Also, button up your resume and start interviewing (you always should be passively looking for your next opportunity IMO). If you want to work for the next 10ish years, you should not put all your eggs in the MDT bucket.
This is not just at Medtronic. Other companies are doing the same thing. Late Stage Capitalism is ruthless.
Make sure you have an updated resume, an minimum of 6 month emergency fund and a list of present/former colleagues that you can reach out to in the event that you are RIF'd. Worrying about you current situation will not solve anything.