I’m close to 55. I’ve spent my whole career in banking, and been with WF for the past 15 years. I’m terrified of losing my job as soon as I turn 55. I’m fully aware that the likelihood of that happening is actually very high. I would be fine with that, as long as there are opportunities in the job market for people my age. But there are very few, if any. The only good thing is that I’m done with my mortgage, but the economy is getting worse. What little savings and investment I have will not be enough. It’s so degrading to work hard your whole life and still find yourself jobless barely past your prime and scared of the future.
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@4kqq, "Everyone needs to reject consumerism". What? Oh, I know, but please don't. As Cramer says --- Buy, buy, buy. Our economy is based on consumerism.
CS's wealth management is based on consumerism—that and AI.
Do you want to tank the stock market?
"What little savings and investment I have will not be enough."
Unfortunately this is something people should plan for. There is a reason that for a century, in economics prime working age is listed as 25-54. While it's too late for the original poster, everyone needs to reject consumerism that tells you to spend 100% of your paycheck your entire life and instead live on 75% or so of your paycheck.
We're talking about business professional jobs here overwhelmingly. OP is likely not a bank teller for 35 years. No company can be trusted to give you a job for life. You need to drive that Toyota Camry for 10+ years, not get a new Lexus every 3 years. You need to squeze your family into a 1500 square foot home, not a 3500 mcmansion. If you save a quarter of your pay from age 25-54, you'll be fully prepared if you get laid off at 55.
Not many people know this, but its the truth. No company can be your provider. Only you and God can be your provider. Stop putting your trust in companys and start saving and investing for yourself. Teach your kids to do the same. We need every generation to know how to reject consumerism and live simpler lives so they can save and invest for when winter comes.
I got laid off in June at age 55.
It was the oldest who were canned in our group.
Is that the song that’s played whenever an unexpected underdog has a good audition in American idol?
I'm 51 and can't wait to retire at 62. Nine more years. Take one day at a time, not worth the stress. Plenty of contract jobs out there.
Free advice.. for success. Military types might think of it as the rules of engagement.
First reframe your attitude and adjust your moral compass. Time to be a predator to all the sheep. Btw it isn’t age and not so much your SME caliber rather it is your ability to kiss butt and “appear” an asset to your manger’s political alignments. That is how value is measured. We are rearranging the deck chairs, but let’s make some money. As far as your ethics, leave them at the door. Be ruthless and go after the work that the folks being let go will free up, easy ki-ls for building your portfolio sc--w their feelings, feelings won’t put your kids through college. Be real. There is still plenty of money still to be made here, you just need to look at it with a shade of greed dipped in grease. Best of luck to all of us while the wheels fall off stage coach. If you do this, I guarantee management will accommodate you.
You worked hard but didn't save for retirement or unexpected circumstances? At least train your kids now to save. They need to be smarter.
I was laid off after 23 years at my company and when I just turned 54. My neighbor was laid off from her company too. We decided we were not going back into corporate America. So here I am at WF just waiting to see how long I last here and collecting that paycheck while my nest egg grows. You never know what will happen to you.i make much better pay here at WF than at my last job for the record. I didn’t go looking for this job. It found me.
I’m over 55. I think you need to first adjust your perspective. If you continue to think you are past your prime, you will be. I’m not past mine and my best days are ahead even if I get displaced and face ageism in my job search.
Hey, some of us mid 60's folks still working aren't miserable. I'm actually quite content to sit back, get paid to do whatever they ask, and watch this sh-tshow develop.
My financial guy will tell me when it's time to pull the plug and it is probably in 2025 anyway. Or get severed during the big re-org coming.
I will keep working to develop my next gig but it will not be in the corp world.
I got let go at 60 (this year). Sold my house and got a nice apartment. I look it as a door I would never have open unless I was shown the door. Otherwise, I might have rotted away in misery till I was 65 wondering where did all the 6 figure money I made went, because it sure isn't in my bank account. Here's to new beginnings and new careers....God Bless!
I had a recent interview outside Wells at age 50 and experienced my first age discrimination during my zoom interview. I was shocked. I kept pushing forward and now have a job lined up, leaving prior to the end of Q1. I would have liked my severance, but my sanity is more important to me and my family. I noticed people in my group that are proactive and looking to leave Wells are much more calm and at ease. The folks who are waiting around for something to happen are very stressed. It's your life, be proactive and look. You never know what might happen.
I’m 56 and just started with a new bank in October. It’s a smaller, regional bank. I’m so happy, I wish I left WF a lot sooner. Like another poster said, look on the actual company’s website. I would see a job listing on LinkedIn, but would apply on the company’s actual site. Good luck.
If you look around d the people who look late 40s and early 50s are actually like 38.
Thank you for the words. It helps at least one person concerned about the future.
Be familiar with the Rule of 55, if you aren't already
Have a plan, update your resume. Look at what's out there now; don't wait. Look on company sites, places like Indeed are full of fraudsters, and it'll be the last thing you will want to worry about. Having a paid mortgage is huge. Other bills can be cut back. Pay off cars and credit cards now while you're still working. Put yourself in control. If it happens, you'll be ready, somewhat.
57, displaced in May, found a new job in 6 weeks, still collecting severance. So much better at new org. Life goes on and you will be fine.
Only HR knows your age unless you’re telling other people. I got laid off at 51 earlier this year and rehired a few months later at 52. Don’t lose sleep over this. The benefit to getting hired in our 50’s? No one has to worry about us coming after their jobs. There’s always a way to flip to the positive.
- Still here. Not a given that you will lose your job at 55.
It happened to me earlier this year. 58 years old, 19 years at WF, 5-7 years from retirement and I was displaced as part of the location strategy. It hurts. I feel your pain.