Quote:
Originally Posted by Lubicon
The idea of being forced to retire before I am ready is also un-nerving. I'm at that age (56) that I'm not quite there yet (retirement funds) and if I lose my job it's not going to be easy to find another due to my age and niche role I am in. I know so many people who were involuntarily downsized between the ages of 55-60.
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You’re in the danger zone. When I was a financial planner I saw many people in their 50s and 60s downsized. Their salaries are higher so employers target them for cost savings. They often find it hard to find work because of higher salaries and employers often won’t hire older people close to retirement.
When I had an employer (I’ve been self employed for nearly 30 years now) I always had a plan B in case I lost a job. When I was laid off I immediately transitioned; my plan B was a much better situation (self-employment with higher earnings). Of clients who lost jobs, pretty much every one ended up better off. Get a plan B.