Close to retirement but scared of losing my job in my 50s

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clownpuncher13@reddit

I lost my job at 48. Spent most of the year doing everything on my honey-do list. Took a job making 40% less that I really enjoy but struggle with being so overqualified and the feeling that I’m giving away skills that they aren’t paying for. My acceptance of the lower salary seems to be correlated with the returns on my 401k.

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Sintered_Monkey@reddit

I did. I got laid off at 56. I was petrified of age discrimination. I was really surprised to receive, for the first time in my life 2 job offers. I took one and am now going to retire a few days before my 59th birthday.

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stompinstinker@reddit

I am an older software engineer and I have worked in many companies and have never found any age discrimination. In fact companies I worked for were desperate for older more experienced engineers. Including large scale public companies many of you have on your phones right now.

The problem is so many go work on ancient systems at an insurance company for 25 years and learn nothing new. Or they won’t mature in their careers. As an older — and more highly paid — engineer you are expected to mentor junior engineers, keep people calm and lead during an outage, architect software and break down tasks, help management and communicate to other departments. Not hide quietly in a corner and work with out of date technology.

Even in the age of AI every good senior engineer I know has zero issue finding a job. It’s not age discrimination if you coasted the last few decades with nothing substantial to show.

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akt30@reddit

I'm no financial wizard, but my understanding is that you can begin to withdraw on your 401K/403b without penalties at age 59 1/2. I don't know your financial situation, but you may just want to extend your employment for 6 more months to get past that threshold?

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scooterj54@reddit

You can also withdraw without penalty at age 55 or older due to leaving a job with the “rule of 55”.

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akt30@reddit

Tx. I'm not familiar with that one. I'll put that on my list of things to Google later today.

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Sintered_Monkey@reddit

Yes, you can do that. Fortunately, I don't actually need to. I spent decades building up my taxable non-401k funds, so I'm going to wait a while before I touch those. It's the whole "bucket" strategy for retirement.

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akt30@reddit

Cool brother. I'm happy for you & hope that your retirement plan goes off without a hitch. 👍

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QueenLuLuBelle@reddit

I had a similar experience. The one thing that helped me feel better was methodically whittling down my expenses. I got rid of subscriptions I didn’t need, renegotiated my rent, raised my deductibles, etc. It didn’t feel like much but when I annualized the expenses, it was actually a significant savings and more importantly, like something I had control over.

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creativesite8792@reddit

Hello - I'm 74, just retired as a Network Administrator. You didn't mention what field you are in. But regardless, you need to think "marketable job skills." Specifically you need to identify new skills or educational paths that you can pursue to increase your desirability. In 2005 I was laid off from a well-paying tech writers job. But I didn't have a degree and I was 55 years old. I found a job with a local college as a desktop support representative. Basically fixing computers. Then a buddy told me about another university that offered a path to a BS degree. I went back to school, nights and weekends and graduated with a BS in Information Technology with a specialization in software engineering. Took a few years, but I worked my way up and became lead Network Administrator. I would still be working but I came down with some medical issues.

Plenty of options out there. Find something that you can be passionate about. Work is supposed to be fun. (:+) So find something that you enjoy. Good luck.

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TowerOfSisyphus@reddit

I got laid off 3 days after my 50th birthday. The job market is tough but I'm actually getting pretty good interest. Hopeful I'll end up in a good place

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thornyrosary@reddit

Didn't happen to me, but to my older brother. He was only a few years away from retirement, and his employer (a VERY big company, shame on them) laid off a huge amount of "middle management". Almost all were over 50 and close to retirement, but not quite there yet.

It was a surprise and a huge shock for him. He'd served that company faithfully for several decades and dedicated a vast majority of the best time of his life to the company. In so many ways, he'd put that company ahead of his wife and kids over the years. And in gratitude for such service, they just got rid of him like he's yesterday's rubbish. He's the sole provider for his family. His wife hasn't worked since the 1990s, at least.

Since the layoff, he's been living frugally off his savings, getting things in order, and basically living as "forcibly retired" until Social Security kicks in. I feel bad for him. He was so close! But he's known for being resourceful, and I have no doubt he's going to do okay in the long run. It's just going to be tight for him for a few years.

This seems to be a trend among companies right now, this forcing the older members of the workforce out en masse. It's probably related to several things: the higher salaries of those people, higher health insurance premiums overall for the company due to an aging workforce, and legacy pensions/retirement plans (with matched employer contributions) which are expensive to keep paying into as an employer. It seems to be cheaper overall to flirt with a class action lawsuit over ageism than to maintain the status quo.

And the whole process is horrifying. In an instant, decades of experience and know-how are just gone. And equally quickly, people who are going to struggle to find jobs, both due to their age and the economy in general, are suddenly thrust into an uncertain and frightening job market where their vast knowledge base will be overlooked due to ageism. Immediate retirement from the workforce may not be an option for many.

But for the company, it's all about the bottom line and cutting costs. Employees are the largest overhead expense a company has. Getting rid of the most expensive tier to maintain, the older workers, makes economic sense to them, even if it does make the company look like a soulless ghoul. One thing I've noticed is that a lot of the companies doing this are ones whose CEOs or corporate heads are younger. And that is worrying.

And we're sort of waiting for this to happen in my home. My husband just got word that his company is conducting a slew of interviews. We're both over 50, and we know what the odds are that one or both of us may be eliminated from our own jobs due to 'obsolescence'. Nevermind we both work in tech and are considered innovators. Our age is not in our favor.

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oboingadoing@reddit

And this is the reason no company or job is worth putting in front of your family or personal life. They don't give a shit about you at all. I absolutely hate the corporate greed that has taken over. No loyalty to employees or customers. Late stage capitalism is in full effect.

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IWantTheLastSlice@reddit

Came here to say the exact same thing!

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Overall-Avocado-7673@reddit

For what it's worth, I have been interviewing several people over the last month or so and I would not hessitate to hire someone in their 50's if they were qualified.

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MikeyMad01@reddit

Same!

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YouKnowWho_19@reddit

Same. I'll finally be eligible to retire this fall when I turn 50, after over 29 years of service. The rule is 15 years of service and 50 years old. Kind of sweating out these last few months.

If I lose my IT job after that, I'd be fine mowing golf courses or dealing cards at a casino.

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Hot-Yak2420@reddit

I think a very large number of us are in the same boat.. My company has reduced in size from 100 people to maybe 15, we are just hanging on right now. My entire industry is holding on by a thread. I am more fortunate than most in that I am in for shape for retirement with savings etc But not good enough to retire right now. A few years of unemployment could really wipe out my good position. N it's really late to be pivoting career and at the same time I all always considering options

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Mysterious_Winter164@reddit

Are you comfortable sharing what industry you are in?

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Hot-Yak2420@reddit

Let's just say the whole entertainment industry in all aspects is kind of screwed right now.

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User_Name-Hidden@reddit

Same boat... figuring out the Health Insurance aspect is the difficult part. That worries me.

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ImCaffeinated_Chris@reddit

This is everything. Hell I think we'd retire now of it wasn't for the damn healthcare issue. We still plan to retire early but will have to buy healthcare from the market. So much $$$$.

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discgman@reddit

Took a pay cut to work in the public sector back in 2007. It is paying off now. Even if their is layoffs I would be the last to be laid off. Union protection and good pension. 5-6 more years to go. Health is the most important thing for me now. Stay healthy until I can retire, then I will be ok. Hearing all these stories about layoffs and seniority not being a thing is sad in the US. Corporations are greed mf'ers and do not care about their workers, just their stock prices and share holders.

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lazygerm@reddit

My youngest is 17, so I still have another 8-10 years. But I work for my state: union, pension and health care.

I wish I got my state back in 1992 instead of 10 years later then I'd be able to go out at 80% right in 4 years. Age restriction.

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ICrossedTheRubicon@reddit

I did almost the same thing and retired from a local government job last year at 57. Switched from private to public in my late 40's after seeing a lot of my older friends losing their jobs in their 50's. Age discrimination is real and they always seem to need to 'cut' the older folks.

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skspoppa733@reddit

I’m in a similar boat, except for my name and marital status. My company was acquired recently and the new management group is atrocious. I’ve been passively looking for a new gig but have had zero luck with even a human response to an application thus far.

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s1l1c0n3@reddit

I lost my job of 19 years at 49 and it’s devastated my life.

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LayerNo3634@reddit

I was planning to retire at 58, but got a serious illness that left me unable to work. We moved up the time line and I retired at 55. It required a big adjustment in finances, but we're making it work. You can do the same or semi-retire like a friend did. He got layed off and just got a part time job to make ends meet.

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ABNChemo@reddit

I am in a similar situation I turn 60 this year and want to hang around for 2 more years but in the last year we have had Voluntary Separation Packages offered (I declined) and then the layoffs started. I keep being told I am good but that fear is real my friend. I know getting a new job at 60 ain't happening

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discgman@reddit

Take the package, they wont offer it to you next time, they will just lay you off.

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ABNChemo@reddit

The package was so small, it wasn't even 2 months salary!(I have been here 7 years and it was 1 week pay per year) I figured if I get laid off it wasn't going to be in the next 2 months (I would have been gone in Nov so I have already gotten more than what the package was offering)

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discgman@reddit

JFC that isn't a golden handshake, that is a kick in the nuts.

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Ok-Offer-541@reddit

I’m in the same boat.

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scooterj54@reddit

I have been thinking about this a lot lately as my company is also going through changes. I want to try to work until I am about 60. Then, I would probably rent out my condo and do some thru hikes or some other less expensive travel options until I could collect social security or feel comfortable withdrawing from my 401k. I am trying to save up said fund to make it a reality. Hoping my plans are not foiled by an unexpected job loss.

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CantankerousButtocks@reddit

Hahah lightweights!! I’m a 58yo software developer, so ageism and the AI apocalypse. There’s nothing I can do about either, so on a sunny Monday morning, I’ll browse Reddit instead!

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dowbrewer@reddit

I remember the exact interview when I realized, they think I am old and they are not going to hire me even though I can code circles around young'ins they already have.

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BWWFC@reddit

this is the way ;-p

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dowbrewer@reddit

Same boat. Just survived a 30% reduction in force and sweating bullets. Life should not be like this.

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reeferthetuxedocat@reddit

Exact same boat here…just turned 53. Fear is real…I can see the finish line…but not quite there yet.

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bored-now@reddit

Let me tell you what. I lost my job in February and it is hard as FUCK trying to find a new one.

This market sucks.

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MundaneHuckleberry58@reddit

I had to look into this too. I’m in my 50s & lost my career when I became disabled. It’s been impossible to find employment. I don’t know what else I can do besides keep looking & hoping.

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EnjoyingTheRide-0606@reddit

I was laid off at 46, hired again at 57 with govt. I’ll put in 18 years and retire at 65. You can get 12 years and retire at 65. The state govt I work for changed from 20 years for full retirement healthcare benefits to 25 years about 4 months after I was hired. I am very grateful to not work til 72! I’ll receive 90% payment of healthcare monthly premiums in retirement. I’ll receive $5500/month pension, too. Plus I have saved in 3 retirement account s

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Parking_Pomelo_3856@reddit

Sounds like you’re in a large company. How about searching for a lateral job now?

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CollarLast6572@reddit

57yo. After 18 years I was laid off last year. It took 6 months to finally land a short contract position that I hope I can convert to full time.

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OutsidePattern6491@reddit

I totally understand, I think the old rules don’t apply now, so all of us, no matter how many years we have in seniority could go at any minute. Government jobs used to be secure, but not anymore. I’m 57 but have a new house, so I’m not planning to retire soon. I’m thinking about back up plans that include self employment. I have shops on EBay and Etsy already, and a nearby antique mall where I can rent space if needed.

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QueenScorp@reddit

While I am not currently worried about losing my job, shit happens. I guess I'm a little bit of a prepper in that I try to be prepared for the unexpected and have backup plans (I don't have a Bunker full of food however 😁). I grew up poor and while I've worked my way up to an upper middle class income, I don't live an upper middle class lifestyle. I have some financial trauma both from childhood and from a bad relationship in my 30s and that has driven me to really focus on being financially secure. At this point I could lose my job tomorrow, cut my spending further and be fine for quite a while. I'd rather not do that, I'd love to have a comfortable retirement but I know that if push came to shove I'd be okay.

I do agree with the people who say if you are in a place that is doing layoffs and you worry about your job, start looking for a more secure place to work. Look outside your current industry. Some places actually prefer to hire older people because they have experience. And you are in your fifties, nobody has to know you're planning to retire earlier than average, they're going to assume you plan to work until 67 at least.

I would also recommend seeing what you could do to reduce your spending. I understand that it is hard when you are used to a certain lifestyle but unless you are already living at the poverty line, there's likely a lot of things you can do to tighten your belt and save more just in case you do get laid off and are unemployed for months.

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Ok_Rent_2937@reddit

Have a decent sized cash cushion to tide thru 1-2 years of unemployment

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Desert_Sox@reddit

Sure - there are very few problems that 150K in cash can't solve

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Ok_Rent_2937@reddit

Oh, cash is not everything, but it is a good hedge against uncertainty

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Fatenoir@reddit

Unemployed since COVID

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Puzzleheaded_Low_619@reddit

I feel that as well. The company does fairly well with the package should I be laid off as I'm also well compensated. In a few years I'll be 55 and hope to retire with the rule of 55. If I have to work it should only have to be part time. I fear a stupid market crash screwing everything up than a job loss being close.

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TMCze@reddit

Trick is looking before it happens and not looking your age (I’m 53 look 40-42)

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DramaticErraticism@reddit

The dating over 40 sub is taglined 'Where we all look ten years younger'.

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Corporate-Bitch@reddit

I (53F) lost my job in April 2025. I’d decided to stop dyeing and let my hair go gray during covid. My best friend advised me to color it at least until I got a new job. I didn’t want to do it. It probably worked against me but I did land a new job with a bit of a pay cut but also much less stress and fewer hours.

OP: I’ve been there. The biggest problem was not just finding new income but also health insurance after my company paid healthcare ran out in six months. My partner is already retired and has Medicare. Is there any way you could implement coast FIRE? Meaning let your existing investments continue to grow while taking in less income and maybe enjoying life a bit as you ease into retirement.

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BreakfastAcceptable8@reddit

Exact same situation. Close but not quite there. I have a decent job that I enjoy less as time goes on. Business is ramping up this year after a slowdown last year. But I still feel a little bit vulnerable. I would like to make it another 4 or 5 years. If it's only 2 more that might be "close enough" and I can call it a day. If it's tomorrow I'll have to find "something" to keep me from raiding 401k too early

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Powerful-Union-7962@reddit

I’m in the same boat - 55 and my position is looking a bit precarious. I just need to keep going for a few more years.

I hear about ageism all the time, but I wonder if it’s as career ending as people say? Guess it depends on multiple variables.

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ugglygirl@reddit

It sounds really scary but keep holding on. You will find some way to muddle through. That’s the Gen X gene. We’re self reliant AF. Hang in there baby

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Watermelon_Sugar44@reddit

I'm worried about losing my job, but I'm in a field where the most experienced candidates are in their 40s and 50s and being fresh in the field is useless. I'm grateful for this. I was advised recently to leave my college graduation date off of my resume to help conceal my age prior to being interviewed. As far as I recall, the application process doesn't include asking your date of birth. That comes after an offer.

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tambor333@reddit

Got laid off at 60 actually and it kind of sucks but honestly I took three plus months off as a sabbatical since I haven't had a brake longer than 2 weeks in 21 years. Been looking for work for a while now and I'm in second round of interviews and it's looking promising on at least two jobs. To be honest I needed the time. I've been jokingly calling it my practice retirement. Things are going to be okay

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Affectionate_Cat8969@reddit

I’m a bit younger than you, still GenX, but am in the process of possibly becoming jobless after decades so a sabbatical might be worth it short term. Hopefully your situation works out for you.

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drifter3026@reddit

I no longer give much thought to the "big picture" because, honestly, it's a pretty shitty picture. Survive the day, reset, do it again tomorrow. Won't be able to retire, so....yeah, I'm not looking to set any longevity records. Massive heart attack at 65 would suit me just fine.

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Historical_Bath_9854@reddit

Heart attacks hurt.

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Express_Towel47@reddit

Bleak, but real.

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---TC---@reddit

I think it's a worry a lot of us share. I work for a multi-national in Account Management, my 5 year anniversary is in a couple weeks, I have a great boss who values me, an excellent team and I consistently hit my KPI's, but I still worry when the layoffs come. I've talked to a couple co-workers and they are in the same place.

I'm 58 in a couple weeks as well, if I got LR'd, I'd have to have a think. My package would be healthy but not enough, my savings and investments are healthy but I'd like to have more, and I have no debt other than $150K on my house which I'm paying off this summer. So, overall, ok, not ideal, not what I'd want to retire on. So, I'd likely be looking for a role where I have a defined window of time and then retire.

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freerangetacos@reddit

Yes, 2x layoffs in the last few years. You cannot reasonably retire until you are 59 and 1/2, because of penalties on your withdrawals. So, you have more time than you realize before you can retire and keep it practical. You job is a means to an end. It, itself, is not the end-all, be-all for your personal financial security. YOU ARE. Jobs may come and go, but you don't. So, you should actively take that financial bull by the horns and wrestle it for the next 6+ years. Jobs and companies are just going to mess with you and cause you undue stress. Better to start cutting that umbilical now, and here's how.

Minimize your debt and spending immediately. Save both in your 401k and outside of it, to have a cash reserve. Defer big purchases if you can. If you have a 401 outside of the main one, (i.e. from a past job) you should roll it over (keeping it on the pre-tax side) into a personal IRA and actively learn how to invest that money because you stand to make a lot more than you do in the fixed funds available to a 401.

Nextdoor to that, look at side-hustles to gather and stash more cash. I'm not going to get into details, but follow your own interests there. If you are interested in real estate, then look into how you can turn that into a cash cow. If you are into consulting, figure out how you can do that in addition to regular work.

Yes, I have personally faced age discrimination, changes from good bosses to bad ones, sales of companies I worked for which turned a great company culture into a morass of negativity and then layoffs. Souring economy: layoffs. Boss didn't like a truth bomb I dropped in a meeting: layoff. Oh brother! I realized about 5 years ago, when I was still in my 40's, that these jerks do NOT have my best interests at heart and have absolutely no loyalty to me even though I am a good team player and always do good work. So, I took matters into my own hands and learned enough about personal finance to establish my own thing. I am so glad I did. No job can ruin me now. I'm not ready to retire yet. I still have a few years, like you do, but I will be ready. I am making it happen MY WAY. Hope this helps you. Cheers and best wishes.

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Dano558@reddit

I’m worried about that too. If I can stay at the same level for the next 6-7 years I’ll cruise right into retirement. If I lose my job now it’s going to be rough.

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BasicallyLostAgain@reddit

Lost full time during covid. Moved for wife's health, started a business. Catastrophic equipment loss, long complex story. Got cancer, beat it. Business gone, all savings gone, no assets, 2 yet to go to college, collecting trash part time. Failing beyond belief, never retiring. Kinda hoping for a quick final event of some kind. There is no joy, no light. Please appreciate what you have.

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drifter3026@reddit

I feel for ya. I'm not in too much better shape myself. But I do try to get some enjoyment from simple things in life. My GenX humor has gotten even more sarcastic and dark. Those who don't know me might think I'm suicidal (I'm not!), but the dark humor helps to divert some of my depression.

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CaptainHowdy60@reddit

Start looking for another job asap. I just read a post on the career guidance subreddit that someone was afraid of being laid off and started applying and found a better job as the layoff happened. Spend your free time trying to get ahead of the curve so you’re not screwed over by a shitty employer that will let you go and not think twice.

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Solid-Wish-1724@reddit

This is good advice. I coasted until I was toasted and should have doubled down on the job search or started classes for a career change. Laid off 5 months ago at 55 and took a crummy school job. If I don't get a job at my friend's company I am cooked... I hve no network to speak of and my career is basically gonna be over.

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ku_78@reddit

How would you rank your retirement financial literacy? I had no idea I was as far along as I was. I’m learning quite a bit. I’d say I’m a 5/10 on understanding how optimal retirement strategies work and what I can do to retire confidently.

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DubiousPinkUnicorn@reddit

Why not be proactive and start looking for a new job? If I felt like there was a good chance that my job would be eliminated that’s what I would be doing. Get ahead of the curve and do it before there are 100 extra people with you doing it.

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SumoHeadbutt@reddit

I feel you, these are anxious times. Fear of agisim in the workforce but still years away from calling retirement

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Father-of-zoomies@reddit

Turning 50 next month and was laid off on April fools day after being told a few months ago that my name had not showed up on any corp layoff lists. I spent the 1st week getting finances in order and making sure my resume had no red flags. Since then I've been networking with former coworkers and bosses looking for openings. I'd start now getting your resume polished and have it checked for red flags regarding age and wording. More and more layoffs are flooding the market, especially for me in the Telecom Field.

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stockbel@reddit

I don't have answers, but I'm right there with you. It is crazy times.

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Available-Bison-9222@reddit

My husband is 3 years from retirement. We currently have 2 kids in college and 1 starting next year, fingers crossed. We still have a mortgage for another 2 years. He works in the software in a sector that is definitely under threat from AI. He has regular reviews with his boss and I'm really nervous he'll be laid off. He's on decent money, so I'm waiting for them to think they could get a bot to do most of his job.

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svennew@reddit

I could retire now but I like what I do and 5-6 years more will give us a cushier ride + keep my kid with insurance as long as possible (and some more safe inheritance for her which is important in an age where her whole gen is going to get screwed by AI).

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DriveIn73@reddit

Yes I am terrified.

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alvb@reddit

I'm so right there with you. Hit the double-nickel last year and while I doubt I will ever get to fully retire, I would like to go part time at some point. I've been saving a lot in my 401k, but it is legit terrifying.

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PinkyLeopard2922@reddit

I'm sorry you are having this stress in your life and it is all too common right now. The job market is brutal and all of us in our tender youthful 50's are even less desirable as new hires. Do you have a financial planner yet? If not, I'd suggest finding an independent one and sitting down to discuss your situation and your goals. I'd also look at really tightening your belt and trying to cut expenses as much as possible now.

My husband just lost his job last week but he knew it was coming and he would have left at the end of this year anyway. It wasn't performance related and probably the softest firing ever but it was still just an unpleasant feeling. When you mention "psychological torture", that is kind of what it was like for my husband knowing that it was coming but not exactly when. I hope things work out for you.

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SubieGal9@reddit

I don't understand why we're less desirable. We just hired a 22yo for summer help, and she didn't even know how to copy and paste. If anything, even basic PC skills are more desirable than none. To add to that, she didn't know you could sort files by name or date.

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Better_Resort1171@reddit

I should be able to retire at 62, in 4 years.

Coming out of the 08 crash, I thought I'd die while at work.

The anxiety almost got me.

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utvols22champs@reddit

Im in a very similar situation at 50. The only difference is that I have a spouse and so I’m covered as far as health insurance and a second income goes. Her income and my investment income keeps us afloat. I’m not ready for retirement but I feel like I’m being forced. Good luck on your journey. I’d look at r/hiringcafe to get you started.

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Continent3@reddit

Been there. Done that. It sucked. Everything you said about age discrimination is true.

I was laid off from a mid senior marketing position at 53. I was and still am the sole breadwinner in the family. My oldest was in his last year of college and my youngest was in her first year of high school.

It took me 9 months to find a new job at a similar level and lower pay. My best advice is to keep talking to people. Doesn’t matter if they have a job for you or not.

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doobette@reddit

I'm 7 years from retirement (if we continue to play our cards right) and absolutely terrified of a layoff. I've been with my company close to 16 years (two promotions since) and am at the top of my salary band - but because I'm in a back-end individual contributor role that's not highly visible, I fear I may be in the next round. It's a shitty feeling.

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chrispd01@reddit

Dude - its. It just hard in your 50s. Ask your kids - its hard for them right now.

As for your larger point - everyone our age worries about that.

Here is a related question - how many people in their 50s could but wont try for a new and possibly better job because they are worried that one won’t work out….

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soleiles1@reddit

Fortunately, I am a tenured public employee. My husband not so much as he works in healthcare on the tech side. He just needs to hang in 8 years until I retire. His company has done some layoffs the last 18 months.

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trUth_b0mbs@reddit

plenty of people I know have had this happen to them; most of them have landed back into something, others are still looking but their package was heafty so they're good for a while.

my recommendation - start networking now. Brush up your resume and start reaching out to people you know in other companies to see what's going on.

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Dramatic-Yard-9182@reddit

To me, this is the best advice. When “reorganization” comes, the leadership is happy to pick off the highly paid, highly knowledgeable worker and replace them with someone younger and hungry for less. There’s no such thing as loyalty so don’t get trapped into thinking so. Take action.

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68024@reddit (OP)

100%!

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68024@reddit (OP)

Thanks. I don't think my company is very generous with packages... but sure it will help some. I do have a bit of a buffer but still, the way the world is going these days is not reassuring. Yep, starting to browse Linkedin...

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FergusonTEA1950@reddit

I lost my IT job at 57 and still haven't found a permanent position. It's a real kick in the face.

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73DodgeDart@reddit

I am in the same situation, even the same age with 5 years to go. My jobs have always been precarious since I am in sales and if you miss your target you are usually gone. I just need to get my youngest through school and we should be ok but it still feels like things could blow up right before we make the finish line. Good luck to us both!

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LAARPer@reddit

I’m with you on the massive heart attack

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Astronaut6735@reddit

Huh?

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lukypunchy@reddit

It's easier to find a new job while you currently have one. If you're pretty sure the current one isn't going to last, start looking.

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mmurphy5221@reddit

I retired last month @59 as the time was right...in banking working with kids my kids ages...throw in AI, yadda yadda, dangling return to office stricter policies. Im out.

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68024@reddit (OP)

Congrats! I'm with you. It's just that I need to fill this last gap before it's my turn :/

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Turbulent-Demand873@reddit

They did a massive dump of employees at the company my husband and I both work for last November. That was eye opening. At 50 & 55 we are both nervous for what’s coming next. Financially things are getting tighter and tighter now. It’s becoming more difficult. So trying to save more is not happening.

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Cats6664@reddit

I been in the get through each day before I worry about tomorrow. I do have manageable bills and a good 6 month emergency fund setup but retirement sounds better each day.

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lubbockin@reddit

I lost my long term job in 2019,started my own small business then 2020 hit. Been rebuilding my small business but also recently started a part time job as a back up.

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isthishowthingsare@reddit

Tell me about. I work in media and have been living with an incurable cancer for a decade now. I lose my job and everything goes to shit real fast. We don’t have a backup plan either because, I’m not quite sure what that would look like. Almost $100K in savings too and one year of unemployment and life can go entirely to shit.

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68024@reddit (OP)

Horrible. Wish you the best.

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GeoHog713@reddit

I'm not nearing retirement, but I work in oil and gas. There have been constant lay offs for the last decade. Senior workers are always on the list.

Age discrimination is real. The best way to help overcome that is to rely on your network.

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wellbloom@reddit

The truth is, the majority of people are one unexpected life event away from financial collapse. Whether it’s a messy divorce, a medical emergency or job loss. It’s definitely psychological torture but the worst thing you can do is stick your head in the sand and pretend that somehow everything will be alright. Your company is restructuring and your job is at risk. Start networking now and/or consider self-employment but please do something!

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cl8855@reddit

Laid off last year at 52, jobs are quite impossible these days. While we are lucky enough to be ok financially, health care is the biggest bs. My wife moved from part time to full time just to give us a better health care option.

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ballzsweat@reddit

F my job, I’m worried about healthcare! Meanwhile in Mexico …….

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68024@reddit (OP)

Well that too! The healthcare cost if you're not on a company-sponsored plan is insane.

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VerdantPathfinder@reddit

Since all the DOGE nonsense, I've been catastrophe planning for the same reasons. If you don't have an emergency fund that'll carry you for 3-6 months, start building that up now. With that in the bank, you'll have some runway. Next consider what options you have. Do you have to work at your current full salary or could you Coast FIRE? Do you really want to stay where you currently live or could you move somewhere else? Look at it like an opportunity. It might be less "I have to do the same thing I'm doing now" and more "this is step 1 of my retirement .. it's just sooner than I thought".