So I’m in my late 20s and very close to 30 as of now. These days I think a lot about retirement and savings and even trying to achieve financial independence. Now I work in tech and everyone knows how volatile it is with Ai and layoffs and what not, Also there is agesim in tech typically after 40-45 age.
So suppose you lose out your job after 50 and don’t have enough to fully retire but having to even enter workforce again, what can a person do in that situation ? I mean I would personally like to work as much as possible at any later age but what are even my options if no one is literally ready to hire me or there are just no jobs present ?
I would definitely like to know other’s opinion on it
What’s the plan after reaching 50s ?
byu/Strong-Quality7050 inpersonalfinance
Posted by Strong-Quality7050
6 Comments
If you lose your job at 50, and you can’t find a comparable job, and you don’t have money saved you’ll be poor.
Be ready to re-tool, and prepared to step down in income in doing so on at least a temporary basis. Don’t buy into the notion that no one anywhere would be interested in employing you.
My wife and I plan to FIRE by 50 (currently 42). No interest in dealing with any of the things you mentioned. But even if you don’t want to fully FIRE, there are things like coastFIRE that will let you swap to another career that pays less but might be less stressful. Stacking money will give you flexibility, regardless of what you think you’d like to do today.
Fight depression. Oh wait I’m, get life insurance and save
The [rule of 55](https://www.fidelity.com/learning-center/personal-finance/what-is-rule-of-55) is supposed to help with that. Of course that only helps if you have a sizable 401k.
I’m a nurse and 32 . Pay out here at bigger hospitals caps out at $100ish an hour at 20 years, likely more by then, so I’ll cap out by 46. No debt, great savings , and retirement pushing 140k this year. Ideally hoping to drop hours to 28hrs a week by then , enough to just get benefits, and chill. Might be worth a pivot to something with longevity/flexibility, still so young to do so.