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Re: Just Turned 58 and Concerned for My Future

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Thank you for a positive inspiring story!  I too am spiritual but sometimes it is very difficult to understand why with so much experience I cannot land a good job. Your story does instill hope where hope was starting to wand!

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Re: Just Turned 58 and Concerned for My Future

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I would so like to tell you what to do but I am in pretty much the same boat. I turned 59 this year but was laid off May of 2015 after 10 years with a bank.  I searched and searched for a new job only to get let down over and over again.  Ironically the Bank that laid me offered me in another position for 15,000.00 a year less than what I made previously, this position is much more stressful as well.

 

I continue sending out resumes up to 5 a day and am lucky to even get a rejection response. I have so much experience in the airline industry and the mortgage industry, it is such a waste of knowledge, Good morals and ethics for companies not to hire older workers.

 

Age discrimination is huge and  companies can sweep it under the rug with the  'overqualified' , 'underqualified' statements.

 

I truly wish you the best of luck!!!

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Re: Just Turned 58 and Concerned for My Future

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I think we are all in the same boat. I had it made when I was young. My resume and life look like who's who of the Western world. I made straight A's in college. Minored in computer science. Got hired right out of college into IBM. Thought I was going to have a great retirement at 90 percent of my pay. Got laid off in 2001 along with all other U.S. Citizens. Received a buyout package that I promptly invested. Continued to be employed, for a few years with contract work, then full-time with an IBM spin-off and later with the U.S. Government. I continued to do great at my work: I led critical projects and won, among other awards, a Deputy Commissioner Award, the highest honor in the country. So I have a great resume. However, I left Government work so I could move to the West coast. I'm very discouraged. In the course of two years, I've had two contract-to-hire jobs that were working out, until things happened that caused me to have to quit. So I'm back to looking again, at the age of 60. I'm a single woman, no spouse in sight. When I was younger, I was married to a very successful man.

 

It is hard. I don't seem to have all the pep and energy I had when I was young. I look young-ish, but I'm still discernably older than most of the population here. The commutes in Seattle are so terrible, they are obscene. Any commute, unless you can walk to work, is so bad, it takes an hour each way.

 

There are so many Microsoft and Amazon Wanabees working for McDonald's, there is no lack of young talent here. The only way to find a job is to do something non-U.S. citizens can't do. For example, have the ability to have a secret clearance.

 

Money is a problem in the sense that, although I have much more in the way of assets than 99.999 percent of my peers, most everything is tied up in investments at E.J. (another horror story). So, I am feeling the pressure to get back into the job market until I can make some money from social security. Note that the amount of money most people say you can retire comfortably on is no where near that, especially if it's with E.J.. Fundamentally, our generation has been worse off, economically, than any other generation. We've suffered two Great Recessions, and most of my peers haven't even recovered from the first one. The second one, in 2008, destroyed most of my peers' savings.

 

I would love to be able to start an income stream of some kind. I can tell that I'm probably not going to be able to find a permanent job (or one that lasts several years) unless I can find some way to use my skills in such a way that younger people can't.

 

My dad died four years ago, so I no longer have the one person who would help me out.

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Re: Just Turned 58 and Concerned for My Future

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Reading these comments has helped encourage and direct me. Thank you for sharing because there are others going through what you are, also needing help with positive thinking and making wiser choices. You must believe in yourself first, and others will too. Pray, meditate, seek wise council, and try, try try. Your glass is half empty or half full it is all how you chose to embrace it. I like being positive minded along with positive choices.
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Re: Just Turned 58 and Concerned for My Future

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I hope you are feeling better.  I read your post and saw myself there.  I'm not sure sharing my story will make you feel better or change anything, but I truly hope it will.  A few years ago, I was in a similar position.  One day, after months/years of lliving with dread, I came to peace about being poor (hand to mouth)  - possibly for the rest of my life.  Once I accepted it fully without any shame or resistance, I felt enormous relief.  Here's the spiritual part - sorry, if this is not your belief system.  I spoke aloud to God/the universe and said that if I was given an opportunity to remove debt and move out of poverty I prayed I would be awake enough to recognize and take it.  But if I was meant to spend the rest of my life poor and struggling, I would accept that peacefully.   After all, I had no other cards left to play; no other ideas; no aces up my sleave -- just acceptance.  Like a recovering alcoholic, my goal was peace of mind within the reality of my life. 

 

A few days later I got a call from an old client, who offered me a well paying 6 month position.  I went through three intensive interviews and got the contract.  I prayed it would last 1 year, so I could pull myself out of debt.  It lasted just short of six years and I made over $900,000.  Today, at 62, I am okay -- not rich, but out of debt for several years and living a comfortable life I can afford.  It is a blessing to owe no money to anyone -- including a home (at this age.)  I've never appreciated it more than now.

 

I am not a cleric, but I believe the chance to change my circumstances came from two honest, deep, internal changes I made:  acceptance of what is (and surrender to it); and willingness to recognize and take an opportunity, even if it was not what I wanted to do   (This was a very difficult job with very difficult clients, btw - no picnic.)

 

My wish for you is that an opportunity has already come your way or comes your way in the next days, and that you recognize it as having the potential to ease your circumstances and that you take it.  I'm rooting for you!

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Re: Just Turned 58 and Concerned for My Future

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This may not be what you want to hear, but it sounds like you're on a hamster wheel, going round and not doing what you'd really like to do.  I've always felt that working for someone else was making that company rich, and not really giving yourself credit for years of experience that you could use in a business of your own.  Have you ever thought of getting into a field that interests you, and gives you satisfaction, not only for the $$ but doing what you enjoy?. Another poster suggested getting a roommate, but that could turn into a sketchy situation.  Renters don't always pay on time, and you would also have to adjust to having another person around, maybe invading your privacy.  Have you thought about signing up with an agency that sends visitors to your town, (some stay for short periods of time, usually weekends).  The short term rentals pay more to you--the agency gets a commission, plus you'll meet many interesting people from all over the world. You get to choose whether you want to accept a traveler or not. Your job is to have a neat, clean place with good amenities. Writing an interesting description with good pics will get traffic your way. You'll learn more reading about others' experiences--there are many books written on this subject that explains contracts, deposits, and having an agency handle credit cards.   I started out this way, and now have a business of my own.  There is plenty of work involved, but anything you do that you love doesn't feel like work b/c you're on a path to independence, and that feels good!!

 

 

 

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Re: Just Turned 58 and Concerned for My Future

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Here's the harsh truth: you are over-extended and under-reserved. One of the problems with not doing good financial planning is the common but dangerous assumption that the future will go well with just a few bumps here and there. The truth is, good and bad happen in equal mix, and if you aren't in a strongly positive position as you get older and less employable, the bad periods start to overwhelm the good - as you've found out, painfully.

 

Here's what I would do. It isn't easy or pleasant. First, is there any profit to be had in the sale of your house? If there isn't, you're stuck with it and will need to find a roommate. You need to reduce your overhead in order to build any kind of emergency cushion.

 

If there is profit in selling, then sell it. Houses require maintenance and taxes, and that upkeep is killer when you're in a financial bind. If there's enough profit, I would wipe out the parent loan. Why? Because it's a Sword of Damocles hanging over your head. A lot of Boomers have been unpleasantly surprised by getting inadvertently stuck with student loans when their kids graduated but couldn't afford to pay the loans back on their own.

 

I had pets for decades and loved 'em. But we were trying to save extra for retirement, too. Our last pet cost us $7,000/yr in total food and vet bills - for 2-1/2 yrs as he declined. That's after-tax $$$$, and more money than we spent on our own health! After I realized that, it was "no more pets. Period." My neighbor has pets, our friends have pets. If I want to pet a cat or walk a dog, they would ALL love it if I offered to take care of their pet(s) for a couple of days. Heck, walking dogs can earn you money as a side job, these days.

 

So yes, I'm suggesting you give up your dogs. I know you love them, and they love you. But they are like kids - expensive - except they're going to cost you more money as they age, and they don't ever move out. The reality is, pets are like boats, convertible sportscars, and designer clothes: they're 'black holes' for your precious after-tax $$$$.

 

Rent a room closer in. Make sure it's near good transportation and has parking for your car. This isn't forever, you can use it as a temporary base for finding a nice little studio and/or new job. Network like crazy - women are often very bad at this - because you must strategize in order to achieve a successful retirement. 

 

Keep your spirits up, and watch your health. Take a walk at lunchtime; clear your mind and recharge your energy. Don't yearn for what you had or might have had - what's important is looking forward and focusing on each small success in front of you.

 

Contract employment is the name of the game these days. The better jobs are 95% found by networking, the "I know this person who would be perfect for that job you're trying to fill". Go talk to a good reputable temp service agency - preferably one where you can talk to a mgr or supvr who has long-term experience with the market. Ask what skills companies are looking for, find out what the trends are (e.g., are companies still hiring temps for 'try-out' and then offering them permanent jobs?). Ask for advice: I find most professionals are happy to give advice to those who are truly interested in bettering themselves.

 

You want to be on top of what the market wants, not wondering if you're still relevant. Good people skills are at a premium these days, and that transcends industry lines. You CAN complete with younger workers. Be energetic and positive, confident and alert. You have worked for decades; you have competencies and experience that are relevant to many positions.

 

Good luck to you going forward!

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Re: Just Turned 58 and Concerned for My Future

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Great to be able to change your career! For you are not sure what to change to start by volunteering for a non-profit it will give you a new outlook and open many doors! Let you know how blessed you are!! Wish you the best !

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Re: Just Turned 58 and Concerned for My Future

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MRS. YOU NEED TO PRAY ABOUT IT THEN DO WHAT GOD TELLS YOU TO DO. ASK HIM TO GUIIDE YOU. IN ALL OF YOUR DECISIONS THEN YOU WILL NEVER GO WRONG. EVERY THING WILL WORK OUT.
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Re: Just Turned 58 and Concerned for My Future

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Hi

I am really sorry aout your situation.

$20K less is alot.. and that commute is horrible.. both enough to make a person depressed and I would start with those areas.  All I can offer are some things I would ask myself..  Could I rent out my house and rent closer to work, even if just for a time? what about a roommate to lower costs?   Do you have family in another area that you would like to live near? Is relocation possible?

Feel good about yourself.. you have become re-employed  while many never will be once losing a job so you have to be a good candidate.  that is a big plus!

 

Life's a Journey, not a Destination" Aerosmith
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