|
Once you hit your mid 50s, you're a corporate liability. Your wages have gotten a bit too high and the cold actuarial tables at the insurance company say the corporation will have to pay higher insurance premiums to keep you on. The corporation checks its own actuarial tables and finds out a green kid right out of school who needs a couple of years to learn how to do your job is more cost effective than you are and out you go.
If you're really lucky, you've got that 401K and/or severance. If you're not, you're like the majority, thrust into a really cold world with 7-11 years ahead of you with no income except what you can put together with a patchwork of minimum wage jobs that usually go to feckless teenagers. The rest of your life will be spent trying to hang onto at least a little of what you worked for before you hit your corporate expiration date.
Ten years ago, you could have downsized the family house and moved into a smaller place or condo, mortgage free. Now you're probably under water on what's left of your mortgage and you're stuck. If you're lucky, that monthly whack is lower than the prevailing rent. If you're not, you're going to spend what little you have left trying to keep a roof over your head and then hit the road, Jack, because you lose.
This really is a race to the bottom, and nobody is running it faster than people over 50.
I'm sorry for your friends. They have plenty of company.
This country has never cared for anyone but the rich who are coddled and pampered every step of their way through life.
|