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Is 50 the new 70?

Discussion in 'The OT' started by Cholly, Jan 17, 2013.

  1. Cholly

    Cholly Old Guys Rule! DBSTalk Club

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    Just at a time when pols are thinking of raising the Social Security retirement age, along comes a new dilemma: more and more people in their forties are finding they've reached their level of incompetence and are looking at possible retirement. Yikes! :eek2:
    http://finance.yahoo.com/news/over-hill-already-why-50-203223446.html
     
  2. AntAltMike

    AntAltMike Hall Of Fame

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    Funny how the world works. I guess. But I can't really say how the world works, because, to me, how the world works has become an unknown unknown. I'm 60 and much more capable physically than I ever dreamed I'd be at this age, and by my own measure, better educated, more knowledgeable and more worldly, but how can that make me of value to anyone? I don't grasp social networking. Just today, I am learning of this Notre Dame football player who allegedly had a "relationship" with a person who doesn't exist, and as idiotic - nee, as impossible - as that seems, there is something called Facebook that makes billions of dollars by serving people like him, but I will never make a penny working for Facebook because I don't even know what it is. I don't even know how to download a ringtone.
     
  3. Stuart Sweet

    Stuart Sweet The Shadow Knows!

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    First of all, good call back to "The Peter Principle." It's a largely forgotten philosophy today but one I still agree with.

    You bring up two trends which are at odds with each other. First, many people in their 40s (myself included) found that the careers they embarked upon in their 20s simply don't exist anymore. I spent the majority of my life toiling in the commercial print industry, the labor needs of which have shrunk about 95% since I started doing it. I happily transitioned to a new career last year and am hoping that I will be able to spend the rest of my working years at it. If I had the cash, I would have retired.

    Workers in their 40s often have more maturity, responsibility and experience, are free from having to care for young children, and work independently with great results.

    Unfortunately in my job search I encountered rampant age discrimination. Age discrimination is something no one should face and I was surprised to see it hit me in my 40s. There needs to be a new understanding that workers in their 40s are a critical part of the business, even in entry level positions.
     
  4. SayWhat?

    SayWhat? Know Nothing

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    I know I did. I don't see myself working again. I just don't have 'it' anymore, whatever 'it' is.

    I'll get by somehow, but cuts will have to be made somewhere.
     
  5. yosoyellobo

    yosoyellobo Icon

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    I be seventy in a couple of month. I let you know.:)
     
  6. Cholly

    Cholly Old Guys Rule! DBSTalk Club

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    Good catch, Stuart! One of several books that are career related that I consider to be well worth reading.
    Others:
    Parkinson's Law, by C. Northcote Parkinson
    The Rational Manager, by Charles Higgins Kepner and Benjamin B. Tregoe
    The Dilbert Principle, by Scott Adams
     
  7. djlong

    djlong Hall Of Fame

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    Yeah, a story about a CEO of an internet startup who's worth more millions than any normal person can count is the MODEL for the "50 is the new 70" slogan.

    What an unbelievably RIDICULOUS and Out-Of-Touch story!

    How many people can even THINK of the option of retiring at 50?

    Did someone watch too many old reruns of "Lifestyles of the Rich and Famous"?
     
  8. MysteryMan

    MysteryMan Well-Known Member DBSTalk Club

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    Speaking for myself, while I'm no CEO whose worth millions I was able to retire before 50 by investing in income properties.
     
  9. wilbur_the_goose

    wilbur_the_goose Hall Of Fame

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    I want to know how early retirees pay for health care. I'd love to retire myself, but I'm way too young at 52.
     
  10. AntAltMike

    AntAltMike Hall Of Fame

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    The same way that someone retired at 50 by investing in real estate. By getting lucky. I pay for health care by not needing any. I doubt I spent $2,000 for health care over the decade of my 50s. There is no strategy for buying low and selling high, nor is there a strategy for not incurring health care expenses.
     
  11. wilbur_the_goose

    wilbur_the_goose Hall Of Fame

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    Interesting... My wife ended up in the hospital for 4 days with a seizure. No procedures, lots of tests and drugs. Cost was $85K. That's tough to plan for.
     
  12. yosoyellobo

    yosoyellobo Icon

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    Sounds about right. I was in for two days for fainting and it came out to $44k. I ended up paying about $500.
     
  13. Phil T

    Phil T Well-Known Member DBSTalk Club

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    One of the realities as I see it is employers do not value long time employees anymore.
    After the 2009 economy meltdown companies will dump long time employees for younger, cheeper ones. I worked for 40 years and was never without a job for more then 2 weeks. Then at age 58 I was a budget cut. Then a few months after I "retired" I was asked to work part time for 1/2 my original rate, which I did to cover health insurance. Now at age 60 I am retired again. I know many many people who were let go from good paying jobs in their 50's that are now struggling to find any kind of work.
    The bigger issue is now a 4 year collage degree does not mean you can find work. Also a lack of work ethic has a lot of younger folks sitting around doing nothing or living off their parents. I can't imagine what life will be like for these kids. I know many parents with kids in this situation.
     
  14. SayWhat?

    SayWhat? Know Nothing

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    Same here.. I'm not sure I've spent $5K on medical bills in my lifetime.

    Somebody wants to send me a $40K bill for 2 days, they can kiss my azz. It'll take 'em quite a long time to collect.
     
  15. Rich

    Rich DBSTalk Club DBSTalk Club

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    That's one thing I've never forgotten. I've seen it happen so many times. A person gets promoted, does a decent job, gets promoted again and has no idea how to perform the new job and most of the time doesn't even have a clue what the new job entails before accepting it. I think the phrase used in the book is something like: You rise to the level of your competence and then, when promoted, cannot perform the job.

    I taught a lot of classes to folks who worked for The New York Times back in the 90s and they already had printers sitting in break-rooms all day long because they had no work and couldn't be fired because of their union contracts. Most of the classes contained a whole lot of worried people.

    I know lots of folks who can't find decent jobs because of their age. Amazes me that people looking for people to hire get away with telling aspirants that they are too old. How do they get away with that?

    When my wife gave birth to our son, in her ratings for the year she got knocked down a peg for using her 6 week leave of absence. If her boss wasn't such a good friend of ours I would have forced her to sue. He actually put that in writing and handed the ratings package to her. We still have it. Those ratings were what determined her next year's salary.

    Rich
     
  16. Rich

    Rich DBSTalk Club DBSTalk Club

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    I did, and when I got the chance at 52, I happily pulled the trigger and have enjoyed life ever since. Yeah, we lost a lot of money, but that's over and we're living the good life.

    Rich
     
  17. Rich

    Rich DBSTalk Club DBSTalk Club

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    Plan for it, and marry well. You're the same age I was when I took a package and I've never regretted it. My wife has an excellent job and we have no worries about health care.

    Rich
     
  18. Rich

    Rich DBSTalk Club DBSTalk Club

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    I've got one of those kids still living with us. I like having him with us. We've prepared for that and if we were to both die in an accident, he'll be worth quite a bit. Nothing wrong with his work ethic, he holds down two jobs and we hope he'll give college another shot one of these days. If he doesn't, we'll always have a place for him in our lives and in our home. Blood is blood.

    Rich
     
  19. RasputinAXP

    RasputinAXP Kwisatz Haderach of Cordcuttery

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    My grandfather was a printer in Manhattan back in the day. He sold and retired right near the end of the 80s.

    I think that was the best move he could've made. Desktop publishing came not too long after, and then...that was it. I think his company went under not long after he retired.
     
  20. AntAltMike

    AntAltMike Hall Of Fame

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    I had chosen to become a career, independent DBS satellite dish antenna installer. Does anyone here realize that once upon a time, a person could make a good living doing that?
     

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