You will be let go after 54 on the first reorg.
So if you welling to stay in these poor companies.
Make sure you can afford to be let go at 54, else find a new career.
I am 38 so 16 years to get ready.
If you don't see that I don't know what to say.
7 replies (most recent on top)
Those that don't have pensions that think they will not be at layoff risk when they are older, think again. Pensions aren't the only cost they want to dump. Older individuals also tend to have large healthcare expenses. They want you off the active rolls before that cancer diagnosis or a stroke.
I've lived through all the BS for all of the automakers, and I came to an easy conclusion long ago. I'm not going to participate in it any longer. By that I mean yes I have a skillset that earns money, but I will earn money while earning money.
So, where is the money? In the stock market.
I learned to trade, reading charts, tech analysis, etc, and that has rivaled anything I make in our normal job. It's only a matter of time before it costs me too much to work at these automakers.
I'm 53 and think I'll have a rough go this time at job search. Wife works. House will be paid off in a year and kid's college is paid for, thank God. We'll tighten the purse strings as we always do. I think it will be short term agency work from now on, we'll see....
My suggestion is live like you are retired even when working. Buy used car, pay it off, buy house pay it off, bank all the money you can. Additionally, always have another skill to offer, I don't care if it's painting, electrical, auto repair, bartender, on line sales, photography, music, anything you can fall back on. Never ever work for any corporation and bank on not having a break in employment - it will happen. If you had very low monthly expenses at this time, decent savings and a small trade you could get by on, there would be less anxiety.
The 4 people who were let go, in my former dept, were all age 54 or over. I'm pretty certain that at least 3 of the 4 were GRP, including myself.
I am a software engineer that was let go from Ford yesterday (8/22/22). I was working on next generation ADAS technology that will be needed in all products, electric and internal combustion. I have only been 2 years at Ford, was hired during the pandemic. My performance ratings were good. I am 64 years old and my birthday is next month. The other person let go at my same salary grade was 56. Three other younger workers at our salary grade were kept. How do I know all this? Gov. requires Ford to declare ages of workers let go and I have a paper. You draw your own conclusions.
The terms for collecting a pension are 55 with 10 years, or 30+ years. We shouldn’t need to worry as much as most of us hired after 2005 don’t have pensions for them to save money on by getting rid of us early