Somebody asked in another thread for a list of companies that will hire older workers (I assume the person was asking about companies in our field) and I realized that there is literally nothing to put down.
Every single energy company is getting rid of older workers. Just go check others on this board, it's pretty much the same everywhere.
So what exactly are we supposed to do if we get laid off?
The federal and most state and city governments, will allow you to draw a retirement with as little as 5 years of service and be a certain age. (In your sixties).
A mandatory 5 to 6% or more is deducted from your check. It's completely separate from any 401k plan they may offer.
Senators, that is. They get a pension after serving one term, though it is not their full salary. Good work if you can get it.
Some government agencies have retirement plans, but most older workers coming on will not work long enough to be eligible. Do your own contribution to a Roth. Or, best deal is to run for congress. Serve a few years and pension for life, those carpetbaggers.
Dont rely on your company to secure your retirement plan.
Devon USED to have a pension plan, but they (along with many other companies) switched to the company-matched 401k plan as a retainment tool a number of years ago. Before anyone starts on the "pension" discussion, you better know what you're talking about before you post for the world to see it. Companies cannot afford pension plans anymore, and there is little to no transparency on the assets being used to guarantee them (e.g. Sears & Roebuck in their bankruptcy filing had to work something out before the insurance company took the annuities).
Isn't 50 the new 40? I'm good.
What is this pension you speak of?
This is 2018. Unless you're a government employee, the best you can get is a 401k with a company match.
Advantage of seasoned employees is the company most likely will have a 5-10-15 year employee at the very most to pay out in a pension. The experience is immeasurable but that’s the risk they are willing to take to reinvent the wheel with inexperience so be it
Devon hires older workers...Glory Be!! Just pull up google finance and read the profiles of the executives and board of directors. Shazaam! Not a one UNDER 50.
Walmart got a few openings for door greeter... give people the Dvn treatment, “ hi welcome to Walmart, get your s—t and get out”
I was closer to the wellhead and was let go in 2016 I have found limited consulting work. The companies all say they want younger people. And with the young age they often find inexperience. It just s---s
Be flexible and willing to relocate.
I'm over 50, but I work in IT.
Fortunately, I was able to find another job within a month.