The first line of baby boomers have already entered their 60s. But the bulk is still out there fast approaching retirement. This type of story is a wake up call, not for those already in sight of retirement age, but those 40 and under.
When I was 20, I thought I would live forever. I was in good health and did not give any thought to how I would survive once I was no longer able to work.
Fortunately when I turned 40 my eyes were opened. I was as close to 60 as I was to 20, and my body was not as young and healthy as it once was. I had already gone through two "careers" and was a few years into my current career.
I was in debt, 30 years to go on a mortgage, and changed jobs at the first slight. I was approaching middle age with a juvenile attitude.
I was 40 and I began to understand what it would be like to live forever, but not be able to support myself. The thought scared me. I buckled down and began to get my financial life in order. Paid off all my credit cards, started a 401K, made extra payments on the home. (Having waited to purchase a home, I did not do the math at the time, but I would be close to 70 before it would be paid off, which means I had to work as long as I had a mortgage. That was a great incentive to first never use it as a ATM machine, and second to pay it off as quickly as I could).
So I am like Harry, I am approaching 59, working in a technical field that is changing every few months finding I am having a hard time keeping up with the kids (especially when I am getting paid more).
I do not worry about my job as long as I am a productive member of the company, but have no illusions about being kept on once I can no longer produce. I may find myself unemployed at anytime, and I already know it will not be easy to find another job let alone one in my current field. But in some ways I am looking forward to it.
The home is paid for. My wife and I life modestly (that is we spend less then we make). We have money in the bank as well as a 401 I can begin drawing on once I turn 59 and a half.
What I am saying, it would not be the end of the world if I lost my job. It would not be the end of the world if I had to take a less paying job. It would not be the end of the world if I decided to take a year off and do nothing.
It will not be the end of the world because 20 years ago I woke up to the fact that this day was approaching and took steps to prepare for it. For Harry, it is too late. But for those of you in your 20s, 30s and 40s read the lesson and know, your day is coming. You can prepare for it now, or face your old age as Harry is facing his.
Most people who are laid off were productive members of their companies. The companies either no longer had work for them to do, or pretended not to, and then sent the work to India or China, or hired a new grad to do the same work (although probably not as well).
I was one of the first American's laid off as your nick name suggests you can understand. In 1973 I was Rif'd. A few years before any of the auto workers began being laid off. And yet it still took me until about 1984 to figure out I better start planning to be financially "solvent" by age 60. It takes work and a bit of sacrifice (not much actually), but it can be done. Retired last September and loving it and still not spending the amount we set aside for living each month.
We live in a culture that has not only left out the idea of "taking personal responsibility", but almost promoted the idea of living irresponsibly and way too many Americans have chosen that path, I am afraid.
Congratulations.
Ain't living on easy street, but quite comfortable on our "budget".