Laid Off by Wells Fargo in My 60s, I Can't Afford to Retire - Business Insider https://share.google/hRpFuSSI6CnVwc7HP
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True, but the percentage of people that have the economic potential to do it is much much larger than the percentage that actually does it. I was speaking to those with the potential, which if one starts young is a very large group.
Never known what to think of Ramsey. On one hand a lot of what he says is common sense stuff, so easy to agree. But some of his advice seems a bit out there for me. He wants me to pay off my mortgage at 3.10% rate vs. investing that money. Doesn’t seem smart to me. I was let go by Wells about a year ago, age 57. Had been there 10 years. Came from the fed government where I worked long enough to draw a pension and health care. Found another job fairly quickly for a lot less money, but remote and with a good company. Will work a few more years. It came down to friends and connections I had made over the years, but it is tough out there and ageism is a real thing.
this article has been posted before and it's still firewalled click bait.
Yes, nice to plan as if you'll need to retire in your mid 50s.... however not everybody has life circumstances that allow that.
Age bias in hiring is real. As stated by others, work towards having the savings to retire by mid or late 50s. If you get laid off, you may not find another job- or a comparable one. Prepare for it to happen to you.
If you're trusting Dave Ramsey, you're going to go broke before you pass. Especially if you're going to have to rely on your investments starting in your 50s.
The guy projects 12% returns
Recommends 8% withdrawals
Espouses load funds when indexing is proven to be a better strategy
And tells people to stop saving until they pay off their mortgage
Follow him to your doom.
Laid off in my late 50’s and completely agree that people should plan their retirement savings to be fully stocked by their mid 50’s. Anyone in any industry should focus on becoming debt free before their 50’s. Live below your means and save 3-6 months expenses. Get Dave Ramsey’s book “The Total Money Makeover” to learn how to get out of debt and stay out of debt. As AI improves we may see even more layoffs. The time to take action is now.
@OP
What part of your 60's? Early 60's? Mid 60's? When did you think you were you going to retire?
If you didn't even remotely shoot for retirement sometime in your 60's, you are probably too late now. I surely hope not.
Agism is a thing. Been going on since they invented gray hair.
You should have been planning long before your 60's. Planning like there won't be Soc Sec when you retire. To do that you should have been socking it away early. If you did that, you would not be in this predicament today.
I hope maybe your overreacting because you lost your job and your really not that far off from your goals. If you really are, then I'm afraid it's all on you.
Signed,
Mid 60's, and ready to put WF in my rear view.
@aa Don't count your chickens...
Cheeto is destroying the world economy and stocks will follow.
She is probably in debt.
I came to Wells from another company. Can testify. It’s bad.
Little late for OP, but for everyone else, if you're not at least putting yourself in a position to be able to retire in your 50s, you're doing it wrong. Not saying you have to retire at that stage of life, if you love your work, keep doing it until the day you kick the can--but you should be financially prepared either way.
You do know that every news network—ever—has been gaslighting you for decades, right?
but CA says there's a labor shortage?
https://sfstandard.com/2025/12/12/california-bonta-sues-trump-h1b-visa/