I've been preparing my exit plan for months and I'm about to start applying. I won't lie, I'm petrified of not being able to even get an interview due to my age (54). I know too many good men and women who were laid off or PIPed in the last two years who are still unable to find employment because they are over 50. There's not much I can do about it but it scares the he-l out of me.
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@5zna+1ecbEMvs
The reality goes like that: “if you’re lucky to ever get to 55, you will be forcibly retired”. Not a choice anymore, unless you’re an executive.
I don't understand why everyone keeps saying wait until you're 55 and then retire. Not all of us can afford that - especially when you would lose 25% of its value if you started taking the pension at age 55. Heck - many of us would still need to keep adding to the pension value and topping up the 401k, to make it worth while. The only possible advantage I can see is that you can stay on the EM health plans as a retiree (if you need to).
If you leave, you might have to up your skill-level to stay competitive. I used linkedin premium, and when I saw that all the positions I was interested in had Master's or PhD's, I pursued my Master's. Put it on my resume with an anticipated finish date. If you are applying a ton, and you are not getting interviews, and the companies are larger, you are likely not getting past their applicant tracking systems to even be seen by an actual person. You're going to have to create a resume for each position you want to apply for and use targeted resumes. I didn't do this, and after landing a job in 1 month, finishing the Master's and beginning the job hunt again, I probably applied to 1000s of jobs. This job market is weird. It has characteristics of a good market, and characteristics of a bad market. And, I wouldn't conclude it is age immediately. More likely your salary requirements are beyond what the companies want to pay. I got a lot of strong bites, even some for excecutive positions, and when most of these companies realized how expensive (yet reasonable my ask was) the process stopped. If the company can't afford you, it won't be a good fit. I unfortunately in my new job post Exxon had a 2 month notice clause, and that also caused those who were interested to stop the process.
Get to 55 so you have lump sum and medical.
Then you can work contract jobs just for salary.
Exact situation in Annandale, if your RE Prepare to leave, this place is a mess. There is a plan.
Companies are looking for someone with the wisdom of a 50-year-old, the experience of a 40 year old, the drive over 30 years old, and the pay scale of a 20-year-old.
Don’t sell yourself short.
Just retire? By 55 you should have a sizeable 401k, money saved, and the pension coming in a little bit. I mean keep going as long as we keep you if you want but like go have fun with life?
With absolutely no Context regarding your skill-set or marketability, the only thing clear here is: you are an EM product.
At 54, that's probably a flare-off.
At 54 assuming you’re in the US I’d think you are NRE and protected. Stick it out a year to get retiree status at age 55 and then go pursue whatever path you want. Hang in there, OP.
I got fired from a small company (150+ employees) at the age of 60 for being too old. They offered me a small severance package if I signed a letter stating I would not sue them for age discrimination. I took the package and found a fantastic job 3 months later.
That was over 4 years ago and I am still working at that job. Just got a raise too. My wages are over double of what that company that fired me paid.
There is a lot of opportunity for us older workers. Don't panic and don't worry.
I dont think even xom is d-mb enough to lay people off without balancing out the age discrimination aspect. In fact when most companies have a massive layoff they will send a list of all those laid off with names removed (just position, location and years of experience) to all the folks laid off. To think xom hasn't already covered this base is wishful thinking, that's layoff 101.
DO NOT GET LAID OFF. Maybe you'll get another job but for less money and/or suckier conditions. As the Agency teaches you, in times of crisis, the people who move off the X survive. If you need to change positions to keep your pay, location, work life balance, DO IT. Or at least always have a plan in motion, keep interviewing, networking, etc. But unless you want to end up a greeter at Walmart, DO NOT GET LAID OFF.
Don’t give up. I started a new job at 55. Use Linked In - connect with everyone and sign up with all the recruiting agencies. Some companies still do 90 day test run before direct hire therefore staffing agencies can be very helpful. Plenty of jobs outside EM walls!
This certainly isn't going to make you feel better, but I can't even get an interview at age 45. I'm getting so desperate, I'm thinking of suing for age discrimination. It wouldn't take more than a subpoena for the records of the people they chose to interview, and the list being devoid of any 45+ people (talking senior level positions), which I am pretty confident it is happening.
Not sure what your work background is, but one area where age and experience are actually appreciated is consulting. I myself am leaving for an engineering consultancy in January
Unfortunately recruiters seem to be looking for people 30 years old with 20 years experience, as the saying goes. When the upturn comes, the same recruiters will be hiring any warm body.
Just don't give up. You're in a great position. Financially you will leave Xom at 55 with pension - even it it takes a while to find a job, so what? Think about the younger employees that are starting to think about jumping ship. They have no financial foundation. All starting over
Ageism is real, for sure. It kept me from getting back on my feet for a while. Just don’t give up and you’ll eventually find something.