Thread regarding Charles Schwab Corp. layoffs

Yep, saw this happen to someone a few years ago. This person continued to apply to jobs in that exact same space, so the experience was there and knowledge and community was there. They were rejected each time they applied, at final round or offer is on the way. This person was in 50s, and could run circles around people in this space and was well loved. I believe it was this person's husband who was too expensive, from an insurance standpoint. And, what is happening now is only 30 somes are getting hired in this space, it is so obvious what is happening. Playing w fire.

I hope I can be laid off at 55. That would be about 1 year of severance pay. At that point my house would be fully paid off, my biggest monthly expense would be done. I would have about $2M in my 401K, and would be able to use the Rule of 55 to live off my dividends, which would payout a little over $100K. I could choose to work part-time, contract if I wanted, but just kick back. Let my Roth IRA grow in the background..... and then wait till 70 to start collecting Social Security at $4400/month. Not bad.

Welcome to capitalism

A few months later, the management posted an opening for my exact position but listed the total compensation at about half of what I had been earning.

You were free to apply for the position. But I bet you didn't because your mental model didn't admit any possibility that you were being paid more than the job was worth to Schwab. Outside of academia, communism and certain sectors of the government no one has life tenure.

Oh yes - common practice. There are some that remain because they couldn't lay everyone off who is over 55+ because they would get caught. They haven't had an age discrimination law suit in several years. They must have sharpened up and are spreading things out

Yup. Pattern and practice.

It’s either reduce your role so you leave, attack so you leave or include you in a reduction. There are a few oldies who remain. Visa ran the same playbook in their IT. And it isn’t uncommon elsewhere.

To younger staff, please “own your tomorrow” and have enough savings to retire at 50 and say pi-s off along the way. You’ll sleep better.