Nothing personal, it’s just business

I get it. I understand that tough decisions have to be made for the sake of a business’s survival and long-term viability, decisions that sometimes involve letting people go. I think we all get it. But when you or someone you are close to loses a job, it becomes personal, and suggesting otherwise really means little, at least in the short term.

Last week, my husband received an e-mail, followed up by a phone call, from a longtime acquaintance in the metal fabricating industry who let him know he had just lost his job. John (not his real name) is 60 years old. He has worked in the same industry for more than 30 years for a major international supplier that was acquired by a competitor.

Yes, acquisitions often lead to eliminating redundant positions and departments, or those the new owner believes no longer are needed to run the business. When this happens, some companies try to place those affected in other positions, it they are available. Some give workers a heads-up that the possibility of elimination exists, which allows them time to look for new jobs elsewhere. And some, like John’s, call the department into a meeting, tell the individuals to turn in their phones and keys, and escort them out of the building. Can’t you just picture the department members looking at each other, shrugging their shoulders, and commenting, “It’s just business?” Neither can I.

John said that he and his wife, who has her own small business, were just beginning to talk about retirement in the not too distant future, most likely when John became eligible for Medicare. But that’s five years away—five years that John had hoped to remain in his current position until he could leave on his own terms.

John told my husband that he hoped to find something in his field, because he really doesn’t want to start a new career at this age. We wish him the best of luck.

John is not alone. His story isn’t unique. I’ve known others who have lost their jobs at this stage of their lives. Most have gone on to other positions, but not necessarily in their previous fields. Some are satisfied with where they are, and others are not. Some are accepting of their situations, and others are bitter. It can be so difficult to start over.

So, what can you do if you find yourself in John’s situation? According to an article on nextavenue.org, financial planners and career professionals offer these seven pointers:

1. Gauge your financial situation. How long can you go without a paycheck before you are broke? What kind of income do you require? You may find you no longer need to earn what you did at your last job.
2. Do some serious soul searching. What would you really like to be doing? Is there a way you can make money at it? This may just be the time to pursue that dream.
3. Consider setting up shop. At your age, with your experience and expertise, you might be in the perfect position to hang out a shingle or act as a consultant in your field.
4. If you look for another job, plan on a smaller paycheck.According to the Urban Institute, after layoffs, men and women 62 and older who return to work make 36 percent less, on average, than their previous salaries. For those 50 to 61, the average reduction in pay is 20 percent. You may need to take a full-time job regardless of salary just for the health benefits.
5. When interviewing, commit to the company. You may not be able to commit to working for the next 20 years, but you don’t have to share your retirement plant. Who knows? You may find that you will want—of need—to work longer than the traditional retirement age. In 2016, almost 20 percent of Americans 65 and older were still working, the most with a job since the early 1960, before the U.S. enacted Medicare.
6. Rethink your retirement age. See the previous point. If you are laid off before you are financially ready to retire, you may find yourself forced to work longer.
7. Figure out when to begin collecting Social Security benefits. Most experts caution against taking benefits too early. If you can wait until the age of 70, that’s even better, as your benefit grows by 8 percent for each year you wait past 62. This online estimator can let you see the approximate size of your monthly checks depending on the age at which you retire.

Something that isn’t on this list is networking. John is doing so. He has many, many industry contacts. I hope to hear in the near future that he has landed a decent job that will meet his and his family’s needs.

More tips for landing a job when you’re 60 plus can be found here.