Wow, depressing PBS article

[Tybee]

Tonight on PBS they were advertising a story about author Elizabeth White and her self published book about being over 55 and "hanging off a financial cliff"-- the article is worth a look:

http://www.pbs.org/newshour/bb/hangi...ff-heres-cope/

here is the original article about her book:

http://www.pbs.org/newshour/bb/55-un...rely-scraping/

I really agree with her that we are living in a "smugtocracy"-- we like to shame and blame people.

Very interesting article.

[catherine]

Thank you for sharing that.. Very interesting.

[ApatheticNoMore]

Do the math on it though, if age discrimination starts at age 35, and wages actively go down after 45, and women are hit with age discrimination worse and sooner than men, it means if a woman takes any time off (or even goes part-time or does something less demanding) for kids, she's pretty well and truly screwed, because childbearing and raising years will perfectly correspond to peak earning years ...

[catherine]

Do the math on it though, if age discrimination starts at age 35, and wages actively go down after 45, and women are hit with age discrimination worse and sooner than men, it means if a woman takes any time off (or even goes part-time or does something less demanding) for kids, she's pretty well and truly screwed, because childbearing and raising years will perfectly correspond to peak earning years ...

I was very lucky. I was a SAHM doing some odd jobs (some very odd) for "pin money" I found my career at age 46, and my income rose exponentially over the next 10 years. I wonder how many others have similar stories. I've been greatly fearing age discrimination especially now that I'm freelance. No one has to fire me, and no one has to hire me either. Knock on wood, I'm busier than ever at 65. But with no savings to speak of, I guess you can say I'm on the edge, and very grateful for work.

[iris lilies]

Ah well, I will have to pick this apart. I read only the first article, a transcript of the group's discussion.

Elizabeth White is "smalling up" by determining what is most important to her and spending $ on that. Welcme to the world of simple living, Elizabeth, where people align their spendIng with ther values. It isnt a restriction as you present it, it is a freeing action. I promise.

Without knowing how any of these people spent their funds, it is just clickbait awfulizing. That Elizabeth's ?African Arts shop? didnt make her money doesnt surprise me. I guess it surprised her. I suppose that is "blaming and shaming" her.

And Neil Gabler. really? REALLY? We saw in his article many months ago how he passed over common sense into fantasy lala land early in his life,spenidng the money he thought he deserved rather than the money he actually had. His original article was somewhat useful as as cautionary tale, which is how I think he meant it. If he truly meant that compilation of facts about excess spending to be a woe-is-me article, I will pass. And maybe I will even blame him! Haha. But good for him for continuing to flog that riches-to-rags story, I hope it brings him some cash.

I feel sorry for people who lose their jobs and have no seeming way to get another one, even if they sell their house and move. i have far less sympathy for people who are employed or are pulling in decent income and who do not easily on that while also savng for a rainy day. Of course, it depends how on how much that income is.

[creaker]

I'm going to get to play this out in a few months - 58, I'm being outsourced at work (India has been working our 3rd shift, now they'll be backfilling 1st and 2nd shift here). Old IT guy - I'm going to be trying to further update my skill set for the current job market - but no matter what's on the resume I'll still be the old IT guy. Which is not a great selling point.

Between severance and savings I'll have about 2 years - but way too soon to be tapping into my 401k if I want it to last. I'll need to figure out how to get through the next few years successfully.

[iris lilies]

I'm going to get to play this out in a few months - 58, I'm being outsourced at work (India has been working our 3rd shift, now they'll be backfilling 1st and 2nd shift here). Old IT guy - I'm going to be trying to further update my skill set for the current job market - but no matter what's on the resume I'll still be the old IT guy. Which is not a great selling point.

Between severance and savings I'll have about 2 years - but way too soon to be tapping into my 401k if I want it to last. I'll need to figure out how to get through the next few years successfully.

i wish you well. You are at a tricky age.

Dont you live in an expensive place? Are their job bs for you in the Midwest, where real estate is half the price?

[Tybee]

I read the comments on both stories that I posted; I agree with the author about the blaming and shaming. I think a lot of it is because people don't want to imagine that they could end up there, and so they blame the victim. Like when you have a bad health crisis, and people tell you that they eat really well and exercise and they are never going to get sick.

People want the bad fortune of others to be their own fault, as it makes them feel safer. And I agree about the smugtocracy.
If you read the stories in the comments, many are women; many ended up in bad financial shape because of divorce or because they were SAHM. Yes, Apathetic no More, if you do the math, if you take any time at all to raise kids, you are screwed.

IL, I disagree that this is "clickbait awfulizing." The folks in the comments are in awful situations. And if they can't go out and get jobs, then how are those awful situations going to change? As to how they spent their money, does that make it less awful, that they did not manage their money well? I feel sympathy for them because they are in bad situations.

Catherine, I LOVE that you started your own business and are captain of your own ship. A lot of people in the comments, especially on the second article, are stressing that. I think that for many of us who are over 55, we have experienced age discrimination at work, and experience it going forward as we look for new work. That is a wrench in the works that I did not imagine when I went back to work after my divorce.

And yeah, Creaker, it is so not limited to women! I am shaking my head ruefully at your "old IT guy" comment because that is how I have been viewed where I worked the last few years and they make it very clear they want rid of all us over the age of 50==when they fired both my bosses in the last year, they made them sign something that said it wasn't because of their age! They signed it, I guess, because they wanted the severance pittance package. Now these people seem to be unemployable in our field.

[Tammy]

I happened to spend my 20s at home with the kids. Then got my nursing degree in my 30s. My career has grown nicely ever since and at age 55 I'm earning the most I ever have. I have my choice of several great jobs, working at two of them at this time.

So I don't fit the mold of being downsized as I got older. I think I got lucky and chose a career where they need everyone they can hire so the employees are empowered somewhat.

[ApatheticNoMore]

I read the comments on both stories that I posted; I agree with the author about the blaming and shaming. I think a lot of it is because people don't want to imagine that they could end up there, and so they blame the victim. Like when you have a bad health crisis, and people tell you that they eat really well and exercise and they are never going to get sick.

People want the bad fortune of others to be their own fault, as it makes them feel safer. And I agree about the smugtocracy.

could be a bit simpler though (less political and more elemental to human nature), like people are trying to draw lessons not to end up in that shape. But if I drew any lesson it might just be: don't quit a steady job to start a business. But most people already wouldn't anyway (starting a business while working or while involuntarily unemployed and not finding work are different situations of course).

If you read the stories in the comments, many are women; many ended up in bad financial shape because of divorce or because they were SAHM. Yes, Apathetic no More, if you do the math, if you take any time at all to raise kids, you are screwed.

yea the alternative in that case (the case of having kids and stopping or just slowing one's career for them) is to end up with a heck of a breadwinner of a partner I guess and make it last or come out ok if it doesn't (very favorable divorce settlement). But really it does become more and more obvious how this society is not a good place to be a woman in.

IL, I disagree that this is "clickbait awfulizing." The folks in the comments are in awful situations. And if they can't go out and get jobs, then how are those awful situations going to change? As to how they spent their money, does that make it less awful, that they did not manage their money well? I feel sympathy for them because they are in bad situations.

there in aweful situations, how common it is I don't know, but clearly it is their situation. It's very hard to manage money ideally (noone does or they never should have gone on a vacation in their life really for instance) but very few people will ever see the 200k income that she had, but yea they really might have thrown in all into trying to start a business. Some businesses one does need to go all in or not at all (because half committed will kill it as surely as anything), but clearly it didn't work out.