Being LAID OFF At 57 Years Old - Too YOUNG To Retire, Too OLD To Be Hired

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Timestamps:
00:00 Too Young To Retire, Too Old To Be Hired
01:05 1. Being Laid Off At 57
02:17 2. Relying On Traditional Retirement Methods
03:12 3. In Times Of Crisis
04:28 4. Cornering Yourself
06:12 5. Relying On Others Is A Bad Idea
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[@corporatebreakoutcouple]

Register for our FREE Masterclasses here! breakout-academy.teachable.com

[@ktube2020]

Wealth is the money that you don’t spend. The more you know about finance, the better your chances of building wealth. Achieving a rich life with a good work-life balance often comes at the cost of financial independence due to lower pay. These are tough choices to make. Remember, investing can give you a jumpstart toward financial freedom. At 44, I've already built a $2 million portfolio.

[@EdwinBoettcher]

Varied sources of income is wise and especially living within your means. My net worth is $1M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.

[@JeffWilliamfick]

Efficient allocation of assets is essential, and some people employ hedging techniques or set aside a portion of their portfolio for defensive assets in case of market downturns. To do this, you need expert guidance. Through nearly $1 million in investment returns, this strategy has helped me maintain financial stability for more than five years.

[@BradleyMaurice226]

Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch if you don't mind

[@EdwinBoettcher]

Find financial advisors like Becky Lou Gordon who can assist you. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@BradleyMaurice226]

Thank you, just searched her up and left her a message.

[@Brutushungwell]

At 60 I had enough and retired. Not a single regret

[@corporatebreakoutcouple]

Good for you!

[@cac1504]

Life is not perpetual. Should retire for good at 60.

[@kahfong3204]

Retire at 60, then do what?

[@corporatebreakoutcouple]

@@kahfong3204 a whole new world opens up when one retires! It's the start of a brand new adventure

[@cac1504]

I think Corporate Breakout Couple has actually hinted it is better to retire in cheaper places like Malaysia. No point working so hard until 67 to cope with high cost of living. Singaporeans can cash out or rent their HDB and live comfortably in JB on rented condo.

[@corporatebreakoutcouple]

@@cac1504 we actually advocate exploring different areas/places /countries to retire /explore. The world is your oyster and let's all strive to create a situation for us to have multiple choices in life

[@kahfong3204]

I am boomer gen. Thank you for speaking the Very Hard Truth! I must also thank a random consultant explaining to me (exactly as in video). The realisation and fallout thereafter was life changing(to say the least). Please, continue to champion boomers like us!

[@corporatebreakoutcouple]

@@kahfong3204 thanks for watching! We make videos to warn the other generations as well, because it's getting harder and harder for them to survive in the working world

[@user-if9hc4be9q]

Prior to Covid, I thought of retiring at 60, but now I don't think I can. Don't laugh at me, I need that sense of security to see income being generated. Cannot imagine if I retire now, won't be healthy for my mindset. I am a typical worker in a company, which so far the work culture is healthy. There is a work-life-balance. I am also taking courses here and there, but not enough to start a career in a whole new area.

[@corporatebreakoutcouple]

@@user-if9hc4be9q you do what is best for you ❤️

[@fajarh979]

When you are in the late 45s you are in the end of the curve in working society. Hence, you have to be extra cautious and fill up your egg nest as soon as possible. Not doing it is fatal.

[@corporatebreakoutcouple]

Absolutely spot on!

[@transitengineer]

The two most important things from this video are as follows: 1st) Plan to be able to survive financially, if there is a job loss in your mid-50's; and 2nd) Have various pots of money that, you can pull from during your retirement years. Prior to the death of my last living parent my mother, I had a private sector pension, a public sector pension, 401(k), and 457 plan. With my mother's death, I inherited $300,000, and because, I am now age 62 or higher, I can also apply for social security (smile ... smile).

[@corporatebreakoutcouple]

@@transitengineer we're sorry for your loss of your mum. Thanks for sharing your story. It's always beneficial to have many pots of money in addition to a salary

[@darrylk808]

I'm in the US, and companies won't hire older people. You need to achieve financial independence by age 45. There are studies that show that you live longer if you retire before 55.

[@corporatebreakoutcouple]

Thanks for sharing this.

[@randomsh-t917]

I got a M1 sim last time I visited Singapore. Service was terrible. Unbelievable. Never use M1

[@corporatebreakoutcouple]

Wow sorry to hear that.

[@cac1504]

Be realistic - very difficult to get good paying job in Singapore once you are retrenched in your 50s.

[@corporatebreakoutcouple]

@@cac1504 yes, very true. So one must not depend on a job

[@cac1504]

Have thrifty lifestyle and save enough for old age. After get retrench at 45 realistically very difficult to find job to your satisfaction. No need to get rejection to affect your self esteem. Just retire with simple and minimalist lifestyle. AI will make job seeking for old Gen X more difficult.

[@corporatebreakoutcouple]

@@cac1504 truth

[@cac1504]

When Singaporeans retire, no need to travel to expensive places. Malaysia has plenty of places to visit (airbnb is affordable) with good food. No need to spend big on airfare. Weather is ok for old folks, no natural disaster to worry about.

[@corporatebreakoutcouple]

@@cac1504 Boomers may be OK with the lack of travel to far away places but not the Gen X, Y and Z. Therefore the traditional way of retirement is a no go for them. They need to deploy other ways to retire so that they can still afford to upkeep their current lifestyle.

[@cac1504]

​@@corporatebreakoutcoupleGen Y & Z growing up on good life, but earning capacity is not sustainable because no job security and the looming threat from AI.

[@corporatebreakoutcouple]

@@cac1504 yes, that's right. The working world for them is very different than 20 years ago

[@corporatebreakoutcouple]

Thank you for watching this video! Let us know in the comments what are your thoughts on this type of situation

[@user-so7hh2fc7j]

Just work at MacDonald’s

[@corporatebreakoutcouple]

👍

[@cac1504]

​@@corporatebreakoutcouplethis is the reality. AI cannot replace McDonald's uncles and aunties.

[@corporatebreakoutcouple]

@@cac1504 there are now many self service kiosks at McDonald's.

[@MaxGarmin]

It will become a common prejudice, unless you are on a CxO level role. I am of the opinion that it will get worse with AI being allowed to evolve into an advanced and sophisticated level, where middle level management roles are primed for replacements. Glad that I am no longer required to work for money anymore, no more endless meetings, crazy targets and worst of all nasty and political, back stabbing colleagues/bosses.

[@user-pc4wb6md6p]

Wickedness in high places!

[@corporatebreakoutcouple]

Agree!

[@garyt7232]

It is important to have at least three to six months of emergency savings. Maybe the person was being too picky. May have to lower financial expectations and re-assess when to retire.

[@corporatebreakoutcouple]

We applaud this lady for being persistent in her job search. We feel her frustration when she applied for 400 jobs and received 2 interviews, zero offers. She definitely would need to reassess her finances, retirement age and probably take on some part time roles in the time being, whilst still looking for a full time job.

[@MyHanck]

🙏🏼🙏🏼🙏🏼

[@corporatebreakoutcouple]

Thank you for watching our video!

[@user-tw3kr9if1f]

Seek jobs and career fields that offer greater security and reliability , avoid debt focus on financial security.

[@corporatebreakoutcouple]

@@user-tw3kr9if1f great advice

[@modhua4497]

You can retire at 62 with social security benefits and get a 21K per year job!

[@corporatebreakoutcouple]

Great suggestion

[@modhua4497]

That is just an alternative only if you have enough in your 401k or if you are still Singapore citizen and have enough CPF savings.

[@cac1504]

1M65?

[@eddielim8702]

Sg gov doesn’t make drastic changes to policy

[@Prahatech]

Donna is in the USA. and there are a lot of changes coming to Social Security.

[@corporatebreakoutcouple]

Hopefully not

[@corporatebreakoutcouple]

Oh no! Like what?

[@user-es5jk8sz9r]

Nothing to do with government, every other country is the same if you work in an mnc unless you work for the government as an employee

[@Rudyjosephjr]

I can't believe you really trust American statistic. 😂

[@corporatebreakoutcouple]

😂

[@modhua4497]

You sound like a Singaporean

[@corporatebreakoutcouple]

More than 10 years living in Singapore

[@Jennifer-007]

Why are you yelling….. sheesh

[@corporatebreakoutcouple]

@@Jennifer-007 feel free to lower the volume on your device. This is called passion and excitement. Yelling & shouting is when someone is angry. Know the difference

[@steventay5834]

Age is the issue lah

[@corporatebreakoutcouple]

@@steventay5834 so what's the solution? Stop aging? 🤔

[@steventay5834]

@@corporatebreakoutcouple Brilliant idea

[@corporatebreakoutcouple]

@@steventay5834 😂😂😂

[@familyfamily5541]

It’s worse in Singapore and for China , the cut off age is 35 yrs old

[@Prahatech]

That is so scary. Kind of tough in China right now. Better off to try and seek your fortune outside of China if possible.

[@aiseh7788]

Vote wisely...

[@corporatebreakoutcouple]

35 years old for China? 😨