As the business press and top newspapers called the March jobs report "strong," some economists stressed the importance of looking beyond the topline figure and one month of data.
You get food stamps, and start driving Uber, lyft, or door dash, and start picking up gigs here and there. You start selling stuff, work some side hustle, go back to college, etc. Eventually you downsize, and start pulling money out of your 401K. Then it’s a race until Social Security, and you can get a little breathing room. Until your spouse dies, and you lose their SS, and can no longer afford your downsized lifestyle in your old age.
This isn’t new, it’s a very common scenario for people who get cut in their 50s. They often never get another real job again. Think about it, when was the last time your company hired a new 50-something person, who wasn’t an executive?
You get food stamps, and start driving Uber, lyft, or door dash, and start picking up gigs here and there. You start selling stuff, work some side hustle, go back to college, etc. Eventually you downsize, and start pulling money out of your 401K. Then it’s a race until Social Security, and you can get a little breathing room. Until your spouse dies, and you lose their SS, and can no longer afford your downsized lifestyle in your old age.
This isn’t new, it’s a very common scenario for people who get cut in their 50s. They often never get another real job again. Think about it, when was the last time your company hired a new 50-something person, who wasn’t an executive?