Companies goes bankrupt all the time, restructure and keep moving forward. Pensions get pushed over to PBGC ( a government agency). In this situation pensions can be cut significantly. Ask some airline pilots.

My parent company went bankrupt after I retired. I took a lump sum when I retired so it had little effect on me other than my medical benefits were impacted.

colouring hair is for women.

For another horror story, Google "Delphi salaried retirees."

I am 48 and own/started a sales rep agency in FL after having been employed for most of my adult life. I am in the HVAC/R industry and business is ok. I am a mechanical engineer by degree with an MBA in finance.

My point is this; when I felt things changing at my old employer, I really started looking out for me. When I started the business I worked my ass off (I still do) and made no excuses....it was all on me. 7 years later with a couple employees, I am looking to add more. When I interview people, I am blown away with the mindset in general as most people want to be "taken care of" before even providing output!

I am scared for 50-60 year olds that are dismissed as they often have so much to offer but have a hard time understanding how they need to be cash flow positive at an employer.

Network. Network. Network. Always be ready to look for an opportunity regardless of how secure you think you are.

The best offense for finding work Is being known, having contacts and be prepared to be an independent contractor, not an employee.

I'm 53 and I've been with the same company (a few ownership and name changes) for 28 years. I'm 19 months away from early retirement and I'm taking it. I just hope I make it. There is always talk of shutting the doors, labour costs too high (me).

I have a fellow working for me now that is mid 50's who was downsized (28 yrs!!) and have to say that being "old" is no handicap. He has a great work ethic and while may not be as fast or a strong as someone 20 yrs younger I take him for what he is, and appreciate what he brings to the table.

Market yourselves for the positives and figure on working your way back up would be my suggestion.