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I think this is a society belief has to change. The 'old way' was you get a job and you stay and advance till you retire. Job and bussiness stability allowed this...this paradigm wasnt so long ago. You went to a company and worked till you were 55 then retired. A buddys father just retired from the coal mine industry this way. Same job all his life.

The new way is more like what artists have always had to do. You make hay when your selling and sock it away for when you don't (or are working on that 'new thing').

Im not saying life is fair or certian or anything like that... but I can see what it would be like to have the rug pulled out from under you at 50ish. Readjusting ones 'public worth value' requires a very large helping of self esteem I would think. Having people counting on you eases this as you 'have to' bite the bullet and just do. Being without kids (adult children) makes that transition to lower wage tougher. This isnt even considering trying to get a job below your past experience.

I just changed jobs. I didn 'have to' leave my old one, but for my sanity I needed to get. I cant tell you the number of jobs I was interviewed for but passed by because I have a PhD. Them: Impressive resume, you cost too much and have too many skills. Me: Will work for less...and you get the experience I have as bonus! Them: Thanks anyways.... Luckly I found a small bussiness that decided having skills and experience wasnt a bad thing and could rationalize a 'stategic hire', despite having several other fresh out of school people in the interview pile. Even meeting me most of the way on salary.

The job market is not exactly mobile, and that is supposed to be part of the 'contract'. If an employeer is crappy, the worker is supposed to be able to change. That hasnt been the case in a decade. Add in the hystersis of how tough it is to sell a home to move and employers have a 'locked' labor pool.

So my 'lesson learned' is to start really putting it away cause I dont know if Ill be able to actually make it to 65...It has made me greatly rethink what 'retirement' as a goal wll be. At this point, I think just having my home paid off is the real goal. It don't cost that much to get by once the mortage is gone.