Lost Job At 50 Now What? – Laid off survival guide.

Have you ever wondered what will you do if you lost your job at 50? How to cope in life after losing a job and having no savings to start a business and no job is available?

I’ve been there. I’ve been pink-slipped, decommissioned, and laid off. I can call it a lot of things but the feeling can leave you reeling. With the economy likely on the verge of recession and many Fortune 500 companies laying off large numbers, you know the daily news isn’t always positive.

What will you do after losing your job?

“What can I do? I lost my job and car, and I’m about to lose my home. Unemployment is not for me. I am scared because I don’t have a family to help me. I am 55 years old, and I am losing my mind.”

Surviving layoffs: Five lessons from the trances.

Lost my job at 50 now What? What to do when laid off at 50?

I know how you feel. It’s not the end of the world but it can be very stressful. I am sharing a toolkit with you for preparing for a layoff and dealing with the after so that perhaps some adaptation of my experience will help you with yours.

LESSON #1 – why being laid off is good.

FRESH START

A layoff may seem like the end of the world at the moment, but it could become a fresh start, a new beginning in your life. It was for me. My layoff was after closing the store location.

➡ Here’s the thing – IT’S NOT YOUR FAULT.
Good people get hit by hard markets all the time.

LESSON #2 – A LAYOFF IS A TIME TO REFLECT.

Do you love your industry, your job, and your career path? The answer for me was a resounding ‘No‘. I love to work with people but didn’t like the industry.

LESSON #3 – SKIL RESET.

Every time the market shifts is a good time to BUILD YOUR SKILL SET. I’ve taken numerous free courses to upskill my technical, financial, and communications know-how. There are courses for learning how to use software too. Here are a few resources offering free courses:

This is a no-shame, no-blame moment. Give yourself a hug. Put this time and energy to good use.

LESSON #4 – One day at a time.

You don’t need to know how to survive weeks – even months – without a job.
You only need to survive today. Focus on today. One day at a time.

Looking too far ahead can be too overwhelming and anxiety-inducing. Things could change fast. The bad things might not happen.

You don’t know how long it will take to find a job. You can take small steps. Small daily steps can get you to your goal.

ACTION STEPS: Create a daily schedule and fill it with job searches and new and interesting things to do. Financial podcasts, virtual events, streaming documentaries on Netflix, listening to a self-help book on Audible, or taking a free online course on Lynda through your public library. Fill your day with just enough activities to keep you busy, your mind occupied, and your soul feeling fulfilled.

LESSON #5 – Focus on the things you can control.

There’s an absolutely brutal truth in life that many people don’t want to accept: You have little to no control over the many things that happen to you.

You can’t prevent all of the bad things from happening to you

Start with a list of things that matter to you. Then decide what you can do about it, or not!

• Yourself
• Your attitude
• Your actions

This is key to being mindful of yourself, your attitude, and your actions.

When your current life is smashed into oblivion it’s natural to look back and grieve the person and the life you once knew. Job loss, financial loss, loss, and more loss. The grieving process is painful and real.

Don’t look back. It will eat you alive. Look forward, that’s the direction you’re going.

ACTION STEPS: Go ahead and grieve. Stand in the ashes of the person you once were. But know that challenges, adversity, and resilience make you better, and stronger.

What to do before a layoff

It’s always smart to prepare yourself both mentally and financially for a possible disruption in employment. I’ve put together a PREP CHECKLIST.

Personal Finance

Standard personal finance rules apply with a possible layoff. 

• Emergency funds. This is your top priority. I know it’s hard with inflation taking a bite from paychecks, but now is the time to build your emergency fund.
• Repeatable expenses. I call recurring bill payments ‘repeatable offenses‘ because they can go unnoticed. Time to notice them and cut any that are unneeded.

GOOD performance

Collect the emails and performance reviews praising your work. These are fantastic reminders that your job loss has nothing to do with your abilities. Also, use them for future job interviews, but this is a mental boost you may need to get through a recession too.

Watch for signs

Get your detective senses in gear and don’t discount anything.

Be intelligent

Getting a little proactive now will help you to hit the ground running if need be.

• Online cleanse. Social media can come back to haunt you, and prospective employers will research your profiles.
• Get Linked. Update your LinkedIn profile with new skills, re-establish contacts, and build your network.
• Use your benefits. Schedule dentistry, get glasses, fill any prescriptions, and get your retirement plan matched. Use it or lose it. Find out how long your benefits continue after getting laid off. 
• Know your rights. Research the minimum severance you’re legally entitled to based on the duration of work, your position, and how this compares to the industry norm.
• Contracts. Pull out your employment contract. What are the rules for vacation payout, vesting of stock options, commissions, retirement plans & pensions? What non-disclosure agreements are you subject to? Are there any non-compete agreements? Find out if they’re legally enforceable.

Data and devices

Remote work forced many of us to use personal devices for work and vice versa. It’s time to shift back and separate personal and work data. 

• Move it or lose it. Remove personal data from work tech because it might become part of the corporate archive and belong to the company. Cleanse your personal devices of work stuff as well.

Being prepared helps so you don’t feel completely blindsided.

What to do after a layoff

Simply put, what you must do now is START OVER. As much as you may not want that, as scary as it may sound, that is what you must do.

The goal is to accept reality, let the past go as much as possible, use whatever resources are available, work hard at rebuilding your life, and be patient as you undergo the process. This won’t happen overnight. And don’t let the feeling of panic control you.

Apply for Amazon Delivery, Retail, Uber Eats, or something until you land a job

10 Steps to do when you get laid off

Don’t get (visibly) upset, don’t bad-mouth your employer, and don’t burn bridges. As good as it might feel, you have absolutely nothing to gain and much to lose. Former co-workers and managers may end up as future references or colleagues.

1. final paycheck

Carefully Review a Severance Agreement.

Don’t. Sign. Anything. At least not right away. During layoffs, employers often make a severance offer and expect you to immediately agree to it. Do your research to know what’s fair and acceptable. If you’re unsure, it may be worth finding an employment lawyer to review your compensation. 

Get copies of anything you sign. Pay attention to health insurance access, your retirement savings, and free counseling after losing your job. For how long will these benefits continue? Can you look for a job at a competitor company? (I couldn’t for 6 months without losing my severance).

• Just like salary and benefits when starting a job, severance is also a negotiation.

✏ NOTE: Be Wary of Signing a Resignation Letter. If you sign a resignation later, you will not be qualified for Unemployment Insurance, severance, and possibly other benefits.

2. File for Unemployment Insurance.

It takes time to receive Employment Insurance (EI). You’ll need your Record of Employment (ROE) from your former employer.
Also, there is a deadline to be eligible for EI after losing your job. Right now, it’s 6 weeks after the last paycheque.
If you will receive severance pay after the company lets you go, then there will be a delay in receiving an EI, but you still have to apply right away.

🇨🇦 Canadians

• Employment Insurance benefits for workers who have lost their job
• Ontario Works: Support for those not qualifying for Employment Insurance

🇺🇲 Americans

• Unemployment insurance is a state-federal program – both levels of government are involved.
• All the info: Unemployment Insurance in the United States

3. Check Your Credit and Keep Track of Your Savings.

Be crystal clear about your finances and make a contingency plan for different scenarios. Give yourself a deadline.

FOR EXAMPLE: If you don’t find a job in your field you will start to look for different (less desired) positions that will pay the bills.

4. Update LinkedIn. 

Posting a layoff message and updating your status to “Open to work” is how you announce you’re in the market and are welcome to job openings. 

• Handling it well, thanking companies and colleagues, and presenting yourself professionally are steps you can take to land future work. Showing good character can help connect you to recruiters who are looking for your exact skill set.

The Best LinkedIn Job Search Guide that I found on the internet. There are lots of very good articles about social media, LinkedIn, and job search on Job-Hunt.org

• Even though the guide on How to find recruiters on LinkedIn was written in 2014 it is still relevant today.

5. Evaluate How You’re Doing Emotionally.

Pick one fear that is currently weighing heavily on your mind. Is it fear of running out of money? What power this fear has over your mind? How does it affect you emotionally? Are you starting to avoid friends? You are not fun to be around?

REMEMBER:

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55, Underemployed, and Faking Normal
by Elizabeth White
The book is written from personal experience and has many real-life examples.
NOTE: Provided recommendations in the book are USA-based but will give you an idea of what to look for in Canada.

“55, Underemployed, and Faking Normal” is the only book I’ve read on the employment crisis focusing on the here and now. It talks about what you, as an individual living this crisis, can do in the meantime – offering practical solutions and dozens of resources.

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6. Create A Plan.

7. Identify Your Skills and Strengths.

The following list of questions will guide you.

1. What is your area of expertise?
2. What jobs did you do throughout your life?
3. What education, training, and workshops do you have?
4. What are your proudest accomplishments?

8. Refresh Your Resume.

Here is the website livecareer.com that I used to write professional-looking resumes in 5 minutes only for $2.00.

10. Commit to a Job Search.

BE ENERGETIC. It’s CRUCIAL that you do not give the appearance that YOU ARE TIRED. Even if life wore you out. You need to make it evident that you have come a long way, but that you still have plenty of gas left in your tank.

Honestly, just fake the energy. Think about how healthy people look, walk, talk, and mimic that.

TIPS FOR MEN watch the video and also TIPS FOR WOMEN. What to Wear to a Job Interview When You Are Over 50 has good tips for men and women.

additional suggestions

Use your time constructively after losing your job at 50+.

• Engage in quality recharging activities – take a class, volunteer, take a sport, sit on a beach, and listen to the crashing waves.
• Commit to eating right, exercising, resting, taking walks, and resisting partaking in self-destructive behaviors.
• Remove items from your life that no longer serve you – declutter.
• Empty your basement and attic. Feel the freedom of letting unused and unwanted objects go.

Is it hard to get a job after being laid off At 55

Here are examples of our REALITY after you lost your job at 55 or older.

“I am fifty no one wants to hire me after years of successful management and leadership roles. I understand there are many individuals who like me could not tell you how many jobs they have applied for because there have been so many or the number of times they have been rejected because like me they have had so many. However, I have many years of successful management and leadership roles. I also have the recent addition of a 1st class BA honors in Business MGT. Now, I am either too overqualified or over educated for entry-level roles or positions I have held in the past. … The unspoken truth is that of course, I am too old now. Someone recently said 50 is the age at which we are “too old to rehire, too young to retire”. I have been job hunting for 3 years now!!!! No amount of well-intentioned platitudes about something will come along eventually, or there is a purpose to and for everything, it is never too late to start over or you can be anything you want to be. Has served to change my reality.” – [source]

Yes, you can start over but, you are not starting over, you are just continuing with more experience. Anyone can start over at any moment in their life. You can start over many times in life regardless of your age. No matter how hard you fall, there is no financial hole you cannot rise from.

• Don’t underestimate your experiences in life. Your instilled values. there is a saying: “They can take everything from you, but they can’t ever take away your experience and education.”

CONSIDER THESE:
You are only 10 years FROM RETIREMENT.  What were your plans for retirement? Can you fast-forward them?

• DOWNSIZE now to get your books back in the positive, especially if you were planning to downsize in retirement.
• SELL THE HOUSE. Instead of waiting to lose the house, consider selling it. Invest money, live in a low-cost area on dividends from investment, and retire now.

This is exactly what Norm and Tina did. They were able to retire at 57 by selling their large family home near Ottawa. Watch their YouTube channel playlist “Retirement Selling Your Home And Downsizing” to find out what they did.

• Start by setting a short-term goal and objectives, using past experiences as an asset.
• Start looking for jobs, and avoid having your AGE in mind, as it will only hinder your job search.
• Consider moving or relocating to another area or a lower-paying job.

Career Change after You LOST JOB at 50, 55, or 60

You Must Take a Risk.

While I don’t know your exact situation, I’m guessing that starting over at 55 was not something you thought about or planned for.

The key to career change is research, research, and more research.

Working for somebody else.

Here I am talking about career switching into a position that pays more than minimum wage.

• START by finding out if any of your close friends or family looking for a person to fill a position in a near future.
• THINK if you have the skills to do the job, or you can easily and fast learn the necessary skills.
• ASK that particular friend or family member that they will hire you FOR SURE once you learn these skills.

Only then start to learn these skills.

Your network may give you information about just open positions, and you may get even an interview, but NOBODY will hire you, just because of your age.

“The over-50 career-changing crowd should choose careers that enable them to forge their own path and allow for some independence, such as sales, freelance work, social activism and consulting.”

Working for yourself (more common).

Can you do a freelance job? Go to Upwork or Fiber and see what jobs are in dement, can you do any of them?

Will you start your own online business (e-commerce, blog, YouTube channel, or Coaching business)? Many people start a business on the internet with the dream of making it their full-time job. However, with each new opportunity that presents itself, they drop the idea and move on to the next one. Try to avoid information overload and stay focused.

MY EXPERIENCE: After my fiasco with switching careers, I decided to start a hassle on the side and created this blog modernfifty.tv. At this point (summer of 2021) my blog brings in an income of $1000+ a year. Not much, but there is hope, and I definitely learned a lot during this time.

You may also like:

40 Legitimate Online Work From Home Jobs for Over 50.
Not all online work-from-home jobs are created equal. Some are better for older workers than others…

It’s hard to answer that question without knowing more about your particular circumstances, such as your own abilities and where you live. I have heard that there are many jobs available right now. Sometimes we need to take jobs we don’t particularly like, but earning pay is the best way to support ourselves and pay our bills.

“I have a friend who “lost everything” at 53. He was let go from a very lucrative sales director position and ended up being out of work for over 30 months. During that time the family went through every bit of their savings, including cashing in his 401k with stiff penalties for early withdrawal. They also lost their beautiful home and his daughter’s health declined due to the inability to afford her necessary medicines. They also declared bankruptcy during this time.

When he had exhausted all avenues to replace his income, he ended up taking an entry-level position in a distribution center. Here was a guy accustomed to leading a sales force of dozens of people filling boxes and loading them on pallets.

After going through several of the toughest years, financially, than they had ever known, he just announced a few weeks ago that he had a new job in software sales. He is so happy, and I am so happy for him.” – [source]

BEST JOBS FOR over 50 or 60

Some of the more common options for a career change at 55 or 60 years of age are operating a small business, freelance work, hospitality, retail, consulting, teaching, and healthcare. Most of this work pays minimum wage.

Before you start a job search, take some time to explore options and decide what it is you would like to do during this phase of your working life.

Take a career test or two and see what might be a good fit for your skills and interests.

Also, consider how much time you want to commit and plan accordingly. Many employers would prefer to hire flexible employees who are willing to work less than full-time hours. If you don’t need to work 40 hours a week, it will be easier to land a job.

You may also like:

40 Legitimate Online Work From Home Jobs for Over 50.
Not all online work-from-home jobs are created equal. Some are better for older workers than others…

FOR EXAMPLE:

If you are good at a sport, try to become a coach for children and earn your living.
If you are good at a subject then become a tutor.
If you are good at writing then start your own blog or freelance writer.
If you are a good driver uber/delivery service might help you.
If you are good at listening to songs then start a website and become a critic.

The world is NOT FULL OF OPPORTUNITIE, but YOU CAN CREATE opportunities for yourself in this world.

There’s no shame in being laid off. It happens to the best of us. It’s important to cut yourself some slack if you do end up losing your job in this market, so take some time, check in with your friends, update your contacts, and you’ll land on your feet.

Resources for Job Seekers Aged 50+

Workforce50.com: For job seekers 50 and over; formerly called Senior Job Bank. It has content, job search functions, and a list of favorite age-friendly employers by industry. It also gives you the ability to sign up for job alerts.

Retired Brains: For older boomers, seniors, and retirees. It has an impressive amount of quality information on finding temporary or seasonal jobs, as well as starting your own business, working from home, writing your resume, finding full-time work, and continuing your education.

Seniors4Hire: Nationwide online career center.

RetireeWorkforce.com: For retirees and mature workers.

RetirementJobs.com: This job search site boasts over 1 million members. You can post your resume here and search for full-time or part-time jobs online. 

Check out www.sidehusl.com, which reviews and rates online job sites, for leads on companies that offer part-time work for retired professionals.

Canadian Job Search Websites

Employment Ontario: Help job seekers, workers, and employers with advice, grants, and other services around public and private sector employment.

Eluta.ca: Is a Canadian search engine that features job postings from more than 10,000 employers’ websites across Canada. The website provides links back to the original employers’ job postings. Candidates can sign up for email alerts that notify them of new jobs that match their search criteria.

Jobboom.com: This is Quebec’s largest recruitment site and offers services in both official languages. This website allows candidates to post their resumes and apply for jobs directly or reply to job offer broadcasts, which are sent instantly via e-mail to selected applicants. Jobboom.com also offers career guidance, as well as articles on topics such as self-learning, market trends, and hot career paths.

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