A job loss later in life can complicate finances, impacting your retirement, household spending and debt repayments.Chris Young/The Canadian Press
Losing a job can be financially and emotionally tough at any age, but for older Canadians, a late-career layoff or buyout can be especially disruptive. You’ve spent much of your life building your skills, expertise and wealth, then all of a sudden you’re no longer paid to do that five out of seven days a week.
In a tight labour market, a job loss can mean longer periods of unemployment or a complete rethink of what’s next. If it happens later in life, it can cause a dent in your finances during prime earning years, having an impact on retirement funds. In previous reporting, The Globe found that Canadians often bring in their highest incomes and build much of their wealth from their mid-40s though to their mid-60s. Maintaining large household budgets and paying off debts can also become burdensome.
Retirement reporter Meera Raman is looking to speak with Canadians who’ve gone through a job loss or buyout later in their career. How did you cope? How did you plan your next steps? What advice would you give others?
Share your experience and thoughts in the form below or reach out directly to Meera at mraman@globeandmail.com.
Were you laid off later in your career?
Retirement reporter Meera Raman is looking to speak with Canadians who’ve gone through a job loss or buyout later in their career. How did you cope? What changed? What advice would you give others? Share your experience and thoughts in the form below.
