Advice requested
I have been doing the same job for 28 years. I love my job which is hard to say now a days, but..... I do not have 401K or retirement of any sort here. I’m not getting younger but can’t afford a pay cut. So I don’t know if I should look elsewhere, or just hope for the best. I am a general manager with 30 employees, and a hard worker. I just don’t know what to do.
Maybe look for some companies that will let you keep your title but make sure they have great benefits. 28 yeas is a long time so you really have to do your homework before leaving this job. But don't rule out making a move.
You should try to budget your money and see where your money is going, and if there's something that's costing you a lot of money, and see if there's something you can do without. I realize how difficult it is to budget due to the high cost of living, depends on where you live and work.
Dan, I agree with Veronica alot. But where I differ from her is don't set up a normal IRA, IRA's taxes fluctuate year to year month to month.. Set up a Roth IRA!! You get taxed up front while your still making money so it doesn't hurt your end goal as much. The only thing you get taxed on is the interest earned, otherwise everything you put in is free and clear..
I would encourage you to get your resume out there and see what happens. Put it on indeed and career builder and see what happenns. Stay with your job until something comes along that works for you.
Time to go. When that company gets sold, you will find that you have nothing out of it. Unless you're able to work out some sort of equity with the company, which helps to recognize your contributions to profitability, then move on. It is not easy finding a job with this much experience at the same place. In today's business environment, it's results that matter, not loyalty. I would start looking around now to get a feel for the environment, and to hone your resume and interview skills. I would also avoid putting 28 years experience or anything that traces you and your age chronologically. It is very clear that although it's not legal, age discrimination is very alive and well, and comes in the form of comments like overqualified. Good luck to you.
Check out Dave Ramsey online. He has awesome ideas on how to save for retirement and become debt free. Or you could talk with a financial planner, maybe call your bank. I would definitely NOT give up a job where you have been there so long. You still have some good options for savings!
Try to talk to your company see what can be done first
28 years at one company is a huge accomplishment. If you love your job then you want to do everything you can to stay. You have to plan for your retirement. If your company won't offer a 401k ...you will need to set up your own retirement savings. You don't want to get stuck working until your 70 years old. Talk to someone you trust about retirement plan options. Make sure they are licensed and have a good reputation. You will want an aggressive savings plan with tax advantages. Even if you start saving for your retirement in your 50's...it's not to late. Good luck.
If you can afford it life insurance is the new 401K. You can invest in it or pay more into an existing policy and leverage the money for retirement. Also in Washington state 211 is a valuable resource that can help individuals like you find some resolve.
Don’t quit your job. Find a good financial advisor to help you explore your options and help you develop a plan.