I Got Laid Off at 52 With $620,000 in Savings, and I'm Only Being Offered Lower-Paying Jobs
We ask a financial planner for advice.


On paper, it seems like in today's economy, there are plenty of jobs to go around. The unemployment rate in July was 4.2%, per the Bureau of Labor Statistics, and it's been fairly consistent, hovering in the 4% to 4.2% range since May of 2024.
That doesn’t mean the job market is strong, though. As CNN reported in July, the number of recurring unemployment claims rose to its highest level since November 2021. Put another way, it hasn't been this hard to find a job in almost four years.
But while the labor market may seem uninviting to job seekers on the whole, it can be especially difficult for workers 50 and older to find work after a layoff. A January 2025 AARP survey of Americans 50 and over finds that 74% think their age could be a barrier to getting a job offer.

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If you got laid off at 52 with $620,000 in savings, you may be in a tough position if the only job opportunities you’re finding now are lower-paying roles. While a $620,000 nest egg isn’t chump change — it’s more than five times the median $115,000 retirement savings balance among 45- to 54-year-olds as reported by the Federal Reserve. Moreover, it also may not be a sum you’re comfortable retiring on. And so taking a lower-paying job could not only be demoralizing, but also impact your long-term financial plans.
That said, a situation like this is far from hopeless. You may need to be a little flexible and open-minded to come out of it unscathed.
Don't write off the idea of being rehired
If you’re struggling to find a role that’s comparable to your most recent one in today’s job market, it may not be a matter of age discrimination so much as a lack of available opportunities. However, Dr. Kyle Elliott, a tech career coach and mental health expert, does acknowledge that being over 50 may lead to some challenges.
“Truthfully, those in their early 50s are going to have a bit more of a difficult time navigating the job search. Age discrimination is both real and rampant,” he says.
However, Elliott says, that doesn’t mean it’s going to be impossible to land a job. It just means you may need to approach your search more strategically.
“If you're worried about age discrimination, use LinkedIn to research current employees in similar roles at the company. You'll get a sense of the company, culture, and vibe,” he says.
“If you notice that the entire team is in their early 20s, it might be a sign that they tend to only hire people who look like them. If it's a more diverse team, you likely stand a better chance of landing a role.”
Elliott also says that many companies do, in fact, seek out experienced professionals.
“As the applicant, it's your job to show you’re just as agile and hardworking as anyone younger. You can do this by pursuing courses and taking on special projects. Then, feature these achievements on your resume and LinkedIn profile and mention them confidently in your interview.”
Consider a low-paying job temporarily
If your attempts to find a job you’re happy with aren’t fruitful and you’re reaching the point where you risk dipping into your savings, it may be time to pivot and approach your job search differently, says Elliott.
“Accepting a temporarily lower-paying job isn’t a career death sentence,” he says. “While easier said than done, try not to be too hard on yourself if you take a role that pays less. At the end of the day, you must look out for yourself, and that includes meeting your financial needs.”
If you decide to take a lower-paying job, Elliott says, then you may want to pause your job search temporarily to get settled and give yourself a bit of a reset. But there could be a benefit to taking a lower-paying job for a period of time.
“If the role isn't too intense, it might even allow you to search for what's next while also taking home a paycheck and continuing to contribute to your retirement,” Elliott says.
Try to avoid tapping your savings
If you’re 52 years old, you may not be looking to retire for another decade or longer. Even if you’re forced into a lower-paying role on a long-term basis that makes it difficult to add to your retirement savings, a $620,000 nest egg invested at an annual 7% return, which is a few notches below the stock market’s average, could double over a 10-year period.
The key, therefore, is to try to avoid dipping into your existing retirement savings. And doing that may require some changes on your part.
It could, for example, mean having to cut spending or downsize to a smaller home sooner than you’d like to. It could also mean supplementing your wages with gig work. But it’s important to do your best to preserve your nest egg so that it can continue generating growth. Making sacrifices during the tail end of your career could open the door to more flexibility once retirement arrives.
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Maurie Backman is a freelance contributor to Kiplinger. She has over a decade of experience writing about financial topics, including retirement, investing, Social Security, and real estate. She has written for USA Today, U.S. News & World Report, and Bankrate. She studied creative writing and finance at Binghamton University and merged the two disciplines to help empower consumers to make smart financial planning decisions.
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