When an old colleague of mine got laid off last year at age 58, he knew he would be facing a tough battle. It's illegal to not hire a job candidate based on their age. But the reality is that many employers are hesitant to extend offers to older workers for fear that they'll put in the time to train them only to then have them retire in a handful of years.

The problem my former colleague and friend faced was that he'd gotten a fairly late start to retirement savings. And as such, he couldn't afford to just end his career at 58.

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