Posted on 03/12/2016 11:50:43 AM PST by SeekAndFind
A friend recently called to tell me he had been laid off from a company where he worked for more than a decade. He’s 60 years old and not ready to retire, either financially or emotionally.
He is, however, prepared for the reality of the situation. He recognizes that he has a tough road ahead. He knows he probably won’t ever earn the salary he had. And even for a much lower-paying job, he’ll be competing with people half his age.
Need proof of that? A GAO report in 2012, the most recent available, said unemployed workers 55 and older were the least likely to find another job.
“I speak to a lot of big audiences of people over 50 looking for jobs,” says Kerry Hannon, career expert and author of “Getting the Job You Want After 50 for Dummies.” “I feel and I see the palpable fear. The job market has not improved for this set of people.”
“It’s not a pretty scene,” she says. “What happens is people say they will keep working, but for various reasons, including health, they don’t keep working.”
Employment consultant Sara Rix says surveys show that up to 80 percent of people think they will work in retirement. A much lower percentage of people actually do (19 percent, according to the AARP).
People don’t continue working for many reasons: layoffs, health and unexpectedly becoming a caregiver are just a few.
Those still able to work can face tremendous difficulties finding a new job. The elephant in the room is age discrimination.
“We are struck by the data that show it takes an awful long time for older workers to find new employment after losing a job, over 40 weeks,”
(Excerpt) Read more at washingtonpost.com ...
National Review says it their own fault.
Our economic situation is part and parcel of a conscious malicious attack on our once dominant society.
Interesting article, but I’m shut out for now. I have ‘read my limit’ of free articles from this publisher for the month.
I’ll figure something out, usually do.
So, the economy isn’t “Awesome” like the media constantly tells us it us under Obama? /sarc
Yet the rest of the writers at WaPo hate Trump, and love all the politicians who put regular Americans in this situation.
Yeah. I started 6-1/2 years of job hunting in my mid-50’s.
Got a great job now, paying as much as I’ve ever earned.
If you are 60 and you haven’t saved for retirement, who else can you blame? Job loss, disease or injury and unexpected circumstances can land you in this position. A person needs to be prepared. That means paying off a house, cars and reduce all bills to near zero except needed utilities before disaster strikes. I’m speaking from experience.
There are almost no jobs out here no matter how highly qualified you are — ( a couple of very specialized areas aside). Obama not only means Zero, it means Zero-opportunity, too. Forget about self- sufficiency and feeding your family, You All can just feast on Zero’s lies and BS every day.
I am 53. I work as a baker at a military base. I don’t make a lot of money. BARELY enough to pay the bills, and sometimes, I don’t make enough. I don’t have the training to work at a job that makes more money, and with things the way they are, I am afraid to go back to school for 2 or more years because I’d be accruing MORE debt. Not only that, who knows what the job market will be like when I get done? Maybe they still won’t be hiring ‘older’ people, and I’ll be SOL.
The problem is real.
Agree that many are having a tough time, through no fault of their own.
Also know a few folks, though, who have made absolutely NO effort to build skills, return for more school, even GO to school ...who have frittered away MANY years pursuing pleasurable activities ...and now they can’t find work and wonder why.
A lot of people have outdated skills or stayed out of the workforce too long. I know a lot of women like this. They preferred to stay home, shop, play bunco, and do whatever ....
I went back to school at age 44, became a nurse. Worked like a dog, then went for my masters degree. I have NO Problem finding work ...in fact, my salary is higher now than ever before.
I know a lot of women my age, who, I’m not sure WHAT they were doing all these years ... taking care of their families, no doubt, but what did they do once the kids were back in school?
Of course there are people with legitimate,serious disabilities and I have no problem with such people getting $$$.But from what I saw it appeared that the basic problem for most of the people there was an inability to speak English.
And now,with Obola's policy of trickle up poverty we have people who until recently worked for a living who now must apply for disability,etc.
It's all part of the Rat Party's Grand Plan to bring the American *middle* class to its knees.And once that's accomplished the decent to Third World status will begin in earnest.
Yep. I was “downsized” in 2010 at age 52. Hundreds of resumes and no replies. I have a good resume with the corresponding salary history. But they want young guys who work for a little less and fill 1 1/2 positions (60-70 hour weeks).
Not much better still.
You can be doing an excellent job saving for a retirement that would begin at 65, but when you get dumped at 55, you are going to burn through a big chunk of that before you ever get to the minimum SS age. And remember, anything you take out before 59.5 will be subject to penalties.
There's a huge difference in what you are going to need if you start an involuntary retirement at 57 and what you would have needed with a voluntary retirement at 67.
So you can blame the victim. As for me, I'm voting Trump.
I left the corporate world in 1985 and started my own business. Little did I know at that time that I would still be working well past the age of 70 with no plans to retire. Turns out I am more fortunate than most of my friends, most of whom are barely scraping by. I did have to downsize a whole lot and now do all the grunt work myself but at least I can work at home and in my underwear if I choose to do so.
Allows me to pay my insurance and buy groceries and gas for my car and keep my house. Do not even want to think about the options without this extra income.
What I have been forced to do, however, is keep up with and use new technology which is sometimes difficult for people my age. My clients are happy though because of the history I have which allows me to be able to figure things out, know the differences which have occurred over time and resolve problems in their specialized area.
I am extremely thankful for the folks on FR who seem to know how to solve every problem that has occurred and always alert us to problems which are occurring in the world of Microsoft and computer viruses.
RE: National Review says it their own fault
Can you cite me the article ( or its link )? Thanks.
The economy is never awesome for fifty and older. Age discrimination is entrenched in this country.
I’m kind of lucky in this regard. I’m close to retirement but if I get laid off (and with recent merger activity, it’s a slim possibility) I have 20 years of experience in retail hardware. I can get as job at any Home Depot. They’re always looking for good people. Not high paying but...you know what they say about beggars.
When I think of the urban crowd getting restless, hungry and mean, I reload more ammo.
Yup. Do not go into retirement in debt. Don’t do it.
Of course, this presupposes fiscal awareness and practices before retirement that leave you the wherewithal to live without money worries. The younger folk I knew when I retired had no savings, didn’t use 401K’s and, I’m sure,
no idea what was coming.
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