Workers over 60 are postponing retirement–thanks economy!

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retirementToday CareerBuilder released its newest survey and found that 60 percent of 60+ workers are delaying their retirement due to the recent economic crisis. The effect the recession has had on their finances makes continuing work a better option.

The survey was conducted among more than 8,000 workers between November 12 and December 1, 2008.

Depleted savings accounts due to the economic downshift are causing older workers to stay in the workforce longer to make up for their losses. One-in-ten workers (11 percent) over the age of 60 who are putting off retirement say that the decrease to their savings may now cause them to never retire, while 73 percent think it will take them up to 6 years of extra work to recoup their lost savings. Nearly a quarter (24 percent) feels they can make their money back by working an additional year or two.

“Mature workers may be feeling the pinch of this difficult economy more than others because of their impending plans for retirement,” said Jason Ferrara, senior career advisor at CareerBuilder. “Mature workers who are returning to the workforce to offset their retirement losses will likely encounter many of the same challenges that workers of any age are facing today. However, their level of knowledge and experience and network of professional contacts will work to their advantage in a competitive job market.”

PrimeCB.com, CareerBuilder’s job site for mature workers, offers tips for navigating through a difficult economy:

  • Talk to your supervisor. Let your company know that you would like to postpone your retirement, focusing on your strengths and value you bring to the organization. Come prepared with ideas for new revenue opportunities, operational efficiencies or creative executions and volunteer to head up new projects.
  • Track market trends. Keep the changes in the job market on your radar if you are concerned about layoffs at your organization and know you need to keep working. Study areas that are showing growth even in a down economy and research how you can transfer the wide set of skills you already have to opportunities in those fields.
  • Network offline and online. Throughout your career, you’ve likely built a large network of professional and personal contacts. Add to this network by joining various social networking sites such as BrightFuse.com and Facebook.
  • Be resilient. As a mature worker, chances are you’ve been through an economic downturn in the past. Use what you learned in previous recessions to help the company weather the storm and serve as a reassuring presence for others within the organization.

(Image created by Joseph Owen.)

8 Comments
  1. Pingback: Workers Over 60 are Postponing Retirement–thanks economy! | cloning master blogs

  2. Wow, that’s an eye-opener, thanks Anthony!

    I thought you might be interested to know that we’ve started a new show at SmallPlateRadio.com called Job Search Radio. Each Monday at 1pm eastern (11am pacific), we feature guests who are experts in the art and science of finding a job. Listen live and participate by submitting questions or download the podcast for listening later or on the go.

    http://www.smallplateradio.com/014/

  3. This also means that promotions for the next generation (not the millenials – that forgotten generation in the middle) are delayed.

  4. That’s right, we’re not going anywhere. We’re also wise to all your schemes, and we have age discrimination lawsuits on our side. We’ve been keeping up on technology advances, too. Don’t bother cryin’ to your mama — she’s one of us.

  5. If a worker is not ready to retire by the time he or she is 60, it isn’t the economy’s fault. Poor retirement planning is the culprit.

  6. Pingback: Friday’s good reads roundup : The Work Buzz

  7. Pingback: Freshers Yaar! » Blog Archive » The challenges of a May-December workplace

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