Career Resources and Advice for Experienced Workers

“Mandatory retirement is quickly becoming as archaic as the dinosaur. With many people now retiring at 55 or 60 — they can have 20 to 30 years of life left. Working will be a necessity once they do hit their 60s, since their potential Social Security income might not be enough, even with retirement savings, to get by for the long lifespan people are living,” noted the author of ‘Personal Finance: Tools for Decision Making,’ Diane McDonald.

“A big mistake many make in their financial planning is thinking their cost of living will decrease dramatically. Retirement is never as cheap as people expected. The real reality is that most people need to make 80 percent of their working salary to afford their retired lifestyle,” McDonald noted, “but medical expenses (insurance premiums, non-covered medical care, prescription drug costs) often eat away at savings.”

A recent survey conducted by the Employee Benefit Research Institute of employees nearing retirement age stated more than two-thirds of workers intended to work for pay after they retire.

A BusinessWeek survey of people hitting retirement age revealed that 67 percent of those polled said they wanted to work but sought positions with:

Try a New Career
“Retirement’s not all it’s cracked up to be,” said former school secretary Jo Madison. “You get bored and need something to look forward to. Mindless days and going to bingo isn’t my idea of living at 55. I want to do things that matter.” A recent Worth magazine survey revealed that 41 percent of new retirees found retirement very difficult.

Paul, a high-powered senior executive said this about his retirement from a Fortune 500 company, “I wanted a job that was flexible, so I could travel, and yet still be challenging. So I do part time consulting — keeps my mind sharp and allowing me to have my cake and eat it too.”

“Golf was all I ever dreamed about,” said 50-year-old Mike. “I knew all I’d do was golf once I quit the rat race. So when the pressure cooker got so overwhelming at my store manager job, I took the early retirement plan. And I golfed and golfed, but eventually needed more. So now I’m a high school baseball coach getting paid peanuts; just loving every single second of it.”

A growing trend among seniors reveals that many may leave their old company or career behind, then begin a new career and remain a vital part of the workforce. It’s a time to indulge a passionate interest, or hobby. Part time work seems particularly appealing for many retirees.

Retirees need a sense of purpose to have meaning in their lives.
Now, there’s a whole new group of seniors finding happiness through work. “I’ve practiced law for 60 years,” says 82-year-old Nick Midey, head of a prestigious legal firm. “My doctor tells me if an active guy like me stops working, they often die within six months, so I never plan to retire. I love my work. I enjoy meeting and helping people — I never want to give this up.”

Many folks over 50 seek a job that makes them feel as if they are making a significant difference. They want to add value to society and help others. It’s been proven that work activity often keeps a person more youthful, and more vital. Knowing that they have important work to do can be an inspiring motivator for older workers to get well more quickly if illness does strike. Many seniors cite work as their reason to go on living when faced with life tragedies such as the death of a spouse or a child.

Many individuals who continue to remain in the workforce may choose to slow down their schedules or lower stress levels in order to incorporate other pleasures into their lifestyle.

The truth is, many of us will not just want to stay home. You might choose to leave the whole career and profession behind, looking for something to do just for fun. A hobby you turn into a business. An interest in painting or music might find you employed in a museum or becoming the church choir director. The new career might come with a salary, or it may not.

So what about age discrimination?
I distinctly remember a client who had four job offers all at once. Her white hair and 67 years weren’t obstacles at all when she wanted a new post-retirement fundraising job, because her enthusiasm and innovative ideas made everyone want to hire her. Make your golden years truly golden by working at something you love and enjoy. Enthusiastic, productive workers are wanted by employers no matter what their age. In fact, experience is often an asset you can sell, for example “I’ve had a great deal of experience handling and solving these kinds of problems.” Nonprofits, governmental agencies, colleges all seem to see the value in older workers. Do look for companies that embrace mature, dependable workers.

Make yourself appealing to an employer. Get a modern hairstyle, contemporary professional clothes that fit nicely and remember to smile.

Employers look to workers for the results they’ll obtain. Give good examples of your past experience — examples that show how you have been, and will be, productive. People who act like assets — not tired, burned out, dead-weight job seekers just needing cash — will be most likely to land interesting jobs, no matter how old they are.

Edited from ‘What to Do With the Rest of Your Life,’ published by Simon & Schuster by Robin Ryan, 2002.

Robin Ryan has appeared on the ‘Dr. Phil Show,’ ‘Oprah,’ ‘NBC Nightly News With Tom Brokaw,’ CNN, CNBC and is considered America’s top career coach. She is the best-selling author of: “60 Seconds & You’re Hired!;” “Winning Resumes;” “Winning Cover Letters” and “What to Do With the Rest of Your Life.” She’s the creator of the highly acclaimed audio training program Interview Advantage and The DreamMaker. To purchase her books and audio training programs go to http://www.robinryan.com. To contact Robin, e-mail RobinRyan@aol.com.

I’ve thought a lot recently about my dad’s retirement. He’s a 67-year-old university professor whose youngest of five children just graduated from college. I pretty much assumed this would be the time. But he hasn’t made any noises about it.

So I asked him: Why isn’t he retiring? Is it because of the money or simply because he loves what he does and wants to continue working?

“I have a good life. If I retired, I’d pretty much do the same thing I do at the university — read and write,” he told me.

It makes perfect sense. He loves his job and the environment of learning. Plus, it doesn’t hurt that he can keep earning a salary, receive benefits and accrue money on his 401k plan.

But what’s a no-brainer for my dad is a huge dilemma for others. Today, hitting 65 isn’t as easy as getting your gold watch and running.

“Older workers,” those age 55 and older, are remaining in the workforce longer, whether because they have to financially or because of the desire to remain active and engaged.

65 Doesn’t Mean Retirement Anymore

Environmental and societal changes are adding to the deferment of retirement. Today, life expectancy in the United States is at an all-time high of 77.4 years. The shift from manufacturing to more computerized, less physically demanding jobs enables older workers to stay on the job. And, Congress recently raised the age at which retirees qualify for full Social Security benefits from age 65 to 67, thus encouraging workers to remain in the workforce.

In 2004, almost one-third of workers aged 55 and older plan to retire at or older than age 66, according to the Retirement Confidence Survey, which reports annually on the retirement expectations of workers. Plus, approximately 70 percent of workers between ages 25 and 54 expect to work in retirement.

The Bureau of Labor Statistics (BLS) tells us that once the oldest baby boomers reach age 65 in 2011, the population will begin to age rapidly. And the U.S. Census Bureau predicts that between 2000 and 2040, the number of Americans aged 65 and older will more than double.

Help for the Worker Shortage

“Based on data supplied by The Bureau of Labor Statistics, we believe that by the year 2010, we will have a shortfall of 10,033,000 skilled workers. The magnitude of this shortage will make the late ’90s seem like a practice session,” says Joyce L. Gioia, author of Impending Crisis: Too Many Jobs, Too Few People and president of The Herman Group.

Bottom line: Older workers can be key figures in soothing the impending worker shortage crisis. This looming shortage will result in fewer workers available to produce goods and services, threaten standards of living and dramatically reduce Medicare and Social Security funding. Higher employment rates among older adults could increase the labor force and reduce claims on retirement benefits.

Older Americans can make a profound difference for U.S. employers because of the knowledge and wisdom they possess, says Gioia. “We are seeing a new trend that personally brings us pleasure: Older workers are being valued over younger ones for their stability and wisdom.”

However, employers will have to learn to be more flexible if they want to hold on to this valuable human capital. They will have to offer part-time work, as well as job sharing and other accommodations.

The Disconnect Between Needy Employers and Discouraged Job Seekers

Back to my family. Consider my uncle — he’s in his early 50s and was forced into retirement a few months ago after working for 30 years for the same company. Financially and mentally, he’s not ready to retire. Unfortunately, he doesn’t think he’ll be able to find work because of his age.

“Older workers do not need to retire to “make way” for younger workers,” says Martin Rome, vice president for strategic communications for Experience Works, a national, nonprofit organization that provides training and employment services for mature workers.

The growing economy and slowing growth rate of workers will create demand for all skilled workers, says Rome. Job seekers need to understand the needs of employers and have the right skills to meet those needs, regardless of their age.

With older workers remaining in the workforce and easing the strain of the shortage, it’s possible there could still be a disconnect between needy employers and discouraged older job seekers. Gioia offers these tips to older job seekers to stay competitive.

One’s golden years are no longer reserved for fishing and gardening. Many of today’s would-be retirees are forgoing a life of leisure and opting to work well past 65 — a trend that’s sure to continue as the country’s 76 million baby boomers begin to reach so-called retirement age.

Consider these numbers:

In addition to demographic shifts, there are other factors working in favor of seasoned employees. Companies that are launching new initiatives or merging with other organizations are willing to pay a premium for the wisdom and experience of time-tested professionals. Dependability, a strong work ethic and the ability to oversee complex projects also are in demand. In short, the changing employment landscape will present many opportunities for professionals looking to extend their careers or retirees interested in returning to the workforce.

Here are tips for leveraging your deep knowledge and experience:

Retool your résumé.
Revamping your résumé is a key first step to effectively selling yourself to prospective employers. Instead of formatting your résumé chronologically, consider creating a functional résumé that’s targeted specifically to the positions you seek. A functional résumé emphasizes the unique set of skills you bring to the table rather than your job titles or duties. When compiling your résumé, home in on the last 15 to 20 years of your career, since your most relevant experience likely falls within those years. You’ll also minimize the chances of a hiring manager deeming you “overqualified.”

Keep your skills current.
Whether you’re currently employed and looking for new opportunities, or you’d like to come out of retirement, there are many ways to stay on the cutting edge of your field. Consider enrolling in professional development courses offered through an employer, local community college or trade organization. In addition, subscribing to industry publications will help you stay apprised of the latest trends and advancements in your field.

Network, network, network.
The value networking provides can’t be overstated for workers of any age. Reconnect with former bosses or colleagues who may have job leads — or know people who do. And don’t forget about your family members, friends and neighbors, who all can serve as potential resources during your job hunt. Let people know that you’re looking for a job and give them details about the types of roles that appeal to you. Joining an industry association is a quick and efficient way to make new contacts.

Explore all options.
Working no longer means a rigid nine-to-five schedule. Companies want to keep long-time employees in order to retain invaluable institutional knowledge. As a result, many are offering phased retirement programs and inviting retirees back to work part time. In addition, telecommuting, job-sharing, flextime and seasonal work are options at an increasing number of firms. Ask your current employer — or reach out to a former one — to find out what non-traditional work arrangements might be available to you.

Consider consulting.
Working as a consultant on a temporary or project basis is another viable option. The advantage of this type of work is that you can generate income while choosing which assignments to pursue and setting your own schedule. By working through a staffing firm, you’ll receive career guidance, insight about emerging technologies and job leads. Staffing firms also can give you a heads-up on the types of companies that are targeting professionals with your abilities and background.

For some professionals, working is a financial necessity. For many others, however, working beyond 65 is a choice. Regardless of why you work, the opportunities are abundant and will likely continue to grow. To maximize your marketability, use the tips above to position yourself as an adaptable yet proven professional who’s at the forefront of your industry.

Robert Half International Inc. is the world’s first and largest specialized staffing firm with a global network of more than 350 offices throughout North America, Europe, Asia, Australia and New Zealand. For more information about our professional services, please visit www.rhi.com.