Do Boomers Need to Continue Working?

For many boomers, gone are the days of retirement dreams and year-long traveling notions. Many boomers are finding that the long-awaited lifestyle of leisure is no longer a reality for them.

New reality: boomers need to keep working in order to pay bills, buy medication, assist with grandchild costs or college payments, purchase food, and more.

What does the job market look like for boomers?

A recent post at states:

Unemployed Americans ages 55 to 64 take a year on average to find a job, longer than any other age group, according to August employment data released Sept. 6 by the U.S. Bureau of Labor Statistics. —  read full article here

The article points out that although boomers have a difficult time finding work:

Putting baby boomers, those born between 1946 and 1964, back to work benefits the economy and the U.S. budget: instead of consuming social benefits, they continue earning and increase spending, said Van Horn.

Here’s another boomer bonus:

Hiring boomers may actually cost companies less money in the long run. Younger employees might agree to lower pay, yes. However, the turnover rate for younger employees is high (as shown in multiple studies about the entitlement generation). Generally speaking, boomers have a deep respect for hierarchy, achievement, and company loyalty.

Related reading: Multigenerational Characteristics

New Careers for Boomers?

Working for an established company offers peace of mind through job security. If you need to work in order to cash a weekly paycheck, applying for a steady job will be your best option. If you prefer a little danger and adventure, however, you may want to consider starting your own business.

MSN Money offers ten ideas for a new career including: career coach, medical assistant, financial advisor, private investigator, ghost writer, and more.

Read the full article on MSN Money here

If you choose to enter the field of career coaching, this Open Forum article will be of help to you: What boomer business owners can teach millennial startups

Whatever path you choose, allow your resume and credentials to spotlight your valuable character traits. You continue to be an asset to the working world!

Job Tip: Consider applying for seasonal work, as most large corporations over-hire during the holiday months. You won’t be guaranteed a long-term job, however, this can help to boost your resume when searching for long-term employment.


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