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I am in exactly the same situation as a 60 that retired a few years ago but the drop in the market (both stock and RE) as well as family medical expenses has forced me to look for work.
You got to be joking! Where I used to successfully manage multi-million dollar projects I can't even land simple employment. People that used to bug me to work for them on contract won’t even return calls now.
I have always been able to leverage my many years of education, training, and experience but in this economy I may be looking for public assistance.
Holy Smokes, cdelena . . . you are talking about you -- as in you -- personally, right?
I do not match with you on a lot of the discussions on here, but you are clearly a bright bulb and articulate. So what do / did you want to do when you grow / grew up?
Not being nosy -- wanting to help you look for angles and leads.
Holy Smokes, cdelena . . . you are talking about you -- as in you -- personally, right?
I do not match with you on a lot of the discussions on here, but you are clearly a bright bulb and articulate. So what do / did you want to do when you grow / grew up?
Not being nosy -- wanting to help you look for angles and leads.
Yes, I was talking about my situation but don’t want to give the impression I am destitute or in as bad a shape as many poor souls out there. I simply have to make serious adjustments in my life that I never anticipated in order to stave off a personal financial crisis.
My background is in IT… I spent about ten years as a software engineer (programmer in both applications and system software), another ten years managing technical groups, and my final fifteen years or so managing major IT projects (new technology implementations, major facility moves, etc.). Unfortunately after the petroleum industry fell apart under me in the nineties I moved over to the financial services industry so my recent experience is in a business under duress.
Any or all of three things will help me pull out of this current situation… either find work, see a substantial improvement in the stock market, or tighten my budget enough to last until 62 for early SS… none of these were required in my planning just two years ago.
I probably have enough rope to hang on (or hang myself) which is more than the majority of unemployed people.
Any or all of three things will help me pull out of this current situation… either find work, see a substantial improvement in the stock market, or tighten my budget enough to last until 62 for early SS… none of these were required in my planning just two years ago.
Wow... my situation PRECISELY. I couldn't have described it better!
The thing that concerns me is that if I go for the early SS, it will be at a substantially and permanently reduced benefit... once you start at a reduced rate, it does not increase to 'full' amount once you do reach full retirement age. It stays reduced. This is what I was told by the SSA when I asked that question specifically.
So under those conditions I'm not certain that I want to commit myself to a permanently reduced SS benefit by taking it five years earlier. It's a very tough call. Obviously if there was no other option I'd do that, but it would come under the heading of "last resort".
IMHO, if you are over 50 and looking for work, it doesn't really matter WHAT your experience and background are: You probably have the worst chance to be hired for any given job.
I'm 60 and I early-retired about eight years ago (have both a professional and non professional background) and after SO and I recently crunched some numbers I became nervous enough to feel that I need to get back into the workforce. Well, good luck with that, even for a PART-TIME job! The most common response I get is that I'm 'overqualified'. Well yes, of course I am! But I'm not asking you to pay me according to my qualifications, I'm asking for whatever pay the job opening is offering ..... so what the heck is the difference? An employer should be thrilled to get an applicant who knows more, rather than who knows less.
The reality of course is that 'overqualified' is a handy euphemism for 'we'd rather hire somebody younger'.
Yes there are temp agencies but you know what? They're being flooded with people who can't find work anywhere else. I spoke to a couple of them who told me frankly that I could feel free to register with them but they have absolutely no idea either WHEN or IF they would ever be calling me to go on a job. And it would make zero sense for me to take a temp job paying $10 or $12/hour to which I'd have to spend $5 or $10 each day in gas just to commute to. But nowadays the reality for temp workers is "beggars can't be choosers".
The outlook is even bleaker for over-50 workers (Baby Boomers) who do not have an MBA or a Bachelors. Remember that when we were in our twenties, a college degree was not a necessity like it has become today. Employers don't seem to care about the fact that instead of a piece of paper, we often have over 40 years of practical experience in the real business world under out belts. But, again.... the "you don't have the required degree" is such an easy substitute for "we'd rather hire someone younger".
This is the best reply I've read about being unemployed, especially over 50 and unemployed. I also was over 50 in a professional field until it went dead a few years back. I had to make a career change 2 yrs ago and got layed off from that to.
I wonder about some of the other threads I read on here about the Unemployed with regard to being lazy or not looking etc. Are these people in denial about what's going on out there or what? Not to mention other circumstances like age discrimination etc. I'll be taking early retirement soon and can't wait to get out of the job market with all the BS that goes on, and the talk about it.
I hoped to get some replies from people who were over 40 (like my cousin) had worked in a professional/management/executive position but for what ever reason had to get just any job to survive. While their goal was to get a professional job again, financial pressure required them to accept a job that had a quick hiring process and likely paid under $10 an hour.
I'm not under 40 (I'm 32), but will answer anyway... I was unemployed for about 4 months last year, and it was definitely not because of laziness! I'm in a highly specialized professional field (Librarianship), which limited me quite a bit, despite my willingness to re-locate. I did apply for a few low-wage jobs, including a handful of restaurants, Macy's, and a doggie daycare. And even with my previous 5+ years of experience in retail/restaurant and pet care, I wasn't hired for any of them. Why? Because they saw that I have a Master's Degree, and were clearly worried I'd leave once a job in my field came up - which I absolutely would have, so they probably made the right decision.
At my interview for the doggie daycare, the manager asked if I was still looking for librarian jobs... I stupidly answered yes, and that was pretty much the end of my interview. So yes, it is difficult to get ANY job right now, and most employers are very hesitant to hire an over-qualified candidate. Why give me a job when there are 100 teenagers applying for the same position? I might be more capable and experienced, but the teen will stick around as long as possible - and will be easier to under-pay and over-work.
My background is in IT… I spent about ten years as a software engineer (programmer in both applications and system software), another ten years managing technical groups, and my final fifteen years or so managing major IT projects (new technology implementations, major facility moves, etc.). Unfortunately after the petroleum industry fell apart under me in the nineties I moved over to the financial services industry so my recent experience is in a business under duress.
Have you considered your local school district or local government for IT work ?
This is the best reply I've read about being unemployed, especially over 50 and unemployed. I also was over 50 in a professional field until it went dead a few years back. I had to make a career change 2 yrs ago and got layed off from that to.
I wonder about some of the other threads I read on here about the Unemployed with regard to being lazy or not looking etc. Are these people in denial about what's going on out there or what? Not to mention other circumstances like age discrimination etc. I'll be taking early retirement soon and can't wait to get out of the job market with all the BS that goes on, and the talk about it.
I too have changed careers. I went from accounting to real estate. There is a lot of discrimination out there. Too many companies will hire young inexperienced people and will literally work them to death! I know of people who work overtime and don't get paid for it because they are "on salary" but don't realize they should still be paid overtime. The Bush years have been bad for everyone who actually work for a living. I know that my old job pays the same it did 10 years ago. No wonder so many people are having cash flow problems. It is really terrible.
With the over 40 crowd, there are different factors to consider. Many have long and distinguished careers in a specific field and are used to decent salaries and benefits. Some of these same folks who are now without a job have many challenges.
First, some make the financial decision to stay unemployed and draw benefits till something comes along that is a good fit with their skill set. They can devote all of their time looking for a job in their field till the time comes and the unemployment is nearing an end. Then they will start to consider other work. I realize that there are reduced benefits but people need to keep in mind that circumstances are different for everyone.
Second, after many years in a specific field, it is difficult to change careers. Often, an employer wants to see applicable work experience in their field before they will call someone for an interview. It is a rare employer who will look at candidates with a stellar job history and transferable skills that are not in their specific field. Most require a minimum of 2-5 years of direct experience. There are plenty of folks who would gladly take whatever job they could find if only an employer would look past the lack of direct experience and see their willingness to learn something new. Some skills are transferable to other fields but getting an employer to give a person a chance is the hard part.
Also, training for a new career field requires time and money. There are folks who are willing to change the direction of their career but need time to accomplish the goal.
Third, people who have children have another set of circumstances to consider. If one spouse is working a steady job, it may be a better financial decision for the unemployed spouse to stay home with the kids and cancel daycare services, which can be very pricey. If the unemployed spouse accepts a job at considerably reduced wages yet has to continue daycare for the kids, the $$ expenditures don't outweigh the benefit of staying home and looking for something more suitable.
Fourth, although there may be employers who DO discriminate for a persons age, I would venture the reason many employers turn down an older worker has more to do with $$. It is less expensive to hire a person with little experience at a much lower wage than an older worker who has considerable experience and is worth much more. In other words, you have oodles of experience and know-how, therefore we can't afford you even though we'd like to have you. It really depends on what the companies priorities are and how much they can afford to pay.
In my experience, the benefits of paying more for an experienced worker far outweighed the initial savings of hiring a younger, inexperienced one. I was never proven wrong on that point. I'm not doing the hiring at these companies, though.
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So yes, it is difficult to get ANY job right now, and most employers are very hesitant to hire an over-qualified candidate. Why give me a job when there are 100 teenagers applying for the same position? I might be more capable and experienced, but the teen will stick around as long as possible - and will be easier to under-pay and over-work.
over 50 and career change
