The recession's been rough on everyone, but especially for older people. They have less time left to save and more to risk by investing. They face higher health care costs. They've seen their existing retirement accounts take hits or get completely wiped out.
To make matters worse, when older Americans fall out of the workforce, they find it tougher to get back in. A January AARP Public Policy Institute fact sheet pointed out that the average length of unemployment for all ages is about 35 weeks. But for those over 55, it's 56 weeks.
Money Talks News founder Stacy Johnson, himself over 55, recently shared his own retirement outlook and offered some advice to a struggling reader in Ask Stacy: Is It Too Late for a Happy Retirement? In the video below, he offers some tips on getting back in the game. Check it out, and then read on for more…
It's true older workers are holding onto their jobs better than most; last year's average unemployment rate for older workers, 6 to 7 percent, was lower than the national average of about 9 percent. And just last week, the Bureau of Labor Statistics reported an increase of about 1.7 million workers over 55 in the past year.
But good news doesn't do much for you if you're one of those still on the sidelines. Here are some tips to shorten the search…
Bottom line? Think young, but act mature. Most of the qualities that may make you seem vulnerable can actually give you the edge when presented properly. And, of course, some job advice is useful no matter what your age: Check out Job Interviewing: 8 Things to Do and 8 Things to Avoid and 5 Tips for Writing a Terrific Cover Letter for more.
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