Retiring Into an Uncertain Job Market
Many people forced or enticed into retirement earlier than planned have to find a new job to "cheer up your 401(k)," as Susanne Johnson, 62, of Long Grove, Ill., puts it. When she was 56 in 2002, Johnson accepted an early retirement offer from United Airlines. The airline was going into bankruptcy and the retirement plan was underfunded, so she was afraid she would get nothing if she didn't retire. The package included inexpensive health insurance until she became eligible for Medicare, free or low-cost flights when space is available, and a reduced pension. "You can't live at the level that we're living at on it," Johnson says of the pension.
Johnson then got another job doing information-technology procurement for a bank but was laid off in a merger when she balked at relocating. Johnson would like to work until age 66, when she can get her Social Security "full boat," but for now she's networking and job hunting. At job interviews, "every situation I am asked about I have already faced in my career," Johnson says. "I [would] bring a lot of knowledge to the company that a lot of people in their 20s don't have."
This blog post is part of an ongoing series of stories about people who retired while they were making other plans. If you'd like the story of your unplanned retirement featured in an upcoming post, please write me at retire@usnews.com and include your phone number. Or you can discuss your story in the comments section.
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Reader Comments
Retiring into an Uncertain Job Market
In my experience, the writer is right on point of reality. In my opinion, America does not respect the wisdom and hard knocks learned over time, because we are old.
In my years of technology, I did many things. During the 1990's, I found many people that didn't have a clue, but they had the bosses' ear and trust. The result is in meetings, they suggested bad ideas, and I would say that can't or shouldn't be done; it would be better to do it this way. I suggested that based upon the FACT that I had done it one way and failed, then succeeded after a new approach. The responses were that my point was useless, and they would granted their way just upon their words.
When I said, OK, no problem, but since it was your idea, you do it, and since I am negative to the idea, leave me out so I can't badly affect the project; after all, when I tried your idea, I didn't succeed, so your methods would be better.
In the end, they led the corporate operations into repeated disasters, and I was deemed to be negative.
Moral: The department and company loses, but the boss loves those guys. Why? Because he is not rated on the success/failure of the projects of his people. A second item, we are no longer evaluated based upon "REAL RESULTS".
Retirement Jobs
Boomers have maintained an active lifestyle and stayed in the job market longer than any other generation of citizens in our country's history.
According to a survey by Del Webb Corp. more than 43 percent of Boomers polled say they will continue to work at least 20 hours per week during retirement and Boomers are seven times more likely to start a new career in retirement.
Volunteering for charitable organizations remains a high priority for those approaching retirement, but somewhat surprising is the fact that 28 percent of Boomers say they plan to go back to school during retirement.
My husband is a Boomer and he works 4 days a week now at his 'retirement job' making 1/4 of what he used to make in management and I work for myself and we pray someone dies eventually and leaves us a lot of money so we can eventually retire. Otherwise we'll end up as greeters at the local Wally World.
Older workers looking for a job
Lets face it, as a group, older (age 55+) workers have MUCH MUCH higher medical bills. Thats the primary fear of employers. If this country would bite-the-bullet and finally institute TAXPAYER (Corporate as well as Individual) FUNDED (not Employer-funded) Universal Health care, this issue would go away.
Unfortunately, the country CANNOT afford the Roll Royce level of health care everyone thinks they are "entitled" to (but do not wnat to pay for). ANY reasonable cost Universal Healthcare plan MUST have some degree of rationing.... a bsae level of coverage, above which it WILL NOT pay for (under ANY circumstances) Until we accept this( and that the rich will be able to by more & better care .... just like they can do with any OTHER commodity), no progress will be made.
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