The stock market plunge and the housing downturn have affected many Americans.
But retirees have been particularly pinched because their homes and investments are the primary assets they depend on for income. As a result, many of the country's elderly are finding themselves low on money and looking for work. "Suddenly the rug has been pulled out from under them," says Alicia H. Munnell, director of the Center for Retirement Research at Boston College.
There hasn't been this kind of sharp decline in stocks and home prices at the same time since the Great Depression. In addition, more retirees have exposure to the stock market than in the past because companies have moved from traditional pension funds to employee-managed retirement accounts, such as 401(k)s, which tend to include stocks. A Vanguard survey of clients, aged 55 to 64 at the end of 2007, found that two-thirds of their retirement funds were in stocks.
Seniors who thought they were set for life just a year ago now face the prospect of going back to work for two, five, even 10 years. They're sprucing up their resumes, calling old old work contacts, and flocking to employment sites. There are no reliable stats yet on how many retirees are looking for work, but there are clear signs the number is growing. In April 2008, before the worst of the market downturn, a survey conducted by the seniors group AARP found that 17% of responding retirees over 50 were considering or already going back to work.
The problems are compounded by a weak economy, with companies shedding jobs rather then hiring. Many retirees have been looking for months without luck. Their search is complicated by what some feel is a general reluctance to hire seniors, who may need extra training or extra health care.
Some employment sites, such as www.Vault.com and www.JobCoachTips.com, are providing career counseling and other new services. Vault.com has created a $999 service for job seekers to get two 45-minute career coaching sessions over the phone to help them land a new job. JobCoachTips.com offers a one-hour career coaching session with a certified executive & business coach for $275 and a year's subscription to weekly job coaching tips for $9.95.
JobCoachingTips.com offers 21 job seeking tips for $9.95 plus links to free and low-cost online career self assessments, free interview tips and a link to CareerBuilder.com:
For a Year's Subscription to weekly Job Search/Career Transition Tips, click here:
For 21 Career Transition Tips, click here.
To Find Jobs, click here.
For Career Assessments, click here.
For a free Interview Success Guide, click here.
Continue reading "Web Sites for the Jobless" »
Source: BUSINESSWEEK, December 15, 2008