RetirementHomes.com - career

6 Job Search Tips for the 50+ Crowd

aadmin — Sun, 30 Nov 2014 14:26:48 +0000

If you are over 50 years old, and looking for employment, you have your work cut out for you. You're up against a plethora of recent college graduates also looking, and even though employers can't legally engage in age discrimination, it still happens. In fact, ExecuNet, an executive-level membership website, reports that a vice president over age 50 requires 20% more time to land a position than someone at the same level in their early- to mid-forties. So if you're dusting off your resume, keep these tips in mind to accelerate your job search:

1. Learn How to Network on Social Media
Even if you've never liked or followed someone on Facebook or Twitter, now is the time to use social media for networking. Use LinkedIn to look for industry influencers in your niche, participate in a few conversations, and get the networking ball rolling. Also, check out The Water Cooler group at the AARP website for more networking tips and resources.

2. Use the Right Online Job Search Sites
CareerBuilder and Monster are great, but in order to save time, focus on websites designed specifically for an older population. Try Employment For Seniors, the Mature Workers Community Channel at the DiversityWorking website, and The Senior Community Service Employment Program located at the AARP website.

3. Carefully Consider a Career Coach
Career coaches aren't always necessary, but sometimes their knowledge and skills are exactly what you need to land a job. If you'd like a refresher course on interviewing or job searching, or if you're thinking about switching careers, go ahead and seek out professional help. Career coaches can look over your resume, identify strengths and weaknesses, and provide actionable tips for improving your job search.

4. Embrace Your Age
There's no point in trying to hide your age, and doing so may actually hurt your job search. Instead, embrace the advantages your experience has to offer. When interviewing for a position, play up your achievements and draw on your years of work to highlight your knowledge and skills. There are in fact many benefits to hiring older workers.

5. Continue Your Education
No, you don't have to go back to school to enroll in a degree program, but showing potential employers that you're a lifelong learner doesn't hurt. Seek out new certifications or continuing education credits within your field to show hiring managers that you're ready, willing, and able to expand your horizons and develop new skills. Courses in technology are particularly helpful. Do an Internet search for certifications in your field to see what's available.

6. Know How to Ace the Interview
While it's good to build a rapport with the hiring manager, keep the discussion focused on professional matters, rather than personal ones. When conversations get overly personal, it's easy to let information slip, such as a recent illness, that could work against you when the manager makes his or her hiring decision. Make an interview go smoothly by practicing with friends, family members, or a career coach before the big day.

When it comes to landing a job, don't underestimate the power of your resume. Unless you have recent, relevant experience in resume creation, go ahead and pay to have it professionally written. Sometimes you have to spend money to make money, and there's no reason to cut corners on this important job search tool.

What job search tips do you have for the 50 plus crowd? Share your thoughts in the comment section below.

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The biggest retirement fears among Baby Boomers

aadmin — Fri, 18 Oct 2013 12:13:04 +0000

Despite being called the ‘Golden Years,’ retirement is not always easy. The combined challenges of saving enough to live on, frequently declining health, and limited mobility can make retirement a difficult period for many people.

According to a 2010 survey from Allianz Life Insurance Company, Baby Boomers in the United States shared that their biggest retirement-related fears were a combination of health and financial concerns, with the apprehension of outliving their retirement savings topping the list,

“One of the things in the study that was surprising to us was the level of fear,” Katie Libbe, vice president of Allianz, told AARP.com in an interview. “It was greater than we anticipated.”
The study spoke with more than 3,000 Americans aged 44 to 75, and found the biggest fear among 61% of the population was running out of money in retirement, whereas 39% feared death more.

One year later, in 2001, AARP commissioned a study of people aged 50 and over, and found that another common concern among Baby Boomers was the fear of not maintaining their current lifestyle during their retirement years. Sixty-two percent of respondents agreed with that statement. Additionally, more than running out of money and maintaining their current lifestyle, many American Baby Boomers feared crime.

Eighty-one percent of respondents said they were concerned about consumer fraud, with 72 per cent afraid of identity theft, and 64 per cent were on the lookout for deceiving businesses which could hurt their investments.

Outside of financial concerns, the AARP survey found older Americans are, for the most part, hoping to live out their years in their own homes (41 per cent). Nearly one-third (29 per cent) are concerned about losing their ability to drive as they get older.

Szifra Birke, a retirement consultant based outside Boston, Massachusetts, told RetirementHomes.com in a recent interview that although her clients tend to be higher net-worth, their concerns are frequently outward-focused.

“Their biggest concerns are less likely to include finances, but the one that does come up is ‘I think I have enough money, but you never know,” Birke said.

She added that other top concerns she has heard from clients include: ‘What will I do with my time in retirement,’ ‘My spouse wants me to retire, and I’m not ready,’ and ‘My spouse wants something different from retirement than I do.’

Regardless of your financial position, and what you are looking for out of retirement, speaking with a competent retirement advisor and seeking out relevant advice online are great early steps.

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Retirement in Canada vs. the USA: A comparative look

aadmin — Tue, 02 Jul 2013 14:10:00 +0000

This is a big week for North America. This past Monday, July 1, was Canada Day, commemorating the 146th birthday of Canada, and this Thursday, July 4, is Independence Day, recognizing the 237th birthday of the United States.

These two countries, joined by history, geography, language and culture, are allies and friends, but some differences remain. In commemoration of the national birthdays of both Canada and the United States, RetirementHomes.com has prepared a statistical report comparing the state of retirement in both countries.

Canada, with a population of about 35 million, has an estimated 5 million citizens aged 65 and older, representing about 14 per cent of the population. The United States, with an overall population about nine time greater at 315 million, has about 42 million people aged 65 and older, representing slightly less, or around 13 per cent of the overall United States population.

In terms of life expectancy, a Canadian can expect to live to just under 81 years old, while their American counterpart is likely to live slightly less, to about 79.5 years old.

When it comes to pensions, Canada has received high grades for its government-sponsored retirement funds, being ranked sixth in the world, and the United States was slightly behind, ranked in ninth place overall.

On the health front, while the passage of the Affordable Care Act – popularly known as Obamacare – has stoked an internal debate in the United States about the nature of the health care system in that country, and its comparison to Canada.

However, data from the World Health Organization (WHO) shows neither Canada nor the United States as being first-class health care providers. The WHO ranks Canada’s health care system 30th in the world, compared to the United States, which ranks 37th globally.

But comparing retirement in Canada and the United States is more than just a matter of numbers and spreadsheets. The biggest question any Baby Boomer and prospective retiree must ask themselves is where they want to retire.

Many retirement rankings have claimed Central American countries are the best spots to spend the golden years, but the lifestyle of an expatriate is not for everyone, so a discussion with a retirement advisor and family members is the most appropriate first step.

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Which countries have the best pension plans?

aadmin — Wed, 19 Jun 2013 12:11:15 +0000

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The three questions every Boomer planning for retirement must ask themselves

aadmin — Fri, 07 Jun 2013 17:32:02 +0000

If you’re planning on retiring one day, you may be in for a rough surprise. According to management consulting company Aon Hewitt, the average North American worker, should they retire at the age of 65, likely requires about 11 years of their annual pay in order to pay for a retirement with an unchanged lifestyle.

In their 2012 study, ‘The Real Deal: 2012 Retirement Income Adequacy at Large Companies,’ Aon Hewitt also reported that for people hoping to retire a bit earlier – at age 62 – the amount of money saved should amount to 13.5 times annual pay.

And if that doesn’t yet sound intimidating, just plug in the numbers: if you live comfortably on a $75,000 total household income, and if you plan to retire at age 65, in order to maintain that standard of living in retirement, you would need to have about $825,000 in total retirement savings and investments. For a retirement age of 62, that number jumps dramatically to more than one million dollars.

Unfortunately, the average American doesn’t have enough money saved or invested for retirement; in fact, it’s not even close. A study from the Employee Benefit Research Institute this past March found 57% of Americans – up from 49% in 2008 – said they had less than $25,000 saved and investment for retirement.

With so many people facing a significant shortfall in their retirement savings, what is a Baby Boomer to do? What are the best and most effective ways to prepare a financial plan for the golden years?

Here are some handy tips which will help you better prepare for retirement:

1. Know your lifestyle: Many online retirement calculators are based on a premise that retirees will maintain a certain lifestyle after they have stopped working. Each calculation is different, but before calculating how much money you will need in retirement, ask what kind of lifestyle you plan on having. For example, if your current lifestyle has you vacationing, eating at upscale restaurants on a regular basis, and you expect to maintain that lifestyle after work ends, then don’t assume your budgetary needs will decrease. In fact, they may even rise. Conversely, if you plan to scale back your travel and entertaining in retirement, then you don’t need to assume your financial needs will be the same as they are now.

2. Know when you plan to retire: The longer you delay retirement, the less money you will have to save and invest for retirement, but it also means more time working. Every person’s priorities and professional goals are different, so consider when you would like to ideally retire.

3. Don’t count on government assistance: Although Canadians and Americans are offered government pension plans, many studies have shown these to be unsustainable, and many workers today may see the funds run out before they retire. So although it’s tempting to include this money in your retirement calculation, only count on your own money.

Although saving for retirement is one of the most challenging financial goals of Baby Boomers, it doesn’t have to be a struggle. Through self-discipline and planning, even the most ambitious retirement plans can be realized.

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Couples fight about money five times a year, report finds

aadmin — Mon, 11 Mar 2013 13:01:11 +0000

There is plenty of online retirement advice, and much of it is helpful, and can be of great assistance when retirement planning, but a new survey has found the challenge for North Americans is less about a lack of good retirement advice, and more about spousal arguments.

As reported by TheStreet.com, TD Ameritrade found 40% of married people said they do not trust their spouses to control their shared assets, less than half of newlywed couples have a budget, and just over one-third of married people say they know details about their spouse’s debts.

“With the median age for first-time marriages approaching 30, combining finances is not as simple as it once was,” Carrie Braxdale of TD Ameritrade was quoted by the news source as saying. “So it's more important than ever for couples to talk about their finances and work together to develop a plan.”

The survey found couples argue about money and retirement savings about five times per year, on average, and they also tend not to discuss money before getting married, unless there is a problem.

How do you rate your financial relationship with your spouse or partner? Tell us about it in the comment section below:

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Retirement savings: How do you compare to others?

aadmin — Tue, 26 Feb 2013 15:19:07 +0000

When it comes to saving for retirement, how do you think you compare to your peers? Are you ahead of the pack, or falling behind?

As recently reported by Forbes.com, retirement advisors say there is a gap of about $250,000 between what most people have saved for retirement, and the kind of lifestyle they hope to achieve during their retirement years.

For women between the ages of 25 and 32, the average amount they have saved for retirement is $37,00, so if you have more than that, you are doing better than average. But while $37,000 is average, it still isn’t very high.

“Saving for retirement needs to be a priority, particularly for women,” Lori Cathey of TIAA-CREF, a financial services organization.

Cathey told Forbes.com she recommends women in their 20s and 30s have savings of about $55,000 to help put them on the path for a comfortable retirement.

Men between the ages of 25 and 54 told Forbes.com they have an average of $220,000 saved for retirement, which is nearly identical to the amount women aged 45 to 54 said they have.

How much have you saved for retirement, and how are you faring compared to your peers? Tell us in the comment section below:

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Canada enters new phase of aging

aadmin — Mon, 18 Feb 2013 16:01:21 +0000

A major demographic transformation is expected to take place in Canada this year, and aging experts say it is only the beginning of a change that will alter the direction of the country.

As reported by the Globe & Mail newspaper, data from Statistics Canada says that sometime in 2013, the number of Canadians aged 55 to 64 will outnumber those aged 15 to 24. When that happens, it would be the first time in Canadian history that people in their middle ages and early retirement years are more numerous that teens and early twenty-somethings.

One of the consequences of this demographic transition is a workforce where the younger generation of Canadians will have to stay in their jobs longer, or take on encore careers, to help share the cost of increased healthcare for Canada’s aging population.

“Relatively fewer young people means probably fewer children,” University of Alberta demographer Frank Trovato told the newspaper. “Fertility could decline even further, which could intensify the aging of the population.”

According to Prof. Trovato, most of the growth among Canada’s working-age population in the next 20 years will be as a result of immigration.

What do you think of Canada’s demographic changes? How would you propose to increase Canada’s working population?

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Bomb-sniffing dog moves to local retirement home

aadmin — Mon, 11 Feb 2013 15:10:15 +0000

It looks like a typical retirement party: friends and colleagues gather to toast their departing peer, while enjoying snacks and hearing speeches. But Stryker, the retiree and guest of honor, isn’t a Baby Boomer; he is turning nine years old this spring and he’s a Labrador dog.

As reported by The Seattle Times, Stryker retired last week after seven years working for airplane manufacturer Boeing, where he sniffed out suspected bombs, luggage, and abandoned bags.

At his retirement party, Stryker’s speech, which was written by two of his trainers, read as follows: “To my K-9 buddies and trainers: Treasure this -- it goes by too fast. And to the rest of you, treasure us. We keep you safe and we do even if it means putting ourselves in danger.”

Bu for Stryker, retirement may be just the beginning. First, the typical life expectancy for Labradors is around 12 years, and for now, Stryker will be starting an encore career with his move to a local Seattle retirement home to be a companion to local seniors.

And although Stryker’s retirement is being overshadowed by the pope’s resignation, the plucky dog is likely to make plenty of new friends as he embarks on a new career.

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The five best jobs retirees can do from home

aadmin — Fri, 08 Feb 2013 13:15:18 +0000

Saving for retirement is a challenge for millions of Baby Boomers across North America, and when pension and savings aren’t sufficient to cover the expenses of retirement, sometimes a part-time job or encore career is the best choice for seniors.

Courtesy of MarketWatch.com, here are five jobs retirees and seniors can do from their own homes:

1. Direct Selling- This means selling products directly to the end users, or consumers, and it can be anything from hardware to household goods.

2. Selling on the Internet- A growing number of people are selling products online through websites like Amazon or ebay, either by selling their own unused items, or buying and selling at a profit.

3. Tutoring- With age comes wisdom, so one option is to become a tutor and offer expertise and training in subjects ranging from math to English to music.

4. Writing- Whether it’s freelance writing, or selling poems or short stories, look online to see whether there is anyone interested in purchasing your existing work, or hiring you for a new project.

5. Start a business- There can be a lot of work involved in starting a new business, but if you’re looking for a new project, this might be right for you.

Do you have any other ideas for great home-based work for seniors? Tell us about it in the comment section below:

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