The economic downturn has affected the average retirement age. Workers over the age of 60 are choosing to stay in the workplace longer in order to retire with some money in the bank.
Sixty percent of workers over the age of 60 say, according to a CareerBuilder.com survey that questioned 8,000 employees, retirement isn't in the immediate future. These workers intend to remain in the office due to the impact of the recession on their long-term savings.
A decrease in savings may cause 11 percent of older employees to never retire. Seventy-three percent of workers feel it will take up to six years of additional wages to recover lost money.
"Mature workers may be feeling the pinch of this difficult economy more than others because of their impending plans for retirement," says Jason Ferrara, senior career adviser. "Mature workers who are returning to the workplace to offset their retirement losses will likely encounter many of the same challenges that workers of any age are facing today.
"However, their level of knowledge and experience and network of professional contacts will work to their advantage in a competitive job market."
CareerBuilder's job site for older workers, PrimeCB.com, provides suggestions for steering through the current economic downturn:
-- Speak with your manager. Tell your supervisor that you want to delay your retirement. Try to concentrate on how your strengths and skills can help the company. Bring plans for revenue ideas and suggest helping with new assignments.
-- Pay attention to market trends. Follow the changes in your job market if you think layoffs are in the near future. Look at the industries that are still thriving in the recession; see if your skills can be used in those other markets.
-- Build networks. Continue to add to your group of professional and personal contacts. Sign up for a social networking website like Facebook or LinkedIn.
-- Stand strong and be flexible. Try to use past experiences with recessions to aid your company. And be a place of support and comfort for other co-workers.
For more information, visit www.careerbuilder.com.
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