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60% of Over-60 Workers Postponing Retirement, Finds CareerBuilder Survey

One more thing to add to the list of things to blame on the economy…

Six-in-ten workers (60 percent) over the age of 60 say they are putting off their retirement due to the impact of the U.S. financial crisis on their long-term savings, according to a survey released earlier this week by CareerBuilder.  According to the press release:

One in ten workers (11 percent) over the age of 60 who are putting off retirement say that the decrease to their savings may now cause them to never retire, while 73 percent think it will take them up to 6 years of extra work to recoup their lost savings. Nearly a quarter (24 percent) feels they can make their money back by working an additional year or two.

While it’s unfortunate to hear of workers having to postpone their retirement, this movement toward staying in the workforce longer seems like it could be a boon for companies worried about the cost of losing some their most experienced and loyal workers during this challenging time. 

And according to a recent study by Sirota Survey Intelligence, workers aged 63 and older show the highest level of job satisfaction among any other age group – as well as more willingness to “go the extra mile” for their companies. That doesn’t suck, right?

Among the cost-saving benefits (via Associated Content) to retaining  - and hiring – older workers:

  • Their many years of experience and accumulated knowledge help them catch mistakes often overlooked by less experienced workers.
  • Thanks to their many “years in the trenches,” older employees often know the shortcuts to use to save time.
  • Their vast experience gives them the know how to overcome frustrations in the course of everyday work and find workable solutions without “losing it.”
  • Thanks to their years of experience and hands-on knowledge, they make excellent mentors and trainers.

 What about you? Are older workers at your company postponing retirement? Or have you recently hired any (former) retirees? What have you found the greatest benefit?  The biggest challenge?

Mary Lorenz

About Mary Lorenz

Mary is a copywriter for CareerBuilder, specializing in B2B marketing and corporate recruiting best practices and social media. In addition to creating copy for corporate advertising and marketing campaigns, she researches and writes about employee attraction, engagement and retention. Whenever possible, she makes references to pop culture. Sometimes, those references are even relevant. A New Orleans native, Mary now lives in Chicago, right down the street from the best sushi place in the city. It's awesome.
6 comments
theresa maynard
theresa maynard

im 60 years old and just ran out of my unemplyment my husband is 60 to he could only get a job after 2 years working 25 hours a week 212.00 dollars dosent go far. im trying desprately but can get anyone to hire me we need help.

Jack H
Jack H

Just responding to the overall picture here. Where it is a good idea to push experience if you are older, (I'm 56) I have been out of work for year now and think I'll try to scale back and take a Job for half of what I was making.
I don't want the stress anymore and the higher pay won't make a big dent in the big picture anyhow.

Mary
Mary

Being in my late 50s myself, I always value maturity when I'm hiring, for the very reasons Christine points out. I've also found myself on the other side, looking for a job and being interviewed by people 20 years younger who immediately dismissed me only because of my age. Unfortunately, during my latest round of interviewing to hire 2 outside sales reps, I was very disappointed to find myself having to eliminate some very experienced, mature (50s & 60s) reps simply because they were stuck in the 1980s with their approach to the marketplace. Most of our buyers are in their 20s and 30s, and would immediately dismiss anyone following those techniques. People of my generation and older have to keep their technical skills, their people skills, and their wardrobe reasonably current in order to get hired, at least for outside sales. If I don't hire a 60-year old, it's not because of their age - it's because (a) they haven't made the move into using digital communications effectively, (b) they dress in ways that our customers find old-fashioned and strange, (c) they don't recognize that today's buyers are more sophisticated, and (d) they think and talk too much about 'the old days'. Anyone in this age-range who is going back out into the job market needs to invest some time in getting some candid advice about what kind of impression they make when they go in for an interview. Even if they're being interviewed by grown-ups instead of kids, the interviewer is going to be looking for someone who can fit in with the company culture and in the case of sales jobs, with the marketplace. I would have LOVED to hire the seniors - but out of responsibility to my company's needs, I simply couldn't.

Mary
Mary

Being in my late 50s myself, I always value maturity when I'm hiring, for the very reasons Christine points out. I've also found myself on the other side, looking for a job and being interviewed by people 20 years younger who immediately dismissed me only because of my age. Unfortunately, during my latest round of interviewing to hire 2 outside sales reps, I was very disappointed to find myself having to eliminate some very experienced, mature (50s & 60s) reps simply because they were stuck in the 1980s with their approach to the marketplace. Most of our buyers are in their 20s and 30s, and would immediately dismiss anyone following those techniques. People of my generation and older have to keep their technical skills, their people skills, and their wardrobe reasonably current in order to get hired, at least for outside sales. If I don't hire a 60-year old, it's not because of their age - it's because (a) they haven't made the move into using digital communications effectively, (b) they dress in ways that our customers find old-fashioned and strange, (c) they don't recognize that today's buyers are more sophisticated, and (d) they think and talk too much about 'the old days'. Anyone in this age-range who is going back out into the job market needs to invest some time in getting some candid advice about what kind of impression they make when they go in for an interview. Even if they're being interviewed by grown-ups instead of kids, the interviewer is going to be looking for someone who can fit in with the company culture and in the case of sales jobs, with the marketplace. I would have LOVED to hire the seniors - but out of responsibility to my company's needs, I simply couldn't.

Christine Walsh
Christine Walsh

I am an older worker out of work and would love to go back but, every interview I have it is not for lack of experience or attitude because both are excellent qualities that I have. In the past I was usually one of the older workers in my company, I was never out
sick, late, or had to stay home because of babysitting problems the list goes on and on. The point I am trying to make is I would be an asset to any company but, I am not hired strictly because of my age I am in excellent health, professional looking, attractive and a great worker.

Christine Walsh
Christine Walsh

I am an older worker out of work and would love to go back but, every interview I have it is not for lack of experience or attitude because both are excellent qualities that I have. In the past I was usually one of the older workers in my company, I was never out
sick, late, or had to stay home because of babysitting problems the list goes on and on. The point I am trying to make is I would be an asset to any company but, I am not hired strictly because of my age I am in excellent health, professional looking, attractive and a great worker.

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