50 and Unemployed

January 12, 2012

BY CARMEN M. HUBBARD

In years past, you’ve weathered the storm of financial uncertainty. You took an extra job to make ends meet when necessary. You went back to school to earn your degree to be considered for that long-awaited promotion—all while raising children. So how is it that decades of hard work and dedication have led you to the unemployment line at age 50?

Although the latest national umemployment rate has declined to 8.6 percent last month, according to the U.S. Bureau of Labor Statistics, you’re still among the 13.3 million people who are looking for work . Of those unemployed workers, 6.7 percent are ages 45 to 54 and 6.4 percent of people, ages 55 and older.

“I do think the longer someone is out of work, the more employers are going to question why it is that someone hasn’t been able to find work,” said Sara Rix, senior strategic policy adviser at AARP, the lobbying group for seniors. “Their skills have atrophied for one thing, and technology changes so rapidly that even if nothing happened to the skills that you have, they may become increasingly less relevant to the jobs that are becoming available.”

According to a report from the Urban Institute, older workers, age 50 and up, work longer, earn more money and can accumulate additional Social Security, boost savings, and shrink the period their retirement savings must fund. Employment at older ages also expands the nation’s labor pool, accelerating productivity, increasing national income, and raising living standards for both workers and retirees.

“Yet, this strategy depends on whether older adults can find jobs,” stated in the report. “Workers, 50 and older, are less likely than younger workers to lose their jobs, but they take longer to find work when they become unemployed, especially in the Great Recession.”

If you’re among the millions searching for a work, the New Year is a great time to boost your confidence and strategize how to find a job.

“Now it’s time to kick the job search back into high gear,” said Deborah Russell, who is the director of workforce issues at AARP. “I hope December gave you a chance to breathe deep, exhale and get reinvigorated for the job hunting game. Like chess, job hunting calls for strategy, finesse, timing and reading cues, in addition to skills and ability.”

Russell is the primary national resource on issues addressing the economic and retirement security of individuals 50-plus for AARP.

Russell attributed job losses to being downsized out of their jobs; others watched their company fold, sweeping away jobs from top to bottom. Many retirees lost substantial savings in the downturn and had to look for work. There’s no shortage of frustrated older worker recession stories, including brushes with age discrimination, direct and indirect.

“I’ve spoken to many qualified, competent, 50-plus job seekers. Some were newly unemployed and hadn’t interviewed in years, including people who had built companies from the ground up, only to be bought out and lose huge amounts of money,” Russell said.

She advises the 50 and fabulous to review and re-examine their résumé before pounding superhighway pavement. and more:

• Re-examine your job search strategies

• Review and update your résumé

•Tailor your résumé for each position

• Don’t let frustration get the best of you

• Manage body language and keep a positive attitude

• Keep every interview fresh, as if each one’s the first one

For more info,  read here.

In addition to managing frustration, staying fresh for interviews is another enormous challenge, particularly if you’ve experienced long-term unemployment.

“As I’ve talked with people jaded by rejection letters, lack of offers for jobs or even interviews, I’ve observed body language, attitude and commentary that come together to say, ‘Don’t hire me — I’m not a good fit,’” Russell added. “Again, these people were experienced, competent, ready to work — and didn’t have a clue they were broadcasting the wrong impression. An employer wants to know that you are interested in bringing skills that make his or her company successful, not that you’re desperate for a job.”