Today’s retirees face a unique set of financial challenges, including how to achieve financial stability in a low-yield environment, in an age in which greater life expectancy slowly drains one’s finances. Retirees are also more likely to be less dependent than their parents on fixed pensions, and more reliant on less secure 401(k)s, which are vulnerable to the whims of the stock market.
Such conditions are sending many retirees back to the workplace. A recent study by Merrill Lynch found that from 2006 to 2011, the number of workers age 55 and older increased by more than 4 million, while every other age group lost jobs. By 2018, 24 percent of the American workforce will be older than age 55, up from 18 percent in 2008 – making them the largest cohort of workers in the labor pool.
The employment outlook for today’s retirees is bright: Roughly 48 percent of employers surveyed by CareerBuilder.com in February said they plan to hire workers age 50-plus this year.
To find grade-A employment after retirement, however, you’ll need a bulletproof resume, savvy interview skills, and a way to demonstrate that your age doesn’t limit your worth. Click here for tips on how to find a successful encore career.