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.
Despite the stubbornly high unemployment rate among millennials, millions in this cohort are working office jobs side-by-side with boomers who haven’t yet retired.
Given the age gap, the opportunity for conflict between generations is ripe, and it’s about more than just who forgot to clear leftovers from the office fridge. Millennials will make up 34 percent of the work force next year, but they’ll comprise 46 percent of workers by 2020, according to a report by the University of North Carolina.
Boomers and millennials have different views of work and life, which can clash in an office environment. Almost 25 percent of HR professionals reported some generational conflict in the workplace, according to a poll by the Society for Human Resource Management, in 2011, the most recent time the association examined the issue.
Click here to read about seven areas in which boomers and millennials just don’t see eye-to-eye when it comes to work.
Gunning for a raise or promotion? Better start making nice with your coworkers.
People who initiate friendships at work, offer their colleagues help and engage with office mates at social events are 40 percent more likely to get a promotion, according to a 2011 study by Shawn Achor, a lecturer on psychology at Harvard University and author of The Happiness Advantage: The Seven Principles of Positive Psychology That Fuel Success and Performance at Work.
While skills, experience and results delivered are obviously factors in career advancement, one’s likeability is also a key component of workplace success. If you’re too competitive (or too much of a brown-noser), you can alienate the very coworkers who could be crucial to your success. After all, bosses don’t want to promote people who are disliked around the office. Even if you’re not hanging out during non-office hours, you’re probably spending more time with your colleagues than with your non-work pals. So building relationships may be one reason that 30 percent of those polled by Monster said that friendships make work a lot more pleasant.
Click here to see what steps to take to win over your boss and your colleagues.