BOOMER UPDATE

News and Resources for Boomers

Posts Tagged Employment

Never too late to start a business

May 28

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By Laura Petrecca, USA TODA

YOSEMITE, Calif. — After toiling for three decades in finance, it wouldn’t be surprising if 65-year-old Patrick Althizer kicked back and lived off his savings and Social Security.

But with a spirit not ready for sedentary retirement — as well as college costs for two daughters — he veered off to a new career path: leading shutterbugs through the stunning waterfall areas of Yosemite National Park.

Althizer has embraced his new vocation with enthusiasm. He plastered decals that promote his firm, Photo Safari Yosemite, on the windows of his white Jeep Cherokee, networked with the folks who run local tourist attractions, and at his daughters’ behest, joined Facebook to promote his firm, which takes tourists to the best photo-taking spots in the national park.

“I was a Navy photographer when I was younger — when I was in my twenties — (then) I got diverted into a finance career for about 30 years,” he says. “When I was 64, I got out of the finance business and tried to figure out what I wanted to do when I grew up.”

His answer: start his own business by pairing two of his passions — photography and exploring.
usatoday.com

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For Baby Boomers, The Job Market’s Even Worse

May 11

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Most economists say that jobs have been growing this spring — estimating that employers have added about 175,000 more workers than they cut in April.

The Labor Department is expected to confirm that growth Friday when it issues its monthly employment report. And that would reflect an encouraging trend, with the number of new jobs rising from 162,000 in March.

For many baby boomers, the labor market remains especially tough. In this recession, the unemployment rate for people 55 and older hit 7.2 percent, the highest level ever recorded in the post-World War II era for workers in this age group.
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“Encore Careers” Could Flourish In Coming Labor Shortage

Apr 22

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By Dunstan Prial
FOXBusiness

It’s not uncommon for successful people to re-evaluate their career choices at some point and consider a fresh start in another field. Something a bit more philanthropic perhaps – becoming a teacher, a nurse or a social worker, for instance.

A recent report on demographic trends for the next decade and how those trends will affect the U.S. labor market suggests the mass of soon-to-retire baby boomers may get that opportunity.

Talk of labor shortages seems more than a little misplaced with unemployment still hovering around 10%, but that’s exactly what Barry Bluestone, dean of the School of Public Policy and Urban Affairs at Northeastern University, is predicting before the end of this decade.

In a report titled ‘After the Recovery: Help Needed,’ Bluestone makes the case that by 2018 if the current recovery holds and labor and immigration trends continue as forecasted there will be more jobs in the U.S. than people to fill them.
foxbusiness.com

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Labor market a bust now but will it boom by 2018?

Mar 23

Posted by Boomer in Economy | No Comments

Today there is a glut of labor but in several years mass retirements of Baby Boomers could create a scarcity requiring efforts to keep older workers on the job in “encore careers,” according to a report by Barry Bluestone, Dean of the School of Public Policy and Urban Affairs at Northeastern University.

“If the baby boom generation retires from the labor force at the same rate and age as current older workers, the baby bust generation that follows will likely be too small to fill many of the projected new jobs,” Bluestone said.
seattlepi.com

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As boomers retire, U.S. may face labor shortages

Mar 22

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By Thomas Grillo

With the nation’s unemployment rate hovering at 10 percent, it may come as a surprise that in less than a decade, the United States could face the opposite problem – not enough workers to fill expected job openings, according to a study released today.

By 2018, the U.S. is expected to face a dramatic shortage of workers as baby boomers retire, the survey said.

“A labor shortage of this magnitude could have a significant impact on our economy and on the quality of life in our communities,” said co-author Barry Bluestone, director of the Dukakis Center for Urban and Regional Policy at Northeastern University.
bostonherald.com

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AARP: Unemployment For Older Americans Surged 331 Percent Over Past Decade

Mar 5

Posted by Boomer in Economy | No Comments

Unemployment for Americans 55 and older surged 331 percent over the past decade, according to a new analysis by the AARP Public Policy Institute.

“The data clearly shows that older workers have faced a devastating rise in unemployment, with far-reaching implications not only for their employment status but also for their health and retirement security,” said AARP spokeswoman Mary Liz Burns. Burns added that unemployment puts a particularly tough squeeze on middle-aged folks — who often have to provide for kids moving back home after college and elderly parents.

According to AARP, from January 2000 through December 2009, the total number of unemployed individuals 55 and older rose from 490,000 to 2,114,000. The number of unemployed 65 and up rose from 143,000 to 479,000. And the average duration of unemployment for people 55 and up increased 85.6 percent from 18.7 weeks to 34.7 weeks. For people older than 64, the duration went up almost a third, from 24.8 weeks to 32.9 weeks.
huffingtonpost.com

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7 Tips for Working for a Younger Boss

Mar 1

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By EMILY BRANDON

As more baby boomers delay retirement and work until older ages, they may find themselves working for a younger boss. A recent Harris Interactive and CareerBuilder survey of 5,231 full-time employees found that 69 percent of workers ages 55 and older currently have a younger manager. The generational differences of this dynamic can create challenges. Here’s how to form a solid relationship and even impress a younger supervisor.
usnews.com

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Social Security surplus hit by joblessness, early retirement

Feb 12

Posted by Boomer in Economy, Social Security | No Comments

Tony Pugh
McClatchy Newspapers

WASHINGTON — A surge of early retirements and a decline in payroll tax revenue caused by the recession have begun to cut deeply into Social Security’s surplus funding.
Led by aging baby boomers and older workers frustrated by the tough job market, record numbers of eligible Americans started receiving Social Security retirement benefits in 2009.

According to government figures, more than 2.7 million new beneficiaries were added to the rolls in 2009, up 20 percent from 2008. The one-year increase was the largest since at least 1975.

“Much of that surge is coming from the weak economy,” said Richard Johnson, a senior fellow at the Urban Institute. “The fact that many people can’t find work is forcing them to retire and collect benefits early.”

Annual jobless rates for men and women age 55 and older were higher in 2009 than at any time since the government started collecting the data in 1948, Johnson said.
miamiherald.com

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Obama’s White House “Job” Fair

Dec 7

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