Several years ago, retirement seemed like a pretty good idea. There was time for leisure, hobbies, travel, and new adventures. No more office politics and supervisors.
The first few months felt great, but then having all that free time began to lose its appeal. Perhaps you started to miss coworkers and the social interaction.
Then the economy factored into the equation: Gas prices skyrocketed, housing prices fell, and retirement savings lost half their value. The current global recession makes the financial future look pretty grim.
Returning to work for a few more years seems like a pretty good alternative for some. You could be thinking, “I can put money into savings, let my investments get back into positive territory, maybe even stop Social Security payments and start them again in a few years. If I’m lucky, I might find a job that offers health care benefits.”
If you’ve decided you want to go back to work, great. Here’s how to get started.
Is It Harder to Go Back to Work After Being Retired?
In addition to the 13 million unemployed people looking for work, what are your chances of getting a job? Wouldn’t employers prefer to hire younger workers, or even older workers who were just laid off rather than someone who hasn’t worked in some time?
Is it true that employers don’t want to hire older candidates, especially retirees? The answer is that it depends. It depends on your qualifications and transferable capabilities. It depends on where you live and what kind of work you want. It depends on how you approach your job search. And it depends on your outlook and attitude.
Current research shows that unemployed younger workers find new jobs more quickly than older workers. In a March 2009 study by Harris Interactive and CareerBuilder, 68 percent of workers age 35 to 44 found new jobs within three months of becoming unemployed. Only 46 percent of age-55+ workers found new jobs in a three-month period.
The same study reveals that 49 percent of those hired ended up working for lower pay than their previous jobs paid. Forty percent of those hired changed their occupation or industry in the process.
So yes; it appears that it takes older job seekers longer to find new jobs. But there is no evidence that it’s any more difficult for an older worker who has already retired.
Likely Employer Reactions
Employer reactions to retired candidates will be all over the board. Age-friendly employers and employers short of labor are likely to be the most receptive to retiree applicants. Review AARP’s National Employer Team and 50 Best Employers for Workers Over 50. These employers have demonstrated their willingness to treat candidates in an age-neutral manner.
Keep in mind that even the best employers are apt to meet retired applicants with some skepticism. Be prepared for recruiters and hiring managers to be wondering about your motives for returning to work. I would like to believe that employers are always looking for the best in candidates, but the truth is, the people looking at your application and interviewing you may think that you’re returning only until your savings recover and the recession subsides. They may be looking for reasons to exclude you from consideration. You have to convince them that you are committed.
If someone asks if you are just returning for the money, you could say, “I took a buyout and really didn’t give adequate thought to whether or not I wanted to stop working,” or, “I really enjoy working and contributing, and retirement was not what I had anticipated.”
People who continue working beyond traditional retirement age tend to be happier and healthier. Let potential employers know that you have these kinds of positive reasons to come back to work—that it’s not just damage control motivating you.
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