AARP Hearing Center
Key takeaways
- Apply for unemployment benefits right away, as Carly Roszkowski of AARP strongly recommends.
- Safeguard your finances and explore health insurance options to protect your security after a layoff.
- Enhance your skills through online courses and certifications to boost job prospects and confidence.
Summary
Losing a job after 50 can feel overwhelming, but following the right steps can help you regain control and prepare for a new career. Carly Roszkowski of AARP recommends starting with essential strategies for older workers after a layoff, including applying for unemployment benefits immediately, managing your finances wisely, and sorting out health insurance options. These actions can protect your financial security while you search for your next opportunity.
It’s also critical to build your skills to stay relevant in today’s evolving job market. Leveraging resources like online courses and certification programs can make you more attractive to employers. Although age bias remains a challenge, Roszkowski emphasizes that your experience is valuable and can set you apart. With the right approach, navigating a layoff after 50 can lead to new possibilities and a fresh start.
The key takeaways and summary were created with the assistance of generative AI. An AARP editor reviewed and refined the content for accuracy and clarity.
Full Transcript:
[00:00:00] Losing a job after 50 is tough. These steps can make the transition easier and
prepare you to begin your new job search Number 1: Apply for unemployment. Older job
seekers should apply for benefits as soon as possible, as they tend to experience longer
periods of unemployment. Start the process by contacting the unemployment office in the
state where you worked, not where you live.
[00:00:23] You can collect benefits for as few as 12 weeks or as long as 28 weeks,
depending on the state where you filed. Number 2: Make responsible financial decisions. If
you’re 59½ or younger, try not to dip into your retirement savings, or you could face a tax
penalty. Instead, make a list of ways to cut expenses, such as canceling subscriptions and
eating out less often.
[00:00:47] You can also borrow from your emergency fund if you have one. If you’re over
62, you could supplement your savings if you decide to claim Social Security. However, the
longer you wait until you reach 70, the more money you’ll receive each month. If you can,
hold off to maximize your payments. Number 3: Sort out your health insurance.
[00:01:08] Private sector employees can keep their old employer’s health care plan through
a program called COBRA, while federal workers can use what’s called temporary
continuation of coverage. Both options can be expensive, though if you’re married, check to
see if your spouse’s plan may cover you. It could be more affordable.
[00:01:25] You can also try short-term work through a temp agency that offer benefits
depending on your working hours. Number 4: Build your skills. According to the World
Economic Forum, nearly two-fifths of today’s job skills will be transformed or outdated by
2030. To stay ahead, review job postings that interest you and see which skills show up
most often.
[00:01:49] Then visit udemy.com, LinkedIn Learning or the AARP Skills Builder for Work,
where you can complete online courses and earn certifications. You’ll impress hiring
managers and keep your career moving forward. For older workers facing downsizing age
bias can make finding a new job even more difficult. But your years of experience still have
value.
[00:02:12] To learn more about career tips for older workers, visit aarp.org/work.
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