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Workers Delaying Retirement

Many workers aged 65 and older are delaying retirement due to the economic state of our country, approximately 430,000 to be exact. This is a 45% increase from last year according to the Bureau of Labor statistics. Severe market losses are among one of the main reasons why seniors are continuing to work well into their 60s. Many seniors’ retirement accounts have suffered a huge hit over the past year.

And if seniors aren’t already working, some who had retired early are finding themselves forced back to work. Due to high unemployment rates, it is an extremely challenging time to find a job or get back into the work force. Unemployment rates for seniors looking for work jumped from 6.1% in May to 6.8% in June.

“A lot of people who thought their funds would carry them into their golden years are being forced to work,” said Ford Myers, President of Career Potential, LLC, a career consulting firm based in Pennsylvania.

Nearly 10% of the country’s population is unemployed. Issues like age discrimination resume gaps, and out of date skills can keep seniors from finding jobs or keeping their jobs. Cynthia Shapiro, a career coach, suggests going back to school and obtaining a higher degree such as a master’s degree. Another option is to show that your years of experience can make you a good mentor or put you into a position of higher responsibility.

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