More Americans over 55 say they plan to work until the age of 69 or beyond, according to a new report by the MetLife Mature Market Institute. However, many in this group will face difficulties if they find themselves in need of a job. At the same time, the Department of Labor anticipates that the over 55 group will make up nearly 93 percent of the total increase in the work force between 2006 and 2016.
The study, entitled “Buddy, Can You Spare a Job?: The New Realities of the Job Market for Aging Baby Boomers,” includes survey results for more than 1,200 individuals between the ages of 55 and 70 as well as in-depth interviews of job-seekers and employment experts. The study data reveal that older job-seekers need to change their attitudes and expectations and develop fresh skills in order to be successful in the rapidly changing workplace.
Notes Sandra Timmermann, MetLife Mature Market Institute director, “The fact that so many job-seekers over 55 have difficulty finding work means such individuals need new solutions to compete. Largely due to the economy, many of those looking for work may not have the money to retire. For this group, finding work is a necessity and they would benefit by making major changes in what they present about themselves to potential employers.”