Retirement Morphs Into 'Rehirement' for Most Americans
CREDIT: Senior hiring image via Shutterstock
A retirement filled with golf, shopping and relaxation is no longer in the cards for most Americans over age 60, new research finds.
A study conducted by CareerBuilder revealed that 57 percent of workers age 60-plus plan to look for a new job after retiring from their current company, showing that retirement no longer means the end of one's working days.
Many of those over 60 don't see a stereotypical retirement in their future for a number of years, the research found. Half of those surveyed said it will be at least five years before they plan to retire from their current job, with one in 10 thinking they'll never be able step away from their job.
The good news for such seasoned workers is that many employers are open to hiring them, the study shows. More than 40 percent of the surveyed employers plan to hire workers over age 50 this year. Additionally, 75 percent of employers said they'd consider an application from an overqualified worker who is 50-plus, with 59 percent of them saying it's because mature candidates bring a wealth of knowledge to an organization and can mentor others.
"Whether mature workers are motivated by financial concerns or simply enjoy going to work every day, we're seeing more people move away from the traditional definition of retirement and seek 'rehirement,'" said Rosemary Haefner, vice president of human resources at CareerBuilder. "At the same time, employers are seeing the value these mature workers can bring to an organization, from their intellectual capital to their mentoring and training capabilities."
PrimeCB.com, CareerBuilder's job site for mature workers and retirees, offers several tips for finding jobs later in life:
- Leverage professional and real-world experience — When updating a résumé or interviewing for a job, mature workers should think about their experience in terms of both work and life skills. Whether it's strong leadership skills or a wherewithal to weather a tough economy, play up the strengths that come with having more years under the belt.
- Bring value to the company — Seasoned employees looking to stay with their current company beyond retirement age need to find new ways to contribute outside of their day-to-day tasks, such as spearheading a mentorship program or offering to train new hires.
- Consider part-time or freelance work — For workers who aren't ready to completely stop working, part-time employment may be a good solution. They should check out job boards, talk to staffing firms and tap into their social and professional networks for part time, freelance or temporary work.
The study was based on surveys of more than 800 U.S. workers age 60 and older and more than 3,000 hiring managers and human resources professionals.
Chad Brooks is a Chicago-based freelance writer who spent 10 years as a newspaper reporter before working in public relations. You can reach him at email@example.com or follow him on Twitter @cbrooks76.