USA: Older employment seekers have unrealistic expectations, suggests recent study

. BOSTON, Massachusetts / The Boston Globe / Personal Finance / November 7, 2009 By Humberto Cruz, The Boston Globe Marta, 59, had hoped to be retired by now. But during a “downsizing’’ two years ago, she lost her job as a mental health counselor. Since then, all she’s found are “demoralizing’’ temporary jobs, leaving her with little savings or income. Timothy, 56, did find a steady position with an employment training agency. But he also applied for scores of other jobs and lost out to younger, healthier applicants. Years ago, a major back injury forced Timothy to give up his exterminating business. Now he expects to work until age 70 “or as long as I hold up.’’ These vignettes - real stories about real people - are part of “Buddy, Can You Spare a Job? The New Realities of the Job Market for Aging Baby Boomers,’’ a sobering new study sponsored by the MetLife Mature Market Institute in collaboration with David DeLong and Associates, a research and consulting firm with expertise in workforce issues. More than 60 percent of Americans 55 to 70 who are working or seeking work have less than $250,000 saved for retirement, the study found. Not surprisingly, half plan to retire later than originally expected, while only 6 percent plan to retire earlier. But as the study amply demonstrates, the expectations many have of continued work “are often painfully unrealistic.’’ The study, available for download at www.maturemarketinstitute.com under “what’s new,’’ includes in-depth interviews with 24 leading executive coaches and job counselors and 21 people 55 and over who went through a change in employment the past two years. It also includes a national online survey conducted by Harris Interactive of 1,242 adults ages 55 to 70, most of them baby boomers born between 1946 and 1964. “The fact that so many job-seekers over 55 have difficulty finding work means such individuals need new solutions to compete,’’ said Sandra Timmermann, director of the Institute. The study lists common mistakes older job seekers make based on these faulty assumptions that include “I’ll just do what I was doing before,’’ “My experience speaks for itself,’’ and “I know! I’ll become a consultant!’’ The reality: Aging boomers who assume they’re going to continue on their career paths in new full-time roles are likely to be shocked. Younger hiring managers look at them skeptically for a variety of reasons, and the skills needed in the new job have probably evolved since they took on their last role. Another reality: Wishful thinking is not a job search method. The survey found only 36 percent of those surveyed had pursued additional skills or training - often computer-related skills - required for their jobs or might benefit them in their job search. Possessing such skills is “an absolute necessity for job searches with any hope of success,’’ the study concluded. [rc] Humberto Cruz E-Mail: AskHumberto@aol.com © Copyright 2009 Globe Newspaper Company.