Retirement Blog

Finance Blogs » Retirement » Stuck on — or off — the treadmill

Stuck on — or off — the treadmill

By Jennie L. Phipps · Bankrate.com
Sunday, March 24, 2013
Posted: 7 am ET

Are you feeling "trapped on the treadmill"? Or are you off the treadmill and eager to be back on?

A whopping 62 percent of workers between the ages of 45 and 60 say their retirement planning includes working longer than they previously thought they would, according to "Trapped on the worker treadmill," a report from The Conference Board, an independent business membership and research association. That's up 20 percentage points from the 42 percent who said the same thing in 2010.

This month's unemployment numbers suggest that people who have made the decision to keep working can do so -- as long as they are able to hold onto the jobs they have. But if an older worker loses his job, he will have a very hard time finding another.

The Bureau of Labor Statistics' latest figures show that  the unemployment rate of workers older than 55 was a relatively low 5.8 percent -- almost 2 percentage points lower than the 7.7 percent overall unemployment rate. But workers age 55 and older were on average unemployed and job hunting for 44.9 weeks, compared to 34.3 weeks for workers under age 55.

Intuitively, unemployment among people old enough to choose retirement instead doesn't seem like such a bad thing because it would ostensibly open up opportunities for younger workers. But further analysis of employment numbers by the Center for Retirement Research at Boston College suggests that keeping older people working means they have more money to spend and that encourages employers to hire more workers. The researchers concluded, "Greater labor force participation of older workers is associated with greater youth employment and reduced youth unemployment."

If you're among those looking for work, the National Council on Aging is partnering with JobSource.info, a website that aggregates job opportunities, to provide information and training for older job hunters. The service will launch initially in New Jersey, New York, San Francisco and Virginia.

Another tip comes from Bill Ellermeyer, who calls himself a "career transition consultant." Ellermeyer says, "Stop thinking that a traditional job is the only answer. Maybe it's time to consider starting your own business built around your area of expertise."

«
»
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
2 Comments
Sharda Westenbarger
April 14, 2013 at 11:26 pm

Everyone wants a job, but it can be hard to get one. If you’re going to be successful at finding a job, you need to know everything you can about employment. Here you will find proven job search tips that will help you on your quest. Why don’t you just search directly for what job you want to find. This means that you should look for a job based on the keywords that you’re intested in. *

My web blog
<="http://caramoantourpackage.com/

Duane Rothermel
April 14, 2013 at 8:10 pm

Treadmills are a great piece of exercise equipment, not only do you get to exercise your legs, your arms also get to work out as well.Treadmills also have speed settings, so you can choose the speed that is right for you. Beginners can start with a small jog."

Take a look at our new internet site as well
<="http://www.caramoantourpackage.com/