A recent AARP survey showed that workers 45 to 64 are riddled with worries about money. The survey, called 'A Closer Look' was done to see how the recession has impacted the retiring baby boomers. It showed that 30% of those surveyed have stopped contributing to their 401(k) plans or IRAs. More alarming, 18% have prematurely withdrawn from their retirement savings accounts.
Among those who are working, 30% say their hours or pay has been cut. About half of older Americans (47%) say they have lost a substantial amount of their savings in the stock market. Some 49% of the baby boomers are not confident about having enough money for retirement.
What does this all mean? It means that many will need to work longer than previously thought. Working longer doesn't mean that older workers can't work at something that they enjoy. Now, more than ever before, older workers need to assess what work 'fits best' for them. Finding fulfilling work requires a careful examination of one's dreams, values, interests, strengths and drivers. A position that aligns well with you personally will be both fun and rewarding. Work becomes 'work' only when the job doesn't fit so take the time to plan for a better future!
Joan & Stephen
Friday, November 6, 2009
Thursday, September 24, 2009
Older Workers Are More Resilient
Older workers have been impacted by the economic downturn. AARP's economic research confirms that one in four foreclosures and delinquencies involved Americans' aged 50 and older. Additionally, the sharpest increase in bankruptcy filings was among people 55+.
Older workers are delaying retirement, increasing their work hours, and reducing their retirement savings. Additionally, they worry about being able to afford medical care in 2009. Having said this, they are making changes to deal with their financial challenges.
Boston College's Sloan Center on Aging & Work show that workers 50+ are more resilient than younger workers. Workers have declined in their employee engagement, although older workers appear to be weathering the economic storm better than their younger counterparts. Baby boomers reported that their levels of engagement have hardly changed at all.
The researchers believe older workers are drawing on their hard-earned experiences from the downturns of the past. Those 50+ believe that the future will show economic improvements. Resiliency is a great attribute for older workers, and will serve them well in their retirement planning.
Joan
Older workers are delaying retirement, increasing their work hours, and reducing their retirement savings. Additionally, they worry about being able to afford medical care in 2009. Having said this, they are making changes to deal with their financial challenges.
Boston College's Sloan Center on Aging & Work show that workers 50+ are more resilient than younger workers. Workers have declined in their employee engagement, although older workers appear to be weathering the economic storm better than their younger counterparts. Baby boomers reported that their levels of engagement have hardly changed at all.
The researchers believe older workers are drawing on their hard-earned experiences from the downturns of the past. Those 50+ believe that the future will show economic improvements. Resiliency is a great attribute for older workers, and will serve them well in their retirement planning.
Joan
Friday, July 31, 2009
Finding Employment for Workers 55+
The latest labor department statistics show that unemployment in the country is rising. Having said that, the 55+ year old workers are fairing better than those in the 26-54 age range. This seems counter to the stereotype of older workers. However, it is good news for those 55+ who have delayed their target retirement date due to their losses in retirement savings.
Having said that, I spoke with one of our friends in his late 50's who is struggling to find full-time employment. This talented and experienced consultant is concerned that age bias may be impacting his ability to secure employment. On his resume, he has left off the dates of his education, and removed his first decade or so of work history. Additionally, he has colored his hair and lost weight to look younger. His resume 'sells' and his phone interviews help land 'in person' interviews. Unfortunately, the 'in person' interviews are failing to secure employment. Employers are missing out since this consultant is a super star.
In any case, I encouraged him to continue being aggressive in his search. His network will value the contributions he can make to an employer. By passing him on as a solid candidate to their network contacts, he will hopefully find success. I feel confident that he will land an appropriate opportunity where he can have huge impact.
If you are in a job search, don't give up. Work every angle. You, too, have lots more to offer a future employer.
Joan & Stephen Carter
Having said that, I spoke with one of our friends in his late 50's who is struggling to find full-time employment. This talented and experienced consultant is concerned that age bias may be impacting his ability to secure employment. On his resume, he has left off the dates of his education, and removed his first decade or so of work history. Additionally, he has colored his hair and lost weight to look younger. His resume 'sells' and his phone interviews help land 'in person' interviews. Unfortunately, the 'in person' interviews are failing to secure employment. Employers are missing out since this consultant is a super star.
In any case, I encouraged him to continue being aggressive in his search. His network will value the contributions he can make to an employer. By passing him on as a solid candidate to their network contacts, he will hopefully find success. I feel confident that he will land an appropriate opportunity where he can have huge impact.
If you are in a job search, don't give up. Work every angle. You, too, have lots more to offer a future employer.
Joan & Stephen Carter
Tuesday, June 23, 2009
Life Planning
Last week, USA Today quoted a recent AARP survey which found 24% of retiring baby boomers have extended their target retirement date. In the same article, the Americans for Secure Retirement (coalition of 40 organizations) found that 3 in 5 baby boomers will outlive their retirement savings if they don't cut their expenses. Clearly, the game has changed. What we planned for our retirement looks different after the losses we have sustained in the stock market and real estate investments.
What does this mean to you and me? It means that we need to re-evaluate our retirement plans. Putting together a viable financial plan needs to begin with life and career planning. Until we understand what life and work activities we want, we can not estimate the income needed to support our desired lifestyle. Working with a certified financial planner will then help us understand what investments are needed (assuming a 4-5% annual return) to fund our retirement. If the needed investments aren't available, we will need to either work longer or harder, or alternately, reduce our expenses.
Don't be caught unprepared. Take the time to complete diligent planning with a life/career coach and a certified financial planner. Planning will help us achieve great fulfillment and peace in the next chapters of our life.
Joan
What does this mean to you and me? It means that we need to re-evaluate our retirement plans. Putting together a viable financial plan needs to begin with life and career planning. Until we understand what life and work activities we want, we can not estimate the income needed to support our desired lifestyle. Working with a certified financial planner will then help us understand what investments are needed (assuming a 4-5% annual return) to fund our retirement. If the needed investments aren't available, we will need to either work longer or harder, or alternately, reduce our expenses.
Don't be caught unprepared. Take the time to complete diligent planning with a life/career coach and a certified financial planner. Planning will help us achieve great fulfillment and peace in the next chapters of our life.
Joan
Thursday, May 28, 2009
Coming of Age
A friend just sent us information about Coming of Age---www.ComingofAge.org. Coming of Age is an initiative to promote volunteering, learning, and community leadership for people age 50+. The website is designed to provide stories of transitions, volunteer opportunities, learning opportunities, life planning information, and a calendar of events.
They hope to help people 50+ make plans for the future and make a difference in their communities. Additionally, they help nonprofit staffs recruit age 50+ volunteers, and train/retain their volunteer pools.
People 50+ can be a powerful resource to employers, nonprofits, and communities in general. Leveraging our talent for future good makes so much sense.
Have you thought about where you can help? You can have great impact that will benefit individuals, organizations or your broader community.
Joan
They hope to help people 50+ make plans for the future and make a difference in their communities. Additionally, they help nonprofit staffs recruit age 50+ volunteers, and train/retain their volunteer pools.
People 50+ can be a powerful resource to employers, nonprofits, and communities in general. Leveraging our talent for future good makes so much sense.
Have you thought about where you can help? You can have great impact that will benefit individuals, organizations or your broader community.
Joan
Tuesday, May 12, 2009
Finding purpose through charitable work
Volunteering comes in all shapes and sizes. Volunteer work no longer is stuffing envelopes or doing other boring tasks. The nonprofit sector is hungry for leadership, expertise, and involvement that will allow their organizations to grow and be sustainable. Literally, thousands of opportunities exist for those interested in charitable work. Finding the opportunity that fits your interests and talents is important. Going through a self-assessment process can help.
Stephen and I have committed considerable time to the Destin Charity Wine Auction Foundation. We love that we can do this together, and impact eight different charities that benefit children in need. Our results make a difference to hundreds of children that are challenged by poverty, abuse, neglect, health care issues or the like. Helping these children have a better future is hugely rewarding for us.
Working together, our board and staff just held our annual patron dinners and auction. Leading up to this event, we had heard of the dismal results of other charitable wine auctions. Needless to say, we were worried. Happily, we successfully raised $925K which surpassed last year's results by $100K. In a year where charitable giving is down, those extra dollars will be appreciated by our beneficiary charities.
We feel great that a group of volunteer board members teamed with a dedicated staff to make the impossible happen. This volunteer work provides significant purpose and fulfillment to our lives! Where do you want to make a difference?
Stephen and I have committed considerable time to the Destin Charity Wine Auction Foundation. We love that we can do this together, and impact eight different charities that benefit children in need. Our results make a difference to hundreds of children that are challenged by poverty, abuse, neglect, health care issues or the like. Helping these children have a better future is hugely rewarding for us.
Working together, our board and staff just held our annual patron dinners and auction. Leading up to this event, we had heard of the dismal results of other charitable wine auctions. Needless to say, we were worried. Happily, we successfully raised $925K which surpassed last year's results by $100K. In a year where charitable giving is down, those extra dollars will be appreciated by our beneficiary charities.
We feel great that a group of volunteer board members teamed with a dedicated staff to make the impossible happen. This volunteer work provides significant purpose and fulfillment to our lives! Where do you want to make a difference?
Friday, April 10, 2009
What's Next?
We continue to hear of retiring baby boomers who are now faced with working longer since their retirement savings has been impacted by the financial crisis. Although this change in plans is difficult, there are a couple of rays of sunshine in the gloom. First of all, the number of workers in the job market that are over age 55 is on the increase. In other words, these older workers ARE finding employment. Those 18-24 years old appear to be losing out to the more mature worker.
Secondly, older workers are continuing to change career paths. They are taking the risk of finding work that better aligns with their talents and interests. Making improvements in alignment will lead to more satisfaction in the work that we do.
Networking is critical for both exploring career alternatives and finding employment. Informational interviews with your contacts provides information, affirmation, and additional contacts. Those that are diligent in their networks will end up in a good place. Don't get discouraged, get active networking!
Secondly, older workers are continuing to change career paths. They are taking the risk of finding work that better aligns with their talents and interests. Making improvements in alignment will lead to more satisfaction in the work that we do.
Networking is critical for both exploring career alternatives and finding employment. Informational interviews with your contacts provides information, affirmation, and additional contacts. Those that are diligent in their networks will end up in a good place. Don't get discouraged, get active networking!
Friday, March 13, 2009
Media's hit on consumer confidence
Are you tired of the media sensationalizing our current economic and global woes? Honestly, I believe that they are significantly hurting consumer confidence. Without confidence, consumer spending will continue to drag and our economy will sag. With the stock market and real estate in the tank, more negative press only serves to heighten fears and anxieties.
The cure is not to watch television news unless there is a positive story about someone reaching out to help others in need. Those infrequent stories help to restore faith in humanity. The newspapers are not much better. I've found my reading time is greatly reduced since I won't linger on negative stories.
You can accuse me of being in denial or avoidance. I would prefer to think I'm using strategies to stay positive and focused on constructive solutions. If my confidence and mood is down, how can I possibly help someone else through their difficulties. I strive every day to be a positive influence on those around me. I'll keep traveling my path until the recovery shines bright! Hope you are finding coping strategies that work for you!!
Joan
The cure is not to watch television news unless there is a positive story about someone reaching out to help others in need. Those infrequent stories help to restore faith in humanity. The newspapers are not much better. I've found my reading time is greatly reduced since I won't linger on negative stories.
You can accuse me of being in denial or avoidance. I would prefer to think I'm using strategies to stay positive and focused on constructive solutions. If my confidence and mood is down, how can I possibly help someone else through their difficulties. I strive every day to be a positive influence on those around me. I'll keep traveling my path until the recovery shines bright! Hope you are finding coping strategies that work for you!!
Joan
Wednesday, March 4, 2009
South Africa is a great destination!
Three weeks in South Africa was glorious. The country is lush, and the people are warm and friendly. In researching the country, I was surprised to learn that some consider Cape Town one of the top three food & wine cities in the world. We weren't disappointed with either the food or wine enjoyed in Cape Town restaurants. Five days in Cape Town and the surrounding area could have easily been expanded to 7-8 days. With Robbin Island, Table Mountain, Cape Point, and Cape of Good Hope, there is lots to see. If you go, don't neglect to see the penguin colony or the beautiful gardens.
Loving wine, we spent five nights in the Winelands. These quaint towns are filled with Cape Dutch architecture and beautiful flowers. The beauty of Winelands was further enhanced with the surrounding mountains and vineyards. South African wine is exceptional. Most of their exports are going to the U.K., Scandinavian, and Asian markets. The U.S. market doesn't get South Africa's premium wines which will hopefully change over time.
The last part of our trip was spent in the Singita safari camp bordering Krueger National Park. Spending 4-8 hours on safari drives each day was productive in getting us close to elephants, zebras, lions, leopards, buffalo, hippos, rhinos, giraffes, wildebeests, impalas, kudus, warthogs, and the like. Watching leopards mate was great especially since it's a rare sight. Our best photos came from our five days on safari drives.
All in all, South Africa was a stimulating trip. We loved the people, history and culture. It is one of the few places in the world where the dollar is strong. You might want to add South Africa to your travel 'wish list.'
Joan
Loving wine, we spent five nights in the Winelands. These quaint towns are filled with Cape Dutch architecture and beautiful flowers. The beauty of Winelands was further enhanced with the surrounding mountains and vineyards. South African wine is exceptional. Most of their exports are going to the U.K., Scandinavian, and Asian markets. The U.S. market doesn't get South Africa's premium wines which will hopefully change over time.
The last part of our trip was spent in the Singita safari camp bordering Krueger National Park. Spending 4-8 hours on safari drives each day was productive in getting us close to elephants, zebras, lions, leopards, buffalo, hippos, rhinos, giraffes, wildebeests, impalas, kudus, warthogs, and the like. Watching leopards mate was great especially since it's a rare sight. Our best photos came from our five days on safari drives.
All in all, South Africa was a stimulating trip. We loved the people, history and culture. It is one of the few places in the world where the dollar is strong. You might want to add South Africa to your travel 'wish list.'
Joan
Friday, January 23, 2009
Turning dreams into reality
Stephen and I had a book signing this week. We were approached by individuals that were badly shaken by our current economy. They were both fearful of their future, but hopeful that our current administration might set things right again. We talked about all the changes that have occurred in the last six months that have impacted our lives. In reality, we have little or no control over many of these external forces.
When we asked individuals more about their personal lives, we heard interesting stories of changes they have made to improve the quality of their lives. One couple on a fixed income has started an E-Bay business to produce additional income. They are having fun with this business, and would not have dreamed of operating their own small business if the economic times were better. Another woman has started consulting and nonprofit work in her 'secondment.' Her life is full and happy. Another individual shared that they have always wanted to write a book. We encouraged her to pursue her dream.
Our message was about 'What's Next In Your Life' that can lead to fulfillment. How can you turn your past successes into significance or simply weather the storm with more grace and control? Ask yourself about changes that would improve the quality of your life. We have more control than you might think. Do it today!
Joan & Stephen
When we asked individuals more about their personal lives, we heard interesting stories of changes they have made to improve the quality of their lives. One couple on a fixed income has started an E-Bay business to produce additional income. They are having fun with this business, and would not have dreamed of operating their own small business if the economic times were better. Another woman has started consulting and nonprofit work in her 'secondment.' Her life is full and happy. Another individual shared that they have always wanted to write a book. We encouraged her to pursue her dream.
Our message was about 'What's Next In Your Life' that can lead to fulfillment. How can you turn your past successes into significance or simply weather the storm with more grace and control? Ask yourself about changes that would improve the quality of your life. We have more control than you might think. Do it today!
Joan & Stephen
Monday, January 12, 2009
Boomerang!
'Boomerang' is such an interesting word. Remember those wooden boomerangs from Australia that we played with as kids. Over the weekend, I heard a news commentator refer to recent college graduates as 'boomerangs' since 50% of them are living with their parents following college. So much for that 'empty nest' phenomenon which was supposed to occur after our kids left for college.
For retiring boomers, there is something called the 'boomerang year.' Simply stated, it is a year after retirement that is spent doing something unrelated to the work that they have never done before. This might involve travel, leisure or study. Consider it a sabbatical of sorts where you are spending time doing exactly what you have always wanted to do without the usual restraints. How healthy to clear our heads, hearts and bodies!
It is difficult to envision all that needs to happen for the 'rest of our lives.' I prefer to take life a chapter at a time. However, coming out of 30-40 years of traditional employment, a 'boomerang' experience might be just what is needed to get started. It offers a time to 'get in touch with self' and reflect on life's priorities. Being in a totally new 'space' frees a person to see the possibilities without blinders. If you can afford the time off, consider what 'boomerang' experience might await you. Find your purpose for the future through this cleansing and awakening time. Wishing you a great boomerang experience!
Stephen & Joan
For retiring boomers, there is something called the 'boomerang year.' Simply stated, it is a year after retirement that is spent doing something unrelated to the work that they have never done before. This might involve travel, leisure or study. Consider it a sabbatical of sorts where you are spending time doing exactly what you have always wanted to do without the usual restraints. How healthy to clear our heads, hearts and bodies!
It is difficult to envision all that needs to happen for the 'rest of our lives.' I prefer to take life a chapter at a time. However, coming out of 30-40 years of traditional employment, a 'boomerang' experience might be just what is needed to get started. It offers a time to 'get in touch with self' and reflect on life's priorities. Being in a totally new 'space' frees a person to see the possibilities without blinders. If you can afford the time off, consider what 'boomerang' experience might await you. Find your purpose for the future through this cleansing and awakening time. Wishing you a great boomerang experience!
Stephen & Joan
Monday, January 5, 2009
Holidays in Europe
Hope that all of you had Happy Holidays with family and friends. In our last blog, we mentioned our plans to spend Christmas and New Years in Venice, Vienna and Prague. We have been fortunate to travel abroad a lot in the past, but had not spent a Christmas in Europe. My sister, her husband, his brother, my sons (Derek & Blake), Derek's fiance, Lesley, joined Stephen and I for this holiday adventure.
We loved the Christmas markets and lights everywhere we went. Likewise, we weren't disappointed with the hot mulled wine, roasted chestnuts or ginger bread. Honestly, we were shocked with all the Christmas decorations (even in small little villages), and music filling the cathedrals, concern halls, and plazas. Truly, the Christmas spirit was alive and well in each of these cities. Our only negative was the cold which was easily remedied by more of that hot mulled wine.
Europe is interesting in the winter with few tourists, especially American tourists. Sightseeing was more enjoyable with few or no lines. We mixed more with local people with the absence of throngs of tourists. We felt more connected with the people and local cultures.
Trying to plan, shop and prepare a Christmas feast in Austria was a challenge since we didn't know where to find the needed foods and wines. We were successful in finding two fresh turkeys, and most of the needed ingredients. Our substitute ingredients served to enhance our traditional dishes. We opted to substitute ginger bread and strudel for American pies. Cooking in an Austrian kitchen (in a small apartment) required converting oven temperatures, and being creative with limited bowls, pans and utensils. We borrowed a carving knife for the turkey from our hotel. All in all, we had a fabulous trip and feast on Christmas Day. The fireworks in Prague on New Year's Eve created a lifetime memory. We agreed that these holidays won't easily be forgotten.
Wishing you all a prosperous and joyous 2009! Let's hope that we can overcome the challenges we are currently facing. Best wishes to all of you!
Joan & Stephen
We loved the Christmas markets and lights everywhere we went. Likewise, we weren't disappointed with the hot mulled wine, roasted chestnuts or ginger bread. Honestly, we were shocked with all the Christmas decorations (even in small little villages), and music filling the cathedrals, concern halls, and plazas. Truly, the Christmas spirit was alive and well in each of these cities. Our only negative was the cold which was easily remedied by more of that hot mulled wine.
Europe is interesting in the winter with few tourists, especially American tourists. Sightseeing was more enjoyable with few or no lines. We mixed more with local people with the absence of throngs of tourists. We felt more connected with the people and local cultures.
Trying to plan, shop and prepare a Christmas feast in Austria was a challenge since we didn't know where to find the needed foods and wines. We were successful in finding two fresh turkeys, and most of the needed ingredients. Our substitute ingredients served to enhance our traditional dishes. We opted to substitute ginger bread and strudel for American pies. Cooking in an Austrian kitchen (in a small apartment) required converting oven temperatures, and being creative with limited bowls, pans and utensils. We borrowed a carving knife for the turkey from our hotel. All in all, we had a fabulous trip and feast on Christmas Day. The fireworks in Prague on New Year's Eve created a lifetime memory. We agreed that these holidays won't easily be forgotten.
Wishing you all a prosperous and joyous 2009! Let's hope that we can overcome the challenges we are currently facing. Best wishes to all of you!
Joan & Stephen
Subscribe to:
Posts (Atom)
