In my previous post, I suggested that many Boomers will be taking stock as they head toward next year, and some may be considering early retirement. The coronavirus pandemic may be one key factor in the current retirement rate, and data suggests more Boomers are in fact retiring. A recent Pew Research Center report indicates that, in Q3 2020, around 28.6 million Boomers said they were out of the work force due to retirement. That number was 3.2 million higher than in Q3 2019. Since February 2020, the number of retired Boomers has increased by about 1.1 million. (The percentage of increase was larger for Boomers 65 and older.) Contrast that to last year: The rise in Boomer retirees from February to September 2019 was only 250,000.

For some, however, early retirement is not an option. You may want to work or need to work in 2021. If so, an issue surrounding employment is likely to be an insidious factor -- ageism. I've written about the discriminatory nature of ageism in our society on many occasions, so I don't need to remind you that it is an ever-present reality when you are looking for a job.

Ageism is a challenge and there is no magic formula for breaking through the ageism barrier when seeking employment. Still, Boomers will find encouragement from prospective employers who value their experience and maturity. For older workers seeking employment next year, retirement coach Nancy Collamer solicited tips from other coaching colleagues and she offers this list of five solid tactics:

1. Diversify your networking strategies
2. Network before you need to do so
3. Spiff up your LinkedIn presence
4. Pivot to high-growth industries
5. Get creative.

Read the details about each of these tactics in Nancy's NextAvenue article here: https://www.nextavenue.org/how-to-get-a-job-in-2021/

NextAvenue also offers an area of its website called Work & Purpose with helpful, informative articles concerning finding a job, starting a business, starting a new career, volunteering and workplace issues. Many other sources are available to Boomer job seekers -- AARP's Job Search Resources page is a good place to start. In addition to full-time employment, a growing number of  opportunities exist in freelance, consulting and part-time employment.

If you're "on the hunt" for work in 2021, stay positive. Know your capabilities, capitalize on your experience, cultivate contacts and be persistent. You have a lot to offer!

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For Boomers who want to or have to work and are seeking a new position, they often face a harsh reality: Accept a job that is far below their experience level and pay grade. In the Fall 2019 issue of Generations, the Journal of the American Society on Aging, Carl E. Van Horn and Maria Heidkamp write, "When older job seekers are able to find work, it often is temporary or part time, pays less than they had previously earned, and does not provide a full suite of benefits."

This reality seems counter-intuitive. Not only are Boomers highly experienced and dependable, they are actually an important and growing part of the U.S. labor market. By 2026, according to the U.S. Bureau of Labor Statistics (BLS), as much as one quarter of the workforce, over 42 million people, will be older workers, and workers older than age 65 are expected to remain in the labor market at a higher rate than their younger counterparts.

Still, as Van Horn and Heidkamp report, Boomers are often relegated to "precarious jobs" that are typically low paying and often consist of part-time, temporary and contract positions, most of which offer no benefits. It is estimated by BLS that 4.7 million workers are considered "involuntary part-time" because they could not find full-time positions. Almost 40 percent of these involuntary part-time workers had two or more jobs, and one third of them said they sometimes could not afford food, medication or healthcare in the past year.

Even older workers who are employed full time are vulnerable. Van Horn and Heidkamp cite this example: In New Jersey, a private organization called New Start Career Network (NSCN) was started to help the state's older job seekers who were long-term unemployed or underemployed. The organization surveyed its membership of more than 4,500 and compiled the results from 637 respondents. Less than half (45 percent) were employed when they answered the survey in 2018. About half (48 percent) of those employed worked full time, while 15 percent were employed in temporary or contract positions, 13 percent were voluntary part time, 12 percent were involuntary part time, and 5 percent were self-employed (6 percent classified their situation as "other").

Over three-quarters (76 percent) of those NSCN members who were employed "were earning less than they had before their long-term unemployment, and of this group that earned less, three in four (73 percent) estimated that their yearly earnings declined by more than $20,000. Only one in ten earned more than they had prior to their period of unemployment." This represents just one organization in one state, but it is typical of the employment experiences of millions of Boomer workers. (Van Horn and Heidkamp are both associated with the NSCN, which is funded by the Heldrich Center for Workforce Development at Rutgers, The State University of New Jersey.)

In their article, Van Horn and Heidkamp propose specific policy recommendations to help remedy the older worker dilemma in our country, including curtailing age discrimination in hiring and expanding access to transition assistance and lifelong learning. They conclude, "New policies are needed to provide [older workers] with the opportunities for work and a social safety net that reflects the contemporary labor market."

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There is no telling how the current global coronavirus crisis will impact every Boomer's retirement plan and income. Regardless, the notion of working past retirement age is already a fact for Boomers, many of whom don't even agree on the definition of "retirement age." The traditional retirement age of 65 seems all but ridiculously outdated. So the question really isn't whether or not Boomers need to or want to work past retirement age, but rather how long they are able to generate some sort of income.

I've previously written about the various ways Boomers can do that, from full-time employment (often in businesses they own), to working side jobs, to working part-time. I personally know some Boomers who fully intend to work in one form or another, based on financial need or just to stay active, until they simply cannot physically and mentally do it anymore. There are plenty of stories about people in their 70s and 80s -- and a few rare cases in their 90s -- who continue to work.

Planning for late-stage work is something you can do before you get there, as my colleague Nancy Collamer points out in an article for Forbes. Nancy poses six excellent questions (along with helpful commentary) that you should ask yourself if you need to or want to work as you age:

1. Does your employer offer a phased retirement program?
   While these types of program are rare, you might be able to negotiate a phase-out with your employer, perhaps working on a part-time basis and mentoring other employees.
2. What are your income goals?
   The more income you need to or want to earn, the more likely it is that your professional career or past work experience will need to be leveraged in a new income-generating role.
3. Beyond earning an income, why do you want to work in retirement?
   Nancy suggests making a list of three to five reasons why you want to continue to work -- maybe its community, routine or sense of purpose. Your key motivators will help you pursue the best options moving forward.
4. What's on your "chuck-it" list?
   You've no doubt heard of the "bucket" list, but the "chuck-it" list is comprised of the things about work you'd be happy to leave behind. Here again, Nancy suggests listing your top three to five non-negotiable work factors -- so you know what you'd like to avoid.
5. What type of job flexibility do you seek in semi-retirement?
   Understand your lifestyle goals so you can define the type of job that is the best fit for you. Do you need a flexible work schedule? How many days per week do you want to work? Do you want summers off? 
6. What is your appetite for risk?
   Think about how much risk you are willing to take. Maybe you are in a situation where volunteering will be fulfilling enough and you can risk not generating work-related income. On the other hand, maybe you are ready to take a financial risk by starting your own business, which may involve an investment.

These six questions are an excellent start in framing the answer to the ultimate questions of why and how you will continue to work as you age.

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In modern-day America, nothing seems to be as tenuous as a Boomer's full-time job. The federal ADEA (Age Discrimination in Employment Act), intended to protect Boomers from employment-related age discrimination, has been found to be largely unenforceable when it comes to layoffs or firings, even if they appear to be motivated by the employee's age. Consider it one more empty government "guarantee" to protect citizens.

Writing for Knowledge@Wharton, Jeff Pundyk, former publisher of The McKinsey Quarterly, claims: "Mid- and late-career management is being hollowed out by consolidation, technology, the gig economy and globalization, leaving experienced workers unprepared to navigate the new world of work. ...Too often when experienced workers who have developed the skills to rise within an organization find themselves displaced or stuck among a shrinking cohort, their skills, expectations, and experience fail them. And the older they are, the greater the risk — and the tougher it can be to find something new."

Unfortunately, this may sound like very familiar territory to accomplished employed Boomers, who are the most vulnerable to the whims of corporate management when it comes time to jettison highly compensated employees. Pundyk writes "Those who can adapt will both shore up their value within their organization and be better prepared should they find themselves on the outs." He offers some excellent advice for Boomers in his article:

1. Adopt an "untitled mindset."
2. Develop a portfolio of projects.
3. Save for the worst case.
4. Embrace ambiguity.
5. Always be learning.
6. Know your story, and
7. Tell it.

Read Pundyk's insightful article for further details on each of these strategies.

Pundyk's conclusion: "Having a job no longer solves for stability. It can provide some sense of security for as long as it lasts, but don’t mistake short-term security for long-term stability. With the right mindset, however, stability can come from you, not from your employer."

Excellent observations worth pondering.

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For those retiring Boomers who can put together a number of sources of income to pay the bills, working "on the side" may be an attractive option. It offers flexibility to do other things in retirement.

This creative way of thinking about part-time employment focuses on generating what I call "gravy income" -- income that is not absolutely essential but subsidizes other income. It's even better if working on the side offers the opportunity to pursue gigs, freelancing or contract work (whatever you want to call it) using skills from your past full-time working life. This can be both gratifying and stimulating. 

If that sounds like something for you, take a look at "The Retiree's Guide to Starting a Side Hustle," published by The Balance. Writer Sarah Szczypinski first discusses the steps to "side hustling," including how to coordinate it with Social Security, create an online presence and use your skills. She then provides descriptions of and links to various professional websites that act as entry points to potential work, some of which can be done entirely online. Opportunities include paid mentoring, consulting and all types of contract work. An additional consideration, she says, is to rent out a room or a second home with a service such as Airbnb which can substantially bolster a retiree's income.

Szczypinski writes, "The gig economy isn’t going away, and there’s a sea of opportunity (and income!) available for those who search. Take advantage of flexibility in retirement and dive in. A side hustle can lessen the financial burdens of aging."

Working only when you want on a flexible schedule and generating gravy income sounds like a pretty good post-full-time employment life, doesn't it?

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A recent article in The New York Times got me fired up again about age discrimination in the American workplace, particularly when it comes to hiring and firing practices. I've written about this issue before, providing some links to useful online resources.

The Times article highlights the serious nature of the problem for workers over 50 years old. As the article points out, recent court decisions in age-related anti-discrimination cases have made things harder, not easier, for older workers. It's largely because of the way the federal ADEA (Age Discrimination in Employment Act) works, or doesn't work. As usual, when Congress writes a law, it carries with it loopholes -- and there are plenty of them in ADEA. Proving an employer uses age discrimination to hire or fire someone age 50 or over is difficult, and the legal burden is on the individual to pursue a case that can be very costly. What's more, doing so basically blacklists that individual in the job market.

The Times article cites this sobering fact: "More than half of workers over 50 lose longtime jobs before they are ready to retire..." along with this even more sobering fact: "On average, a 54-year-old job hunter will be unemployed for nearly a year." The article also reveals the experiences of some older job-seekers who faced obvious age discrimination. Some of the cases are startling in terms of what older workers are told by prospective employers; one of them reportedly said, "We are not looking for old white guys." Thankfully, that particular employer, a restaurant chain, was sued and agreed to pay a $2.85 million settlement.

The good news is some organizations are starting to fight back against age discrimination, even if individuals cannot afford to do so. According to the Times article, the Communications Workers of America, a union, has filed a lawsuit accusing hundreds of major employers of "systematic age discrimination in hiring based on targeted online advertising." They are looking at the possibility of class-action lawsuits. Still, a recent court ruling demonstrates an uphill battle: The court found that "recruiting practices that have the effect of screening out older applicants — what is known in legal terms as having a “disparate impact” — did not violate the law."

You would think that, with low unemployment and "Help Wanted" signs proliferating that older workers would be welcomed by employers. Sadly, that is not the case.

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If you're over the age of 65 and still working, you are in good company. As reported by Bloomberg, in February 2019, the participation rate of 65-plus workers in the labor force has reached 20 percent for the first time in 57 years. Paradoxically, the Boomers who are most likely to be working are more educated, better off, and healthier, while less educated, working-class Boomers are struggling to remain employed. Those individuals with less than a college education participate in the labor force at a rate of about 10 percent.

Working after the traditional retirement age is becoming the norm for more and more Boomers. While a good percentage of Boomers want to work, many have to work for economic reasons. It is estimated that even the maximum Social Security monthly payment, which a Boomer can draw beginning at age 70, will only replace at most half of one's pre-retirement income. It's a generally accepted fact that, after Boomers stop working altogether, they need about 80 percent of their pre-retirement income to live, according to the Bloomberg report. As I've written in the past, the retirement savings accumulated by most Boomers puts them in a precarious position, especially given the reality that Boomers are living much longer than previous generations. Because of the 2008 recession, Boomers may have lost a significant portion of their retirement portfolio and it has taken years for their savings to recover.

Thankfully, work options do exist for Boomers, even if they are vulnerable in their current positions. A robust economy means far more jobs are available, although a large percentage is, admittedly, in lower paying positions. Still, full-time, part-time, and self-employment opportunities are available. "Gigs," or contract jobs, are also plentiful, and many of them enable Boomers to work from home on a flexible schedule if desired.

As Boomers are well aware, life is all about compromise. If you have to work and you're over 65, you can probably get a job. You just might have to lower your expectations.

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Have you heard about the new book, Boomer Brands?

Generally I stay away from any kind of open endorsement in writing my blog posts, but I feel compelled to tell you about an organization called "Respectful Exits." Led by Paul Rupert, an expert in flexible scheduling and staffing, this nonprofit has initiated a national campaign with local affiliates. Their goal is to get employer practices "to catch up with the new longevity." The Respectful Exits "Longevity Agenda" has the following objectives:

• End the 65 “sell-by” date as a mandatory or informal “retirement age”

• Practice career-long development and training of all staff

• Encourage robust flexible scheduling for employees of all ages

• Provide ongoing, on-demand financial wellness counseling

You've heard it over and over again -- and perhaps faced it yourself: Ageism, aka age discrimination, is rampant in American business. This makes it especially difficult for Boomers to find employment, because they can be silently discriminated against. As a result, the best option for job-searching Boomers may be to take advantage of the Internet. Numerous job search sites are available, and some even specialize in helping Boomers secure positions. Here are a few that might help:

• RetirementJobs.com
  RetirementJobs.com, Inc. now has more than one million members nationwide. The site's goal is to identify companies most-suited to older workers and match them with active, productive, conscientious, mature adults seeking a job or project that matches their lifestyle. The RetirementJobs.com service is completely free for job seekers. The service provides the option of upgrading to a premium service which gives access to seminars and special content, and enables job seekers to easily identify job openings from employers they have certified or pre-certified as age friendly.
• FlexJobs.com 
  FlexJobs.com hand-screens flexible jobs, which it defines as remote, telecommute, part-time and/or freelance jobs. The site has professional job listings in over 50 career categories ranging from entry-level to executive, freelance to full-time, and local to global. FlexJobs charges for its service because it says it is "a premium job search service, offering you personalized support, curated and trusted resources, and guiding tools to help you in your job search, your career, and your work-life fit."
• AARP Working at 50+
  Part of the AARP.org website, AARP Working at 50+ is an informational site with articles about staying competitive, age discrimination, work-life balance, and planning for retirement. The site also has an "AARP Job Board" to enable searching for positions by job, title, or company within cities/states.
• Overcoming Age Discrimination in the Hiring Process
  (The National Council for Aging Care) While this is not a job search site, it contains excellent information for Boomers regarding industries, age discrimination, how to make yourself more marketable, and more.

If you need more sources, do a search on "jobs for Boomers" and you will find numerous other sites that may be of help. And be sure to check out this great list of resources from Nancy Collamer posted on Forbes.com. 

It sounds like a credible solution for older workers: Why not allow them to phase out of their jobs into retirement? The reality, of course, is it is easier said than done. The Government Accounting Office (GAO) reported on phased retirement programs and found that, while the number of older workers in the labor market has increased in the last decade, "most individuals ages 61 to 66 who were still working maintained a full-time work schedule." A quarter (25 percent) of them had planned to reduce their hours as they transitioned to retirement, but less than 15 percent actually reported being partly retired or gradually retiring from their career jobs.

According to a review by the GAO, "formal phased retirement programs are relatively uncommon." They appear to be more common among employers with larger technical and professional workforces. Industries with skilled workers or with labor shortages have a higher motivation to offer phased retirement to older workers because these employees are more difficult to replace.

In addition, formal phased retirement programs are challenging for companies to institute. One of the reasons for this is compliance with existing laws. The GAO reviewed a particular study that indicated 71 percent of large employers "agreed that regulatory complexities and ambiguities involving federal tax and age discrimination laws impact their ability to offer phased retirement programs." Still, the GAO found that those employers who did institute phased retirement programs found them beneficial because of factors such as worker retention, knowledge transfer, and workplace planning.

The sad truth is phased retirement is something of a national dilemma. Boomers want to, and in many cases, have to work. Those individuals who are in professional careers or are highly skilled at their jobs are valuable employees, but more and more companies seem to throw them onto a scrap heap and opt to replace them with younger, less expensive (but less knowledgeable) workers. Only when it directly benefits the company, or the company's senior management is enlightened enough to see the value, will that company consider implementing any kind of phased retirement. Obviously, laws and regulations that make phased retirement unattractive are not helping the situation.

There is no easy solution to the phased retirement dilemma. It is simply not a national trend or, it seems, a national priority. It may actually be up to you, the individual worker, to impress upon your employer the value of allowing you to phase into retirement.