Older and unappreciated: Workers over 50 face a rough time on the job

https://www.yahoo.com/news/older-unappreciated-workers-over-50-101509910.html

"This is one of the worst times to be a worker in the twilight of a career. Only half of Americans are steadily employed throughout their 50s. Last year, more than a quarter of workers ages 55 to 59 were out of the workforce, which meant that they didn’t have jobs to retire from.

COVID-19 exacerbated this trend, as millions of older American workers disproportionately lost their jobs.
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Assisting older workers with developing skills that are in demand can help them get jobs again and meet businesses' needs."

 

Nearing 59 years of age myself, I say - Boomers and older Xers - Get out of the way and mentor! Make room for the Millennials to start careers and stop bitching about them. <3

 

Gen X here with a teen. I am pretty sure I'll still need a full time income throughout my 50’s to pay the mortgage, possibly pay some tuition, pay bills, buy groceries etc. There's no retirement coming in until mid 60’s. I'm not getting out of the way for anyone. No one got out of the way for me. That's ridiculous.

 

I, of course, I look at the world through the lens of my own experience. I cannot know about your station in life. I have watched people our age and just a little older than us cling to journeyman level [just beyond entry level] positions beyond retirement age, in fact - for life. I know things will change and new career patterns will develop but, to me it's senseless for the more experienced to hoard every opportunity,doing nothing to help younger people progress, while at the same time criticizing young peoples' lack of initiative.

 

Not necessarily suggesting retirement. Other possibilities are to make a move to take it to the next level, a lateral move, or simply focus on mentoring the next wave.

 

The New York Times just ran a splendid article describing that many people close to retirement simply made the leap during the pandemic. They're not coming back to the workforce.

 

A friend and ex coworker went from being a leading top engineer in our company to transitioning after being downsized in late 2019 to working in their Indian grocery store that was slowly developed by his wife.
Per our last conversation he is very happy, semiretired at 56 and not planning to go back to corporate world. Another friend in early 60s was downsized in 2020 and manages to live without the need to work FT again.
He has a few rental properties that provide sufficient modest income. Has no plans to go back to corporate world hopes his 401 that he saved in to for last 30 years with social security pension will be sufficient.

 

Ah! Timing has been so good to me. Though I started a private retirement account very early in my Navy career, I was thrilled when the Thrift Savings Plan (TSP) was opened to the military. ( I socked a good bit away. Some of it was tax-free.) I saved a bit in my company's 401K during the short time I was a contractor. When I began working for the federal government, Peace Corps, and the Defense Threat Reduction Agency, I was only too happy to begin federal civilian TSP accounts. Agency matching contributions were very much appreciated. Later this year I will begin receiving the first distributions from the annuity I purchased with my TSP and 401K accounts. Getting older is not so bad.

I have been thinking about military careerists (people about my age, some a little older, some a little younger) who elected to take the Redux "Bonus" before retiring. This "Bonus" was a $30,000 payment contingent on two things:
1. A significantly smaller retainer/retirement payment; or
2. An agreement to serve a specified period of time (if allowed by High Year Tenure rules) beyond twenty years to receive a retainer/retirement roughly the equivalent to what they would have received at twenty years.

A great deal of counseling was required. Anyone electing the "Bonus," was even required to have a documented conversation with their own commanding officer.
The opportunity for the wise investor certainly was a potential. However, I feared then, and now, for those who elected to take the "Bonus." That instant gratification, whatever it was: paid-down debt or a new truck is certainly a thing of the past. I have been expecting to read of the hardships endured by some who elected the "Bonus" by now. Perhaps most who did elect the "Bonus" have done alright. I certainly hope so.

 

I went to work for the federal government as a GS-15 (transitioning from a contractor role) in 2008. In 2018, having gotten my 10 years in for retirement, I moved to Arizona, flying back to my workplace in DC monthly. When Covid struck, the government went to full-time telework for most positions (including mine). At the end of 2021, with returning to my airport commute looming, I retired.

And no, I'm not going back. Not to the government, and not back to a job in the private sector. During Covid I designed and implemented a consulting practice. It was full-time work by the time I retired (or, at least, as full-time as I'd like to be). So, I would probably count towards the number of people who retired and didn't come back, but I never really left, either.

 

The workforce today is less reliable in terms of longevity and commitment. The Millennials and Generation Z know that they must bounce around as there is little reward for loyalty on the job anymore. It's about what you can get from the employer, not what the employer can get out of you in today's culture. There will be a lot fewer workers staying on jobs with tenures of 20 and 30 years till retirement in the future. Many will retire early in the future to or be forced to.

 

I teach a seminar on "quiet quitting," and this point really rings true.

Working can be seen as an exchange of capital. You do what's expected and you get compensated for it. Or, you might do more and get more. The operating assumption was that most people would choose the latter. That made it easier for management: put the opportunities in front of people and watch them strive for them. But not necessarily anymore.

Along with generational differences, I think we need to consider the impact of the Covid pandemic. I think it fundamentally changed how some people see work--what they want and what they're willing to do for it. The old assumptions don't apply, whether it is due to Covid, generational issues, the bow wave of Boomer retirements, or whatever else.

I work with senior leaders to set expectations of their workers, to describe what is expected and what they'll get in return. This includes doing the job and stretching for more. But take out the assumptions and assess each situation individually. Work with your employees to understand what they want from work--both in terms of what they want to do and how they want to be rewarded for it. This isn't a loss of control; it's taking more control of the situation than was needed in the past. As a consultant, I do this constantly with my clients. Well, supervisors and managers need to do it with their employees, too.