“What can an older worker do?”

Being in my early 60s I could identify with a recent report in the Washington Business Journal. Using data from a recent survey, they say that “the recession has eroded older workers’ confidence about retiring comfortably.”

Well, yeah! With IRA savings cut in half and worse, I would say that has eroded my confidence. Like many others in my age group, I am wondering about my baby boomer retirement years!

Here is how those in the 50-64 year old group answered some questions now and two years ago:

Question	% Saying Yes in 2007	% Saying Yes in 2009
Are you comfortable you will have enough money to live comfortably five years into retirement?	63%	44%
Are you comfortable you will have enough money to live comfortably 15 years into retirement?	34%	18%

I think those in this age group are especially worried because, if they have been downsized, it is especially difficult to re-enter the workforce, and if they are able to get another job, it is really tough to expect making anything like what they were making previously. In short, baby boomer concerns include the realization that job security is a myth.

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Self-employment is also difficult, because the income only comes in as services are provided (plumbing, lawyering, whatever). I know this first-hand as a workshop provider. If I am not providing a class or consulting services, there is simply no income.

I saw the news of this survey on a semiconductor forum where someone asked, “What can an ‘older worker’ do about this?”

I have had jobs in the government sector (public school teacher) and in the corporate sector (semiconductor equipment company training manager). I have been self-employed for 16 years (Mr-PBET), a perilous adventure!

I have come to realize that being a business owner is better than being employed, and better than being self-employed. I am personally focused on building a new business, in addition to my PBET consulting. It’s not for everyone, but that’s my answer to the question, ”What can an ‘older worker’ do about this?”

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