For the Unemployed Over 50, Fears of Never Working Again

[Dover]

VASHON ISLAND, Wash. — Patricia Reid is not in her 70s, an age when many Americans continue to work. She is not even in her 60s. She is just 57.

But four years after losing her job she cannot, in her darkest moments, escape a nagging thought: she may never work again.

College educated, with a degree in business administration, she is experienced, having worked for two decades as an internal auditor and analyst at Boeing before losing that job.

But that does not seem to matter, not for her and not for a growing number of people in their 50s and 60s who desperately want or need to work to pay for retirement and who are starting to worry that they may be discarded from the work force — forever.

Since the economic collapse, there are not enough jobs being created for the population as a whole, much less for those in the twilight of their careers.

..cont'd

http://www.nytimes.com/2010/09/20/business/economy/20older.html?src=busln

[izquierdista]

1. There's a lot less fear once you get used to it

It's not getting any better. If any jobs DO come back, they will be for the younger folks, not us. So figure out how to live on what you have already made. If you haven't made enough, learn how to grow your food and keep your clothes and your dwelling in good repair. If there is some temporary way to bring some cash in, be tight-fisted and hold onto it.

[Dover]

2. And redefine "work", think outside the box, seeing yourself and your skills/value in broader terms

rather than limiting yourself to attempts to fit into traditional employment that was defined by your past work, schooling and that piece of paper called a degree. You are much more than that and have both inherent and acquired qualities/talents/skills that you (and the world) need but don't yet have a label or degree for. We are seeing the rise of an entrepreneurial class which has no age or gender, but who can see what's needed or is on the horizon and figures out how their unique skills can fill that void. Try making a list of ALL the things you are good at. Ask friends and family to offer their perspective on your skills ... strengths and things about yourself that are so natural you might not even recognize them in yourself. And don't isolate yourself!
Stir the pot and stay engaged with others. Pay attention to what you're most drawn to or long to be involved in and then go to wherever that conversation is happening whether or not you feel you have the credentials to participate or offer anything of value. Trust your instincts.

[Crazy Dave]

4. I know dozens with ideas and experience but....

The banks and the SBA won't loan them any money for start-up capital. Even my neighbor who already owns one restaurant can't raise or get the money to open another across town and put about 20 more people to work. Not the best jobs but still jobs.
Most of the entrepreneurs you see and here of these days were the department heads who were let go with golden parachutes and people who cashed in their trust funds. Millions do not have those options or resources and much like the situation they're in now happed due to circumstances they did no create or could control, it's the same situation preventing them from getting back on their feet.

I have a friend worth about $10 million plus and one day we were discussing the loss of my own business two years ago that nearly bankrupted me. His reply to me was "just start another business" and was thinking that was helpful information.

[Dover]

6. Sounds hopeless. ..n/t

[truedelphi]

10. You have such a valid point that even the

Conservative Reader's Digest has published an article about the problem of banks not extending loans to legit businesses.

And a major solar cell developer here in California found himself without any backing - so his firm went down the tubes. Even though he was establishing solar arrays at much cheaper prices than anyone else.

The Bush/Obama Bailouts could have been set up WITH THE DAMN RESTRCTIONS in place that would force the banks to have to lend capital to X amount of small local businesses each quarter. And Obama knew that there weren't the necessary restrictions in place.

After all, part of his OCT 2008 pledge to us voters was that he would see to it that if banks did not offer loans to Main Street. (It was MAin Street's dime that the banks received as Bailout monies) then he would call them to account. Instead, all that happened was that last year he scolded the Bankers (Ooh- that made them so very very scared. NOT!)

[Crazy Dave]

12. Big business is in bed with the big banks and destroy smaller businesses...

...that they see as competition. I've seen and heard of many small companies being shut down by bigger companies who tells global suppliers and bankers not to loan or sell anything to the smaller companies and to charge them higher prices. Big business will also try to buy out a smaller one just to shut it down or they'll start ridiculous and expensive lawsuits against them that they have no chance of winning but known the smaller companies will soon go under having to defend themselves against a corporate giant. My friend with his restaurant thinks the big chain restaurants are telling the banks not to make loans to mom and pop restaurants in order to shut them down and drive business to their franchises.

One thing you never want to do as a small business is say you have the best (fill in the blank) that money can buy. Big business will immediately take you to federal court for false advertisement and anything else they can do.

Perfect example of Scotts Miracle-Gro's bullying here:

At suedbyscotts.com, TerraCycle presents the conflict as a classic David vs. Goliath-type confrontation, complete with a stark side-by-side comparison of the two companies. Among other things, the site highlights annual sales ($1.5 million for TerraCycle v. $2.7 billion for Scotts), annual profits (none v. $132.7 million) and major perks for the respective CEO’s (“unlimited free worm poop” v. personal use of company-owned aircraft).

Read more: http://failuremag.com/index.php/feature/article/worm_war_i/

[truedelphi]

13. Thanks for that information, Crazy Dave. n/t

[Kat45]

3. I'm not sure how one gets used to it.

I'm in this category and I have been living off savings. I'm not a big spender but my savings aren't going to last for the rest of my life, particularly since I've never had high-paying jobs. I'm trying to figure out what skills I even have these days to get a job. And I'm not one of those folks who could start my own business, or who has some skill that I could use to make a little money (eg, handyperson, sewing, helping someone set up his computer, etc.).

[Dover]

5. What do you WANT to do? Perhaps that's a more fruitful approach

rather than evaluating yourself in others' terms or relative to some job description. And you may find that you're a good support person for those who are blazing some new trail or business.
Just start mixing it up with others, join a group who is involved in something that you feel drawn to. That has a way of stirring the pot and creating new energy. Fear and/or helplessness leads to stagnation which can become a downward spiral. But the initiative has to come from you first.
Take some steps.

[Kat45]

8. Thank you, but unfortunately that's a problem too.

Unfortunately, the fear/helplessness/stagnation has already set in. Probably some depression contributing to me not really being interested in anything. Don't have any passions anymore, and that's a scary place to be. There is one thing I've been getting somewhat involved in that I'm hoping will grow and turn into something. It's mainly online right now and I already told them I'd like to volunteer for them when they get to a point that they can use volunteers, which actually should be soon. I'm hoping that works out and hoping they'll actually have some real jobs eventually (and of course hoping I can get one of them). I really don't know if anything will happen with that, but it is the one thing I'm trying right now.

[Dover]

9. Sounds like movement to me! Hope it works out or at the very least

gets the wheels cranking. One step leads to another until you find yourself walking with ease and strength.
In my own experience in which I went through something similar to what you're describing, it seems in retrospect that I had to go through a kind of 'death' before I could move on. First disillusionment followed by lethargy and lack of interest. Learning how to love and accept myself. However, also found that often it was very helpful to fake it before ya make it in order to simply get some movement. Isolating for a time can be helpful to get back in touch with oneself, but allowing this gestation period to go on too long can do harm to the part of you that is trying to give birth to the new. And for me it was liberating to finally learn what the saying "you are not what you do" truly means. We are all so much more.

There is a website called meetup.com that might be helpful in connecting to others with similar interests, or for learning something new, sharing something you know, etc.

((hugs))

[emulatorloo]

7. Kick and Rec n/t

[Paper Roses]

11. As a 67 year old, let me assure you that you are not alone in your fears.

I have always worked and was working at a job that I enjoyed until 2 years ago.
The company decided my state was too expensive to operate in and moved-lock and stock and barrel- to Alabama.

One by one the employees were laid off, the trucks pulled up, loaded everything and off they went.

I collected unemployment benefits until they expired. I looked for a job daily, checking all the on-line job search sites. Nada. With my dated skills and a slight physical problem, I had to narrow down my search and that left very little for which I could reply.

In all that time and with all the resumes I sent, only 2 companies had the courtesy to reply. --both times, "the job has been filled but we will keep your resume on file". Surely those files are emptied daily.

I am so discouraged that I did not apply for extended unemployment. I just cannot keep up the mind-numbing search and keep the required documentation.

I have resigned myself that I will not work again, at least at a job that pays me in the range of my prior jobs. I still look but will less pressure and with the hope that something will show up that is suitable.

[atomic-fly]

14. that is tough Paper Roses...

I hope you can find something to do...truly sad state of affairs.
I've been out of work and being old makes it hard to find work.
I am going to work prepping food in a museum...but I still need
to find a real paying job or something soon.
I have been super anxious about having to work food service again, but
the people are nice there and I will have some income.

[Crazy Dave]

16. I know two people with Bachelor's degrees....

...who would envy and wish they were you.

[eridani]

15. You are on Social Security and Medicare, correct?

I'm assuming you still need to supplement your income, and wish you best of luck with that.