Depleted savings accounts due to the economic downshift are causing older workers to stay in the workforce longer to make up for their losses. One-in-ten workers (11 percent) over the age of 60 who are putting off retirement say that the decrease to their savings may now cause them to never retire, while 73 percent think it will take them up to 6 years of extra work to recoup their lost savings. Nearly a quarter (24 percent) feels they can make their money back by working an additional year or two.
"Mature workers may be feeling the pinch of this difficult economy more than others because of their impending plans for retirement," said Jason Ferrara, Senior Career Advisor at CareerBuilder. "Mature workers who are returning to the workforce to offset their retirement losses will likely encounter many of the same challenges that workers of any age are facing today. However, their level of knowledge and experience and network of professional contacts will work to their advantage in a competitive job market."
PrimeCB.com, CareerBuilder’s job site for mature workers, offers tips for navigating through a difficult economy:
This survey was conducted online within the U.S. by Harris Interactive on behalf of CareerBuilder among 8,038 U.S. employees (employed full-time; not self-employed; non- government) ages 18 and over between November 12 and December 1, 2008 (percentages for some questions are based on a subset U.S. employees, based on their responses to certain questions). With a pure probability sample of 8,038, one could say with a 95 percent probability that the overall results have a sampling error of +/- 1.09 percentage points. Sampling error for data from sub-samples is higher and varies.
CareerBuilder is the global leader in human capital solutions, helping companies target and attract their most important asset – their people. Its online career site, CareerBuilder.com, is the largest in the U.S. with more than 23 million unique visitors, 1 million jobs and 31 million resumes. CareerBuilder works with 300,000 employers, providing resources for everything from employment branding and data analysis to talent acquisition. More than 9,000 Web sites, including 140 newspapers and broadband portals such as MSN, feature CareerBuilder’s proprietary job search technology on their career sites. Owned by Gannett Co., Inc. (NYSE:GCI), Tribune Company, The McClatchy Company (NYSE:MNI) and Microsoft Corp. (Nasdaq: MSFT), CareerBuilder and its subsidiaries operate in the U.S., Europe, Canada and Asia. For more information, visit www.careerbuilder.com
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