Over-50

Semiretired - Your Ego Is Getting Bashed

Both for income and to remain busy, you are opting for semiretirement.

That is, you will continue to work. That might not necessarily be on your old career path.

As ProPublica documented, the odds are that you were forced out of your career job sooner than you expected. If you were fortunate enough to land another job, only one in 10 of you is being paid comparable compensation. 

If you remain doing assignments in what you know best, they might not be the high-profile plum kinds of you have tackled at the peak of your career.

If you opt out of pursuing work where your core competence had been, then you will not be a brandname in that niche or niches. But it's money and that can help you not to dip into savings and investments to make ends meet and simultaneously enjoy a bit of the good life.

The result usually is a blow to your ego. Many of the semiretired I coach confide the difficulty they are experiencing transitioning from being a player to simply a worker among workers. 

No fools, they are quite aware that they do have work, some of it may be well-paying. However, often there is deep pain at the loss of name recognition, influence and being in high demand.

Those feelings are real. But it is possible to exit what had been the comfort zone for 30 or 40 years to a new mindset and set of behaviors. Joy in work and perhaps greater joy in life are possible. Here you can download a guide on that - free. 

That begins with gratitude for what you have. And shaking off the preoccupation with what you have lost. Yes, semiretirement involves giving up the goals that have dominated a professional's journey perhaps since high school. There is no way around it: The game is different.

In his seminal book "Necessary Endings," executive coach Henry Cloud hammers how destructive it is not to be able to let go of what is no longer a fit. Essentially, the result is being stuck. And the stuck get more and more stuck. There is a real possibility that eventually they can't extricate themselves from that break with reality.

The next step in managing semiretirement joyfully is to leverage creativity. On professional network LinkedIn there are a number of those over-65 who have put together a fresh persona and sandbox of expertise to play in. That not only has attracted a following. That has brought in work.

For example a former government middle manager has developed a humor column. A former full-time college professor of exposition has created a detailed how-to on everything from points of grammar to being more concise. 

A third is to apply for assignments which represent a stretch. You probably will find you can do it. That opens the door to more work. Also, you will have the wild joy of learning something new. Along the way you might becoming certified in that field. 

Semiretirement entails understanding a new approach to earning income. Once you get that down cold you can begin each of work day with a kind of enthusiasm and freedom you may never have experienced along your traditional career path.

Also a free download is my book on breaking into the labor market that tends to be biased against age Download Outwitting ageism.

If you still are struggling with this transition, I am here for you.

Small changes can trigger big success in your career and your business communications. Swing by for a complimentary consultation (janegenova374@gmail.com)

 

Yes, Ditch the Whole Retirement Plan

BusinessInsider flags the young: Saving for retirement before 40 can make you miserable. 

Actually, planning for retirement, at any age, can be magical thinking. Already, as the Federal Reserve reports, one-third of those who retire return to working for income. There is even a buzzword for that: reverse retirement.

The raw reality is that stopping working for income is increasingly impossible for many aging. Sure, there are those who managed to put together enough financial resources to see them through a lifespan which could go beyond 100. But most bump into the need to add more funds to make ends meet.

This shift from the pattern of retirement which was standard for Baby Boomer parents really comes down to surrendering the whole notion of a career and embracing work for income. That can be a relief for intense careerists who sacrificed so much for achievement. Working can be filled with joy and satisfaction again. 

If you find it necessary to loop back into the workforce or start a business, here, a free read, is my book on finding, holding an moving on to better work Download Outwitting ageism.

A nice side effect of working when aging is having new people brought in you life. Research documents that it is difficult to make new friends as the years go by. Actually, as The New York Times reports, that can start kicking in at age 30. Being in the workplace opens doors to fresh social possibilities. Those I coach often admit they pursued a part-time job as a solution for growing isolation. 

The Future is already underway. Ghostwriting/Marketing Communications and coaching on those issues. Sliding scale fees. Complimentary consultation (janegenova374@gmail.com)

 

Retirement Planning - The Phased-Retirement Option

"Phased retirement (sometimes called partial or gradual retirement) means you dip much more than one toe into the retirement waters, but not quite dive in headfirst. It means a lot less money coming in—but at least some money coming in." - Bruce Horovitz, The Wall Street Journal, November 14, 2020.

The concept of retirement - golden to our parents' generation - has become a source of anxiety. The fear ranges from being unable to adjust to the loss of a professional identity to not being able to afford to make ends meet long term without work. 

When the actual retirement kicks in the result can be authentic emotional trauma. In addition to the end of a work-related personal brand, gone also are the daily routine, social context of the workplace and the satisfaction of performing tasks employers label as important enough to be paid. 

When the retirement is from one's own business, there can be the same emotional fallout. Poof goes the status of being a business-owner. No longer is there the pull force of chasing after clients/customers. The networks also will go kaput.

But easing in or a phased retirement can provide a downright magical solution for the disruption of traditional retirement.

If employers don't have a formal program for that, then the aging can request that kind of arrangement. For the self-employed business-owners are in-charge of downsizing the time and energy they invest in their enterprise.

The very good news about phased retirement is that it can be extended indefinitely. Once you leave your career job or shutter/sell the enterprise you can then hustle for all kinds of work which produce income. That means money will come but without the usual pressure of a career path. 

Sure, the funds will likely be significantly less what you earned during the peak years of your career. However, usually that's enough to keep the wolf from the door and allow enjoyment of some luxuries such as travel or developing a hobby which requires some real money.

In phased retirement from a career there is also the option of reskilling for a very different slot in the labor market. Those range from becoming licensed for long-distance truck driving to being certified as an expert in a facet of digital marketing. Usually the cost of the training online, at a trade school or in a community college is doable. There usually are also loans available.

In my coaching, I have observed enormous relief within the spirit of my over-50 clients when I present the possibility of phased retirement. Some have opted to slowly disengage from the initial career path, then retrain for a very different experience of work. 

The future of work could play out this way: More aging workers will be encouraged to exit their careers at a younger age. ProPublica, in fact, documents that ageism is forcing premature exits from jobs. Therefore, it's in your self-interest to prepare for yourself, even in just your mindset and finances, a version of phased retirement. 

The Future is already underway. Ghostwriting/Marketing Communications and coaching on those issues. Sliding scale fees. Complimentary consultation (janegenova374@gmail.com)

Age 64, Lost Job, So Far Only Rejection - Should This Professional Retire?

COVID-19 has been brutal for the employment of older employees.

The employers' need to cost-cut, along with senior workers' high compensation, has made aging employees a target for layoffs, early retirements and even outright firings. 

A 64-yer-old professional who was terminated from his job writes in to Greg Giangrande at the New York Post.

After the job was gone, in his job search he has encountered only rejection. Among his observations - and he is on the money - when the interview is via video, as with Zoom, he is bound to be turned down. His age, of course. The world is digital and it is tilted against anyone who isn't a digital native. The assumption is that older workers haven't kept up enough with technology. 

Of course, Giangrande answers "no." The man should hang in there. But he has to audit how he is searching for work, identify what isn't effective and experiment. Also, Giangrande recommends resources such as Workforce50.com and RetirementJobs.com. AARP is also in his corner.

Here also are the 5 tactics I found useful for those over-50 whom I coach:

At the top of the list is: Develop a positive mindset. Since you probably have to continue working to be financially secure, you will find work. 

Likely it won't be career-path kind. But that's okay. You are simply ahead of your time.

According to Willis Watson Towers, the career is 20th century. Instead, you will be setting up and updating a portfolio of skills and experiences. It won't be linear.

That applies to all generations, not just you. The members of the Class of 2020 could start out as a manager trainee in McDonald's USA. The next paid employment could be at a startup creating an app for reimagining the drive-thru aspect of fast food centers.

Number-two. Drop all concept of status. Work is work. And work leads to better-paying work. It's all about landing, holding, and moving to better work. A free read, here is my book on that fresh approach to bringing in income Download Outwitting ageism.

At age 58, I was a security guard in an inner city Home Depot. At age 59, I was putting together a boutique for digital marketing. That was way back in 2005. The loss preventing experience stated out as a contract job. Through hard work, I turned it into a full-time one with benefits. Management wanted me to accept a supervisory role. But, already I was on my way back to self-employment. Here is that story. Since I published it, which has had more than a million downloads, I have started up several new enterprises. You bet, I got over prestige.

Number-three. Reconfigure your network. Those from the past may be absolutely the wrong fit for you now. A useful book on how former networks can hold you back is "Necessary Endings" by executive coach Henry Cloud. As research on mirror neurons shows, we human being influence each other, cell by cell. Outdated influence can destroy your confidence in earning a good living, despite aging. 

There's a new version of you out there searching for work.

Number-four. Learn new skills. The process can be cost-effective. For example, at a community college or trade school you can become certified as a substance abuse counselor or expert in a software. In a relatively short time you can earn your license as a long-distance truck driver. The tuition for that ranges from free (if you agree to work for that company for two years) or less than $7k. Yes, loans are available. 

Public libraries provide free seminars in software packages. And universities often provide free non-credit courses to seniors. Some of them require a small fee such as $5 for registration.

Number-five. Ask for help if you sense you are "stuck." That could be in the form of a close friend, significant other, clergy, therapist, or coach such as myself. The answers are all inside yourself. But sometimes you need a guide to help you find them.

Anecdote: One of the handyman in this residential complex has that full-time job. In addition, he has three other side gigs. He owns a super-large SUV and a giant camper. His secret to remaining working, even in his late 60s: He tells those hiring what results he can get for them and how. He doesn't present an abstract laundry list of credentials.

The Future is already underway. Ghostwriting/Marketing Communications and coaching on those issues. Sliding scale fees. Complimentary consultation (janegenova374@gmail.com)

 

A Penny Saved Could Be a Distraction: Focus Directly on Building Wealth (at any age)

Over 60 percent of those in the U.S. surveyed by Highland Solutions indicated they were living paycheck to paycheck, reports StudyFinds. 

Unfortunately, the majority of them are addressing that situation by cutting back on spending. The buzzwords for that range from "radical frugality" to "minimalism."

 

 

However, reducing expenditures does not increase income - and it does not build wealth. 

 

Obviously, what's smart and what catapults people out of looping in poverty is bringing in more revenue. The good news is that the U.S. economy, at least myriad parts of it, is still robust. There's money to be made. 

 

Here are 5 ways to bring in more income.

 

• Find higher-paying work. The best guide to the total process of earning a better living is "What Color Is Your Parachute?" Every year it comes out with an updated edition. Copies are available at the public library and for sale used on Amazon. In the late 1970s, I read it and applied the tactic of sending unsolicited resumes. Within 3 weeks I pivoted from non-profit to the private sector, more than doubling my compensation.

 

• Add on to your day job with multiple sources of income. It's totally 20th century to have just one source of income from a single job. Even a lawyer with a full-time job with a large firm has 13 side hustles. That's Kevin Ha. MarketWatch tells his story. And, here is the article I published on why you need to diversify your sources of income and how to do that.

 

• Invest. That could be the traditional way through stocks and bonds. And it could be through alternate investments such as real estate or art. Regarding alternate investments: It's less complex now. For example, there are mutual funds you can buy shares in rather than taking ownership of a real estate complex or piece of art. Nonono, it's never too late to begin investing. 

 

• Sell whatever. The technology of the smartphone makes it easy to take photos of the merchandise. Most of the categories can be listed free on NextDoor and Craigslist. Within 12 hours of posting an adult tricycle on NextDoor, I sold it. Those living in urban areas can spot lots to sell right on the curb outside houses. A piano seat I loaded in my car from a Toledo, Ohio side street I sold on Craigslist for $10. 

 

• Make needs known through GoFundMe or social networks. Can't get to work without a car? That could resonate with those who can afford to help you out. In itself, that car can be the platform for generating more income. 

Much of this or even all of this approach to building wealth can be done DIY. But if you could use guidance in how to transform your labor into wealth, I'm here for you.

 

The Future is already underway. Ghostwriting/Marketing Communications and coaching on those issues. Sliding scale fees. Complimentary consultation (janegenova374@gmail.com)

In Your 60s or 70s - Don't Assume You Can't Shake Debt

"The total debt burden for Americans over age 70 increased 543% from 1999 through 2019, to $1.1 trillion, according to the Federal Reserve Bank of New York. For those in their 60s, debt grew 471% to $2.14 trillion." - Morey Stettner, MarketWatch, November 11, 2020.

There are three reasons for that surprising situation:

Credit cards. With income from working getting less or going poof entirely, the aging are using credit cards to make ends meet. They are surprised how much more it takes to even live a modest lifestyle than they anticipated. Although inflation isn't double digits, it's still there.

Unpaid medical bills. If they aren't as eligible for Medicare, their age makes any health insurance expensive. They may even be proceeding without any medical insurance. Then they become sick and that bill for thousands of dollars comes in. They can't pay it. 

Even with Medicare and a supplement such as AARP's United Healthcare Medicare Advantage there can be big bills. For example, my medical doctor recommended a series of tests related to my heart. Among them, I was responsible for $80. In itself, that's not the end of the budget. But when those kinds of what-we-still-owe pile up, debt can become a reality.

The monthly payment on student loan debt. That can come from co-signing for children's or relatives' student loans. Or, that kind of burden can happen when the unemployed decide to pivot to another career path by returning to school. If that's to a community college or a certification program the debt could easily be paid off. However, it there is an "investment" in an academic degree the eventual payment on student loans could be unmanageable. Also, it's not unthinkable that the new shiny degree won't land the aging that great-paying job.

Often, when finding themselves in serious debt, the aging retreat into financial despair. They assume they can't pay off the debt. The result tends to be catastrophic: They don't even try to become debt-free. They just hope they die. 

Yet, for those willing to embrace a long-term strategy, it is possible to not only be out of debt but also to pay in full every month the entire balance of one's credit card bill.

As I was approaching my 60th birthday, I found myself in six-figure debt. Most of it was from credit cards. Here is that story of tumbling into financial hell in 2003 in Connecticut and in 2014 to be enjoying days of heaven debt-free in Arizona. 

Financial experts have many excellent guides for that journey to peace of mind by not being behind in bills. However, here is what has proved out effective for not only myself. Those I coach also, if they were willing to experiment with living differently, emerged from debt.

The 5 Fundamentals:

• Stop from adding on new debt. No, even though you need another car for work, don't buy a new one. Research how you can purchase a reliable pre-owned car. Another way not to take on any additional debt is to embrace that you're not 30. Back then you could land on your feet spending money which you didn't have. 

 

• Immediately reduce fixed monthly expenses. If you're going to hold onto the family house, consider renting out spare space. If you're willing to sell it and the market in your area is up, do that. The most efficient way to get your financial house in order is to relocate from a high-cost region such as either coast to where all lifestyles are more affordable. Yes, that can be soul-wrenching but without debt you will be able to sleep at night. In addition, you'll have the energy to start building a new life for youself.

 

• Look for work. It's there. Here, a free read, is my book on how to be hired and even move on to better work, no matter your age Download Outwitting ageism.

 

• Steer clear of making major financial investments in career transitions. By time you finish the degree the labor market might have changed. Also, because of age bias you might not receive the high pay you anticipated. Instead research new career directions you can take with minimum training costs. An example is becoming licensed to drive trucks long-distance. Some programs are free if you agree to work for a certain employer for two years. Others can be around $4,000. Another sensible option is the certification route. Become certified in a narrow specialization in digital marketing.

 

• Stop being generous. No, you can't afford any longer to shower family and friends with pricey gifts. Be candid. Share your emotional distress about debt. 

From 2014 to today I have been able to live within my means. That has required a 180-degree shift in how I see the world. No longer do I regard it as a pleasure dome. For my mental health I have to trade off buying what I want for playing in a sandbox with toys I could afford.

The Future of Work is now. Ghostwriting/Marketing Communications on those issues and coaching for job search, transition, personal branding, re-entry after recovery and reputation restoration. Sliding scale fees. Complimentary consultation (janegenova374@gmail.com

 

Retirement - The New Way Is to Phase into That Rite of Passage

The joke in my circle of over-65 professionals who are still working for income is this: Retirement? It's great. I've done it several times.

The reality - emotional, social and financial - is that retirement is very difficult or downright impossible for most professionals.

So, what's being floated is phasing in some kind of semiretirement. The Wall Street Journal looks at how it could take the form of shifting from a full schedule to a few days a week. It can stay at a few days a week or it can eventually go poof and, like the 1950s television favs Dale Evans and Roy Rogers tell the world "Happy Trails to You ..."

For the self-employed phasing in could be downloading more and more tasks to others. Or, simply taking on fewer accounts. Usually they will be the plum assignments. As I tell those I coach, at this stage of a career path no one has to work every possible assignment. 

Like those I coach, I too have retired myriad times. What lured me back was an assignment I couldn't turn down. Usually it opened the door to a whole new world.

An example of that is my current focus on The Future of Work. I am researching and ghostwriting/creating marcom copy about everything from the use of artificial intelligence for the first cut on job applications to experiments with Universal Basic Income. Also, there is the satisfaction. In coaching about how different a job search is now I can really help those who are in despair.

If you want to play with the idea of phasing in your retirement, email janegenova374@gmail.com for a complimentary consultation. If you sense you can unlock new value in your career, on your own terms, through a bit of coaching, fees are custom-made for your unique budget. Obviously, you have nothing to lose but 15 minutes of your time. 

Your Career Is Over? So Is Everyone's

Careers don't exist any more. At least not among those who understand the new dynamics of the world of work. 

Instead of the career path, explains consulting firm Wallis Tower Watson, there is the portfolio of skills.

You keep adding to that portfolio and you remain employable. Stop adding and you're just another older professional who is unable to figure out how to land, hold and move on to better work.

If you're currently without work and are willing to think in different ways, here is a free read on all that Download Outwitting ageism.

Carrying a portfolio of skills is actually nothing new. Among tradespeople and blue collar laborers that was and is routine. I recall working in Spain teaching English as a second language and earning extra income in a tourist cafe serving coffee and Spanish sherry.

Over and over again I had great conversations with cooks, handymen, deck hands and musicians who never went without a meal. They had down cold how to acquire the right skills to pick up work fast - in a number of nations. Among their skills was being fluent in several languages. 

Adding to your skills doesn't have to be expensive. Certification and two-year associate degrees are low-cost in a community college.

When the long-distance trucking market bounces back, you can get licensed for under $7k. Or for free if you agree to drive for two years for the company which trains you. 

The most old-fashioned way is to tag along with an expert in a field and learn it. That could be a consultant or a landscaper. Many lines of work don't require formal licensing. 

Back in 2008, when I was blogging on legal matters, lawyers who were laid off asked me to provide help with their resumes, cover letters and interviews. Eventually, I was also doing guidance. Usually it's an emotional blockage which keeps those searching for work from finding it. By 2010, I had added career coaching to the portfolio.

More recently, I also put into the portfolio ghostwriting about The Future of Work.

Sure, if you have been forced off your career track, you should mourn. In "Necessary Endings," executive coach Henry Cloud recommends performing rituals which help you let go of what was. 

That can be useful too as you discover a skill which you used for four decades is no longer marketable. Most of my early career I had excelled in writing Corporatese. Then, no one wanted that tone and content any more. I packed up the car and my four-legged son LOV and spent a winter weekend by frozen Lake Erie. By Sunday morning I got it: That way of making a good living had been a long time ago. 

One more tip: Develop and keep expanding multiple sources of income. Millennials call them "side hustles."

The Future of Work is now. Ghostwriting on those issues and coaching for job search, transition, personal branding, re-entry after recovery and reputation restoration. Sliding scale fees. Complimentary consultation (janegenova374@gmail.com)

 

Coming Wave of Jumbo Mergers Could Set Off Tsunami of Unemployment for Aging

Capitalism is opportunistic.

So, it should be expected that strong businesses during the COVID-19 economy will parachute in to acquire weakened ones. Goldman Sacks Group, reports Bloomberg, predicts a surge of M&A. Many of those will be jumbo mergers. 

That's good news for law firms with transactional practices in M&A. During the worst of COVID-19, that work has fallen off to the extent that lateral hiring for the niche plunged. Now, there are signs it's picking up.

Also gaining with be the economy. The reconfigured entities will be more solid businesses. Their earnings stories could send the stock market into unthinkable highs.

But the losers, as happens in most of M&As, will be large pockets of the workforce. M&As create "redundancies."

The newly created business may not need two communications or investor relations departments. There will be an increased need for coaching about career transitions Download ReimaginingYourCareerWithJaneGenova. Those most vulnerable are the aging. Here, a free read, is my book on landing, holding and moving on to better work, no matter one's age Download Outwitting ageism. 

For those who can't find their way in the mutating labor market, policy makers will have to focus seriously on versions of Universal Basic Income. Recently, in Canada, the Leaf pilot program testing out UBI for the newly homeless was very successful.

Right now the high jobless figures aren't having a negative effect on the stock market. Therefore those with power could blow off the unemployment from the M&A since their investment portfolio is doing just fine. 

Place your paid sponsored content on this blog. Here are 6 tips for search engine optimization (SEO) in 2020. Contact janegenova374@gmail.com.

Solo Agers - You Got This (3 lifelines)

The Americana myth, left over from the nuclear-family of the 1950s, is that family takes care of family.

That's become a big topic as Baby Boomers and members of Generation X age. 

However, anyone who has worked, consulted or volunteered within a senior complex - residential or recreational - knows that family does not always take care of family. And, if they do, it can be with reluctance and even abuse.

The typical scenario is that the senior needs to be relocated from a housing complex subsidized for those of a certain age to one providing more assistance.

An example of that is Bella Vista, based in New Haven, Connecticut. During the moving process, the children, saddled with their own middle-age problems, might not always make the transition easier for Mom or Dad. Many of them are part of the sandwich generation, that is, with responsibility for both parents and offspring. Already in their plate are lots of bills, their jobs, what the kids might be going through and worrying about their own retirement. 

Therefore, believe me, you who are now or always were childless are not necessarily at an emotional, social and financial disadvantage. With a little independent planning, as a "solo ager," you can loop into whatever you need to make your life full and to navigate transitions.

What might give you instant reassurance is that you are not alone. Actually, you now represent a clearly defined demographic. That's solo aging and aging without children. One guide for that is "Essential Retirement Planning for Solo Agers" by Sara Zeff Geber. 

And what you could use the most effectively and efficiently is developing a relationship with a trusted lawyer. Lawyers, as I hammer in this popular blog on my syndicated legal site, are replacing family. 

You can put your trusted lawyer in charge of medical decisions, wills (including being the executor), estate planning and any legal disputes. Regarding the latter, aging doesn't prevent human conflict. Neighbor X could be assuming because you are older you will put up with their children running all over your lawn - which puts you at possible liability if they injure themselves. 

Another source of help is, yes, career coaching. During the past 18 months, a number of you over-65 have tapped into my services. You wanted to add to your income by encore careers, part-time work, gig assignments and setting up small businesses. That would also enhance your social circle.

My first recommendation is always: You will be becoming uncomfortable. That is, you will have to take the exit ramp out of your usual comfort zone. Here, free to read, is my book on that.

The third lifeline is joining organizations. No, you don't have to be the leader or even a prominent member. Just be part of it. That will give a sense of belonging, platforms for meeting new people and a schedule of activities. In Toledo, Ohio, what is popular with seniors is the Secular Humanists of Western Lake Erie. Also, there are myriad religious and spiritual organizations which are welcoming. They range from the Society of Friends to diverse schools of Buddhism. In addition, 12-step programs such as Emotions Anonymous have frequent meetings. 

Actually, thanks to COVID-19, the new normal in America caters to those without traditional support systems such as the nuclear family. Just go on the internet and type in variations of "support help" along with the name of your city or county. Up will pop plenty of contact information for what to tap into next.

Mindset: Solo aging is aging on your own terms.

The answers about your professional life are inside you. You will learn through coaching how to open yourself up to them. And unleash opportunity. Small changes can have big results. Affordable rates (sliding scale). Make an appointment for complimentary consultation (janegenova374@gmail.com) Download UnleashingPossibilitywithJaneGenovaCareerCoaching