The employment landscape for workers over 50 years of age has been getting tougher for decades, and it has not gotten any easier in the age of COVID-19. Most Americans assume they’ll have steady work in their 50’s, but it can be a riskier and more turbulent time for many.
With younger, cheaper workers entering the workforce and “Silver Collar” baby boomers staying in the work pool longer, many workers in their 50’s feel they are caught in the middle. In recent years, the job market has tightened and demand for experienced people has intensified. That has mostly been good for older workers, but the COVID-19 situation has slowed that trend for the time being.
While there are real challenges for workers looking for work after 50, landing a great job in a C-level position is quite do-able. Whether it is a lateral move or a shift to a new industry, you can find the situation you seek if you have the right strategy.
Old references and new tools
People over 50 are well-represented in C-Level positions, where relevant skills, connections, and experience count for more than low-cost and high-tech ability. If you haven’t searched for a job in a long time, you’ll need to brush up on modern-day tactics like finding jobs online and using LinkedIn as a networking and job search tool.
There are many new tools available for job searches these days. For instance, sites like Workforce50.com have job listings and information to help navigate your job search. You can also take advantage of online resources to create your resume, improve your tech abilities, increase your industry-specific knowledge, and build relevant skills.
You should also brush up on your interviewing skills. The interview is an opportunity to use your experience and wisdom to explain how you can help an employer achieve their goals. It’s important to show you are trainable and can learn. Also, to show that your experience is relevant, avoid antiquated references such as Rolodex and Penda-file.
The perks of your new job
C-level jobs can be a lot of work and may be more stressful than lower-level positions. However, they tend to pay a lot more too, so there is a trade-off. Compensation for the extra effort and responsibility often come in the form of retirement plan benefits, stock options and other executive compensation packages. In many cases, the actual salary may only be a small part of the total compensation package.
Making it count
If you have an opportunity to increase your nest-egg substantially, you should engage in some pre-retirement planning to assure you are taking maximum advantage. Tax planning will take center stage if your income is high and you are adding to executive compensation plans and retirement plans. Your CPA and your investment advisor should work in tandem to make sure you are maximizing their benefits. Together, tax planning and retirement planning form the main pillars in your overall financial planning.
As fiduciary financial advisors in San Diego, our job is to make sure our clients meet all their financial goals. Contact us today to discuss how we can help you develop a sound retirement and investment plan to assure your goals will be met.