If you are over 50 and lost your job – there may never be another one – so what are you gong to do?

This is the US picture – but I see no reason why this will not be the Canadian experience.

As I wrote in an article on Friday, even those who are back at work are not necessarily doing so well: only 7 percent of those who lost jobs after the financial crisis have recovered their income and standard of living. What’s more, the downturn and its aftermath have disproportionately hit people with less education. Even though the unemployment rates of high school dropouts and graduates have fallen from recent highs, they are still much higher than the rate for college graduates.

The Labor Department’s jobs report for November, released Friday morning, also shows that the number of employed high school graduates actually fell by 187,000 over the last 12 months, while the number of employed college graduates has gone up 1.1 million during the same period.

Nevertheless, readers have pointed out that even among the college-educated, there is one cohort that is still feeling more pain: older workers. More than half of all unemployed workers 45 to 54 years old have been out of work for six months or more, and among unemployed 55-to-64-year-olds, close to 60 percent have been searching for work for more than six months.

People in the older of these two groups are worse off than they were a year ago. The median duration of unemployment rose from 36.6 weeks a year ago to 42.7 weeks this November. The younger of the two groups is slightly better off; its median duration of unemployment fell to 27.9 weeks, down from 30.2 weeks a year ago.

So if you work now and you are in your late 40′ early 50’s what is your plan? Hoping that you will get another job is not good enough!

Please think about how you can join the real new economy that is based on making a living inside a good network. Find out where there is a Co Working space near you and start to develop a parallel life.

Here is where you can find such a place. 

Advertisements

2 responses to “If you are over 50 and lost your job – there may never be another one – so what are you gong to do?

  1. Folks need to be more entrepreneurial minded, which they were never trained to be. They were taught to get a job out of school and work for decades and then retire. Those days are over.

    I’m in my early 40s and got into IT and there are so many jobs (and better yet contracts) that it’s not funny. Plus I’m now learning mobile application development so tons to learn. Luckily I developed a voracious appetite for learning which helps.

    I’ve answered lots of questions in forums and built up a reputation so that you don’t even need to be interviewed anymore and I work remotely here in New Brunswick. I wish more people would take the plunge and remove the fear they have to make the change.