Published Sunday, November 18, 2012 at: 7:00 AM EST
Many people consider the 1950s to have been the best decade in the economic history of the United States. The nation’s gross domestic product grew by 250% during those 10 years, average income tripled, home ownership came within reach of most Americans, 60% of all Americans were considered middle class, and consumer spending doubled. Good times, indeed!
But now, more than a half century later, the children of the '50s face a much less certain financial future. Millions of members of the post-World War II baby boom now are approaching retirement age, and many are in difficult financial straits, having lost their jobs during the recent economic downturn. They need to return to the work force for at least a few more years, yet they find it hard to find new employment.
In many cases, these baby boomers’ unplanned early retirement becomes permanent. They’re forced to take Social Security benefits starting at age 62—even though opting to begin payments at that age sharply reduces the amount they will get during the rest of their lives. Meanwhile, those in this generation who have jobs are staying in them longer, choosing to remain in the work force until late in their 60s or beyond. Many enjoy continuing to work, and a few extra years of income can go a long way toward ensuring a financially secure retirement.
So what can older workers who have lost their positions do to get back on the job? Consider these seven tips:
This article was written by a professional financial journalist for Advisor Products and is not intended as legal or investment advice.
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