- It's a tough job market out there, and experienced workers are not exempt.
- Some older Americans just want a few more years of work to boost retirement savings or stay busy.
- The jobs that are available don't pay enough to make them worthwhile, job seekers said.
Gino Marconi is struggling to secure full-time work, and it's messing with his retirement plans.
Marconi, who's 64 and lives in Plantation, Florida, earned $60,000 annually as a sales representative for an outdoor supply company until two years ago, when he resigned due to the stress of working long days on the road. Marconi previously held engineering jobs that paid more.
Since then, he said he's applied to over 600 remote and in-person roles across various industries and skill levels. He suspects many positions have rejected him because he's overqualified, and he's removed the years he's completed some degrees and certifications from some applications.
Marconi said he hopes to retire in a few years and rely on Social Security income, but his plans could change if he's unable to find higher-paying work.
"My home is paid off, my cars are paid off," Marconi said. "But I need to keep going until I get back to work."
Are you an older American who is still working or looking for work? Please fill out this quick Google Form.As many Americans reach retirement age, they don't find themselves coasting into their golden years as easily as they may have hoped. Instead, as hundreds of older Americans told Business Insider in responses to reader surveys about work and retirement, they find themselves once again on the job market. Maybe they got laid off or quit a career due to health issues. Either way, they need just a few more years to reach a comfortable financial position — and it's tough out there for job seekers.
To be sure, the unemployment rate for Americans age 55 and older was just 3% as of January, compared to 4% for all workers. But for people of all ages who don't have jobs, the hiring landscape has become more challenging in recent years. Excluding a two-month pandemic-related dip in 2020, US businesses are hiring at nearly the lowest rate since 2013, according to Bureau of Labor Statistics data.
In response to his job search struggles, Marconi is working part-time with a transportation company for a hotel chain and said he's taken steps to become a full-time insurance agent. He said he's grown frustrated with the application process — he recalled getting stood up at an interview — but is remaining optimistic while cutting back on unnecessary spending.
"I don't know when I'll retire because Social Security is not going to be enough," Marconi said, adding he's pickier about the roles he applies for. "My wife used to say I should do whatever increases my income, but I'm not going to work as an engineer making no money."
Working later in life for extra security
Some older Americans told BI that even though they could technically retire, they're holding out because they fear their savings and retirement income won't be sufficient if unexpected costs arise.
David F., 67, has been looking for work since last October — when he anticipated he would soon be laid off from his aerospace industry job. The layoff ultimately came in January.
Of the nearly 1,700 submitted applications he's tracked since beginning his job search, only 4% have yielded interviews, and none have amounted to a job offer yet. He said he's frequently encountered ghost jobs or positions with similar job descriptions to previous roles but significantly less pay.
"They're either looking for a unicorn and never finding it, or there's not really a position there, but they want to look like they're hiring," said David, who lives in Washington and asked to withhold his last name due to ongoing late-stage job interviews.
David doesn't have a firm retirement goal, but he hopes to retire within the next 5 to 10 years, assuming he finds a suitable position. After working in project management for nearly three decades, David briefly retired but returned to work to bolster his finances when the pandemic caused economic uncertainty. He said he's looking for work now because earning additional income would help him live more comfortably and stress less about retirement savings.
"My situation is not desperate, and although I've made mistakes in my retirement savings in the past, I'm not making those mistakes," David said.
David said he also wants to keep working to stay busy. He's among the older Americans who desire to keep working for reasons other than finances.
"There are the people that love their job, working or even volunteering," said Deb Whitman, AARP's chief public policy officer, adding, "There's sort of a social connection, a sense of purpose and meaning that people get."
Some older Americans' jobs are more crucial. While they hope to retire in the next few years, it's far from guaranteed.
In December 2022, David Schanen was laid off from his network engineer job. Over the last three years, he's struggled to find high-paying work in his industry.
"There's a lot of work for things that I'm qualified for, but people are paying like $25 an hour," said Schanen, who's 64 and based in Seattle. He said his network engineer job paid about $200,000 annually.
Schanen said he hopes to sell the two side businesses he started over the past decade and retire sometime in the next couple of years. However, he said his real estate photography and virtual concert businesses have only generated roughly $100,000 in combined revenues to date — not nearly enough to make his significant financial investments in them feel worthwhile.
Schanen's uncertain retirement outlook is why he's continued exploring other job opportunities. About six months ago, he began driving for Uber about 40 hours a week. He said he's frustrated with the gig's pay, but that it's given him the flexibility to control his own working hours and dedicate time to his businesses.
"Right now what I'm doing is just kind of keep helping me stay afloat," he said.
