Older Americans, particularly those over 55, are increasingly navigating the job market amid hiring slowdowns due to ageism, tech changes, and economic shifts. Many are working blue-collar jobs or struggling with unemployment, while some have found fulfillment in their careers. For instance, Pete Petersen, a 58-year-old looking for work, reflects the financial uncertainty faced by many older workers whose retirement plans are significantly altered. A recent Business Insider survey from over 600 respondents highlights challenges like age discrimination and a lack of suitable job opportunities, influencing both their retirement plans and quality of life.
"I could tap my 401(k) in nine months, but then my retirement isn't what I wanted it to be," Petersen said, adding he's accepted he may never land a dream job again.
Many reported that ageism in the hiring process, rapidly changing technology, and a lack of open roles that meet their salary expectations are significant barriers.
Older Americans are facing hiring slowdowns, leading many to take blue-collar jobs or continue working beyond their planned retirement age.
Despite the challenges, some older workers expressed finding career fulfillment, highlighting the balance between financial needs and the sense of purpose from work.
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