How to Prepare for Job-Loss for the 50+ Crowd

Job Loss

 

Job loss at any age is something that people often don’t want to think about. But if you are over fifty, it can be downright terrifying. The prospect of getting so close to retirement, only to have to start over rebuilding a career, for whatever reasons, can be a daunting task.

The best advice when it comes to this is to be proactive as opposed to reactive. Don’t wait until you lose your job to decide what you will do.

Instead, make a plan and prepare for this possibility so you won’t be floundering if it happens.

Stay current—Technology is changing at an alarming pace. One of the things that you need to do is stay on top of this technology. If you fall behind and don’t understand how technology works in your field (or in general), then you are not going to be able to compete as easily with recent graduates who are tech savvy. Taking continuing education classes in technology is a good way to stay up to date.

Update your resumé—An updated resumé is a must-have if you are going to seek another job. It is best to have one ready and update it as you need to, rather than have to scramble to create one when your job prospects falter. If you do end of back in the job pool, you are going to be upset—that’s a given. Have the resumé ready so you don’t have to worry about that.

Prepare yourself financially—Another way to be proactive is to make sure that your finances are in order. Set aside a small portion of your monthly salary (5-10% if possible). Also, try to pay ahead on your bills, such as car loans and mortgages, as much as possible. This way you can have some buffer during your period of unemployment. If you can’t do this, be sure to contact your creditors if you lose your job so that you can work with them to get a payment schedule set up. Many would rather receive something than nothing and will work with you in these circumstances.

 

Losing your job is not an easy experience to go through. In natural disasters, people are always encouraged to plan ahead so that they can be prepared in case anything happens. The same should be true for your career and job opportunities.

 


 

 

 

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Posted in Baby Boomers, Life Planning
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