retirement | Journey

3 Reasons Why You May Never Retire

By Caleb Yen on Tuesday, April 4, 2017

In today’s changing work culture, retirement is no longer a certainty.

Traditionally, retirement was something that was more or less expected. You put in the extra hours while you were young so that you would have the freedom to do whatever you wanted in your later years. However, various cultural and economic factors have led to a change in this traditional retirement model.

According to the latest data from the U.S. Bureau of Labor Statistics, as noted by Bloomberg, approximately 20% of Americans over the age of 65 are still working. Twelve percent don’t ever plan on retiring. Given the immense size of the baby boomer generation, this means that the U.S. work force is older than ever before.

Why might you end up working past the traditional retirement age?

1. You Have No Savings

Bloomberg mentions that baby boomers more frequently don’t have any retirement savings to speak of. They were hit by both the tech bust of the late ‘90s and the financial crisis of the mid 2000s, losing what little savings they had just to pay the bills.

Our white paper covers the Baby Boomer retirement situation more in depth.

Millennials are already encountering similar difficulties. As noted by CNBC, a recent survey from finance website NerdWallet found that millennials generally need to save 22% of their pay to have a successful retirement. Other experts say it should be something more like 15 %.

One thing they all agree on is that the earlier you start preparing for retirement, the better. However, millennials are generally unable to save such a high percentage of their income. This is due to a combination of a fairly high cost of living combined with the need to pay off expensive student loans as quickly as possible.

2. You Love Your Job

Many people simply enjoy working. It gives them a sense of purpose— that they’re truly accomplishing something. They love their work family and environment, and managers go the extra mile to make the office feel like home. The money and benefits don’t hurt either. Work is what you know, work is what you like, and work is what you’re good at. So why not stay in the workforce just a bit longer?

3. You Have Heavy Debt

Many people choose to stay in the workforce so that they can continue to pay off their debt. They can’t budget enough savings. Given the increased costs of education and housing, as well as the aforementioned tech bust and the financial crisis, it can be hard to allocate funds to a retirement account. Instead of paying off loans and saving at the same time, many workers choose to pay off their loans first. This results in a fairly significant loss of savings.

Retirement isn’t for everyone.

And that’s okay! Some people can’t afford to retire in the first place. Others find retirement dull. And still others want to keep working because they love it.

Regardless of whether you’re just starting out or are looking for a career change later in life, we’re here to help. Headquartered in Oklahoma City, OK, Express Employment Professionals is a leading staffing provider in the U.S. and Canada. We employed a record 510,000 people in 2016. If you have any questions about the job search, feel free to contact your local Express office or create an express account to apply for jobs online.

Do you plan on working past traditional retirement age? Let us know your reasons why in the comments below!

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7 Tips for Setting Your 2015 Job Search Goals

By Job Journey on Wednesday, December 31, 2014

As we begin a new year, it’s time to make our resolutions a reality. As part of 2015’s resolutions, many people are setting their sights on finding a new job. Whatever your reasons – higher pay, promotions, or better work-life balance – for wanting to make a switch in 2015, here are a few tips to help you set your job search goals.

1. Ask yourself what you want.
Do you know why you’re looking for a new job? Now is the time to identify what you want in a position that you don’t already have. Are you wanting more time off? If so, how much more do you want? If it’s more money, what salary is ideal? Do you want to learn something new? By answering these questions, you’ll have a better idea of how to direct your focus.

2. Identify your skills.
It’s time to list out your skills and qualifications. As you continue to work, you’re acquiring more skills. Take an inventory of what you’re good at and areas where you want to make improvements. After identifying your skills, update your resume and cover letter to reflect your top traits that will help move you in the direction you want to go.

3. Do your research.
You don’t want to apply for every available job out there because doing so may be a waste of your time and energy. Instead, focus your attention on the companies you admire and look at what jobs they have available that seem interesting to you. By reining in your search, it allows you to tailor your resume and cover letter to each organization.

4. Network, network, network.
Networking is key to finding a new job. As the old saying goes, sometimes “it’s not what you know, but who you know.” Your current connections and friends are a wealth of information. They may know a friend who works at a certain company that has a job you’d be perfect for, and it may be a company you would have never thought of before! Utilize your current connections, but also make it a point to meet new people. Look to join professional groups in your industry. They usually hold networking meetings once a month where people catch up or share about job opportunities.

5. Visit a career coach or staffing agency.
Just like networking, it never hurts to meet with a person who can help you find a job. You can give them a copy of your resume and let them know what you’re interested in. Then, they can give you feedback not only on your resume and cover letter, but also offer advice on interview skills. In addition, a staffing agency has many businesses as clients and can keep you in mind if one of them has an opening that meets your skills.

6. Stay positive.
Know that any job search may not turn up many leads or a new job right away. Sometimes it can happen quickly and sometimes it can take upwards of six months to find the perfect match. Don’t get discouraged. Every networking opportunity and job interview gets you closer to where you want to be and closer to a yes!

7. Plan for your retirement.
Although your goal may be to just find a new job, don’t forget about your plans for retirement. Let’s be honest – the ultimate goal is to not work forever. During your hunt, remember to keep your finances in check, saving money aside for your retirement. Also, as you interview, be sure to ask about the company’s retirement plans and what benefits they provide, such as 401(k) matching.

How are you planning your job search goals for 2015? Let us know in the comments section below!

Movin’ On Up is brought to you by Express Employment Professionals.

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Three Tips for Getting Your Retirement Started off Right

By Job Journey on Thursday, May 26, 2011

When hearing the word retirement you may think of sandy beaches and hours upon hours of free time. The reality is though, without a decent amount of preparation and organization, retirement is anything but a trip to the beach.

Start now.
Ask any financial guru and they will all tell you the same thing – start saving now. No matter your age, it is never too early to begin planning for retirement. The earlier you save, the longer your money has to grow. Each year’s saving will build upon the prior year’s saving, and slowly but surely you will accumulate wealth. If you don’t have much cash to spare, consider easy ways to cut back on spending and put what money you don’t spend toward retirement.

Take advantage of help.
Some companies have great retirement incentives, like 401 (k) plans. This particular type of plan is typically a salary reduction deferral, which regularly contributes a specified amount of an employee’s paycheck to their 401(k). This plan is designed specifically for retirement savings and can be a great way to help you start saving early. Although you may think receiving your full salary is more beneficial than filling your 401(k), remember the money you aren’t receiving today will be there when you retire.

Set goals.
The worst retirement plan is no retirement plan at all. Knowing this, set realistic goals about the type of lifestyle you want to have after you retire. Consider every expense you may encounter, including living, travel, and food. According to the Department of Labor, “almost 20 percent of retiree income will be spent on health care,” so be sure to save for emergencies as well as luxuries in your later life.

Although retirement may seem like a distant journey, it is never too late to start preparing for it. Remember, the sooner you begin saving, the longer your money will have to accumulate and the better you will be able to enjoy your new post-career life.

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